Dear ladies and gentlemen, welcome to the conference call of Swiss Steel Group. At our customer's request, this conference will be recorded. As a reminder, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions via the telephone lines. If any participant has difficulties hearing the conference, please press zero and the hash key on your telephone for operator assistance. May I now hand over to Burkhard Wagner, who will lead you through this conference. Please go ahead. Thank you, Ulrika. Good morning, ladies and gentlemen. I'd like to welcome you to Swiss Steel Group's Media and Investor Conference Call on the occasion of the release of the 2022 annual results. The speakers at today's conference are our CEO, Frank Koch, and CFO, Marco Portmann. The slides for the presentation, which will follow immediately, the media release, and the annual report 2022, have been made available on our website since 7:00 A.M. this morning. During the conference, the speakers will make forward-looking statements as described in the disclaimer from slide two. These statements are based solely on our expectations or forecasts of future development and may differ materially from actual results, performance, or achievements. I'll now hand over to our CEO, Frank Koch. Here's Frank. Yes. Thank you very much, Burkhard. Welcome and good morning to everyone. Ladies and gentlemen, I would like to welcome you to our conference call today, and thank you for following Swiss Steel Group on its new journey. I will be discussing the market outlook as well as the strategic aspects, while my colleague, Marco Portmann, will be discussing the financial matters. Please let me begin with a summary of the main topics in 2022. Last year, Swiss Steel faced multiple challenges, ranging from skyrocketing energy prices to interrupted supply chains due to the volatile geopolitical environment and the shortfall from our operations in Ugine following the severe accident in early 2022. I am pleased that despite these challenges, we succeeded in securing a solid result of EUR 217 million in adjusted EBITDA. The geopolitical and economic challenges were reflected in volatility in demand. Paired with the missing volumes from our usually main contributor in Ugine, this resulted in a lower sales volume of 10.7% across all product groups in comparison to the prior year. As a result of the introduction of an energy surcharge and due to high raw material prices, the average selling price increased significantly in 2022, mainly by 42.1%. This led to revenues of EUR 4.051 billion, an increase of 26.9% on the prior year. The past year has demonstrated the necessity to stick to our strategy program, SSG 2025. In the course of its implementation, we are shaping the transformation of our group in order to create value, to ensure resilience, increase performance, and lay the foundation for further organic growth. In September last year, we set the cornerstones for building a fully integrated group with the debut of our new engineering steel, stainless steel, and tool steel divisions. Our new organizational setup leads to a more active steering of our group and a more effective focus on customer requests and innovation. We have also just begun to structurally reorganize our group in order to secure a solid foundation for increased performance. Of course, we have also continued and will continue our efforts in sustainable steel production. Based on our already low carbon emissions, our commitment to the Science Based Targets initiative, so-called SBTi, and our decarbonization roadmap, we have set ourselves ambitious goals of reducing our carbon footprint to reach net zero before the year of 2040. Thanks to our unique expertise in electric arc furnace technology and highest operating standards, we are well-positioned for our future target to become the leading player for Green Steel. Please allow me to explain our strategy program, SSG 2025. SSG 2025 was initiated in 2021 and has the target to build a strong and resilient Swiss Steel Group in a fast-changing environment. Through its implementation, we will transform into a robust and best-in-class special long steel player who leads the green transformation in Europe. In order to achieve our goals, we are building this on three strategic pillars. First, resilience and profitability. SSG 2025 comprises structural improvement measures to increase our profitability and important levers for organic growth, which will be driven by our core segments and Green Steel. Second, customer centricity. We are reshaping and strengthening our organization, evolving from a collection of loosely connected companies into one integrated and actively managed Swiss Steel Group. In 2022, we refocused our sales organization around the three divisions, engineering steel, stainless steel, and tool steel, which will allow a more holistic market approach and a more effective and tailored customer service. Finally, innovation and sustainability. With our customer-centric setup and the closeness to the market and value chain, we are ideally positioned for further innovation. Additionally, our profound expertise in recycling and electric arc furnace technology, highest operational standards, and use of energy from renewable sources have allowed us to reduce the carbon footprint of our products well below the industry average. As a consequence, our Green Steel approach empowers our customers and partners in their decarbonization efforts to become leading sustainable champions. Moving on to page five. In the first pillar of SSG 2025, we are focusing on our core business and driving improvement initiatives to become more resilient and stabilize our group. To achieve long-term success and strengthen our group, we are adapting our organizational setup to respond quickly and flexibly in our continually changing business environment. Finally, with the same resolve and building on our strong foundation, we will intensify our efforts to seize further growth opportunities. Let me give you a few examples. Knowing the sources of our profitability and their levers, allows targeted steering towards business offerings attractive margins. We have started to reassess the current and future viability of each of our entities in order to uncover leverage potential. Every entity in itself must be able to generate profit in a predefined target corridor. This will allow each entity to finance innovations going forward. We are taking a closer look at our cost structure, examining process efficiency and effectiveness. In this regard, one of our primary focuses in 2023 lies on our German entity, Deutsche Edelstahlwerke, where a structural reorganization is under evaluation. The program Future DEW 2025 will lead the entity back to the target profitability and long-term success. Because of refocusing our business, we also already communicated the divestment of seven distribution entities in Eastern Europe last month. These entities have been selling mainly products that were not melted in our melt shops. Finally, with raw materials and energy prices having been on the rise and making up the largest portion of production costs, it is only logical to implement procurement optimization measures. We are bundling knowledge and activities across the group and increasing collaboration. On page six, we show the second pillar of SSG 2025 strategy that focuses on customer centricity and reliability. The customer remains at the center of our efforts because we believe in a powerful partnership experience that moves our customers forward. We launched our customer-centric sales organization in September 2022. The three divisions, engineering steel, stainless steel, and tool steel, each leverage their sales and distribution networks. They have access to the full production network of our group. Best-in-class production remains the backbone of our group. While the divisions know our markets and their needs, our production assets ensure that quality, service levels, and cost efficiency are spot on. Beyond divisions and production assets, we prepared the third organizational entity of our target operating model, our group functions in 2022, and have begun implementation in January 2023. Overall, our customers will benefit from more clarity about our portfolio, access to the entire group offering via one central point of contact, combined innovative strength and even stronger reliability when it comes to production, quality, and delivery. As a consequence of the reorganization of the group, the former business unit brands are now being merged into one strong brand, Swiss Steel Group. Our logo will continue to combine the colors of glowing steel with the shape of infinity, symbolizing our commitment to a sustainable value chain and circular economy. Finally, in the third pillar of SSG 2025 on page seven, we are focusing on innovation and sustainability. Building on our expertise, we push to meet the challenges of our customers across industries. Our deep understanding of value chains allow innovative products and tailored advice for tangible improvements, resulting step by step in safer, more efficient, and more sustainable solutions for everyone. In 2022, we were able to launch our Green Steel product portfolio, allowing our customers to choose the most suitable product for their decarbonization needs. With our commitment to the Science Based Targets initiative and our decarbonization roadmap, we have set ourselves ambitious goals of reducing our carbon footprint by 42% within the next decade and of finally reaching our net zero target no later than 2040, given the framework conditions are appropriately insured. Finally, we succeeded in verifying all group carbon emissions according to the Greenhouse Gas Protocol. This marks the necessary solid foundation for the declaration of the product carbon footprint for each of our products in 2023. This will further empower our customers to lower their footprint. Let's turn to the external factors, starting with raw material and energy, as shown on page eight. Overall, elevated price levels for raw materials and energy placed a strain on our group's performance in 2022. Monthly average prices for German scrap types 2 and 8, a standard scrap rate trended upwards until April 2022. Following declines in May and June, average prices remained on an elevated level throughout the rest of the year in comparison to the pre-pandemic price levels in 2019. In 2022, the average price for German scrap grade 2 and 8 increased by 4% compared to 2021 and by 81% compared to 2019. Nickel prices continued their upwards trend, reaching levels above $100,000 in early March, which even resulted in a disruption in trading at the London Metal Exchange. Thereafter, prices remained volatile, with a stronger increase towards the end of the year compared to the prior month. The average price for nickel increased by 39% in 2022 compared to 2021. The average prices for European high carbon ferrochrome continued to trend upwards in 2022, increasing by 80% compared to 2021. The development of energy prices showed a significant upward trend, driven by the uncertainties on energy supply in light of the war in Ukraine, as well as maintenance shutdowns at French nuclear power plants. After prices peaked in late summer, there was a slight relaxation at high levels due to the long and warm autumn. Overall, the average electricity price in Germany increased by 143%, and the average gas price increased by 162% year-over-year. To date, energy prices remain volatile and elevated compared to historic levels. We are now on page nine. The economic situation deteriorated over the course of 2022 due to the high volatility of the geopolitical environment affecting numerous industries relevant for Swiss Steel Group. Business climate indicators and consumer confidence indices generally trended downwards throughout the year. Looking at life, vehicle production in Europe, the year 2022 was impacted by the shortages resulting from the previously mentioned challenges and closed with an average increase of 5% year-over-year. LMC Automotive forecast production to increase by 8% in 2023. The mechanical engineering sector was impacted by the factors I mentioned before, leading the VDMA to downgrade its forecast for production in 2022. The order intake in German mechanical engineering declined by 6% compared to the previous year. The trend seems to continue as VDMA forecasts German mechanical and plant engineering production to decline by 2% year-on-year in 2023. Moving on to page 10. In 2022, the volatility in energy and raw material prices, geopolitical and economic uncertainties were mirrored with volatile demand. Following a strong start into the year and an increase in the 1st quarter, the order backlog declined considerably in the 2nd and 3rd quarter of 2022. This was due to lower market demand in some areas, but also due to planned lower production capacities as the group focused on higher margin products, forgoing certain volumes. The order backlog recovered slightly in the fourth quarter of 2022, but the order situation remains at a reduced level, providing limited visibility into 2023. Consequentially, full-year crude steel production in 2022 was substantially lower than in the previous year. This was due to various production shutdowns during energy peak times, lower market demand, but also missing production volumes from Ugitech in the first half of 2022 due to the stoppage of the steel mill in Ugine following the severe accident in early January. Melt production in Ugine ran up in June 2022, but remained at reduced capacity throughout the second half of 2022, and will reach full capacity in the first quarter of this year, 2023. The average sales prices continues to increase and reached EUR 2,438 in 2022, which despite a lower sales volume, led to sales revenues above the prior year. In detail, the revenue increased from EUR 3.193 billion in 2021 to EUR 4.651 billion in 2022. That brings me to the end of chart 10, and I will now pass the floor to Marco Portmann for the discussion of the full year and fourth quarter 2022 figures. Please, Marco. Thank you, Frank. Moving on page 11. As already discussed, we had a strong start into the year that softened during the summer months and ended reasonably well in the last quarter of the year. For the full year, our adjusted EBITDA came in at EUR 217 million. That is a EUR 25 million improvement compared to 2021. We end the year on a solid basis with a fourth quarter of EUR 37 million, only slightly below the previous year's EUR 40 million for that fourth quarter. During the year, we benefited from a good market demand on the back of a continuous COVID-19 recovery, but with high volatilities of raw materials and energy prices. We were able to pass on these price increases through scrap and other surcharges, which are a long time standard in our industry. Additionally, we implemented a new dedicated energy surcharge to cover unprecedented cost increases seen in 2022. So far, however, this new energy surcharge, which we implemented towards the end of 2021, is only covering the additional cost, hence, these price increases still leads to a significant dilution of our reported gross profit and EBITDA percent margins. Ultimately, we achieved an adjusted EBITDA margin of 5.4% for the full year, compared to a margin of 6.0% in 2021. No doubt, this is not where we would like it to be. Frank already referred to SSG 2025 and the many initiatives to improve our footprint, our sales approach, and to lower our cost base. This reshaping of the group will remain key to assure a significant improvement going forward. On the right-hand side of the page, we show the bottom line, our net income. For the full year, we ended with a slightly positive EUR 9 million, compared with EUR 50 million for the previous year. The earnings were affected by an impairment of EUR 16 million in relation to the announced divesture of distribution activities in Eastern Europe. We recorded higher one-time costs adjusted in our EBITDA relating to repairs of the flooding at our Hagen site in July 2021, and the accident in June, in January of 2022, as well as one-time spend relating to the assessment and implementation of our strategy, SSG 2025. On page 12, we start with the top left chart with development of our working capital. As we have stated before, the steady increase until the end of the first half of 2022 was mainly driven by higher prices for raw materials and especially also for energy. During that period, the value of the inventory increased by approximately EUR 220 million, while the actual inventory in kilotons was essentially unchanged. In the second half of the year, we have seen a stabilization of prices, which enabled us to achieve a reduction of our working capital towards the end of the year, supported by a planned lower activity through an extended winter break. We believe that we have passed the peak in the per ton valuation of our inventory, but we must also acknowledge the fact that working capital will remain elevated compared to historic levels for some time still, but with the potential for further easing in the midterm. Supported by the working capital release, the free cash flow in the fourth quarter was positive EUR 68 million, as you can see in the top right chart. This compares to the fourth quarter of 2021 with a negative EUR 54 million. Given the release of working capital towards the end of the year, we were able to limit the negative free cash flow for the full year to EUR 54 million, versus a negative EUR 223 million in 2021. The developments of our working capital are also reflected in the development of our net debt, as you can see in the bottom left corner. In line with the working capital fluctuation, net debt rose at the beginning of the year with a peak at the end of the second quarter to come down to EUR 848 million by year end. Year- on- year, this is still an increase of EUR 127 million as higher prices for raw materials and energy had to be financed. Leverage, which is net debt over adjusted EBITDA as an indicator of debt capacity, has been fairly constant throughout the year and was at a ratio of 3.9 at year end. It is our clear target to deleverage the company, which will require both operational measures and also strategic action. Moving on to equity in the bottom right chart. In 2022, we saw an increase of our equity ratio by approximately two percentage points from 20.2% to 22.2%. In absolute numbers, equity increased by EUR 82 million from EUR 449 million to EUR 531 million. Besides the positive net income, the result was significantly supported by valuation effects from pension liabilities due to rising interest rates and a fixed effect on foreign operations. We now move to page 14. We end the year with a lower crude steel production as we adopted our production to the lower demand and high energy prices during most of the fourth quarter, 2022. As a reminder, when comparing to the previous year, the whole of 2022 was affected by the unfortunate accident at our Ugine plant in January 2022, as melting only started again in June with a reduced capacity, as Frank already alluded to. In the top right corner, we show the development of our headcounts, which have come down steadily during the year in line with the lower production volume. It is also worth noting that this is the fourth year in a row that we also have recorded a lower headcount at year-end. CapEx spending, as depicted in the bottom left, shows our usual seasonal pattern with higher investments in the last quarter. The total of EUR 115 million is slightly above last year's spending. As you may recall, we have spent only EUR 87 million of CapEx in the corona year of 2020, and we have gradually been catching up with the rebound in activity and demand. Going forward, we may see higher investments given the transition to become the leading Green Steel producer. Lastly, in the bottom right corner, we show the effects of our transformation office. As we have stated already in 2020, we have a five-year plan to achieve recurring EBITDA improvements of EUR 298 million. After three years, by the end of 2022, we continued to be slightly ahead of plan. We achieved EUR 214 million versus EUR 204 million as originally anticipated. This was achieved by implementing nearly all planned operational improvements, including some additional ones, resulting in a contribution above plan. This is a very good achievement considering the pitfalls of the accident in Ugine, which has led to a lower contribution as originally planned of Ugine to that program. That concludes my part, and I hand back to our CEO, Frank Koch. Please. Yes. Thank you very much, Marco. Ladies and gentlemen, I would like to briefly summarize today's conference as follows. In the current environment of geopolitical and economic volatility, the outlook for Swiss Steel Group for 2023 is characterized by a degree of uncertainty, as is the case for the macroeconomic and industry outlook in general. Following a partial recovery in 2021 and a partial contraction in 2022, we are anticipating a degree of uncertainty for special long steel demand in 2023. However, the trend toward more sophisticated production and steel applications will continue unabated, which means long-term structural growth for the industry. We anticipate a growing trend towards CO₂ reduce green steel products favoring our electric arc production route, which in turn will create growth opportunities for Swiss Steel Group beyond pure market growth. After a strong start into 2022, the challenging environment weighed on our business, but we still progressed. Swiss Steel Group pushes ahead with the further implementation of SSG 2025 and expects the strategic measures begin to take effect. As part of SSG 2025, we will continue to focus on our core business and drive improvement initiatives to become more resilient. To do so, we will reassess the current status and future viability of each of our entities in regards to profitability and ability to finance innovations. We are taking a closer look at our cost structure, examining process efficiency and effectiveness. In terms of customer centricity and market effectiveness, we are focusing on transformation to become a fully integrated partner. We will continue to bundle expertise across the group, roll out our single brand strategy, and build on our innovation competencies to drive efficiency at all levels. Finally, we will continue to forge our chosen path as a pioneer of decarbonization in the steel industry. In line with our commitment to the Science Based Targets initiative, we will start with the implementation of our decarbonization roadmaps, aiming to reach our net zero target before 2040, given the appropriate framework conditions. With an economic slowdown starting in the fourth quarter of 2022, we have observed a weaker start into the year. This led to a lower, yet acceptable order backlog and shorter lead times, which in turn enables us to react flexibly to market opportunities. On average, we anticipate lower energy prices compared to last year, which would result in a lower working capital on a comparable basis. The sudden drop of energy prices has put pressure on margins in the short term. On this basis, we expect an adjusted EBITDA for the year of 2023 in a range between EUR 160 million-EUR 200 million. Please note, as of now, Swiss Steel Group will only be reporting half year results. With this outlook, I would like to end my presentation. Please feel invited to our Q&A session. There is one question from the telephone conference coming from Rochus Brauneiser, Kepler Cheuvreux. Please go ahead. Yes, hi, morning all. A few questions from my side, please. The one is maybe just as a bit of a recapitulation of last year. I think compared to what you have been guiding at the first half stage for 2022, you finally arrived at the lower end of that guidance range. What I'd like to understand is what differed in the end compared to what you were expecting in last summer, maybe taking reference to the midpoint of your previous guidance range. That would be my first question. Sure. This is Marco Portmann speaking. Indeed, as we already alluded to, we have seen 2022 beginning strong, very strong on the back of the corona recovery. You may recall that we had originally a lower guidance, which we then updated indeed in August on the back of a strong first half year. We have seen, of course, some slowdown in overall activity, and we have seen a extended winter break now between November 2022 and the early days of 2023. Which also meant that, considering the energy development overall, we had a slightly lower margin than we had foreseen and anticipated with our update in August of 2022, which then ultimately led to the reported EUR 217 million of adjusted EBITDA versus our guidance midpoint. Maybe in addition to what my colleague Marco was just stating, you rightfully state mid-year and the second half of the year. We should allow ourselves that we as a management team coming back from the summer break and the maintenances that we had to go through. We anticipated already a recessional trend via lower order intake and actively, proactively decided to slow down our production with regards to year end, also a necessity of net working capital activities. All in all, this led to the just discussed fact that we ended up on the lower end of the guidance. Okay, understood. That brings me to my second question. On your new guidance now, the EUR 160 million-EUR 200 million, that's basically below what you were achieving last year. Can you provide us a bridge what the main contributors are that you're seeing the earnings lower than last year? If you look at now 2023, then we must acknowledge that not only, of course, have we seen some slowdown towards the end of 2022, but we see the same impacts also persisting now in the early 2023. Nonetheless, while we do expect to achieve solid margins on a per ton basis in the next couple of months, we also must be quite wary on the many, if not to say several uncertainties, of course, in our overall outlook, specifically with the visibility towards the second half year. If we look at the further developments of prices and margins, then we concluded that indeed the guidance as we communicated of EUR 160 million-EUR 200 million to be the most appropriate as expectation now for the full year of 2023. Right. In addition to that, we have of course been discussing if or if not going with the guidance and what to forecast with the guidance. If we put the whole frame around in the business year and just being started the year of 2023, we should not deny that the fact of a recession that is named everywhere and it's somehow slowly walking into the European industry. We still see several disruptions in between, in the supply chain that we are supplying into. Having said all that, on the one hand, we really see a slowdown in the production of our relevant industry. Of course, if you see a company with our footprint and technology, we depend very much on energy. We are energy intense. Fortunately, the energy prices came down. We should not forget that all in all, if we take economical trends, and do not forget that some of our competitors are outside Europe, we are exposed to what we have at hand. This all leads to, let me call it a decent approach, and we want to gain trust with our businesses. We do not want to start with guidances, which in a few months we have to downgrade. Got it. On your outlook chart, page 14, you're saying that you expect obviously earnings very much second half bound. It's, you're going for a stronger second half. Can you allude what the main drivers for the H1, H2 sequence is? Is this Ugitech or what is driving the earnings dynamic in a usually weaker second half? It is correct. We are expecting a little bit of a skewed 2023 seasonal development if you compare it to our own normal seasonal pattern, so to speak. Indeed, again, one of these aspects is our extended winter break, so we have a slow start in 2023. That does affect quite a bit obviously the earnings potential therefore for our first quarter because we'll have comparatively on the seasonal pattern, a lower volume than usual. Indeed, you mentioned Ugitech. As you know, we have just recently in the very early days of this year only been able to fully ramp up again to the internal capacities of the plant in Ugine. To remind again, we basically began production after the accident, basically on melt trip again in June of 2022. It has taken us until the early days now of 2023 after last actions done over the winter break to reach again the full capacity. Of course, that in operational ramp up has some negative implications still that we feel. We have other elements. We shall not forget, for example, in France, that we have two business units, Ascometal and Ugitech. We have a couple of strike days that we feel from the French pension reform, which is leading to some negative implications. We have a couple of these elements that just lead us to the fact that indeed, the early days of 2023 will see some implications. We nonetheless, despite the uncertainties therefore, expect a slightly unusual seasonal pattern with a comparatively decent, if not to say stronger second half year. One question is on energy. I, you know, I guess you do talked about energy surcharge. What I didn't really understand is what you said in your presentation is that you expect the lower energy price to be a cause for temporary margin erosion. Maybe you can clarify that because usually I would expect lower energy costs, you have less of a problem? Maybe I'm missing an element here? Well, maybe let me specify. What I said is, on the explanation of 2022 with an EBITDA margin of 5.4%, that this is affected by dilution of the margin. Obviously now if energy prices are going to reduce further, as we have already seen some reduction in the very last days of 2022 and early 2023 so far, indeed that dilution of the percentage margin in both post profit and adjusted EBITDA will reverse at least to some degree and potentially fall away eventually. Mechanically speaking or mathematically speaking, if you of course have significant additional costs that we invoice to our customers essentially at a cost one-to-one ratio without additional margin, that is diluting our recorded margins. That was the explanation on the change between the 6.0% adjusted EBITDA margin and the 5.4% adjusted EBITDA margin of 2022. All right. Can you talk a little bit about of your energy hedging structure into 2023? Well, we don't disclose too much on what exactly we're doing in terms of energy hedging. Obviously this is also quite sensitive in the nature of our pricing at the end of the day. We have hedging strategies in place, but also of course if you look at the fact that we have implemented an energy surcharge, widespread implemented energy surcharge, then strictly speaking, hedging does create a price risk. Obviously, we are very much cautious in our hedging activities that we have still going at this point in time. Okay. In other words, if you are, well, literally hedged by the surcharge, I would consider that a lower energy price is helping you, that you have not hedged through options or other future forward structures, the hedging, the higher energy prices of last year. That is correct. Yes. Okay. Sorry for that. Can you talk about the cash needs of the business for 2023, on, CapEx, interests, taxes and maybe also what you think about the direction of working capital or the potential for further release of working capital? Well, talking about working capital, as I mentioned, obviously we have seen very strong increases in working capital requirements, on the basis of the generally higher input costs, relating to some degree to raw materials, but also especially to the energy prices. I remind on the comment in fact, that we have seen more than EUR 200 million increase in working capital, just from inventory valuation. Ignoring also what happens on the receivable side, but just from an inventory valuation despite having literally the same amount of inventory, on our books. If you now look at the outlook, we do expect that we certainly will not need further working capital investments because of further increasing prices as we have seen in the last, not just four quarters of 2022, but in the last six quarters since essentially summer of 2021. Yes, that we do expect some form of a trend reversal. We have already seen that beginning, and I alluded to the fact that we believe that we have reached the peak point in terms of Europe return inventory valuation. From that perspective, we are expecting at the moment a supportive release of working capital in 2023. If you will ask me to what degree, I couldn't tell, because obviously that is very highly dependent on the further development of both scrap prices, but also of the energy prices, which obviously we cannot reasonably or accurately predict. From that perspective, working capital, we certainly should have reached a peak and expect it from reversal. If you look at the overall operational performance, as I alluded to, we, yes, we see, of course, a normalization of investment. Normalization, I mean, of course, you have been with us for a couple of years now. We have usually spent EUR 120 million, EUR 130 million, something like that. That is certainly what we are looking at also for this year based on the long-term outlook to potentially have further investments on top considering our strategy to become the leader in Green Steel. If you piece it all together operationally, we do expect to have a reasonable positive cash flow for the full year of 2023 from an operational perspective. Okay, good. Last question. If I recall correctly, the shareholder loan is expiring this year. Already any thoughts about refinancing that, or is this going to be extended? Any comments on that? Please understand that we do not give preliminary views on the discussion that we have on that kind of aspects related to the shareholders. Okay. Got it. That's from my side. Okay. At the moment, there are no further questions in the telephone conference. If you would still like to ask a question now, please press nine followed by the star key. There is one question coming in from Henrietta Rumberger, AWP. Please go ahead. Yes. Good morning. I have two questions, please. One is, talking about refinancing, in what way do rising interest rates affect you? Secondly, can you elaborate a bit on possible Forex impacts you might anticipate in 2023? Thirdly, just an understanding question. Did I get it correctly that you will only report half year results from now on? Thank you. First regarding interest rates, obviously we all have seen the quite significant developments on interest rates as of today, but also in terms of further increases as expected. Yes, that has to some degree an implication as well also on what we pay at the end of the day in the actual average interest rate, but also from our existing financing lines. We're actually quite happy, if not to say very happy at the moment, with the interest rates that we have according to our margin grid. The impact for 2023 is going to be quite limited and non-significant in the overall context of things. In terms of FX, well, I mean, that's a difficult question to answer specifically because, of course that assumes a distinct forecast on where we expect interest rates to go and therefore also the FX developments to go as a whole. As well, what I can confirm is, of course, that we have a group with quite some exposure to U.S. dollar in the North American business activities, but yet we do not expect any significant implications on our financial figures at the end of the day. The last question with regards to the publishing of our results. Yes, you got it right. We decided as a whole, together with our board of directors in our last meeting, that we are now changing to a half year reporting. Okay. As, there are no further questions at this moment, I'd like to hand back to the speakers. Yes. Thank you very much for attending today's conference and for your interest in Swiss Steel Group. If you have any further questions or comments, please let us know. We look forward to continuing the dialogue with you. Thank you very much and goodbye. Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect now.