Ladies and gentlemen, welcome to the conference call of Swiss Steel Group. 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, followed by the pound key on your telephone for operator assistance. May I now hand you over to Burkhard Wagner, who will lead you through this conference. Please go ahead. Thank you, Tanya. 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 2024 half-year results. The speakers at today's conference are our CEO, Frank Koch, and CFO, Thomas Löhr. The slides for the presentation, which will follow immediately, the media release, and the interim report, have been made available on our website since 7:00 AM this morning. During the conference, the speakers will make forward-looking statements as described in the disclaimer on slide two. These statements are based solely on our expectations or forecasts for future development, and may differ materially from actual results, performance, or achievement. I'll now hand over to our CEO, Frank Koch. Please, Frank. Thank you very much, Burkhard. Good morning, ladies and gentlemen. I would like to welcome you to our conference call today, and thank you for following Swiss Steel Group on its journey. Please allow me to begin by formally introducing our CFO, Thomas Löhr. Thomas has joined Swiss Steel Group in November of 2023 and has been appointed group CFO, late June this year. His extensive experience and strategic vision are valuable assets to our team. I'm grateful for our collaboration and look forward to the advancements we will achieve together. Today, I will give you an overview of the most important facts and figures, followed by the market overview. Then, my colleague, Thomas Löhr, will provide a deep dive into the group's performance in the H1 of 2024. Finally, I will give you an update on the strategic aspects and our way forward. Now, let's take a look at the figures on slide four. It is clear that Swiss Steel Group is still operating in a challenging environment with weak markets, but we also achieved several strategic milestones. Activity in our most important sales markets, mechanical and plant engineering, and the automotive industry, continued to remain weak in the H1 of 2024. Consequently, our sales volume and revenue fell below the levels of the same period last year. Despite these challenges, Swiss Steel Group executed a series of major transactions as part of our strategy program, SSG 2025. These transactions aimed to free up resources for our core business, boost resilience, and help deleverage the group's balance sheet. As a result, the group's net debt decreased significantly, and the capital increase in April strengthened and increased our equity position. Our EBITDA increased, supported by gains from these strategic transactions. However, due to a net working capital ramp-up designed to react more flexibly or to customer demand, our free cash flow was negative. As we deep dive into the figures, I will start with the overall market environment and our sales volumes. Let me explain one thing beforehand. After Ascometal's management had sought for protection in March 2024, Swiss Steel Group handed over responsibility for these entities, leading the derecognition of the corresponding assets and liabilities from the balance sheet. Due to these changes in the group's scope of consolidation and to provide better comparability with prior year figures, we disclosed certain financial information on a pro forma basis. This means excluding the contribution of Ascometal. As we turn to slide six, we will first look at how the market environment impacted our sales volume. After a weak H2 year, 2023, market demand from our main customer industries remained subdued in the H1 of 2024. Key indicators for our main markets showed no signs of notable recovery. Our biggest customer segment, the automotive sector, faced weakening demand. Production volumes in the European automotive industry dropped compared to the H1 of 2023, and remain well below pre-pandemic levels of 2019. Similarly, the German mechanical and plant engineering sector saw a decline in orders during the first six months of 2024. In response, we adapted our production schedules flexibly. Crude steel production in the H1 of 2024 was 765kt, just slightly up from 739kt in the same period last year, excluding Ascometal. Correspondingly, the sales volume for the H1 of 2024 was 572kt, a 6.2% decline from 610kt in the same period of last year. Despite this weak market conditions, our order intake increased by 100kt to 602kt in the H1 of 2024, again, excluding Ascometal. However, our order backlog decreased by 15.8% year-over-year, standing at 325kt as of 13 June 2024. Now, moving on from sales volume, let's take a look at slide seven. Our pricing mechanism includes scrap, alloy, and energy surcharges to manage raw material and energy price fluctuations. With falling raw material and electricity prices in the H1 of 2024, our average sales price also dropped, namely by 10.8% to EUR 2,271 per ton, excluding Ascometal. Due to lower sales volumes, a decreasing average sales price, and changes in our group's scope of consolidation, our revenue fell by 19.9% in the H1 of 2024, down to EUR 1.3 billion. This decrease in revenue was observed across all major geographical markets. The Eurozone and US markets remained subdued. In our main market, Germany, which accounted for 37% of our revenue in the H1 of 2024, revenue decreased by 18.4%. Additionally, our exposure to the French market fell to 9.7%, with Ascometal no longer being part of the group. Our CFO, Thomas Löhr, will now take you through the details of the group's performance in the H1 of 2024. Thank you, Frank, and a warm welcome from my side. I'm looking forward to establishing a truthful and concise dialogue with you. We will now continue with slide nine, the gross profit. As already pointed out by Frank, I will also focus on the like-for-like comparison when discussing the numbers. That means due to the changes of the group's scope of consolidation, the relevant comparison will exclude the former production asset, Ascometal. This means that. Hello to the conference room. Can you still hear me? Hello? Just one second. We are getting the speakers back. Okay, so the speakers are with us again. Hello. So sorry for the technical problems. I will continue. We've been on the slide nine, the gross profit, and I would like to start with the explanations on the gross profit. So this being said, the gross profit, that is the revenue less than cost of material, decreased by 10% to EUR 44.1 million in the H1 year compared to the H1 of 2023, as Frank said, excluding Ascometal. Main reason for the decline is the lower sales volume. In turn, we scaled down our crude steel production. It is unfortunately a result of the low production, resulting from a lower sales volume, that inefficiencies are increasing as melt sequences decrease, and conversion costs in the rolling mill and forges are higher. Simply said, our production activity dropped below thresholds that we can run our production assets in an optimal way. Nonetheless, as we are producing our steel exclusively on the electric arc furnace, we can adapt our capacities more flexibly to swings in demand. In addition, market prices for raw materials relevant to our product portfolio, namely scrap, nickel, and ferrochrome, continue to trade lower. Likewise, energy markets stabilized further following unprecedented price peaks and volatilities in 2022, and spot prices for our electricity and natural gas declined significantly. The gross profit margin, however, recovered from the low levels observed in 2023 that had been negatively affected by significant one-time valuation losses of our inventory. The margin in the H1 year of 2024 came in at 32.4%, compared to 29.6% in the corresponding prior year period. On the next slide 10, we are looking on the development of our headcount. The change in our group's scope of consolidation and our strategy program, SSG 2025, led to a future reduction in headcount of 1,155 employees in the H1 of 2024. You will recall that we already decreased headcount in 2023 significantly from the highs of above 10,000. That was mainly due to the ongoing reorganization of our German production assets, Deutsche Edelstahlwerke, as well as the adaptation of our workforce to market conditions. In addition, the divestment of seven Eastern European sales distribution entities also led to a reduction in headcount of 251 employees in the H2 of 2023. The decrease in personnel expenses in the H1 of 2024, of EUR 339 million, was EUR 1.86 million compared to the same period in 2023. As already disclosed this year, this is mainly due to a positive one-time effect from amendment to the group's pension plan in Germany, recognized in the H1 year, 2023. Additionally, personnel expenses in the reporting period were affected by provisions related to the ongoing restructuring of the group. On a comparable basis, personnel expenses increased 1.5% year-over-year. Looking ahead, significant savings begin to materialize in 2024. On the next slide 11, we look at our EBITDA. We recorded EUR 72 million in the H1 of 2024, compared to EUR 58 million in the H1 of 2023. The profitability was supported by one-time effects that amounted to EUR 93 million, as we booked a gain from a divestment of land and building in Düsseldorf, Germany. We also received the settlement of an insurance claim in relation to the crane incident in Ugitech at the beginning of 2022. And finally, we had recognized the gain from the changes in the group's scope of consolidation. It is, however, fair to say that the underlying performance was severely affected by the weak market and an underutilization of our production assets below breakeven. Our current performance is unfortunately far off our goals and ambitions. We will continue to work hard to restore a competitive cost structure and ensuring operational excellence throughout the remaining group. Our SSG 2025 program includes a comprehensive performance improvement program, with various measures relating to selling, general, and administrative expenses, procurement, and efficient operations. Moving now from our PNL to our balance sheet. On slide 12, you can see the development of the working capital. In the H1 year of 2024, net working capital increased from a very low level of EUR 82.6 million at the end of 2023. The ramp up was EUR 92 million in that period, which is quite normal for us, and follows the general seasonal pattern. In addition, in the H1 of 2025, the cautious increase was attributable to, first, the production of order backlog from 2023, and second, the increased incoming orders in Q1, which were pretty good. Working capital is currently being readjusted to the actual market conditions. As we turn to slide 13, you can see the effects of the build-up in the net working capital in our free cash flow for the past period. Free cash flow, which is cash flow from operating activities, less than cash flow from investing activities, was minus EUR 112 million in the first six months of the current year. The cash flow from investing activities was positive at EUR 45 million, as we received proceeds from the divestment of land and buildings at our site in Düsseldorf, Germany. On slide 14, we show the development of our net debt. We significantly deleveraged our balance sheet in the H1 year, 2024. The main contributors were net proceeds from the capital increase of EUR 286 million. Proceeds from the divestment of land and buildings in Düsseldorf, as discussed earlier, as well as the effects from changes in the group's scope of consolidation. As a result, net debt decreased significantly from year-end 2023 by EUR 198 million to EUR 631 million as of 30 June 2024. On the next slide, we show the development of our equity. As we have discussed in March this year, we bolstered our equity with the capital increase executed in April 2024. Net proceeds amounted to EUR 286 million, which supported the balance sheet, our liquidity, and gave us more resilience to weather difficult periods. As a consequence, the equity ratio more than doubled to 26.6%. In addition, we extended all material debt financing on the group. This includes, first, our syndicated credit facilities of EUR 375 million, the ABS program of EUR 300 million, all euro, and the shareholder loan by BigPoint Holding for EUR 200 million. This concludes my part, and I will hand back to Frank. Thank you, Thomas. Ladies and gentlemen, dear listeners, and excuse again, the technical problem that we had in between, and I hope that you can now follow properly to what my colleague, Thomas Löhr, and myself are reporting about. Ladies and gentlemen, as you can see, we, as, is the steel and basic material industry in Europe, are still facing challenging circumstances. I will continue by explaining on how we are advancing on our strategy program, addressing our challenges head-on and unlocking our potential. When we presented our full year figures in March, we highlighted three critical challenges and priorities the Swiss Steel Group needed to address swiftly and effectively. The first priority was to strengthen our liquidity and balance sheet. As Thomas mentioned earlier, we have successfully completed the capital increase, significantly, significantly deleveraging our balance sheet and enhancing our equity. This has been a top priority for us in the H1 of the year. The second key challenge has been to increase our resilience against external factors and economic downturn by right-sizing our portfolio and divesting non-strategic, non-profitable businesses. In the H1 of 2024, we made substantial progress in optimizing our portfolio. Lastly, our focus for the remainder of the year will be on continuing to establish competitive cost structures and further enhancing operational excellence, which are essential for sustainable profitability and remain our key priorities for the H2 of the year. But now, let's explore our progress on portfolio right-sizing as we turn to slide 18. As we explained in March, enhancing Swiss Steel Group's resilience against future economic downturns is essential. So where do we currently stand? In the past, Swiss Steel Group consisted of loosely connected companies, lacking proper integration into a unified group. This lack of cohesion led to redundancies and processes and missed opportunities for synergies. The absence of a strategic fit within the group, coupled with prolonged financial underperformance, became a significant financial burden. Our weak portfolio and market performance caused us to underperform during economic upturns and suffer even more during downturns. Thus, we initiated portfolio divestments as a key component of the SSG 2025 strategy program. Focusing on our core activities, we sold our former headquarters and industrial areas in Düsseldorf in the H1 of 2024. Additionally, Swiss Steel Group successfully divested its distribution entity in Portugal. We continue to streamline our global distribution network, reducing complexity in SG&A-related costs there. Moving forward, our distribution network will concentrate on selling Swiss Steel Group products in relevant markets only, ceasing external trading activities. Another major aspect of our portfolio adjustment in the H1 of the year involves Ascometal. Early in the SSG 2025 strategy program, we identified Ascometal as a non-core asset for Swiss Steel Group. Due to worsening market conditions earlier this year, Ascometal's management sought court protection in March 2024, leading to judicial reorganization proceedings. As a result, Swiss Steel Group handed over responsibility for these entities, which led to the derecognition of the corresponding assets and liabilities from our balance sheet. Today, we are pleased that Ascometal has found new owners, and we wish our former colleagues all the best. Finally, our Finkl Steel activities, held as a standalone financial investment, were under study for a possible divestiture. However, given the current market conditions and the industrial political climate in the United States, we decided to retain Finkl Steel. In summary, our unfavourable group portfolio had consumed a disproportionate amount of management attention and financial resources, hindering our core businesses. Moving forward, Swiss Steel Group's portfolio is anchored by strong assets such as Steeltec in Switzerland, Ugitech in France, a restructured Deutsche Edelstahlwerke in Germany, and a strengthened Finkl Steel in North America. The aforementioned transactions mark the completion of the first phase of SSG 2025, aimed at stabilizing the group. Turning to page 19, it is clear if you want to operate profitability, profitability, and profitably, optimizing the cost base and ensuring operational excellence are not enough. You also need markets with strong industrial production and corresponding demand, and these undoubtedly exist for Swiss Steel Group. First, our business model and knowledge of recycling and circular economy puts us at a competitive advantage as the race for decarbonized products continues. Second, our steel is part of just about anything that we need for our daily lives, which means our products are a key success factor for global decarbonization. Third, our dedicated and experienced employees, with their mindset for progress, are the motor for our transformation and the progress of our customers. Turning to slide 20, I would like to discuss a decisive milestone we achieved in the H1 of 2024. Steel is the backbone of social welfare. Without steel, we wouldn't have the infrastructure and tools that shape our world. No buildings, bridges, cars, trains, essential tools like surgical instruments or microchips. In short, without steel, our daily lives would look completely different. As one of the biggest CO2 emitters, the steel sector plays a key role in achieving the EU's climate goals for 2050, and as Europe's largest Electric Arc Furnace steel producer, Swiss Steel Group is committed to living up to its responsibility. Swiss Steel Group has made a conscious decision to base its targets on an established science-based framework to ensure credible and verifiable measures. In this context, we joined the Science Based Targets initiative, SBTi in short, in spring 2022. In April 2024, Swiss Steel Group has had its decarbonization target validated according to the sector-specific guidelines published by SBTi in 2023, as the world's first steel producer. This validation by SBTi reinforces our commitment to our customers, demonstrating that Swiss Steel Group not only currently operates with carbon emissions significantly below the industry average, but is also dedicated to a continuous journey of further reduction. On the back of our low carbon emissions, Swiss Steel Group supplies sustainable steel, known as Green Steel, to all essential future markets, including mobility, energy generation, medical, and aerospace, and thus makes a significant contribution to the decarbonization of our society. To achieve the decarbonization of end products, efforts must be integrated and leveraged along the entire value chain. Steel is a crucial link in this chain and thus plays a vital role in the essential process of decarbonization. Against the backdrop of climate change and the decarbonization requirements in our customers' value chains across various industries, the Green Steel segment is expected to continue to grow. Already today, we see increased interest and demand for greener products, supported by a number of significant, significant contracts, as we've communicated in the recent months. On slide 21, we turn to the outlook for 2024. For the remaining year, we will focus on, first, capturing green steel potential participation in our markets. We will focus on capturing the potential of the green steel market and on positioning ourselves to participate effectively in markets once recovery becomes imminent. Second, continuation of the SSG 2025 program. Despite the challenging market environment, Swiss Steel Group remains committed to its strategic direction. To navigate these dynamic conditions, our focus will be on achieving production excellence through quality, cost effectiveness, speed, and operational efficiency. We will also implement structural measures to enhance flexibility and resource utilization. As part of our ongoing SSG 2025 program, we are prioritizing the implementation of the new sales organization and strengthening cost control measures. The initiatives already underway, along with newly defined actions, will contribute to the long-term strengthening of our group. Ladies and gentlemen, as we conclude today's discussion, it is clear that the market environment remains challenging, not just for Swiss Steel Group, but for the entire steel and European primary industry. We've made significant progress with our SSG 2025 strategy program, successfully completing the stabilization phase. Our focus now shifts to the strengthening phase, where we will continue optimizing our cost base and improving sales effectiveness. The decisive competitive advantage provided by our low emissions, aligns with the growing global demand for sustainable steel. Once markets begin to recover, we will be fully prepared to capitalize on emerging opportunities. We would like to thank our employees for their commitment, our customers for their loyalty, and our shareholders for their continued trust on the path to a successful transformation. Ladies and gentlemen, if you would like to ask a question now, please press nine followed by the star key on your telephone keypad. And if you wish to cancel your question, please press nine followed by the star key again. So please press nine star now to state your question. And first question comes from Dominik Feldges from NZZ. Yes, good morning. I have quite a few questions, a couple of questions, if you allow. Maybe we can start with the situation in your most important market in Germany, especially during the German automotive and machinery industry. I mean, what is happening there? What? Why is demand there so low? What is not working there? Then I would like to ask you about France, if you just could say then what the share of revenue used to be in the past and what it is now, as well as that of the US and please could you again state or explain a bit more why you have now decided to keep Finkl Steel? Yeah, I mean, maybe if you allow me, then later on to ask some further questions, but let's stick to those just for the time. So, if you allow, we would share the answers between Thomas Löhr and myself. I would like to answer question number one and three, respectively, and automotive industry in Germany, and then the third question, why Finkl? So, an answer to question number one, to be very clear on that, we all do not really know what's happening in the automotive industry in Germany. We just see the consequences, and what we are doing here is just an interpretation of what's happening in the German automotive market. It appears like a big uncertainty everywhere amongst producers and of course, the suppliers about future mobility strategies. You are well aware of what is happening between mobility as such, e-mobility, hybrid, and combustion engines, mobility. There are so many aspects moving along. Germany is changing its energy philosophy and strategy. Behind that, there is also the production of mobility, and the change to e-mobility is by far not being done properly. People cannot afford EV vehicles as such, as now the support for EV vehicles has been cancelled by the German government. And in between that, there are so many uncertainties. Which kind of mobility is the future mobility? It is our interpretation, not more, that the uncertainty leads to a back holding of consumption of cars, and especially passenger cars. And that, again, relates then to what we see there in combination with everything around it. We have not been talking about inflation, about financing costs, and about available money in the market. So people are back holding also their investments if it comes to various, and general, consumer goods, and cars are only one of them. So that is our interpretation for the time being. To your question number one, and to your question number three about Finkl Steel. We have been communicating that we are investigating if a divestiture of Finkl Steel makes sense. And as the industrial climate as such in America is quite favourable, and the headline would be Inflation Reduction Act. A lot of companies intend to move to the US, so you have an industrial-friendly environment for the time being there, despite the fact that business also there is a bit calmer. And in that environment, with calm business and the political situation there, we were quite sure that a reasonable pricing on the divesting, divestiture of Finkl Steel, is the wrong momentum or would be the wrong momentum, and we decided to keep things in the sense of, shareholder value and owner value, and we took that decision in the prior weeks. Coming to your question number two, is it Thomas? Yes, the last question is the revenue stake in France. It's been 9.7% in half year 2024, and the previous year was 11.1%. Mm-hmm. And in the US? Just a second. Bear with us, Mr. Feldges. The US stake is around 9.5%. 9.5%. Okay. 5, yeah. Is that answering your question, Mr. Feldges? No, I have more questions, but I does help, yes. Could you share with us who is now buying Ascometal? And, will we still have to expect an impairment there, or even or, or, what, how about the price you have achieved for this asset? And then, a further question, the workforce, again, if you could please give us a bit a clearer picture where how many positions have been reduced country by country, that would help. And then, do you plan further reductions in the workforce, or is that now it? And, if you may also could say something about the morale, maybe among your employees. I mean, you've said that you are, you have a committed workforce, but after, what exactly is now the situation among the remaining people? And okay, and then one last question about the outlook, concerning your outlook, why is the previously expected market recovery not materializing? Have you really, have you been maybe too optimistic? Thank you. Maybe starting with your last question, Mr. Feldges, and as there was no guidance and out, and for the year of 2024, we could not been too optimistic. So, everyone in our industry is waiting for recovery of our economies first. Second, and we all have to accept and understand that primary industry, and that is more than on the steel, relates heavily to industrial production. So we do not sell consumer goods. We have, industrial production-related goods, mass goods, that meet the production behind it. And so I think we have not been too optimistic in an outlook, as there was no specific outlook on that first and second. And we can only do what many other steel companies, primary industry, and companies do. We rely on prognosis and statistics coming from institutes. What we also did, and for our preparation of the current year. Unfortunately, not surprisingly, but unfortunately, the latest forecasts that we see there for industrial production and the underlying consumer goods, and it tends to remain weak, and it seems like rock bottom has been reached. This is our interpretation to that. Going then back to your question about the morale of our people. You may imagine, and we are not only producing in Switzerland, we named our production entities there. The morale of a company, of course, depends on occupation first, and of the income of the people and the workload of the people. There are many aspects, and no one may expect that in an economic downturn or crisis, and people are too happy. Everyone is, of course, worried about the general trends, the general development of economy, and it's the same for our entire group, be it in America, be it in France, be it in Germany or in Switzerland. Rightfully, people are worried, and it is our task, our obligation of management, to explain the way forward, and so that our people internally see that the group is moving forward. And that is the main important factor we were trying to explain in our report, and that group is moving forward. We are executing the path of our strategy, and that is what gives the better morale in comparison to previous years to our people in a sense of group is changing. So of course, morale cannot be brilliant, but, people see that the group is changing and then taking activity against the ongoing crisis. Your third question with regards to headcount reduction, we were trying to explain, and, please bear with me, I don't like to share, we don't like to share our individual figures and production asset by production asset. But we have, significant headcount reduction through various activities done. We were coming from far above 10,000 employees in the group, and as you could see out of our report, we are actually around 7,500 employees through various activities that we have been taking. Your question about, further headcounts and reductions and plans. In a time of changing, groups and gaining productivity, you always search, that is quite normal, for additional potentials on the cost side. That not only relates to headcount reduction, but also our group is aware of that, and it is not, as sometimes it appears, related to the direct related HR. So that means our production people, that is more related to the overhead costs that we have there. And it is in the administrative areas where we search and committed in our internal discussions with our board of directors to significant further reduction in the coming years. In the same time, by improving our processes and aligning on also digitalization and other ideas that we have there. That was the third question, and then the fourth question, it appears, and this is not to give bad feelings about it, that the process of Ascometal in our explanation did not became too clear. We all have to understand that we, as a group, have been investing huge amounts into Ascometal. We mentioned them several times, and at a certain point of time, you have to be aligned with management that those investments have to be stopped. We did that in the recent past, namely, in the last business year, we informed the management of Ascometal that they have to survive by financing their business on their own. After that decision, a few months later, management came back. This is what we tried to explain in our report, and informed us about their way and that they want to go, that they go the administrative way, and that without further investment in the company, they were looking for a receivership process, respectively, a state-supported process, that we already explained there. So that we first have to understand. It was not our divestment and that has been taking place. We have been confronted that management handed over the responsibility to the state, and from that second, we were not running the company anymore. Out of the receivership where the company was in, the French state sold the company. This is what we all have to understand. That's a complete difference. We just deconsolidate a company, so that means, like, you were asking of some additional effects. You never know what comes along, but for the time being, as we reported, the company is deconsolidated with all known effects, and that has been done, that has been digested in our results, and be it in 2023, where necessary, or in the half-year report of 2024. The French state, with the support, of course, of the management team, sold the companies to new owners. One part went to an Italian company. Our Fos-sur-Mer plant went to the Italian entrepreneur company, Marcegaglia, they are called, and the rest of the Ascometal group, including the holding, went to a private equity company named Greybull. This is the process of Ascometal that maybe helps a bit more to better understand how the process went. Thanks for your question, Mr. Feldges. Okay, but so sorry, but okay. So, can you, s orry, because it's not mentioned in the press release, you know, but so what is now the latest? So this Ascometal business now belong, has been sold to an Italian company and to a private equity. The business of Ascometal has been sold to an Italian company for the Fos-sur-Mer site and the rest to a private equity company named Greybull. The seller was the French state. The seller was the French state out of the receivership. Okay? Mm-hmm. Okay. So, ladies and gentlemen, if you would like to ask further questions, please press nine, followed by the star key on your telephone keypad, please. There are currently no further questions, so we'll wait another moment. Good. 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.