Ladies and gentlemen, thank you for standing by. Welcome. Thank you for joining the PNE AG fiscal year 2022 results. 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. If you would like to ask a question, you may press star, followed by one on your touch-tone telephone. Please press the star key followed by zero for operator assistance. I would now like to turn the conference over to Markus Lesser, CEO. Please go ahead. Good morning, everyone. Also from my side, thank you for joining us today in this conference call on the results of the financial year 2022. Going on, I would like to share with you an outline of the presentation and the procedure of today's call. As usual, I will start with an overview about the operational and strategic highlights of the year. After that, I will comment on our financial figures. I will conclude my presentation with our outlook for 2023. As always, we will then open the line for the sell-side analysts only. All other participants will stay in listen-only mode as it is our company's procedures for years. As usual, our slides that I will use can be found on our investor relations website. Having said this, I would like to draw your attention to slide 3. In operational terms, and to say this upfront, as well as in financial terms, 2022 was a highly successful year. We have further expanded our pipeline that stands now as per end of 2022 at a record level, reaching 11.8 GW peak. This development represents an increase of 71%. We accelerated our PV activities by the acquisition of the Spanish developer KOLYA in June 2022. Consequently, our PV pipeline almost quadrupled to 4.3 GW peak. We have sold, put into operation, or have under construction projects of about 482 MW peak. Strategically, of high importance, we grew our wind power generation portfolio from 233 MW end of 2021 to 380.9 MW in 2022, and we produced in 2022 round about 500 GWh green power. Adding around 89 MW under construction for our own portfolio, we are not only coming close to our 500 megawatt target for 2023, but also laying the ground for achieve this target already ahead of time. I will come to this in a couple of minutes. We have sold a 9 MW wind farm in France and have completed 3 wind farms in Germany and 2 in Poland. We have projects with a capacity of 154 MW under construction at the end of 2022. The operation management manage now 2,500 MW. This is a growth of approximately 20% compared with the previous year. The operating performance was clearly marked by our power generation segment. Driven by the higher installed base, the improved wind years, and the higher power prices, the total output in power generation increased significantly. This also shows that our strategy to build our own IPP portfolio is already paying off. Consequently, our role as an independent IPP has been strengthened further. On the other hand, we have to recognize that the Ukraine crisis and war and the COVID-19 effects have been leading to unstable support chains and higher raw material prices, which resulted in higher costs for wind turbines and modules. Over the course of 2022, these effects could be partially offset by the higher power prices. Nevertheless, we prepared ourselves to secure prices and delivery times for wind turbines, transformer stations, and cable works. For example, we have ordered 9 transformer stations in advance and round about 700 km cable works for future projects. Additionally, we secured KfW loans in the amount of round about EUR 400 million to secure low-interest rates. By the way, we had been the first to develop this special solution with KfW and the banks. The effects of the introduced skimming of the so-called windfall profits were rather limited for 2022, as we just booked accruals for the month of December only. Since power prices normalized in recent months, the federal government already announced to withdraw, respectively, not to prolong this bureaucratic mechanism. All in all, the effects of these mechanisms should be rather small for 2023. Beneath our very good operational performance, it is worth mentioning our very successful capital market day in November as a highlight in the fiscal year. At that occasion, we presented our updated strategy, Scale up 2.0, which I will remind you on later. Looking at the financials, we are pleased that we exceeded our EBITDA guidance quite significantly, even considering the upper figure of the original target of EUR 20 million-EUR 30 million. EBITDA increased by 8% to EUR 35.4 million. This remarkable operational performance was accomplished on the back of an almost stable total output of EUR 243.3 million, slightly down -3% from the last year's figure of EUR 252 million. If we adjust our EBITDA for our so-called hidden reserves, the operational profit came in at EUR 77.9 million, slightly down from the last year figures of EUR 85.7 million due to the growing life of our own wind parks. As already mentioned, the results were mainly driven by the strong performance of the power generation segment, which benefited from the higher installed base, the improved wind yields, and the higher power prices. I also want to highlight that we successfully placed our new corporation bond with a volume of EUR 55 million and a coupon of 5% in the market in June. This gives us good visibility to our planning until 2027. Considering the strong operational performance, also our cash position with EUR 121.6 million and equity remained with EUR 232.2 million at high levels despite the investment in our portfolio. On slide 5, ladies and gentlemen, we can follow our share price performance in this chart. I guess you all know that our stock was the best performer among all stocks listed in the DAX family in 2022. We believe this performance was mainly driven by our very good operational development and further good performance anticipated by the market. On the back of the share price performance, PNE was included into the SDAX in June 2022. This is a recognition of our work on the one hand side. On the other side, it is also a motivation for us to continue our strategic path. Clearly, the share price performance was also attributable to a large amount to M&A speculations. We all witnessed this development after the announcement of our major shareholder of no longer intending to sell to the sale of its stake in PNE at least for the time being. Our share price performance decreased in recent months in light of the current stock market uncertainties. I think our share had been hit too hard. In pure numbers, our share price increased by 153% to EUR 21.35 within fiscal year 2022. The aforementioned development left our share price mid-March 2023 at EUR 14.74, still a compelling performance of roughly 75% from beginning of 2022. In terms of market cap, we are still above the EUR 1 billion mark after peaking at around EUR 1.6 billion at the end of 2022. Ladies and gentlemen, I would like now to draw your attention to slide six. On this slide, we summarize the proof points that underline our successful evolution towards a meaningful renewable energy player. As such, we are an integral part of the so-called Energiewende in Germany, and probably in Europe as well as the one point which is increasing, as well as the Energiewende is desired by societies, people and its politicians. Certainly, there is one point which is the increasing share of our business area, electricity generations, EBITDA and group EBITDA before consolidation. It clearly shows PNE's growing importance as an established IPP. Proof point two is the acknowledgement of our role by the participation in two business delegations that accompanied German Chancellor Olaf Scholz on trips abroad. For us, it has been a great honor to be able to represent PNE's interest in this setting. The evolution towards a meaningful energy player and a strong as well as reliable IPP is also supported by PNE's strategy Scale up 2.0. Let me remind you on slide 7 on our strategy Scale up 2.0, that we presented the first time in the capital market day, November 2022. We said that we want to come up with our EBITDA above EUR 150 million in 2027. This is a increase of more than four-fold by 2027. By the increase more than four-fold by 2027. We want to expand our own generation portfolio to 1,500 megawatt peak. Want to increase the pipeline to more than 20 GW peak by 2027. We also want to, and intend to make investments of around more than EUR 1.6 billion from 2022, 2023 to until 2027, in its own generation portfolio, as in further investments in new markets and technology. On the next slide, we see the expansion of the own generation portfolio, which is accelerating. We have now, or at the end of the year, we had 318.9 MW. Nowadays we think about in January, we won a tender of 96 MW, another 10 MW we had from the September tender, we will start the construction of these projects in Germany very soon. Another 12 MW tender had been won in France in March. That gives us a very good outlook to achieve our targets for this year of having 500 MW in operation or under construction. Last year, we produced 509 GW hours of green energy produced in 2022. In this increase of 72.5% compared to the fiscal year 2021. This is a very strong increase and shows where we will come to when we finalize our projects we intend to go into construction this year. The project pipeline is at a record high with 11.8 GW peak. This is a increase of round about 5 GW peak in a year compares. 1.8 GW is related to wind portfolio, and round about 3 GW peak is related to the PV pipeline. Having said that, we see on the next page, the project pipeline with onshore, which increased by round about 1.8 GW. We see still the high level of projects which are in permitting phase in Germany and France with around 790 MW, which are the main markets for our IPP portfolio. In total, we have 1,157 MW in a permitting phase, which is a very high number as well. I said already, we finalized the project in Krzecin and Kuslin in the Poland, round about 59 MW. Nanteuil, we sold in quarter four, we have already the wind farms Groß Oesingen, Wahlsdorf, Arcen, Gnutz and Kuhstedt completed in fiscal year 2022. Looking at offshore wind, we see all the time we didn't say that much about it, this issue, because we wanted first to come with, up with some results. In this first quarter in January, we could sign a memorandum of understanding with the Binh Dinh Province, intended for the future feed in of energy. We have a small team established, and this is a project area for around about 2,000 MW in Vietnam in three phases. We are waiting for the remuneration system, PDP8, where all the conditions will be defined for the future offshore development in Vietnam. Secondly, in the first quarter, we took over with, we stepped into a 50/50 joint venture with Eolus, with a 1,000 MW project in Latvia. It's on early project stage. We want to step in in the future tender systems and prepare ourselves for that. The PV pipeline, it said already, it's, we are, have a plus of around 3 GW peak, majority driven by the acquisition of the Spanish developer, KOLYA, 51%. The pipeline we took over there, a pipeline of approximately 1.8 GW peak. Looking to the financial figures, the output, as already said, is probably stable to the fiscal year 2021. EBITDA could have been increased by 8.3% in the year-on-year comparison. We exceeded the guidance significantly. Mainly driven by various project sales and internal sales related to the build up of our generation portfolio and, as you know, related to the strong results from power generation, fueled by expanded installed base and higher energy prices. The financial result usually impacted positively by valuation of interest rates. I mentioned this several times, this is related to IFRS rules and this influence due to the fact that we have increasing interest rates. The tax expenses of EUR 9.8 million normalized as the formation of the deferred taxes on tax loss carry-forwards, omitted as well as the utilization of loss carry-forward and tax regains shrink compared to prior year. Therefore, we have a net income which is around EUR 14.5 million. Looking to the business segments, we could see different developments. The project development output decreased by -21% to EUR 210 million and the EBITDA went down to EUR 26.8 million. This is mainly related due to the delays in the deliveries of the wind turbines and some sales events which we have to postpone into this year. The services output grew +16% and the EBITDA up to EUR 6.1 million, so close to 20% additionally. We see slowly the results out of the investment in this area. The power generation output jumped to EUR 73.8 million +123%, and the EBITDA up to EUR 57.7 million, so it's +149.8%. As I mentioned already, it's related to the higher yields, the high energy prices. Therefore, we see the bigger role slowly but steadily coming up through the investments in the power generation. We look to the balance sheet. With EUR 920 million, we are coming closer to the EUR 1 billion level. The cash position decreased to EUR 120.6 million, mainly due to the expenses we put into the development of the project pipelines and the realization of the wind farm projects. The equity ratio is still at 25.2%. The liabilities of non-current debt and the current liabilities are mainly related, as I said several times, on non-recourse financing and increase with the investments in our portfolio. From that point, I would say business as usual. Ladies and gentlemen, this leads me to the outlook. We are very pleased with the results in 2022 and are ambitious for the current fiscal year, 2023. We expect for the full year 2023 for the group an EBITDA of EUR 30 million-EUR 40 million. This guidance is supported by the very dynamic market environment that provides opportunities and has some risk, also regulatory risks. The opportunities also in power prices, hydrogen, etc. You know as well that we have constraints like power price brake, so-called power price brake, and prices and delivery times in all goods which are related to wind turbines and transformer station and others. We continue to build up our portfolio, 89 MW under construction for our generation portfolio. The fact is that we won all tenders in the most recent tender processes in Germany and France. Together with the 96 MW we won in February, 10 MW we won in September last year, both in Germany, and 12 MW in France. We brought to the tender plus, we brought to the tender plus the purchase of some turbines related to repowering. We have approximately 528 MW of wind projects onshore in operation, under construction or through the tender for our own portfolio. We are already in March 2023, close of our target to have 500 MW in operation or under construction by the end of 2023. Our well-filled and growing project pipeline of 11.8 GW is certainly one, another point. By our strong investment, according to Scale up 2.0 into our own generation development portfolio, we see another point which leads to this guidance. Ladies and gentlemen, before I conclude my presentation, let me please allow two further remarks on the strategic review process we just initiated concerning our US activities. As part of our corporate strategy, the PNE Group regularly reviews its activities in the various markets. This is currently also happening in the USA. PNE is reviewing the sale of its US business. The background to this is that very high guarantees and securities have to be deposited on the US market at the moment, especially related to grids, and which now the, in some areas in the United States, will be intensively expanded. In addition, a good part of the margin is achieved with the construction of the project, which requires high investments. To get increased margins, PNE would have to invest very heavily, which would be at the expense of expanding the internally operated portfolio in Europe. At the same time, demand for project pipelines under development as well as experienced teams in the U.S. is currently particularly high due to the Inflation Reduction Act. We believe that an exit from our U.S. business at the current market stage with a reasonable price level for our activities could free up resources which we could steer into the business expansion in Germany and other markets abroad. To make it clear, no final decision is made yet, but the process has been initiated. Finally, I would like to mention our dividend proposal at the upcoming AGM. Subject to the approval of the AGM, we pay a dividend of EUR 0.03 per share, plus a special dividend of another EUR 0.04 per share. Ladies and gentlemen, this concludes my presentation. Thank you for your attention. We are now open for questions. Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their touch tone telephone. If you wish to remove yourself from the question queue, you may press star followed by two. If you are using speaker equipment today, please lift the handset before making your selections. Anyone who has a question may press star followed by one at this time. One moment for the first question, please. First question is fr the line of Guido Hoymann with Metzler. Your question please. Okay. Good morning, Mr. Lesser. Good morning. Three quick questions actually from my side. The first one is regarding your targets for 2023, your EBITDA target. It appears to be quite cautious in my view, you know, given that you will increase your own generation capacity, I think by 30%-40% or so on average. First. Second, I think onshore wind has been pretty strong in Q1, so, you know, you have the tailwind. Last but not least, you also mentioned that you had delays, project delays, you know, which should then materialize this year. So to summarize this first part of my question, what are your assumptions, you know, for, maybe for the electricity price, maybe for caps? What is the reason, you know, to be that cautious? That is question one. Second, would be maybe briefly on your gas business. I think there have been articles around mentioning some 4 GW size. I think you show in your pipeline less than 1. Can you comment on that figure, please? The third one is regarding your contract, Mr. Lesser. I think it runs out or runs until the end of this year. If I'm right, can you share any insights if this contract will be extended and if you want it to be extended? Maybe last but not least, the fourth question on your pipeline growth. You know, of course, you had big, you know, jumps in Poland and Spain from the acquisition, South Africa. In the core markets in France, Germany, the pipeline grew actually only by some 100 MW or so. What is actually dampening the growth in these core markets? Okay, that's it. Yeah. Okay. One question related to 4 GW instead of 1.3 GW. I couldn't recognize which country you're talking about? U.S. The U.S. U.S. Yeah. Mm-hmm. Yeah, yeah. First of all, related to the targets. Yeah, when we discussed about the targets we had in mind, and please, you have to consider that every day, the regulation, and the press releases around that is changing. We had in mind the power price brake, what is the influence on our side? There's insecurity related to energy prices in general. We have also to see that some of the projects we intend to construct, we have to see what are the conditions around that. We have negotiations related to prices, related to lead times, and this is always an issue where you try to find your way through. We are not known that we are the very aggressive guidance makers in the market. Nevertheless, I think on the other side, we will see in this environment of a lot of insecurities, and we give a guidance where we think we are sure that we can get it done. This is the reason it's related to that. Related to the U.S. market, we have always came up with the numbers which are careful, related to and which takes into consideration and sometimes that we have effects even in solar business, especially that some of these projects can be not finalized. We had a shorter, short amount showed in the U.S. market. On the other side, we see that there are additional opportunities for every project, for example, to sell prices, due to the fact that the PPAs are built in another way with better resolutions, to expand it by hydrogen. These are always ideas, and we are not, we are not keen to present this as a, as a real number so that every analyst and every investor can say, "Oh, it is a big business." That's we don't intend to do. Therefore, we are careful also showing these numbers. On the other side side line, the core markets, the pipeline growth. Yeah, we have pipeline growth in different markets, that's for sure. Also in Germany, we have a growth. In when you see the overview about the German market in PV, is a strong increase. Nevertheless, also in these kind of markets like France, Germany, you have always the situation that the areas who can be prepared for wind or PV business are rare. There's always a fight around areas. That makes them so worthwhile at the end. It's one part of that. Therefore, yeah, we fight with it, but we have a growth. This growth, you have to see always in the relation that every year, round about 100 MW-120 MW, for wind, for example, are stepping out of the business and because they are going to be built and going to be in operation. From that point of view, I think we have a good growth in this kind of case, in these kind of countries. Related to the contract, the contract is always an issue which has to be defined and prepared from the supervisory board. I can only say that there is something in preparation. Okay. All right, thank you. Yes. The next question is from the line of Holger Steffen with SMC Research. Your question, please. Good morning, Mr. Lesser. Thank you again for a detailed report. I have another question about your forecast. Is any contribution of the sale of the U.S. business included in your forecast? No, not yet. Okay. In the annual report, I have read that you get got in January a notice from the BSH about the possible compensation for your former offshore project. Is any part of this compensation included in your forecast? No, it's not. Will this be finished this year, maybe, or? Yeah, we are not satisfied with that what they are offering, which is on the lower end of a EUR 1-digit million area. We are not satisfied with that, and we think, and that's why we have discussions. Okay. In 2022, we just talk about your pipeline. We see a big progress in your onshore wind pipeline in Poland and Sweden. Maybe you can give us some details about this very successful development. Please, can you repeat the question? I had some disturbance here. In Sweden and Poland- In Sweden and Poland, your onshore wind pipeline. Yeah. I think now we have a new regulation in Poland. The regulations, we prepared ourselves with projects, wind projects. Now we have to start the building. The further process, there had been some changes in Poland to the distance. They had a special distance of 700m now, which we have to go into some project and change a little bit their design. We are on a good path to step into these areas and develop the project furthermore. We see Poland as one major market for us, as well for our IPP business, so Germany, France, Poland, and on the long run, Italy and Spain in PV, which we outlined in our strategy at that time. From that point of view, we are on a good path. We see now after the regulation that had been filed, a view that there's a real support from the Polish government, which hadn't been there before. Mm-hmm. Okay. In Sweden, what cause the big progress in Sweden? In Sweden, we are still in development in a more and more project. Yeah, we see that as well as the market is one of the Nordic market with its special rules, in terms of how to develop and especially in terms of pricing of projects, very competitive market, but on the other side, markets where you can create bigger projects. Therefore, we see it as a strategic view to be in one of these Nordic countries as well. Okay. My last question, in which countries do you expect project sales in 2023? In 2023, yeah. First of all, in Romania, had been postponed, the sale of Romanian solar projects, last year. I hope that we now get in the next couple of weeks, this finalized. Further projects in Romania, not from last year. On the other side, we see Panama as one target for sale. One project in Canada, Panama. We will see what we can do in other countries, maybe in Italy. Okay. Thank you very much for taking my questions. Thank you. The next question is from the line of Jan Bauer with Warburg Research. Your question, please. Good morning, thank you for taking my question. First of all, with regards to the potential sales of the U.S. business, does this only include projects who are located in the U.S., or are also projects included in the aim, probably from Canada or also from Panama, so talking about like North America or Americas as a whole? There are projects in U.S. only. Okay. As it. With regard to the guidance, can you shed a little bit of light on what do you expect as negative EBITDA contribution from consolidation in 2023? In the end, what will be roughly the negative margin contribution you expect from the development of your enhanced portfolio? Yeah, you see the margin, the consolidation is also always a effect of internal, for example, of internal sales, where we do the sales and internally we do the work. Yeah. Then we see that in consolidation is one part of it. I can't give you the amount, what we expect in this case in a moment. That is related to the sales effects or the effects we have. Certainly, we have an idea about that, what we, what would you think, when we make our budget and our plan. Just right now, I wouldn't locate it to any events. Yeah. Okay, other way around, how many MW do you expect to connect to the grid in the in-house portfolio in 2023? In the in-house portfolio, we want to finalize projects of another, we should be ready with around about 400 MW, 420 MW, which should be ready in total. We should want to finalize the projects depending on the delivery times of the machines, yeah. That we have in total 420 MW, and we have another 100 MW under construction. All right, thank you. Regarding the PPA market, in my perception, the power price brakes in Europe pretty much, yeah, killed the PPA market so far. How do you see the development now in 2023? Is there some kind of a revival? Get your requests for PPAs? Is it, yeah, again, possible to conclude long or short-term PPAs again? We saw after the power price brake, which we have longed for, that this will lead to an effect on the PPA market. It's happened, the PPA market came down. But now we see again a step back that companies, especially, yeah, mid-sized companies, would like to have a certainty in the energy prices. So we see some things of five-five years PPAs coming up slowly, but maybe in future, again, the 10-10 years PPAs will come up again. You know, our portfolio, we have now a rate of 50%, which is which is where we have settled the PPAs from one year to three years, and which brings us some positive effects in any case. I think the PPA market will come back and we saw that the tariff was increased by 25%, so the EEG tariff. Therefore, we are now talking about the next generation of machines with the 170 class, so some 170m class of rotor diameter. Therefore, there are several effects which are playing a role in this, in this environment related to the prices of PPAs and the energy prices you can offer and which makes sense to offer. Okay, absolutely. two last questions. First thing about the developer margin. With now increasing yields from the debt side and also, still ongoing turmoils in the supply chain and higher capital requirements, do you see any pressure on your developer margin, or do you think you can keep it at least stable? We did a lot to keep the margins high. So in that respect that we already secured the interest rates, I mentioned it already, through the KfW loans. We already have the prices fixed due to the fact that we ordered last year, nine transformer stations. Now the uncertainty we have in a wind turbine prices, this is exactly a point where we have to make sure that we take the opportunities or that we take the opportunities from the higher machines and the higher rotor diameter, so the effectiveness. We will see related to the prices where we will be in the future. Therefore, the first questions I heard here was why are you so careful in the guidance? One point is this kind of uncertainty in some of these points. I'm positive. I'm positive that we're having a good, which is very seldom, and there's a ready-to-build projects or projects which are ready. Therefore, we think the need is high in the market and therefore we think we will stick with the margins. All right. Last question. There are currently consolidations or at least discussions on EU level to introduce a new energy market design. Something I heard was to depart Germany in different pricing zones. Do you have any thoughts on that development? Yeah. I think the regulatory issue or the logic behind it is that not only the people who have a lot of renewable energy in their environment also having to pay additional amounts for the grid extension. I don't have an opinion on this. On the other side, it is very clear that I think this discussion is huge around it, but I think the effects, everything what makes green energy cheaper makes sense. Everybody has to think about it as a whole advance, and if it is two zones which are making this possible, then maybe it's a solution. I don't have an opinion on this, the general logic there. Okay. Thank you very much. Thank you. The next question is from the line of Karsten von Blumenthal with First Berlin Equity Research. Your question please. Good morning, Markus. Could you tell us by how much turbine prices on average increased in 2022? Average price depends all the time from the, size, effectiveness and so on. It had been around 20%-30%. All right. That's what I have heard too. That fits. Thank you. You proposed a usual dividend and, a special dividend. Why this, kind of double dividend? Why just did you say we give out, EUR 0.08 dividend? Yeah. It's the, it's the usual way because it's our standard standard of EUR 0.04 dividend, and this is standard. Then we only want to make sure that everybody understands that the rest is a special one. That's the only issue around that. Yeah. Basically you say that is what you normally pay, and the year was quite good, so there is something on top, but we should not regard this as a new standard, the EUR 0.08. Exactly. All right. Understood. Thank you for that. You had an enormous pipeline increase in 2022. That was a very, very successful year in terms of pipeline expansion. When I look into 2023, you say in your report that the pipeline roughly remains stable. Is this because you have already anticipated the sale of the U.S. pipeline? What has changed so much from 2022 to 2023, that you are so conservative on your pipeline development? From my understanding, I'm pretty sure that we will exceed the pipeline in future as well. We are have now a situation, a special situation. I think now everybody. Now the run on the areas is high. Who takes now action, and that's what we are doing, is the front runner and will be. And this is the basics for the future business in, within PNE. I think we will increase our pipeline furthermore, and that's our investment in the last recent years. We are going to invest in, all countries furthermore in this. Yeah. From that point of view, I see a further expansion. Why then this very conservative wording in your report when you are more optimistic? We have to see. We need to have to look in the report, what is written there. You have always to see that, first of all, some projects steps out due to the fact that they are going to be built and sold. Yeah. We sell projects ready to be built into the market. If you look to the pipeline in total, it might be that the effect is bigger in the first, in the first time. But nevertheless, it's a summary of all effects maybe. From my point of view, Our target is 20 GW peak in 2027, we're on the way to achieve that. I think the value is high for this kind of projects, and I'm pretty sure we will get it done. All right. Thanks for this clarification. You have quite some high pre-tax profits eliminated in total. The figure in the report is EUR 177 million and for 2022 alone, EUR 42.5 million because you have created hidden reserves. My question is, how exactly do you calculate this? You don't sell the project, but you put it into your own plant operation segment. Then you have a sales price, a selling price, you calculate based on market data, and then you create the hidden reserves. How exactly are these figures? Yeah. are calculated? These hidden reserves are eliminated earnings. We sell it internally. We sell the wind farm or whatever it is, the company internally, then we have to fix the price. This is a conservative price related to the market environment. It is not considered any portfolio effect, it gives you an overview about that what could be in the market, we think if we do a sale tender process, maybe, or I'm pretty sure there is a higher potential, especially with portfolio effects, to get a higher price. Nevertheless, this is what we looked at the market price in a conservative calculation. This is that what we would have gotten if we would have sold it internally calculated. This is the point of eliminated earnings. We only want to show, and that was the point all the time with why we came up with the eliminated earnings. We only wanted to show that it is not related to only to the EBITDA or EBIT, what we really do. That's one sign for that. Over the years, over 20 years, it goes or 30 years, it goes down step by step for each wind farm, as it is usual. What they already produced is has to be deferred from the eliminated earnings over the time of- Yes. -separation. Basically it's the difference between earnings for, say, 20 years because you own the plants or earnings in one year because you sell the plant. Yeah. If you have one year less results for the EBIT than the EBITDA, the hidden reserves or the market price is going to be down. It's going to be going down, yeah. This is, in two years, it's more or less results you can get out of the project. This is how the figures run. Therefore, there's also, this can go down, yeah, year by year. Of course. I think it's important figure because your earnings potential is of course postponed into the future because of the expansion of their own plant portfolio. You forego quick profits now to have higher profits in the future. It is important to tell investors that they understand this business model and the rationale behind this. One last question from my side. We have seen quite some very good reforms and regulatory improvements in Germany. The question is when will we see this starting to work? I mean, we have 12.8 GW in the tenders, but I don't see how this should be subscribed. We had a significant undersubscription in the first tender. What do you think when you will feel that all these reforms done and then what will come in future will have a significant effect here on your business? Yeah, we see that the government, especially in the Bundesrepublik, they are doing a lot in this respect to lower permitting times and so on. If this is really working, we will know when we work with these regulations. What we see that is on the lower levels of the government in the departments who have to decide of the permitting for the permit, they don't have any regulations in detail. Therefore, there's a lot of uncertainty in this. We are not calculating in our planning just right now that we reduce, for example, permission times. Yeah. We work on this to get this to follow up on these regulations and then work with the local authorities on this to make it happen following these kind of ideas. What we see on the other side is that the interest is high in the regions to increase the areas to be reserved for wind or photovoltaic power plants. All right. That is of course very helpful because this is the bottleneck. We need the sites to install and if this interest has increased, that is a very good sign for coming years. I thank you very much for taking my questions, Markus. Thank you very much. There are no further questions, and I hand back to Markus Lesser. Yeah. Thank you for joining this session. I wish you a good day. See you soon. Bye. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephones. Thank you for joining. Have a pleasant day. Goodbye.