Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the analyst and press conference call of the second quarter results 2021. Throughout today's recorded presentation, all participants will be in a listen-only mode. The presentation will be followed by a question and answer session. I would now like to turn the conference over to Dennis Weber. Please go ahead. Yeah, thank you. Good morning, ladies and gentlemen, and welcome to the presentation of our results for the second quarter and first half year of 2021. With me on the call today are our CEO, Carsten Spohr, and our CFO, Remco Steenbergen. Carsten Spohr will start the presentation with a summary review of quarterly results and the Group's transformation. He'll be followed by Remco Steenbergen, who will further detail our results and the progress made in restructuring Group. Carsten Spohr will conclude our presentation with an outlook for the rest of the year and beyond. Finally, we'll have two Q&A sessions. Similar to prior quarters, the first Q&A session will be for our financial analysts and held in English language. Afterwards, we'll hold an additional Q&A session for the press in German language. Carsten, over to you. Well, thank you, Dennis, and a warm welcome to all of you also on my behalf and from my side. Thanks for joining this morning. Hopefully, all of you who have traveled over the last weeks would share my perception that, first of all, the world is slowly starting to return to normality. Second, people have begun to meet each other in person again. Thirdly, demand for air travel is steeply recovering, and last but not least, the Lufthansa Group in this is coming back strong. During the last quarter, which we are reporting here today, bookings have more than doubled. By the way, if you do consider booking a Lufthansa Group airline for your summer vacation, hurry up. There's indeed 275 destinations available for you, which is 84% of our pre-COVID network, and many interesting holiday destinations are sold out, so don't wait. More important for you and for us today, let's talk about a few KPIs which we have seen in the second quarter. We more or less operate around 50% of our flights now while we speak in or until last week in July, and also, of course, while we speak in August, ramping that up slowly. What 50% of our passengers are back on board with us. Beyond those numbers, the second quarter of 2021 was indeed, once again, an eventful one. Let me just highlight three key messages from it. One. We successfully ramped up and generated improvements across all operational and financial KPIs. Second. We made further progress in implementing our EUR 3.5 billion cost-saving program and generated a positive adjusted free cash flow. Thirdly, we are very confident that the plans we outlined will further accelerate our transformation, which will contribute to achieving strong margins and capital returns as we have guided before in our midterm targets. When we presented our half-year results in 2020, so one year ago, we obviously had to talk about ramping down our airline business, and we talked about how fast and how forcefully we reduced capacity and our operating cost. Fortunately, one year later today, we can now talk about the successful ramp up. We gradually expanded capacity over the course of the second quarter and reached about 30% levels compared to 2019 while maintaining a very tight grip on our cost. This indeed enabled us to further narrow our operating loss. The Adjusted EBIT in the second quarter of minus EUR 952 million is significantly below the prior year level and also lower compared to the first quarter of 2021. The improvements were driven by the ramp-up of our airline business, the continued strength of Lufthansa Cargo, which is keeping on going strong, our MRO and catering businesses returning to profits, and very good progress in our group-wide restructuring, in which we have implemented measures securing already more than half of our targeted EUR 3.5 billion of cost savings. The smaller loss and the surge in new bookings led to a significant upswing in operating cash flow, with almost EUR 800 million positive in the second quarter. Progress in our recovery goes hand in hand with our focus on the group's transformation, as mentioned before. The longer the pandemic lasts and people are not able to travel the way they are used to, the more obvious the value of air travel becomes. Our mission, which, as you know, is connecting people, cultures, and economies in a sustainable manner, has never been more relevant and true than today. We are proud of that purpose as we were before the COVID crisis, we are proud of it now. In mid-June, we outlined our plans for adjusting to a new normal and accelerate the Group's transformation. Just a few topics from this. Our leading position in our home markets, which are representing Europe's strongest economies, and the strength of our various brands form a great base to capture opportunities for profitable growth again. Also, we did take advantage of a window of opportunity with very favorable prices to further accelerate the modernization of our fleet. With the order and leasing of new Airbus A350s, Boeing 787s, and also an additional 777 freighter, we will not only reduce operating costs, but also carbon emissions. The additional leasing of two Airbus A321 freighters just recently, which are dedicated to serving the growing e-commerce across Europe, will also help us to tap new earning potentials in the cargo business. We're very happy that as a group, compared to others, we kept such a strong focus in cargo throughout the last years, which is now greatly paying off. We continuously enhance our products. Customers enjoy new catering concepts, for example, on board of our network airlines. Onboard Delights at Lufthansa, SWISS Saveurs at Swiss, Tastefully Austrian at Austrian Airlines were all rolled out in the second quarter. We now offer a buy onboard concept in economy class of our short-range flights, providing better quality of food and beverages to our customers on the one hand. At the same time, generate additional catering revenues for our group airlines. Also a new concept in the business class catering is worked on and will be introduced early September. Also, in line with that, we did decide to reopen our First Class Terminal in Frankfurt next month. Also, I think symbolizing a nice way how much we not only believe in the traffic, but also our premium focus to continue. We also create a consistent customer experience by standardizing our booking platforms. This enables customers to book flights within the entire Lufthansa Group Airlines network, and Austrian Airlines actually was the first group airline to launch it just three weeks ago. Important, I think, also as a news of today, is that in the context of our cost-cutting targets, we launched voluntary leave programs for flight crews and ground staff that will significantly reduce headcount, especially in Germany. Remco will give you the details in a minute. We are transforming the way we work by focusing on maximizing our synergies, reducing complexity and accelerate our decision-making, another strong learning from this crisis, which we are trying to keep alive. Obviously, we continue to focus on generating strong cash flows and capital returns to create sustainable value also for our shareholders. For the first time, as you all know, as a front runner in our industry, we committed ourselves to ambitious midterm targets just a few weeks ago. We aim to achieve an Adjusted EBIT margin of at least 8% and an Adjusted ROCE excluding cash of at least 10% by 2024. This signifies our determination to emerge from this crisis stronger than ever before, especially compared to our competitors, and remain an industry leader also after this unique pandemic. Now over to Remco for some progress reports on our return to profitability. Thank you, Carsten. As Carsten highlighted, we successfully reduced operating losses and returned to positive cash flows in the second quarter. Adjusted EBIT amounted to minus EUR 952 million in the period, including EUR 145 million of personnel-related restructuring expenses. In the first half of 2021, the Adjusted EBIT loss was EUR 2.1 billion, EUR 800 million better than our prior year loss, despite the doubling of restructuring expenses to EUR 265 million. Restructuring expenses largely related to severance and early retirement payments at Lufthansa German Airlines, at Lufthansa Technik, and in central functions, reflecting the progress made in reducing our costs. Group-wide fixed costs were down 32% also in the second quarter. The Q2 operating expense increase was solely due to higher variable costs following the expansion of our higher flight schedules. Free cash flow amounted to a positive EUR 340 million in the second quarter, based on a much better operating cash flow, driven by improved operating performance and higher customer prepayments following the surge of new bookings, which Carsten discussed earlier. Let me briefly discuss performance in the different segments. At the network airlines, strict cost discipline and the support from short-time work limited the Adjusted EBIT loss, which is still significant to -EUR 1.2 billion in the second quarter. This was despite the costs caused by the operational ramp-up and the low seat load factor for most of the quarter. We expanded capacity from just 25% at the beginning of April to around 40% at quarter end, with seat load factors improving in tandem, especially in European short haul. Yields remained around 10% below pre-crisis levels, also in the second quarter. We consider this a very good performance relatively to the overall market, which continues to be marked by low levels of demand at a time when many airlines are ramping up capacity aggressively. Success in the upselling of business class and premium economy to leisure travelers helped to partly offset the pressure from less corporate travel. The capacity ramp-up at Eurowings was even faster than at the network airlines in the second quarter, from around 10% in April to more than 40% at quarter end. The average seat load factor in the period was 70%. With yields being 19% below 2019 levels, Eurowings is performing better than low-cost peers. The significant traffic declines on domestic corporate travel-heavy routes, where frequencies continue to be far below pre-crisis levels, and the route portfolio shift to leisure destinations with increased stage lengths, was the primary driver for the yield decline. Supported by overhead reductions of more than 30% and the benefit of fleet standardization and the reduction to only one AOC in Germany, the Adjusted EBIT loss improved to - EUR 108 million in the second quarter and - EUR 252 million for the first half year. Our non-airline businesses are leading the recovery. All of them generated a profit in the second quarter. Lufthansa continues to go from strength to strength. With yields remaining on a similar high level as in the first quarter, Adjusted EBIT amounted to a + EUR 326 million in the second quarter and + EUR 640 million in the first half year, higher than ever before in the history of Lufthansa Cargo. Profits at Lufthansa Technik improved markedly, amounting to + EUR 86 million in the second quarter and EUR 102 million in the first half year. The components division, where demand picked up, especially in international markets, improved the most. In addition, lower depreciation resulting from the sharp reduction of spare parts and the non-recurrence of negative one-time charges in the prior year supported earnings. A strong American market was also the key driver of the EUR 27 million Adjusted EBIT, which the catering segment recorded in the second quarter. Payroll support under the U.S. CARES Act contributed to the earnings improvement, partly offset by the mandatory rehiring of personnel under the scheme. In the first half year, Adjusted EBIT amounted to EUR 17 million. Finally, the group's other businesses and central functions recorded an Adjusted EBIT loss of EUR 90 million in the second quarter and EUR 158 million in the first half year. Higher restructuring cost more than offset cost savings in central functions in the first half year. The result of the other businesses remained largely unchanged compared to the prior year period. Average monthly operating cash drain amounted to EUR 198 million in the second quarter. On a reported basis, including EUR 59 million of support measures received in the U.S., it was EUR 178 million. The cash inflow from net bookings reached EUR 962 million in the quarter. While an increase in payables was offset by a comparable increase in receivables, some high restructuring provisions supported cash flows, too. Total deferred tax paid payments amounted to EUR 900 million at the end of June. Compared with our original plans, we have decided to accelerate repayment and to return around EUR 450 million to the tax authorities in each of the third and the fourth quarters. Gross capital expenditures amounted to EUR 459 million in the second quarter, largely related to fleet investments. Inflows due to aircraft sales and a further reduction of spare parts at Lufthansa Technik had a partly compensating effect, so that net capital expenditures amounted to just EUR 356 million. As a result, free cash flow was positive at EUR 340 million. This is the first quarter since the beginning of the crisis in which we generated positive cash flows. At the end of the first half year, the group continued to have access to EUR 11.1 billion of liquidity, virtually unchanged compared to the year-end 2020 level. Financing measures offset the free cash outflow and the repayment of maturing liabilities. Balance sheet liquidity increased to EUR 6.7 billion at the end of June, largely because we drew down EUR 1.5 billion from the EUR 4.5 billion Silent Participation I provided by the Economic Stabilization Fund in Germany. The remaining EUR 3 billion will be available until year-end. The issuance of a EUR 1 billion bond in early July demonstrated once again that the group has good access to different forms of financing at very attractive rates. The resulting effect on liquidity is obviously not reflected yet in the Q2 figures I just presented. When treating Silent Participation I as debt, which we consider prudent considering its 4% annual coupon, the group's net debt amounted to EUR 10.4 billion on a pro forma basis. On a reported basis, in line with IFRS regulations accounting for the SP1 as equity, net debt was EUR 8.9 billion at the end of June. Pension provisions remained at a similar level compared to the end of March, amounting to EUR 7.6 billion. This is around EUR 1.9 billion below the year-end level, mainly because of a 40 basis points increase of the discount rate. As the decrease in pension provisions was larger than the group's loss in the first half year, shareholder equity was above the year-end 2020 level, even when excluding the effect from the drawdown of Silent Participation I. Including it amounted to EUR 3.1 billion at the end of June. A fast restructuring will be key to return to profitability. In the past weeks, we have accelerated the implementation of cost savings measures. As of today, we have secured more than half of the targeted EUR 3.5 billion of cost savings, earlier than originally planned. 42% of the targeted EUR 1.8 billion of personnel cost reductions are already in the P&L, with another 20% secured by measures which are already implemented but did not have an effect on earnings yet. The level of implementation is similar for the targeted EUR 1.7 billion of cost reductions in areas other than personnel. In Germany, another 3,000 employees left the group in 2021 via voluntary leave programs, fluctuations, and the implementations of a social plan at Germanwings. In particular, based on the strong response to voluntary leave offers for the German ground and cockpit personnel launched in the past few months, another around 2,000 colleagues will depart. In addition, we have concluded social plan for the employees of Brussels Airlines in Düsseldorf, given that we're closing the base. Finally, the redimensioning of Swiss will lead to an overall reduction of around 2,000 employees by year-end, including the forced dismissal of around 500 employees based on the consultation process completed at the end of May. In sum, these three measures will increase the personnel cost savings already secured to more than EUR 1.1 billion. The further reduction of up to 5,000 positions or an equivalent cost in Germany will contribute to the closing the remaining gap of our total savings targets of EUR 1.8 billion. In this context, we're aiming for a further reduction of positions particularly at Lufthansa Airlines, Lufthansa Technik, and Lufthansa Cargo. Let me conclude my part of the presentation with a summary of the progress we have made in strengthening our balance sheet. As I just highlighted, the implementation of our EUR 3.5 billion cost savings program has continued to gain pace and we return to positive cash flows. For the third quarter, we are confident that we will be able to stop the operating cash drain and to generate a positive EBITDA. Taking into account tax repayments I mentioned earlier, we expect operating cash flows to be negative in Q3. Despite the operational progress, we continue to consider a capital increase a key element to enable the repayment of the stabilization measures as soon as possible. Preparations in this respect are ongoing. The size and timing of a capital increase remains subject to ESF approval and market conditions. That means investor interest and the extent to which existing shareholders will participate in a transaction. Let me also reconfirm our intention to divest certain non-core assets such as AirPlus and LSG Rest of the World, once market conditions allow realizing their full value. With regard to Lufthansa Technik, we have mandated the investment bank to support us in the evaluation of strategic options, primarily a partial divesture or a partial listing. The group's executive board intends to decide on the further course of Lufthansa Technik before year-end. Carsten, back to you. Well, thanks, Remco. Let's talk a little bit about the traveling and market environment. We're very encouraged, as mentioned before, that traveling restrictions have finally started to ease over the summer and all over the world, and we are very convinced that this trend actually will continue. The steady progress of vaccination campaigns allows, obviously, governments around the world to further ease restrictions. The U.K. has started to allow vaccinated travelers from medium risk countries, such as Germany, to enter the country without any quarantine. Canada will open up for double jab visitors in early September. We expect more countries to follow. The U.S. decision to initially not open for Europeans had been disappointing. We are convinced that the opening of transatlantic travel is only a question of time, given its political and economic importance, and we've judged the announcement of the U.S. government tonight to open up for double jab visitors only as another step in the opening direction. Already today, the North Atlantic is back to being our most important and most profitable intercontinental market, even though we more or less can only sell tickets on one side of the ocean. We're obviously ready to reintroduce long-haul flights at a greater scale. We have implemented numerous digital measures to ensure that traveling is safe and easy, at least as easy as possible for our customers. Regular customer service confirm the effectiveness of these measures. Close to 90% of our passengers respond that they do feel comfortable when traveling with us. We obviously share this conviction of and with our customers, demand has started to recover across the board. Let me just highlight four key trends. One. Demand for European leisure destinations started to pick up significantly at the end of April. Since then, bookings for July and August have been so strong that we expect passenger numbers in these two months to amount to around 50% of pre-crisis levels. This will, of course, include Eurowings Discover, which successfully operated its inaugural flight two weeks ago. Two. Even though the holiday season appears to be extending this year, which of course we like, we expect other segments to drive the next phase of our recovery. The VFR, people-to-people business, visit friends relatives, as we call it, is gaining more and more momentum again. Corporate travel, fortunately, is also starting to come back. In the second quarter, corporate sales increased by 220% compared to the previous year. From our corporate customers, we receive almost anonymous feedback that the need to travel is becoming more and more urgent, especially to the U.S. once this is possible again. In addition, we see small and medium-sized companies leading the recovery, as many have no subsidiaries, infrastructure, or offices abroad. Connectivity and flexibility, of course, to rebook are more important to these travelers than price, which will also help us in the next weeks and months. Trend three, while we are waiting for the North Atlantic to reopen for Europeans, the U.S. point of sale benefits from very high demand, for the transatlantic is leading the recovery of our long-haul business. This is followed by some visible acceleration on routes to Africa and Central and South America as well. Last but not least, as trend number 4, thanks to the high number of U.S. passengers, the transatlantic is leading the recovery, and as I mentioned before, this, in our view, is just an indicator that business travel, once it is possible, will be accelerating, including its short-term bookings, which make it difficult to predict, but will create more dynamic also on the upper end of the market. In light of bookings recovering, we can confirm our full-year expectations for 2021 to operate at around 40% of pre-crisis capacity, and we will continue to offer capacity of around 50% in the third quarter and around 60% in the fourth quarter. This scenario, however, is based on a few assumptions. The U.S. reopening for Europeans no later than the end of the third quarter, which I think has become somewhat more likely after tonight's announcements. The recovery in corporate travel does gain further momentum in autumn and winter and brings us back to around 40% of pre-crisis levels by year end. Third, that the Asia-Pacific markets start to reopen by the end of the year. As you know, global reach is key to our business model, and this is not only true for our airlines, passenger airlines, but also for our air freight. As there's hardly any restriction for the flow of goods, Lufthansa Cargo is on course for a new record of more than EUR 1 billion this year, unheard of. We expect the supply-demand gap that has pushed cargo yields for over a year now to persist. Belly capacity will return only gradually while demand will continue to grow even further. This is especially true for high-yielding industries such as pharma and automotive, where we enjoy a market-leading position in air freight, also, of course, backed up by our home market strength. Lufthansa Cargo will focus on the e-commerce segment more in the future. Cross-border shipments in Europe are expected to grow by around 20% per year. Starting in early 2022, we'll offer our cargo customers fast intra-European connections with initially two A321 passenger aircraft, which we converted to freighters, thereby I think we are hitting right on the demand for same-day solutions. In addition, by the year 2022, we will have permanently reduced Lufthansa Cargo's cost base by EUR 70 billion, and key measures here include operating a Boeing-only fleet of 14 777 Freighters. The digitalization of sales and handling processes as well as streamlining overhead functions will further contribute to what we believe will be an even more efficient Lufthansa Cargo. Let's talk about Lufthansa Technik, which is also benefiting from its global footprint. In the Americas and Asia Pacific, demand for aircraft maintenance and repair is increasing in large markets such as the U.S. and China, where activity has picked up much more than in Europe. Looking beyond the short-term recovery, Lufthansa Technik has a strong base for future profitable growth given its leading market position and rapid industry growth as well as its strong expansion in prior years. Going forward, we will focus on turning this growth into higher margins and capital returns. This is why we have reorganized Lufthansa Technik's product divisions into five segments instead of the eight we had before. This will enable us to create a digital powerhouse by combining engineering, data science, and our development capabilities, which are unique in the world. We are obviously also positioning our components, aircraft maintenance, and engine service divisions so that we can better address specific customer needs around the globe. The result will be a leaner, less complex organization, which surely is more digital and includes more efficient processes, resulting in an additional reduction of overhead expenses by about 30% and significant personnel and material cost benefits. Let's talk about the environmental footprint for a minute. A major part of our transformation, which I mentioned before, does concern our environmental footprint and obviously our strategy to reduce it. I think we must overcome the idea that there is a contradiction between a green agenda and the aviation industry. Yes, we are part of the problem. Aviation does contribute between 2% and 3% of global CO2 emissions. Yes, we do face up to that responsibility. Aviation is a much larger part of the solution than it's part of the problem. The fight against global warming, this huge task for our generation of leaders, can only be won by connected global economies and cooperation among scientists, policymakers, organizations, governments, countries, companies. Climate protection is a global goal that's impossible to achieve without the global wealth, partly also driven by aviation. At the same time, there is no question we will have to lower our carbon emissions, and the aviation industry is fully aware and will contribute further to it. It is the reason why we have set the goal of halving our 2019 net carbon emissions by the year 2030. By 2050, we want to achieve net zero carbon emissions. Meeting our reduction targets will be a long journey, but we are convinced we can get there and achieve substantial progress by focusing on three areas. First, invest in technology, because technology is by far the greatest driver for a more climate-friendly aviation industry. Technology, well, technological innovation is part of our Lufthansa Group DNA, our engineering DNA. We will keep modernizing our fleet and increase the share of newest generation eco-efficient aircraft in our fleet to over 50% by 2030. At the same time, we will retire no less than nine sub fleets. Already today, the Lufthansa Group is the largest user of sustainable aviation fuels in Europe, with already 11,000 tons purchased in 2021, more than anybody else. In addition, we are contributing to the development of new production capacities and are engaged in not less than 14 SAF pioneer partnerships. Second, it's improving the infrastructure. This concerns air traffic management, operational efficiency, as well as intermodality. A Single European Sky, for example, with less detours, optimum flight levels, and steering of air spaces based on traffic volumes could save us up to 10% of carbon emissions. We have talked about the Single European Sky for decades now, and I really have hope that we see now progress in the context of the intensified debate on climate change. It was the key measures under the Green Deal to help achieve significant aviation emissions reductions. Third, it's offsetting carbon footprint. The remaining gap to the target of decarbonization will be achieved through compensation and offsetting. For some time, we have been participating in the EU ETS scheme that will be supplemented by CORSIA now, a global scheme of our industry. In my view, very important, our Compensaid platform gives both private and corporate travelers the choice between offsetting or buying sustainable aviation fuels for their flight. We will bundle all these initiatives and solutions for more sustainability in our new Lufthansa Group CleanTech Hub. It will be a strong platform to identify and accelerate innovations and partnerships. We already have more than 80 projects in this, and we'll be announcing more details to the public soon. Ladies and gentlemen, the Green Deal can only work if basic guiding principles, such as a level playing field for competition and a circular financial flow with earmarked use of existing aviation taxes and CO2 pricing measures are respected. Otherwise, we just weaken the European carriers who are doing more for sustainable aviation, and we benefit those who do less. In detail, the Fit for 55 initiative proposes tightening the EU Emissions Trading System, ETS, and setting an ambitious sustainable aviation fuel blending target. These are great ideas, but if they are only applied in Europe, European aviation would suffer huge competitive disadvantages. We must never forget, aviation is one of the few remaining industries in which Europe still has 3 global top players, and we should therefore support European aviation as a key industry instead of distorting competition to Europe's significant economic disadvantage. In my view, there's too many industries already where Europe has lost its top place, and we must make sure that aviation is not the next one. Even worse than this more economic view is the fact that these competitive disadvantages also translate into carbon leakage, which burdens the environment rather than reducing the industry's footprint. If prices for flights via European hubs rise, people will simply just fly via hubs where European rules on CO2 reductions do not apply, flying detours that will emit even more CO2. You can see that on our slide, our passenger would be burdened by the additional cost coming from ETS, sustainable aviation fuel blend, and fuel taxation, with up to an additional EUR 60 or EUR 58 to be detailed for a ticket from Madrid to Frankfurt to Tokyo. It doesn't take much imagination to predict the reaction of some customers, and they will just fly via hubs outside of Europe, even though that the resulting cheaper route, for example, via Istanbul, will approximately account for 9% more carbon emissions. Thus, taking money away from the sector to make flying more expensive is just not the right way. It's ecological and economically counterproductive. We must just not make this mistake in Europe, ignoring reality and facts. Let me finish with our outlook for the rest of the year. That obviously remains dependent on the pandemic situation and its impact on travel restrictions and customer demand. That's why it continues to be impossible to give a detailed profit outlook for the full year, other than the expectation that we will reduce our Adjusted EBIT loss in 2021 compared to 2020 significantly. In the third quarter, we expect to stop operating cash outflows and expect our EBITDA to be positive. Gross capital expenditures will amount to around EUR 1.5 billion and will primarily be used for the continued modernization of our fleet. Ladies and gentlemen, we are hopefully in the last phase of a pandemic that has hit our industry and our company in a way nothing ever has before. Though we are still missing more than half of our former business, I'm optimistic that the second quarter was a key step out of the crisis. Operational and financial KPIs are improving, and our transformation is progressing faster than even we had expected. From the very beginning of this pandemic, we had a fundamental goal to make Lufthansa emerge more efficient, more profitable, more customer-focused, and more sustainable from this crisis, and at the same time to secure at least 100,000 sustainable jobs in our group's companies. We work hard for this by following a clear agenda. First, by making our ReNew transformation program a success. Second, by focusing our organization even more towards our customers. Third, living up to our responsibility even faster for more sustainability in aviation. We are advancing well in all these three areas, and one thing remains unchanged while we do that, even the biggest crisis in the history of aviation does not lower the fascination of flying for our customers, for our staff, for our various stakeholders. With that, Remco and I are looking forward to your questions. Ladies and gentlemen, at this time, we will begin the question and answer session. One moment for the first question, please. The first question comes the line of James Hollins with Exane BNP. Please go ahead. Hi. Good morning. Thank you. I've got three. I can't remember anyone saying I wasn't allowed three, so I'll go with it. First one is on cost headwinds. I think Fraport yesterday were talking about a 4.3% tariff increase in 2022 and hopefully the same again in 2023. Just for your information, they said you will accept that. I was wondering if, A, you would accept that, and B, if you'd give a very rough quantification of what a 4% increase in the tariff would mean for you? The second one, you talk about yields being solid. I hate to disagree. They seem a bit soft to me if you consider capacity at 29% of Q2. Load factor is still below 50. I know there's a cat's chance in hell of you giving me any yield guidance, but maybe just give us a feel for how you're trending, if not on yields, but on loads, load factor for Q3. Obviously, you're talking about very strong bookings, but capacity is still only at 50%. Anything there would be good. The final one, you had been quoted, Carsten, I think talking about repaying the government support before the election, which is 26th of September. I was wondering, maybe in chronological order, your own view on equity raise, election, U.S. opening to EU. Thank you. Yeah. Let me start with airport charges. As you probably know, we have rebuilt our business model in the last years with a multi-hub model to live with the fact that there is different charge levels in different airports. What was announced yesterday will further accelerate our focus on those airports who either keep their charges flat or even reduce their charges, as you probably have read, at least we have read from some of our partner airports. There is a shift of traffic resulting from different charging levels. Legally, you're right, we don't see any legal grounds against that increase of airports. That is something to be accepted for us for legal reasons. The outlook they gave us for the next years will further foster our focus on the other hub airports, as we have done in the last years. On the yield, I think it is important that we have seen a different mix over the last weeks. We have, as I reported, seen this huge kick-up in tourism and leisure travel to European Mediterranean destinations, and that mix created a little softer yields over the last weeks than before. Overall, with yields being down only single-digit, which we also expect for the third quarter, I think we are outperforming others, and we believe that we are creating quite a good balance between supply and demand, which we are looking forward to continue in the third quarter. Development, some of them foreseen, some of them not yet foreseen, will, in the end, determine our exact capacity planning. Indeed, as you know, we are planning on 50% for the third quarter. On the equity chronological order, first of all, I did say that if possible, we'd like to repay before the elections. This will depend on the financial markets, and of course, will depend on our discussions with the German government, which are very constructive, and that will determine the outcome in terms of timing, in terms of volumes, in terms of details. I think a capital increase is like an M&A transaction. Talk about the details when you have them, and we don't guess on them. Remco, anything I forgot to add? No. Thank you. Can I just push on just a very broad load factor expectation for Q3, even if just 10 percentage point range? As you have seen throughout the pandemic, we have maintained a very good discipline on yields and loads. I promise you, we will not lose that focus also in the third quarter. Don't expect us losing focus. Again, we believe that's part of what the industry should be doing. If they all would follow our discipline, maybe the industry would be a more healthy industry faster. Okay. Thank you very much. I think it's rather better than worse, in short, for the third quarter than what we have seen so far. Thank you. The next question comes line of Stephen Furlong with Davy. Please go ahead. Morning, Carsten and Remco. I see in Q4, based on the assumptions, you have 60% capacity. What would be a reasonable assumption for next year just for modeling purposes in terms of capacity, if those assumptions, that's the exit rate? I know, Remco, you said before that maybe 2023, 2024, there'd be sort of a EUR 2 billion free cash flow. I was just wondering with 2022, could you see positive free cash flow? I just want to ask about Eurowings. There's nothing here that you see that doesn't change your view that it could be an 8% plus EBIT margin company. I was just wondering, given that leisure ramps up quicker and also that the restructuring in Eurowings, a lot of it was done pre-crisis, that maybe that airline recovers quicker, let's say, than the other airlines in the group. Thanks. Okay. Stephen, good morning. Let me first take your first question. If it 2022, we are not able to give any guidance yet. I think that is a little bit too early. What we clearly would hope is that in next year, after Q4 being at 60%, we come to 70% levels in 2022, but it is too early to confirm. That would also mean that we will target a positive EBIT and also no deteriorating adjusted free cash flow, so i.e., in a free cash flow, which is also positive. It is too early to confirm. That is clearly what we strive for, assuming that the market will recover as it is currently planned. With regard to Eurowings, you are correct. The cost savings are quite up to speed, faster than the other airlines. There is still a bit to go, and Eurowings has to deliver on that. With business coming back quicker on Eurowings, it would be then not illogical to expect that Eurowings would get faster on its feet than the network airlines. Okay. Thank you. The next question comes to the line of Muneeba Kayani with Bank of America. Please go ahead. Good morning. Firstly, just to follow up, Remco, on your comment on the deferred taxes. If I understood you correctly, you said EUR 900 million is outstanding currently. Also, I think there were some supplier payments that were deferred. Can you give an amount if there were any supplier payments that were deferred, and how those would unwind in terms of timing? Secondly, just following up on the earlier question around 3Q loads. How are you thinking about load factors in this recovery? At what load would you consider adding more capacity than what you have planned? What's the ramp-up from, say, July, August, September in 3Q on your capacity? Thirdly, please, on the Silent Participation I drawdown of EUR 1.5 billion and the EUR 3 billion remaining, how should we think about that into year-end? Thank you. Okay. They're good questions, all. Let me first come back on the taxes. We had some taxes we had to repay. That is not to do with deferred taxes as we had on balance sheet. It is purely a tax payable amount. That is EUR 900 million. We have decided to repay half of that in Q3 and half in Q4, so that tax prepayment disappears and is no longer applicable. For the rest of the working capital, we don't see any open items anymore. We're committed to manage our working capital very tight and our receivable payables in parallel, so we don't see any other outflow factors actually coming in. Actually, we try to do better on the working capital. Let me take your last question on the drawdown. In the earlier part of the year, also when we were in April and in the AGM, we had already guided that we would likely draw EUR 1.5 billion in Q2 in line with our liquidity and financing forecast. We have done that. If and when we would do a capital raise, of course, we would repay that. That's also the technical nature of this drawdown. If we would draw the EUR 3 billion in 2021, we would certainly hope that that will not be the case, and that we would have a capital raise, and therefore, that is no longer applicable. Should the capital raise not be possible, then we will evaluate in Q4 if we will draw it. With regard to the third question, we have seen an improvement over Q3 of the load factors. Of course, we expect to continue and see that continuing in Q3 on the European short haul, where the seat load factors are already above 70% at this point in time. We have the ability to add capacity, correct? 10%, 15% with very short notice. Of course, we can go back to 100% also, it takes a little bit more lead time. We clearly believe that we have enough visibility to, of course, match all the capacity and all the demand which is out there with our capacity. We're very keen, of course, to do that, if such a good situation will occur faster. The next question comes to line of Sathish Sivakumar with Citigroup. Please go ahead. Yeah, thank you. I got two questions here. Firstly, on the personnel reduction of 5,000 in Germany and 2,000 employees in Switzerland. Can you quantify the restructuring cost and the timeline of recognition of those restructuring costs on the P&L? Secondly, on the short-haul Europe, obviously just a follow-up, actually. What are you actually seeing in load factor? How is that load factors actually trended, say, between June, July, and what are you seeing currently? On the pricing, obviously, if you listen to the low-cost carriers, one key message was there is price discounting to stimulate the demand. What are you actually seeing within your network on the short-haul Europe in terms of pricing versus summer of 2019? Thank you. Let me first take your first question on our voluntary programs and the related restructuring cost. In the first half of this year, we have a little bit more than EUR 250 million of restructuring costs. It was about EUR 150 million in Q2, and that relates to all the voluntary programs we have also announced today or gave more insight in today. That's all already in our P&L. Of course, we will and have to continue on further reductions in the second half year. If those restructuring match the criteria and move on, then we expect a similar amount of restructuring costs in the second half of the year. Around another EUR 250 million-EUR 300 million. Of course, that really depends on the progress on those restructuring plans, but we're very much committed to that. On the load factors, I think what I already said before, we're running on the short-haul around 70% right now. That's applicable for August, September, assuming everything stays the same. On pricing, as Carsten said before, I think we are very disciplined on the pricing. We really look at our network on really from a cash perspective, very diligently, and I think that is very well done by and done through our network. Of course, with certain ramp-ups, we then carefully look at it. That also relates to pricing. I think a 10% lower yield in 2019 is, when you compare it to the other carriers, I think a very good achievement. That is part of our network and our very good quality ability to manage, and that we certainly will continue doing. Connectivity and flexibility is very important. Pricing is only a small element of that. Many other elements are much more important, and that's where we're standing for as Lufthansa, and that is clearly our strength in the market. Carsten, I don't know if you have anything to add here. I think it's maybe worth to add that overlap between those low-cost carriers you're probably referring to in our network is very limited. They are not really strong in our markets. In our markets, we believe that the idea of Eurowings to be a value carrier is a much better proposal to customers in our home markets, and obviously, it works. I think there's, yeah, less overlap than people usually think to those low-cost carriers you probably refer. Thanks, Carsten. Just quick follow-up, actually, on the restructuring cost in H2. That's EUR 250 million-EUR 300 million you will incur if you come up with a new program, right? It is nothing related to the ongoing program. Yeah? That's correct. That would be only related to new programs. Okay. Thank you. The next question comes line of Jarrod Castle with UBS. Please go ahead. Thank you. Good morning, everyone. Just on business travel, Delta said it could be back to 60% in September in the U.S. Do you care to express a view on how strong business travel could come back, given you're talking about 60% overall capacity in 4Q, which maybe doesn't suggest that strongly? Indeed, why is there no step up between August and September in terms of capacity? It seems like it's 50% for both months. Also just looking a bit further ahead, 30,000 employees leaving the group, but more to follow. When you get back to 2024, when you hopefully close to 2019 levels of traffic, where would you see employee numbers at that point? Carsten, one for you. Slide 25, you're talking about Fit for 55 and European tax measures and leakage. You said, obviously, this is not the right way. Interested to get your thoughts, what you would propose the EU does, because I remember under the ETS scheme, when they tried to expand that to a global scheme between Europe and the rest of the world, there was a large pushback which helped, I guess, from the perspective of CORSIA. What would you propose on that front? Thanks. Yeah. I can also start. Yep. Employee numbers in 2024, obviously, that will depend on dimensioning, and it will depend on the portfolio of companies which we either have sold by then or still own. I cannot give you a number, but one thing is for sure, we use the current restructuring, of course, to become a lot more efficient. Also looking at flight crews, we shrink more on the high-cost AOCs than we shrink on the lower unit cost AOCs. We might even grow some lower cost AOCs where there's a higher cost AOCs shrink. Unions don't like that, but it's part of what the market requires us to do. I think you cannot compare whatever number of employees we have in 2024 to the numbers we had before the crisis. I expect also the overall number, again, to be smaller due to the fact that the portfolio of the company probably will be reduced by then. Yeah, very good question, Jarrod, on the ETS, or let's say on Fit for 55. Obviously, if you limit certain elements to domestic flights, domestic Europe, and keep transfer passengers out, that alone takes away the distorting effect. You would have a level playing field within Europe, domestic, where everybody who's competing would have to live with the fact that there's additional burdens for the environment, but also compete with those who can also operate from outside of Europe, which is a big part of our business. You would also have a level playing field because you would not be affected because there's CORSIA already there. That's I think the idea, if you read the papers of the EU Commission, they really now separate between CORSIA globally and ETS within Europe. We have to make sure that within Europe really only includes those passengers who start a trip in Europe and end a trip in Europe, and not those who have a domestic flight to go somewhere else. If you look at the German aviation tax, of course, I don't like it in general, but the technical idea behind it, and so it is with some other aviation taxes in Europe, it creates the same burden for every passenger, for every airline, regardless of where you're hubbing. If you fly from Hamburg to Singapore, it doesn't matter if you hub in Dubai or if you hub in Munich, you're paying the same aviation tax. That also obviously is a mechanism which, again, as much as we don't like taxes. At least it's a level playing field tax. I think there is ideas where this could be done. Last but not least, I think the circular flow of money I mentioned, let's make sure that the money we spend as additional burdens goes back to the environment. There's indeed, in our view, many creative ideas you could maintain the level playing field and do good things for the environment, at the same time keeping the companies in Europe competitive and avoid carbon leakage hurting the environment. With regard to your other question, correct? When we look at the U.S., we have to keep in mind that travel within the U.S. as a total country and a continent is fully possible, whereas in Europe, as you know, there are quite some restrictions between the Europe countries. Secondly, from the U.S., there is travel possible to Europe, which we also benefit from to a certain extent, but the other way around is still a question mark when that will open up. In the forecast, we have said that we expect that to open up in the end of September, and we told as well that our bookings are very short notice. If that all comes back much faster, if that will be fully opened up right now, then we have, of course, to see how that develops, and we're further fully ready for that with our flexibility to take the advantage. At this moment in time, as we said, we expect that more at the end of September, and we expect with that overall to end around more 60% in Q4 and 40% on average for the year. Flexibility for us is key, and we will take any opportunity which comes to us. Okay. Thanks very much, gentlemen. The next question comes the line of Andrew Lobbenberg with HSBC. Please go ahead. Hi there. Can I ask about your assumptions on the reopening of Asia? I can kind of see where you're coming from, thinking of the end of September with the comments we had from the U.S. administration yesterday, but how do we get any comfort or confidence that Asia reopens given the restrictions that we see there? When you speak of the confidence of U.S. originating bookings, I know you say they're short-term. Is there any bookings going on into the autumn when you move from leisure to more VFR or more business? Then can I ask about these A350s that you got in from Philippine Airlines? This is sort of interesting, grabbing some used aircraft opportunistically and moving more towards leases rather than owning. Are we meant to draw any conclusions that that is a signal that you are more willing to do leases rather than taking the aircraft on the balance sheet? The final one on labor. In previous quarters you've spoken about, at the start of 2022, having a twin track approach towards a negotiated settlement or compulsory redundancies. Are we meant to gather from the progress that you've made getting 5,000 out and looking for 5,000 more that you're hoping to avoid needing to go down the compulsory redundancy track? Andrew, good morning to you. Asia-Pacific, just to make sure I expressed that right in my little opening comments, we expect that not before the end of the year. I think I said that, at least I was hoping I said it. We see signals that by the end of the year, there could be reopenings in Asia-Pacific. Very good talks going on between the German government and the Singapore government, for example, on Singapore and also on the important markets of Japan and China. We see that there is also progress in Asia now fighting the pandemic. That's one indicator, and the other one is our bilateral talks with the governments or our home government and the government in Asia. Even India, as you see, is recovering and the demand has been very strong compared to a few weeks ago in and out of India. There's also people finding their ways. We have people going via the Maldives to get into the U.S. There's a lot of new O&D creativity on connecting. Of course, the big volumes will come from opening. On the U.S., indeed, we see some good bookings for the U.S. also from the point of sales Europe. I think there's not a single businessman or businesswoman who does business with U.S. who doesn't want to go there in the fall. Again, I see, like you, what was announced last night as positive, but even with only basically selling tickets on the one side, and don't forget these enormous cargo yields. The best yields in the network are between Europe and the U.S. It's amazing. Even flights which are not full are very profitable, and we are filling up flights now also in the passenger cabin with basically Americans or others who have passports to enter the U.S. Your answer to your question is yes, even without a yes, I would be optimistic for the North Atlantic also in the fall. A350, also the answer is a clear yes. We've indicated before, we will increase the share of leased aircraft in Lufthansa compared to the last years. We'll still be behind many competitors as we are starting basically from 90% owned and 10% leased, again, the question you posed is answered with a clear yes. On our forced redundancies, we have our discussions more or less on track with all labor groups that we have enough people leaving on the ground. As indicated before, so I think there we are on track. On Germany, we probably can live without forced dismissals if we get some more details worked out. On cabin crews in Germany, we did a long-term contract avoiding forced dismissals, and there will be a volunteer program in the fall, which will create another probably four digit number of people leaving in the cabin. On the cockpit, let's not forget, we do have agreements with the majority of our pilots in the group. There's only one pilot group we don't have agreements with yet, which is the pilot of the main airline and the pilots of cargo, which are less than 50%. For those, we of course, have now reduced the pressure by the fact that hopefully A380 will find agreements with us, details to be worked out to leave. Then we'll see, do we get what we had offered before, mandatory part-time for everybody remaining, allowing us to keep everybody on board. If we cannot agree on mandatory part-time, the surplus people will end up in forced dismissals. I think there's a good chance to avoid that if we have, this time, the union agreeing with us. You probably know, last time we had an agreement and the union voted veto against that, which stopped it. I don't think that will happen again. Okay, perfect. Thanks very much, and have a good summer. Same to you. Make sure you fly. The next question comes from the line of Alex Irving with Bernstein Research. Please go ahead. Hi, good morning to both. First question is on your fleet, please. You still look to have a significant number of long-haul aircraft, including types you've previously said you were planning to phase out. Can you please talk a little bit about the plan here, when you're intending to do this, and what is driving those timing decisions? Second one, maybe looking a bit further out into the cycle. You talked already about wanting to keep CapEx in the near term below or basically in line with depreciation, how are you thinking about this more strategically as we get into mid to late cycle? How will you manage free cash flow over time, what does that mean for CapEx into sort of the later half of the 2020s, please? Good morning, Alex. On the fleet, as I mentioned before, we'll be turning, taking away nine sub-fleets over the next years. If you would rather confirm to long range only, for example, the A380 obviously will not come back. The A340-600 will only be brought back for two years to make sure we have enough capacity in Munich, including the premium cabin, and then is replaced by 350s. The MD-11 will be leaving the fleet, as it looks now, in October. 343s will be leaving the fleet by the mid of the decade. 777s in Austrian, we're looking at, and 767s we're looking to retire. Indeed, we are in line with our previous announcements that we will use this crisis and the re-dimensioning of Lufthansa to have a major modernization, especially on the long-range side. Coming back to Andrew's questions, we are adding not only 787s, but also 350s, both owned and leased, to accelerate the modernization. Overall, there's a decommission of 150 aircraft, 115 already put away, sold, or shredded. We are on track with that modernization. Yeah. Do you have two details? Let me take. We have clearly said that for the CapEx, we want the CapEx to be in line with the depreciation amortization, and we have given a EUR 2.5 billion number there. That is there for the foreseeable future, for at least for 2023, 2024. Afterwards, the normal value creation logic would apply. Correct? If there's significant growth with value creation which require more CapEx, then of course we will consider, because it's all about value creation. If the growth is in a normal line, we would continue the practice as we would do for 2023, 2024. There's no reason to go in any different modes than we will do now in the coming years. Great. Can I just follow up on that answer, please? You're talking about value creation. Does your assessment of that change given the severity of this crisis compared to what you would've thought about prior to 2020? I think when you look, what we are currently really looking at is getting out of this crisis as a much stronger company, as Carsten has said, to use this crisis to really transform the company, to be agile faster, and to be back at very good profitability levels, very good ROIC levels, and have a consistent free cash flow generation. That's what we want to realize, not only for the short term, but also for the longer term. If you think about after 2025, of course, a lot of things could happen. Of course, we have strategic plans in the background, but that is not for me to comment at all on this point in time. Still, the logic of EBIT, ROIC, and free cash flow remains also after those years. I can't comment exactly what we're going to do in those years. That wouldn't be very smart for me. Thanks very much. The next question comes from the line of Johannes Braun with Stifel. Please go ahead. Yeah. Thank you. Actually, I just have one left. Obviously, free cash flow being positive in Q2, cash burn will be stopped in Q3. Question would be, are there any new thoughts on the sizing of the capital increase? Probably related to that also, any new thoughts on the planned divestment, AirPlus, LSG, and then later MRO as well. Thank you. I think, as we said before, we can only share details once we announce, correct? It's the same as M&A. It's not very wise to exactly lay out. It will be dependent, as we said before, on the situation of the capital market, situation of the WSF. Clearly, some of the numbers which were out in the press, we have also indicated we believe they're much too high, which are out there. With that, I would like to leave that comment on the size of the capital raise. With regard to divestments, as I said in my speech, nothing changed with the direction we want to go with AirPlus and LSG Rest of the World. Once we can realize the right value for those business and equally find the right home for those businesses and the employees of those businesses, we will execute upon those. That's more likely to be next year than it's going to be this year. We also said that on Lufthansa Technik, we have taken on an investment bank to evaluate the options and that the decision we target to take by the end of this year, if we proceed with that or not. 100% commitment to move on and in line with also what we have said since the beginning of this year. Okay. Thank you. The next question comes in of Carolina Dores with Morgan Stanley. Please go ahead. Hi, good morning. I have two questions. Taking into consideration the reduction in the fleet and the employees, theoretically, if the demand is there, what's the maximum capacity that you could be operating at year-end? My second question is, we've been hearing from some of the U.S. airlines that they have seen some softening in bookings given the Delta variant there. Have you seen anything like it? I know it's strong versus where it was in the second quarter, but there's been any softness, given the increasing concerns on the Delta variant there? On the flexibility for year end, I think we can easily add another 10%-15% if the market is there, to be honest. Everybody is so eager to work here, we probably could add another 5% if we really need to. I'm not worried about that flexibility. We got the aircraft are there. We are retraining all the pilots now. By next month, we have retrained every single A320 pilot, which of course, is the biggest part of the fleet. That, I think, flexibility is there if we need it. On bookings, they are still increasing, as we mentioned, not as steep, of course, as they did in the early summer. It's difficult to say what's coming from the fact that people now have booked their summer holidays, what's coming from the fact that the Delta variant has created some new restrictions. Overall, I think it's visible that with double vaccination, you are able to travel around the world, even in the U.S. soon, hopefully. I think that Delta variant is causing less issues for our industry than it has in probably for other parts of dealing with the pandemic. I learned that in any pandemic, evolving variants are part of a pandemic. I think the world is getting used to that now, and experts have expected nothing else. In the end, it comes back to vaccination, I think, for all of us. Okay, thank you. Ladies and gentlemen, in the interest of time, we have to stop the Q&A session. There will now be a short break before we continue with the German press Q&A. Thank you. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Good morning, William. Thank you for that question. What I think I've said before and be very consistent on this, is that we want to get our capital structure back in place to three measures. One is to get back to a profitable company because that long runs is a good way to be there. Secondly, we have also committed on the divestments, which both help on the capital structure on the debt, but also on the equity side. As I said before, we are further progressing although that will more likely happen next year than this year. You have also seen that in the beginning of this year, we were helped on the pension side, on the equity, that we got EUR 1.7 billion, EUR 1.8 billion help on the equity side, although we never know what will happen in the future. For the moment that does help. Again, as I said before, we have the divestment next year. In that context, we of course evaluate what is needed. Equity is the most scarcest and you have the most careful way of financing with new equity because it's not good for existing shareholders. In that sense, we evaluating that with our banks what the right amount is. We also evaluate it against the interest from the investors in that respect. We are looking as well at larger investors and the approval we also need from the WSF. In that whole context, we decide upon this. As before, there was in the press numbers of EUR 3 billion, EUR 4 billion mentioned, and against that number, I think it is significantly less. What the exact number is, I can't comment on. As we said before, that we will only announce we have to decide it, because that is only the right thing to do. Thank you. Thank you, William. We come to the next one.[Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content [Non-English content] If I can answer that question in English. Thank you very much. As we have said that on the mid-long term, we want to become again investment grade. Correct. That is a certain ratio between the profitability and the amount of net debt, which roughly is around three or below three. That is how S&P and Moody's look at this, and that is what we would strive. Correct. That is of course not only dependent on equity, it is more on the debt situation. Of course that amount you can have relates again to equity. You come back to the economic principle. We had a healthy balance sheet, and a healthy balance sheet is often being categorized to being an investment grade company, and that is our target. Thank you very much for giving us color on the issues. Thank you. [Non-English content]. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Good afternoon. I'd like to ask my question in English, if you like. A question about your commitments about reduction of the extra positions until 2024. When you look at the U.S., you have seen a quick recovery and airlines are struggling to meet their operation schedules and some airlines have announced the rehiring of staff. What is your position on the further 5,000 positions that you plan to skip until 2023? Will this be necessary if you see an extra quick recovery in the next two years? Ja, thanks for your question. By the way, also we are rehiring already. Like in the U.S., we are rehiring, we are hiring in Eurowings, we are hiring in Eurowings Discover. It's not either or. We will very soon start again our pilot program and start to train pilots again. The U.S. fired a lot of people very quickly. They are rehiring people we never actually fired. In our case, we had short-term schemes or we just kept people on the payroll even though we did not have work for them. Obviously, much more social environment here than we see it in the U.S. What they are doing, they fire people and they rehire them. Some people in the U.S. have been fired and rehired by the same airline 3x, 4x. We don't do that here. The core of your question, we obviously estimate how many aircraft we will operate in 2024, how many people will be operated in the various airlines. Some of the airlines will be shrinking more than the others. That's why we are confident that the additional 5,000 people we'll be asking to leave is still the applicable number. If we believe that number could be too high, we obviously would use it. It's always a moving target. Okay, thank you. Thank you. Thank you very much, Richard. We come now to the last question. [Foreign language]. Victoria Bryan. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content]