Good afternoon, welcome to Sulzer's conference call on the spin-off of APS. Today with me is our CEO, Greg Poux-Guillaume, and our CFO, Jill Lee. For this call, we have prepared a presentation, which you can find on our homepage. As always, I want to draw your attention on the disclaimer on slide number two. The call contains forward-looking statements including, but not limited to, projections of financial developments, market activities, future performance of products and solutions, or planned transactions containing risks and uncertainties. These forward-looking statements are subject to change based on known or unknown risks and various other factors, which could cause the actual results, performance, or events to differ materially from the statements made in the call. Please also take note that on the slide you see additional disclaimers, so read them carefully. Having said that, I hand now over to Greg for the presentation. Thereafter, you'll have the opportunity to ask questions. Please, Greg. Thank you, Christoph. Good afternoon, everyone. It's a pleasure for Jill Lee and I to be with you today. I'll walk you through the presentation quickly, and then we'll take questions. As you see on page three, the first slide, the bar chart with the Sulzer businesses over two centuries. Sulzer has a history of, as I said, almost 200 years in which we ventured into new businesses and set them on a path of continued profitable growth, sometimes outside Sulzer. Sulzer, really, for 200 years, has been an incubator for pioneering technologies. We've done that very successfully, and we believe that Applicator Systems would be another chapter of this story. Today we announced our intention to spin off our Applicator Systems division, which we've built into a leader for high-precision delivery devices over the last five years, and from the ground up over the last 20-some years. We believe that it's the right time as the Applicator Systems markets have almost recovered from the pandemic, and profitability is already close to pre-pandemic level. Let me give you an overview of the transaction on page four, the transaction summary page. Applicator Systems has leading positions for high-precision delivery devices in all its end markets: industry, beauty, and healthcare. Today, Applicator Systems is well-positioned to succeed and grow independently. Sulzer itself has made significant shifts in its core portfolio, away from oil and gas towards more sustainable sectors such as water, chemicals, biopolymers, and recycling. We also have a unique offering in servicing rotating equipment, where we believe we are the largest and certainly the most technically advanced independent service provider. In light of this evolution, Sulzer has decided to spin off the Applicator Systems division under the name medmix. The spin-off will technically take the form of a symmetrical split, where Sulzer shareholders get one medmix share in addition to each Sulzer share that they own. medmix will raise CHF 200 million to CHF 300 million of capital at the time of the split. This capital increase will go without subscription rights and is targeted to reinforce the capital structure, to fund growth initiatives, to increase trading liquidity by increasing free float, and to add healthcare-focused investors to medmix shareholder base. The transaction was unanimously approved by our board of directors, including the three Tiwe l representatives. As Tiwel will not participate in the planned capital increase, medmix free float will be increased. The listing of medmix on the SIX Swiss Exchange and the concurrent capital increase is expected for late Q3 or early Q4 and is subject to Sulzer shareholder approval at an extraordinary general meeting. Moving on to page five. The result of the transaction will be two focused leaders for attractive end markets. Sulzer will be a pure play flow control specialist for water, chemical, industry, and energy, with global coverage of its end markets. The company will continue to shift towards water and industrial applications and pumps and focus on its renewable technologies, such as biopolymer and recycling technologies in Chemtech. Digital advances will build on our unique offering and technical know-how to accelerate our growth in the service segment. medmix is a leader in innovative, high-precision delivery devices with leading market positions in dental, pharma, adhesives, and beauty. In all segments, the company owns its own IP and is not a contract development manufacturing organization. Not a CDMO. We're really an IP and innovation-driven player. Medmix is active in markets that are driven by strong mega trends, allow for significant differentiation based on technology, and have high entry barriers and limited price fluctuations. medmix is increasingly shifting towards high-growth healthcare end markets. On slide six, you see how medmix is set up. The business area known as Healthcare will include the segments Dental, Drug Delivery, and Surgery. The business area Consumer and Industrials will include the segment Industry and Beauty. Common to all segments is that they have a long-standing innovation track record and that their devices are setting standards in their respective markets. The customer and product aspect of each segment are managed independently of each other, but the industrial synergies and asset utilization between the segments are important, and that is what holds medmix together. If I go on slide seven, we show that medmix has a diversified exposure to growing end markets and a particular focus on healthcare that will be growing the fastest. medmix is a leader in attractive and resilient niche markets. Growth is driven by strong macro trends such as aging population. It also has the advantage of operating in markets where there's no large-scale competitor. The markets can be qualified as niches to the extent that drug delivery can be seen as a niche, and they are protected by high entry barriers based on innovation and IP. medmix therefore has a high share of repeat business. medmix's legacy of standard-setting innovation, its recognition as a technology and quality leader in all segments, and a growing base of longstanding customer relationships make the business the perfect platform for growth. Medmix expects sales of about CHF 450 million in 2021 and high single-digit growth thereafter. Adjusted EBITDA margin is targeted at around 25% in 2021 and at higher than 26% in 2022. 25% EBITDA adjusted in 2021, above 26% in 2022, which is really pre-pandemic levels for that business. Midterm objective is to increase the EBITDA margin to a level of around 30%, as healthcare will contribute more and more to revenue, ultimately reaching a level of more than 50% of sales. If I move to page eight, I'd like to talk about Sulzer. Our core business in Sulzer will continue its journey of top-line growth and profitability improvements. It will accelerate its growth through its focus on sustainable sectors such as water and pumps and renewable technologies and Chemtech. Our aftermarket revenues, which already represent 50% of Sulzer, will be boosted by our sector leadership in digital and additive manufacturing. The growing service revenue, the shift towards sustainable sectors, and new products in the mix will lead to higher margins. For Sulzer, excluding medmix, so post-spin, we are targeting an operational EBITDA margin of 9% in 2021 on sales of CHF 3 billion. With that, Sulzer in 2021, without APS, is 25% bigger in terms of volumes and 30% bigger in terms of profits than Sulzer was in 2016 with APS. Really, you have to keep in mind that the core of Sulzer has grown and has grown profitably over that period. It isn't that we've just invested in Applicator Systems. We've invested in all our businesses and in the core flow control businesses, it is really clear that the margin improvement has been driven by operational excellence and the interesting assets that we've added along the way. Midterm, we see operational profitability in the range of 10%-11% for Sulzer. We will continue to look for small to mid-size acquisitions in complementary markets with a focus on technology and service to make the offering to our customers even stronger. If I look at page nine, you'll find an indicative timetable of the transaction. We'll give you more insight into medmix and into Sulzer's core portfolio in the Capital Markets Day that we've planned for June 15th. Once again, we'll discuss both medmix and Sulzer, and we'll publish our H1 results on July 22. We plan an extraordinary shareholder meeting in late Q2, so late in the second quarter, a spin-off and capital increase, as well as the first trading day of medmix at SIX shortly thereafter. I think what I said might be confusing. The extraordinary shareholder meeting will call for the shareholder meeting in August, and the shareholder meeting will happen in late Q3. I don't know why I said Q2, but I said Q2 and it's Q3. The first trading day of medmix is shortly thereafter, so it means end of Q3, beginning of Q4. Hopefully, I didn't confuse you guys. I just got carried away. Key takeaways on page 10. Sulzer will be split into two companies with focus on different end markets. Sulzer retains its core industrial businesses while Applicator Systems is spun off and will be listed separately as medmix on the Swiss Stock Exchange. Sulzer will be focused as a pure-play industrial flow control company. medmix will accelerate its growth in healthcare and further develop its industrial and consumer segments. We believe that the transaction can leverage the full potential of both businesses and provide an attractive value creation opportunity for Sulzer shareholders. The capital increase of medmix of CHF 200 million-CHF 300 million will happen simultaneously with the listing, and it will reinforce the medmix capital structure, it will fund growth initiatives, and it will increase free float, which we think is important. As I said, Capital Markets Day on June 15th, we'll give you more details on both companies, their end markets, and their strategy. On those words, Jill and I are happy to open this up for questions. Thank you. The first question comes from Aurelio Calderon from Morgan Stanley. Please go ahead. Hi. Good afternoon, Greg, Jill. Thanks for taking my questions. I've got two, if I may please. First question is, if you ever considered selling the business instead of spinning it off to investors, and I guess if that's the case, why have you decided to go down the route of spinning it off? Second question is around kind of your assumptions for medmix and your kind of medium-term growth assumption of high single digits. If you could break that down into what you expect of healthcare, because you mentioned that you expect that to be more or less 50% or more than 50% of the medmix business in the future, and I guess that's a faster-growing segment than the consumer industrial business. Any indication around that would be helpful. Okay, Aurelio, thank you. The first question, did we consider selling the business? We never considered seriously selling the business for really two reasons. The first one is Sulzer doesn't need the cash. The idea of selling the business and having massive capital entering Sulzer, it's not necessary for Sulzer's development. We have a strong balance sheet. We don't need the additional capital at this point, and we felt that that was in the right move for that reason. The second one, which is related to some extent, is that we believe that the value creation in medmix is really only getting started, and we want to give all investors the opportunity to continue the adventure and to take part in that value creation. From that perspective, we think that a spin is a much better outcome for investors. They get to have the Sulzer portfolio but decide what part they want to focus on. Both businesses have a renewed focus and the ability to fund their own development in a way that's easier to understand for investors. Your second question on healthcare and the growth of healthcare for the medmix business, we'll go through that in a lot of detail at the Capital Markets Day on the 15th of June. [audio distortion] and the team will actually speak to you guys directly. What I would point to is, if you look at the acquisition that we made of Haselmeier, I think we announced at the time that we think we can triple the size of the business roughly in the next five years. Haselmeier is a really interesting portfolio. It's got good products. It's got the D-Flex range, which had only recently been introduced and is only at the beginning of its commercial development. We have a few other interesting things that we'll come out with in the near future. That's what's going to drive it. Anything we can do also in our dental business will also push because that's a very solid business in which there is also still a lot of room to play. You'll see at the Capital Markets Day that we're very present in certain segments in dental, but a lot less in some others. We believe that we have opportunities beyond the markets that we're operating in today. For a more analytical answer, I'll push it to the Capital Markets Day. Okay, that's helpful. If I may, I can squeeze one more question in. Sure, go ahead. If that's okay. Yeah. I guess on the kind of RemainCo and Sulzer, I guess you have a midterm target now of 10%-11% margins and you have a growth target. Is that for a specific reason, or is it just because we are in that process to shrink the energy pumps business and to keep growing the water business and the parts of the portfolio that have more growth ahead? No, not really. That wasn't the thinking, really. We prepared today's communication focused on medmix because that was the new business, the new instrument that we wanted to make sure you guys understood well. Our thinking has always been that we will be more explicit also on Sulzer at the Capital Markets Day on June 15th, and we just didn't want to preempt it. It's very much business as usual for the rest of Sulzer, and we'll explain the growth that we anticipate in our water business. The water market, for example, for pumps is growing 4%-6% a year. In the industry, we have a wide range of segments that all have growth rates that we can detail and will allow you guys to do your kind of sum of the part analysis. You're right, energy has contracted. The business has gotten smaller, but that was the objective, and there's a moment where it'll start growing again because we do see that the market will start picking up sometime in the second half of the year. I think that we have to break these things apart so that you guys don't get confused by the fluctuation of energy, which now is a small part of our pumps business, and that you have the detail on the other segments. As you recall, water is the largest part of our pumps business today, not energy. Once again, we'll break all of that down at the Capital Markets Day. Our aim was not to keep you in suspense. It was just to keep the spotlight today on medmix. That's perfect. That makes sense. I guess I'll go back to the queue and speak on the 15th of June then. Thanks very much. Okay. Thanks, Aurelio. The next question comes from Patrick Rafaisz from UBS. Please go ahead. Yes, thanks for taking my question. I have two, please. One is on the use of funds of the performance that is happening in increase for medmix. Yeah. You talked about the growth opportunity here, but can you give us a bit more color on how much is earmarked for strengthening the balance sheet, how much is for organic growth, and how much is for M&A related growth? Secondly, in terms of RemainCo costs and one-offs associated with the separation, can you give us some rough guidance on what you're expecting here? Okay. Thank you, Patrick. I'll start with the second question, and I'll hand the first one over to Jill. The second question is, what I'd like to address is the additional cost linked to the businesses being separated. I think that might have been your question. We don't expect that to be significant because today, medmix Applicator Systems is really operating pretty much as a standalone business. They do benefit from things like the legal function of Sulzer and the treasury function of Sulzer and a few other things, as well as the oversight that Jill and I provide. Many of these services, treasury and legal, for example, we'll continue to provide for a transition period as we take the time to calibrate how big they should be in medmix. I don't expect that in the first 18 months you'll have much of an impact either on Sulzer or on Medmix, because that service agreement will be in place. Certainly, over time, Medmix will have its own resources, but that will probably involve some transfer of people from Sulzer to Medmix. We're just taking the time to do that in a thoughtful manner without having to hurry. I mean, there's some one-off costs associated to legal separation and obviously the support we're getting on the split and the capital increase, and we'll also break that down for you guys if you want. I think most of it will be against equity, Jill? The part that's related to share capital increase will be going to equity. If you are thinking about modeling on the one-off, then I think you can see about CHF 6 million-8 million of cost going to P&L in the combined form, so more on the medmix side, and you can plan around CHF 5 million-6 million on medmix from that perspective. In terms of the support cost, frankly, I think we are fairly lean, so it's not a big amount of central cost that we have, and it's actually less than CHF 10 million that we're talking about of the support cost that is common between the two units. As Greg rightly pointed out, this will be something that goes through a transition period of 18-24 months, whereby both companies will have a very small phase-in, and we don't expect that to be a drag on anybody's P&L. Use of funds, Jill? Yeah. On the use of funds, CHF 300 million, as we mentioned, we have in mind the three objectives, which is to reinforce the capital structure, fund growth initiatives, and increase free cash flow. They're really quite connected. Let me walk you through the thinking we have around the capital structure. If you look to Sulzer pre-spin, we have a net debt to EBITDA of about 2x if you exclude the Tiwel's cash. I know that most of you calculate with Tiwel's cash excluded, because if you include that, then it's around 1.3, 1.4x, and if you exclude that, we are at 2 x. When you take a scenario of CHF 300 million of capital increase, essentially it brings the combined company pre-split to a net debt to EBITDA of around 1.4 x. We expect medmix after splitting and capital increase to have a net debt to EBITDA of one time. That would make it comparable with peers in the industry, and it's also giving it a solid basis to finance its growth, both organically as well as other add-ons that may come in the future. When you do the math of pre-split minus what I just mentioned of medmix with it one time, then you end up with the rest of Sulzer having around 1.5x. I think that's something you can use for your modeling. I think with this capital structure, both companies are on very solid basis and good comparable against peers in the industry. Thank you, Jill. I would add that we have an active M&A pipeline for medmix at all times. We continue to look for opportunities to strengthen our businesses, particularly in healthcare. We certainly don't want to have money burning in our pocket. We want to make sure that we're able to execute our strategy. Did we answer your question, Patrick? Is moderator you still on the call? Yes. I suppose Mr. Patrick is connected his line. Okay. That's the next question. Okay. The next question comes from Vera Bonte from Generali. Please go ahead. Yes. I guess one is a follow-up question for Jill. Could you explain how you arrived at the 1.5x net debt to EBITDA excluding Tiwel post-transaction, given that you're coming from 2.1x as of the end of last year? The second question regards the potential bonds buybacks, I guess. I read a note on the demerger plan that you may be required to buy back the bonds if the bondholders request so. Given that you have CHF 1.7 billion of bonds outstanding, I was wondering if you have any backup funding for this or if you don't expect this to happen. No, we don't expect at all to have any bond buybacks to do. We believe that the conditions for bondholders, given the legal nature of the symmetrical split, fully protect the bondholders, and we have no anticipation that we'll have to buy back any bonds. Jill? Yeah, that's right. The financial liabilities that we have today remain in Sulzer, so there's actually no change of identity as well from that perspective. Vera, on your question, I think you were taking the balance sheet from last year. Naturally, that is a year where we have the pandemic effect, and we also had restructurings last year, which we have done on the energy adaptation. When I speak about the one and 1.5 x, I'm already giving you a sense of where we are seeing in 2021, and obviously we see ourselves trading well. We have also alluded to that in our Q1 order release that we are significantly up on profitability this year. Okay, this is a forward-looking ratio? Yeah. Perfect. Understood. A technical question on the ratings. You currently have three ratings. The Fedafin one is sub-investment grade, and then you have two Swiss bank ratings, of which one may be restricted because they're acting as advisors for this transaction. For the SBI rules, would the restricted ratings still count, or do you risk leaving the SBI? Actually, I think when you look to the ratings, ZKB and Credit Suisse, which at that they are still putting us on investment grade. Two out of three have put us on that. We have actually also had discussions with Fedafin, and I think once more for Fedafin, they have referred to the balance sheet that was coming out of 2020. At the same time, I think we had to clarify some of the considerations that they took in terms of the item within the balance sheet. Once again, I see that that should have no bearing on the investment-grade rating because it's just a point in time that Fedafin had done this. Mm-hmm. Yeah, I discussed it with Christoph Nünlist already, and I understand the rationale behind. I was just wondering, but I might investigate with the SIX Swiss Exchange if they still count the restricted rating by Credit Suisse, because then you would be on the safe side, presumably. We think we will be anyway, because as Jill said, we think the Fedafin analysis was done at a very unfavorable point, which was right when our balance sheet was reflecting the impact of the pandemic. We think that as we come out with our numbers at the mid-year in July, that this will all fall into place. We're not concerned. Jill? Yeah. Right. For example, when I said about the balance item, we have a financial asset reflected as financial asset, but essentially they are bank deposits that are more than three months, less than 12 months. You all know that in the Swiss market, we have also to think about how we can not be subject to the negative interest with the good liquidity that we have on our balance sheet. In the calculation of Fedafin, they have actually excluded that, and they have not treated it as equivalent to the cash and cash equivalent item. Okay. Look, we don't want to do a sort of a debt rating course on this call. What we're saying is that we respect the opinion of Fedafin. We've engaged with them to explain why there's different ways of looking at things, and the timing of their analysis was probably unfavorable, and we think this will fall into place as we come out with our H1 numbers and as they reflect the good discussion that we had with them. We don't think there's an issue on this side. Perfect. Thank you. Thank you. The next question comes from Dominik Seiliger from NZZ. Please go ahead. Yes, hello. Does this medmix really have the critical size to survive on its own, or is it rather likely to end up sooner or later, we saw it with Sulzer Medica much earlier on, but maybe in the hands really of a bigger company, maybe also a bit of a health conglomerate like Danaher or 3M or whatever. We know about the competitors of Sulzer in its core business and the pumps business. What about medmix? How fragmented is this market? Maybe which are the main competitors? Thank you. Hi, Dominik. In terms of medmix as a target, we don't think so. We think that, first of all, this is an attractive business. It generates CHF 120 million, CHF 130 million EBITDA. It's a growing business. It's certainly able to sustain its development and to finance itself and to grow successfully. We're not worried about it as a standalone entity. Otherwise, we wouldn't spin it off. We've got no particular pressure to spin it off. We just think it's the right time for them and for Sulzer. It's a very solid business and very resilient. The pandemic's been a very unusual event in the sense that it closed dentists and retailers, but that's kind of a one-off. In any other situation, the businesses that you have in medmix are businesses that are very solid. Is it an attractive business? Yeah, it's an attractive business, and therefore, it has an attractive investment case. I wouldn't comment on any speculation about a takeover. I'd also remind everyone that there's a ratio dilution where we do a capital increase that doesn't have preferential rights, which means that if you look at Tiwel, they're going to go down in the capital structure, but they remain with a significant stake, which means that until they're further diluted, there's really nothing that anybody can do to medmix that medmix doesn't want it to be done to it. I think that pretty much guarantees that the business has a little bit of runway in front of it to execute its strategy, and I think they'll execute the strategy really successfully. Did that answer your question, Dominik? Yes. one more. Apart from the competition, maybe you could elaborate a bit on what are the competitors in this market or what market share it is. We've heard in the past that it is a bit of a problem for you to have Mr. Viktor Vekselberg still as your main shareholder, but as this can be a deterrent to certain investors. Is this now going to improve, at least in the case of medmix? Thank you. Well, to the second part of your question, as part of the capital increase, given the fact that Tiwel is not taking part in the capital increase because of restrictions that they have, it means that naturally they'll be diluted, and that dilution will make them a smaller player in the capital structure. The fact that they're supporting this transaction also tells you that they're okay with being a smaller player in the governance. I don't think it's going to be an issue. I think, on the contrary, that the fact that we're able to announce that we have a unanimous board vote to support a spin-off, including the three Tiwel representatives, despite the fact that they're going to be diluted, tells you that they have at heart the best interest of the business and that they'll be what they've been for us, certainly in the five years that I've been here, which is a fairly passive but supportive shareholder. In terms of competitors for medmix, we'll have a detailed analysis segment per segment in the capital markets day on June 15th. The companies you should think about are a company called Nordson, N-O-R-D-S-O-N, Nordson in the U.S. They compete with us on multiple segments. You've got Ypsomed that competes with us on the drug delivery device segment, competes with Haselmeier. You've got AptarGroup that competes with us on the beauty side of things. Those are just three direct competitors on either one or multiple segments that I would point to. If you want more detailed analysis, we'll make that available on June 15th. If you have questions before that, Christoph is happy to field calls and Dominik, I'm sorry, is happy to field calls and answer all these questions. Is that all, Dominik? Yeah, sure. AptarGroup? Or what was the name of the last- Aptar. Aptar. Aptar, A-P-T-A-R Group. Thank you. It's another U.S. company. It's U.S. and European. They're really global, and they compete with us on multiple segments, particularly the beauty one. They do all sorts of delivery devices similarly to what we do. Nordson, the first one, I think, N-O-R-D-S-O-N, also a U.S. company, and they compete with us on multiple segments, including the industrial segment. Ypsomed, I don't have to spell it to anybody. You guys all know that. Once again, if you want more or an analysis per segment, Dominik can share all of that with you guys at any time. Thank you. Thank you. The next question comes from Christian Arnold from Stifel Schweiz. Please go ahead. Yes, good afternoon. Finally, I do have an oil and gas question. I'm sorry about that, Dominik. No, that's okay. No, it's best. You're writing that you expect accelerated growth of services segment or in the services segment. Yeah. Last year, looking at the sales split, there was still a, let's say, 40% exposure to oil and gas. We can read these days everywhere that investment will be lower in this end market. Also you have reduced your pumps equipment business in that end market. I wonder, how do you want to accelerate growth in your service business? It's a very fair question, and I'm happy to take an oil and gas question. Well, our service business is multi-market. It covers pumps and other equipment, ours and other people's, in a bunch of different markets. If you have a look at our performance last year, what was striking about our service business is in order intake, they're really a reflection of the market. The service at Sulzer was up 1%. It wasn't down. What it tells you is despite a market where some customers were cutting investments, where some sites were not accessible, where it was difficult to send service people to location, we still managed to grow 1% in a market like that, which tells you that business is extremely resilient. Our service business, if you look at the last four years, five years, I think actually, our service business has been every year between 13.7 and 14.1 of operational EBITDA margin. A good year for that business is anywhere between 5% and 7% growth, and a bad year is 1% growth. Last year, without the pandemic, we certainly would have been on the higher end of the range. This year we'll recover because the market is reopening up, and even in oil and gas, we see customers that are reinitiating things that they delayed last year. The final two points that I would make is the way that we grow is, one, we regain some of our installed base. Sulzer has 200 years of installed base, and over periods of our history, we've done a more or less good job of retaining that installed base. Our initiatives over the last few years have been how to reclaim that installed base and make sure that any Sulzer pump out there is serviced by Sulzer. We still have ways to go on that. That's the first point. The second point is, we increasingly do something that I think Sulzer does much better than anybody else. We do these retrofits where essentially we take somebody else's pump, we keep the casing. We keep the outside shell, the outer shell, which is the big metal stuff that you see when you see a pump, and we change everything inside. We change the impeller, we change the hydraulics, we change the seals, we change a bunch of things, and we actually make it a Sulzer pump. If you look at our business from the last few years in service, we've gone from having almost no third-party work in pump service to having something like, I think we're close to, we're around CHF 100 million of service on other people's pumps. We do that better than other people because we've been doing it on turbines and compressors for decades. Our gas turbine service business is really a third-party service business where we reverse engineer and improve GE, Siemens gas turbines or other people's turbines. If you can do that on a gas turbine, it's actually pretty straightforward to do on a pump because a pump is much simpler than a gas turbine. We can grow even in a market that is not growing. We've shown that last year. The market contracted very significantly in service. All you have to do is have a look at Flowserve, some of the other competitors that we have. Have a look at their service revenue. You'll see that they contracted and we didn't. When the market is normal to good, we should be growing faster than 5%. As I said, 5%-7% in the service business. Hopefully, I answered your question? Yes, very helpful. Thank you very much. If there are no more questions on the call, maybe last chance to have one. Otherwise, we will just wrap up and close the call. No. No more questions. All right. I'll wrap up. It's a very exciting day for us at Sulzer, and whether it's the Sulzer people, part of the flow control business or the Applicator Systems medmix people, I think everybody's energized by today's decision. We think that this is a great way to focus these businesses and to accelerate growth and to also become more readable to investors in terms of what we do, what we stand for, and what the value drivers are. We believe that will be a positive story going forward. What we have to do is to convince you of it, because it's a significant change, but it's a significant change that, as you know, have been part of our strategy for a number of years. I've talked about it before, and today it happens. We've chosen a mechanism to do it, which is a very transparent mechanism with a consultation period, with a super majority shareholder vote of two-thirds. This transaction essentially will be executed if we have shareholder support, as we hope so, at the end of September. We have a lot of time to get ready for it and to educate the market, to answer questions, and to make everybody comfortable that this is going to be creating value. We thank you for your time today. We remind you that on June 15th, we have a pretty exhaustive capital markets day, exhaustive to the point where we probably have to take a few slides out because it's on the heavy side. We will answer all these questions in as much detail as we can in order to make you believers that not only is medmix an exciting business, but that Sulzer itself has never been stronger and has exciting days ahead of it. On those words, I thank you for your time today, and I will talk to you soon.