Ladies and gentlemen, welcome to this SAF-HOLLAND Q2 and H1 2023 Results Call. Today's presenters are CEO, Alexander Geis, and CFO, Frank Lorenz-Dietz. This presentation will be followed by a Q&A session. Mr. Geis, the floor is yours. Good afternoon, everyone. This is Alex Geis speaking. A warm welcome to our conference call on our Q2 and half year 2023 results. Post-COVID-19 global economies have seen supply chain disruptions, substantial inflation, as well as interest rate hikes by major central banks. Against this partially adverse economic environment and the cyberattack, SAF-HOLLAND performed very well and resiliently, showing strong management capabilities. Ladies and gentlemen, we at SAF-HOLLAND remain focused on delivering profitable growth, also during challenging times. Moving on to Q2 2023 highlights on page four, please. Here all, we are seeing a strong year-over-year sales increase of 37.7%, mainly driven by Americas and APAC regions and the consolidation of Haldex. Even if we were to exclude the Haldex acquisition and just look at organic sales growth, we would have grown very strongly by 11.4% in Q2. Splitting the organic growth by region, Americas and APAC were the main growth drivers, while EMEA was organically slightly down, which was due to some mixed effects linked to the cyberattack, as well as the demand normalization. Our aftermarket also performed strongly, growing 55% in the quarter due to Haldex and prior strong OEM business growth, Our population recreated. Our addressable aftermarket is increasing. Let me also speak about the cyberattack briefly. I have to say, I'm proud that we managed the whole situation very well, including a constant communication with all stakeholders. We delivered on what we promised, means recovering the production shortfall, mostly in the past quarter, so Q2, proving we can managing challenging situations. Let me use this opportunity and thank everyone that was involved, spending long days and nights to recover the whole situation. Lastly, but certainly not least, we updated our fiscal year 2023 outlook, now targeting sales slightly above EUR 2 billion and an Adjusted EBIT margin of up to 9%. The next page, please. Starting on the left side, as indicated, all regions grew strongly, EMEA, +12.6%, Americas strongly with +61.5%, and APAC very strongly with 85% growth in Q2 2023. In sum, we have seen Q2 sales at EUR 555 million, a strong EBIT margin of 9.1%, and Adjusted EPS of EUR 0.74. Despite strong sales growth, we managed to bring down our net working capital ratio to now only 15.4%. This is including Haldex, of course, and a strict net working capital management will remain a top priority within the company. Our operating free cash flow was also strong, ending the quarter with EUR 25 million. Let me speak about group sales development on the next page, please. You can see that we saw continued strong demand from customers for trailers and truck components, both higher volumes and prior price increases, plus aftermarket supported our revenue growth. H1 2023 sales increased by 34% to now EUR 1.036 billion. Organic growth was 11%. Q2 2023 sales grew 37.7% and 11.4% organically. Haldex, by the way, contributed EUR 117.3 million to the Q2 2023 group sales. Ladies and gentlemen, overall, the highest sales we ever had in the company's history, combined with a more balanced sales split by region, which we can see on the next page. You can see on the left side, the Q2 numbers of 2022, on the right side, Q2 numbers of 2023. Due to the Haldex strong position in Americas, they generate roughly 50% of sales in that region. We are seeing a shift with the Americas gaining importance, now making up 44% of sales per Q2. EMEA, now at also around 44%, balanced between Americas and EMEA, and APAC increasing to 12.5% now. With Haldex being consolidated for a full quarter, we're also seeing aftermarket having gained importance. We can see that the portion of the aftermarket is now 32% of group sales. This is what we wanted. 1/3 is aftermarket, 2/3 is OE. A pretty good share here. As Haldex is slightly more geared to the truck market, the split has increased from 12.6 to now 14.4% in the second quarter of this year. You can see still the biggest customer category is trailers, with more than half of group sales, nearly 54% of sales. On the next page, you can see the EBIT improvements. In the first half of 2023, our Adjusted EBIT improved by 69.3% to now EUR 94.2 million, leading to a significant margin improvement from 7.2% last year to now 9.1%. Q2, our Adjusted EBIT was EUR 60.8 million, up by 58%, equal to a margin of 9.1% now. Improvement in Adjusted EBIT resulted mainly from higher volumes, increased aftermarket share, as well as the price increases compensating higher material, logistics, and energy costs. Process optimization, cost efficiencies, and economics of scale, especially in SG&A, were also supportive. We reached our targeted synergies from the Haldex acquisition. Not considering Q4 last year, which is seasonally the lowest quarter from a margin perspective, this is the third consecutive quarter with a margin around 9%. Great results. Let's speak about the different regions, starting as usually with EMEA on the next page, please. You can see H1 2023 sales for EMEA increased by 13.6% and 12.6% in Q2 2023. Organically, both H1 and Q2 were slightly down. However, organic growth was above market developments. I will speak about that later on. The slight organic revenue decline reflects mixed effects and still some unprocessed orders due to the cyberattack, as well as demand normalization for trailers coming from a very high level in 2022. The EMEA region recorded solid sales growth in the aftermarket business in Q2 2023, due to Haldex consolidation, as well as an increased addressable aftermarket due to the OE population we put in the markets the years before. The Adjusted EBIT development of EMEA, we can see on the next page. We have seen a double-digit increase in Adjusted EBIT and margin expansion in both the first six months and Q2 2023. Slowly coming back on track here. Product mix, higher aftermarket share, price increases, and also internal efficiency improvements had a positive impact. Q2 2023 versus Q1 2023, Adjusted EBIT margin is slightly down. This is impacted by full consolidation of Haldex now in the second quarter, as Haldex has a much lower Adjusted EBIT margin profile in EMEA than SAF-HOLLAND EMEA standalone. Of course, be assured, we have already taken initiatives to improve the Haldex EMEA margins. On the next page, coming to a real success story after years of suffering, let's talk about Americas. Overall, the demand for trailer and truck components remained robust in the region and also will remain at least until the end of this year. Due to our strong position, we also benefited from the trend towards disc brake axle systems. We can see a sharp increase in axles being ordered equipped with disc brake axles, which is good for us in the years to come because of the OE population, and this is then good for the aftermarket. Our Americas region, H1 2023, sales increased strongly by 55%. Also adjusted for FX or M&A effects, Americas grew 16.1% in the first six months. The rest, of course, was the consolidation of Haldex. Our Q2 2023 sales was up by 61%, adjusted for FX and M&A, still an increase of 15%. Let's speak about the Adjusted EBIT of the Americas on the next slide or next page. As I said before, after so many painful years in our Americas region, specifically 2017, 2018, and 2019, I have to say, I'm very proud that Q2 2023 was the fifth consecutive quarter with a margin of around 10%. This is our target also for the years to come. Our Americas region saw a very strong double-digit Adjusted EBIT improvements, both in H1 and Q2 2023, with margins of around 10%. The strong improvement in earnings was primarily the result of the operating leverage, so we did our homework, due to the strong sales growth, and we also implemented efficiency enhancements and savings in the overhead area. Also, here, the synergies are kicking in. Next page, please. Finally, our APAC region, starting with sales. You can see there is a substantial growth in the APAC region, and this was driven by the ongoing strong development in India, due to the government infrastructure measures and the expansion of its transport sector, combined with much higher export from India, plus a continued strong demand in Australia and Southeast Asia, specifically in the mining sector. I also can report that our business in China doubled sales in Q2 versus Q1. Still on a low level, but we are gaining momentum, and the clear target for this year is to reach Adjusted EBIT break even in China, which then, and we will talk about this in the next page, will increase our margin even further. In sum, APAC H1 2023 sales grew around 70% and an even stronger 85% in Q2. Organic, organic growth was 60%, so mainly coming from the old SAF-HOLLAND world and the rest, Haldex, and in Q2, organic growth was also 72%. Speaking about the margin on the next slide for APAC. The overall economics of scale from the higher business volume in India, profitable business in the mining sector in Southeast Asia, and also a favorable product mix was supportive both in Q1 but also in Q2 of this year. I mentioned already the further improvements in the operating performance in China also helped to increase the margins further. You can see, Adjusted EBIT improved 83.6% in the first six months of this year, and a really strong 103.6% in Q2. That's 2023, equal to significantly improved margins of 11% in H1, or 11.3% in the second quarter of this year. All right, having said this, I would like to pause a bit and hand over for Frank to Frank for further financials. Okay. Thank you, Alex. Good afternoon, everybody, from my side. I want to present some highlights of the table EBIT to Adjusted EBIT reconciliation for the group on page 16. The data between Adjusted EBIT and EBIT in the second quarter, with EUR 17.3 million, is bigger than last year. Main topics are the following: the PPA position of EUR 5.9 million contains existing PPA for prior acquisitions of EUR 2.3 million, Haldex-related PPA of around EUR 2.8 million for the second quarter, 2023, and a catch-up effect for one month of Haldex PPA in Q1, 2022. The PPA run rate from the third quarter onwards should be around EUR 5 million per quarter. We also recorded an inventory stock up of EUR 5.3 million related to Haldex. The position restructuring and transaction costs includes extraordinary expenses for external consulting and IT equipment related to the cyber attack of approximately EUR 4 million, and cost for post-merger integration of Haldex of around EUR 2 million in the first half year 2023. Overall, the Adjusted EBIT performance, which is calculated excluding the described one-off factors, both from nominal and margin perspective, looks really good. On page 17, you see the bridge from EBIT to basic earnings per share. EBIT was EUR 33.4 million, up by 20.8% against prior year. Finance result is around EUR 5 million, includes a net individual positive effect. The finance expenses were EUR 10.4 million in the quarter. The second quarter tax rate was 37.2% due to non-capitalized deferred tax assets on loss carryforwards at some subsidiaries. The third and fourth quarters should show a more normalized level, and full year 2023 tax rate is expected to be in a corridor of 29%-34%. While basic earnings per share was EUR 0.39 and unchanged against prior year, the adjusted earnings per share was significantly up by +35.1%, reaching EUR 0.74 in the second quarter, 2023. That means a significant increase. On page 16, we can see the development of our equity ratio. Compared to December 2022, equity is slightly down by 1.8%, mainly due to the dividend payment towards shareholders and some negative FX effects, while balance sheet total is up by 12.6% due to the consolidation of Haldex. Equity ratio is therefore slightly down at 25.7% versus 29.5% for December 2022. On page 19, I'd like to speak about the net working capital development. I think it's really impressive. Net working capital ratio of SAF-HOLLAND was 15.4%, slightly improved, essentially due to our strict net working capital management. Net working capital management is and remains the top priority for SAF-HOLLAND. Against December 2022, net working capital ratio increased due to the consolidation of Haldex, which has a significantly higher net working capital ratio at around the 20% mark. On page 20, you see the cash flow development. We have seen a very strong development of operating cash flow and operating free cash flow in first half-year, and especially the second quarter 2023. The increase in operating cash flow was mainly due to higher earnings before taxes and our strict net working capital management. Cash taxes were around EUR 27 million in the first half year, up from around EUR 14 million, due to increased earnings before taxes in prior periods. Payments for investments and property and equipment and intangible assets were EUR 13.1 million in the first six months, or EUR 6.4 million in the second quarter, 2023. The operating free cash flow was EUR 13.5 million in the first half year, and impressive EUR 25.1 million in the second quarter, 2023. The second quarter free cash flow generation is significantly accelerated against the first quarter of this year. We are confident we achieve a solid operating free cash flow in the full year 2023 as well. Now talking about the ROCE, ROCE you can see on page 21. The second quarter ROCE was 17.1% versus first quarter 2023, due to stable people employed, while adjusted last 12 months EBIT increased slightly. 17.1% is a very solid level, significantly up against 2021 and 2022 levels. Moving on to leverage on page 22, including the pro forma last 12 months, EBITDA contribution of Haldex and the related steps, our net debt EBITDA ratio, EBITDA ratio amounted to 2.5, down from December 31, 2022, value of 2.6. Q2 increased slightly versus Q1, due to dividend payment, PPA items are reducing the last twelve months EBITDA slightly as well. It is important to note that we are calculating leverage against reported PPA, therefore, some of the one-off items reduce PPA and increase the leverage. If we would calculate June 2023 leverage based on last 12 months Adjusted PPA, we would have been 0.2 lower, ending up at 2.3 instead of the 2.5 you see on the slide. Overall, based on the strong operating performance and strict working capital management, we confirm our intention to reduce leverage to at least 2.0 until fiscal year 2024. I would like to give you an update on Haldex goodwill allocation and Haldex integration on page 24. Based on the current status of goodwill allocation, the purchase price allocation for Haldex led to a goodwill on balance of EUR 58.5 million, matching the previously communicated corridor of EUR 30 million-EUR 70 million. Inventory stock up at Haldex, already mentioned before, was EUR 5.3 million, also matching the anticipated amount. Additional PPA amortization from Haldex is expected to be approximately EUR 11 million per year, unchanged against our prior communication. Important to note, this year, due to Haldex being consolidated as of February 21st, 2023, PPA amortization for the fiscal year 2023 is expected to be 10 of 12 of the EUR 11 million. On integration and reaching the communicated synergies, we continue with really good news. SAF-HOLLAND is on a very good way to reach the targeted synergies of EUR 10 million-EUR 12 million this year. Integration is running really well. Long-term synergy target of EUR 25 million-EUR 35 million for the fiscal year 2027 remains unchanged. I think that's it. We move now to the market update. I give this to Alex. Yeah, thank you, Frank. I'm on page 26 now, talking about the fiscal year 2023 outlook for trailers and truck markets. Starting with EMEA, due to the adverse economic environment and persistent uncertainty still surrounding the Ukraine conflict, the European trailer market measured in terms of production in 2023, is from our side, expected to decline slightly by -5%. The truck market, however, based on the strong OEM order backlog and ongoing customer demand, is forecasted to grow by around 10%. In North America, both trailer with around +8%, and truck markets with around +10%, should continue to grow, and we also can see that, so order intake is very good and very bullish. The India market for trailers is forecasted to keep the strong momentum from H1 and grow in the high double digits. Our current estimate is a growth of around 70% in trailers, whereas the truck market in India should grow by around 14%. Please keep in mind, with a market share above 55% in trailer components in India, this is really good news for us, and we are further increasing our production capacity here. In sum, we are expecting European trailer market to normalize, while other important markets for us are set to keep on growing, especially North America, for both trailer and trucks, as well as the Indian trailer markets. If you take a look on the lower left side, and in order to help you to understand which regional markets drive SAF-HOLLAND's performance, we include the two pie charts. The calculation is based on Q2 2023 figures, including Haldex. You can see that SAF-HOLLAND's trailer OEM business is geared towards EMEA, while North America is second and India is third in relevance. Our OEM business for trucks, this is more geared to North America, with clearly more than 60% of sales being generated in North America, while EMEA is number two in importance and China is number three. On the next page, please allow me to speak about our updated fiscal year 2023 outlook for the whole group. Starting with sales, based on ongoing strong demand for trailer and truck components, we are targeting group sales slightly above the EUR 2 billion range. We are expecting to reach an Adjusted EBIT margin of up to 9%, so 0.49, 9%. This is up to 9%, based on ongoing strong market demand from higher margin regions, Americas and APAC, also good progress in achieving our targeted synergies from the Haldex acquisition. The outlook for the CapEx ratio is unchanged at up to 3%, includes a focus on expanding production capacities in Mexico, India, and Brazil, as well as the group-wide implementation of SAP S/4HANA. Ladies and gentlemen, let me conclude the presentation with some key takeaways on page 28, which is the last one. Overall, our markets in Americas and APAC are set to remain strong, while we see some normalization tendency in EMEA. SAF-HOLLAND is benefiting from a more balanced regional mix, with Americas and APAC having gained importance. As a reminder, 44% Americas, 44% EMEA, and the 12% plus in APAC, and still increasing. The Haldex integration and the synergy targets are well underway, the enhanced product portfolio and increased aftermarket exposure creates a strong and more resilient SAF-HOLLAND. Reminder, 32% aftermarket share, we have now seen for both company, SAF-HOLLAND and Haldex together. One-third, close to one-third is aftermarket, 2/3 is OE. We have shown a strong performance in a challenging economic environment, showing steady group margins of around 9% during the last few quarters. Your SAF-HOLLAND is aiming to achieve an Adjusted EBIT margins, margin of up to 9% for the whole fiscal year of 2023. I think that is it for the moment, we can start now with your questions. Thank you. Thank you very much. Ladies and gentlemen, if you would like to ask a question, please press nine and the star key on your telephone keypad. In case you wish to cancel your question, press nine and star key again. Please note, this conference call will be recorded and published on the corporate website of SAF-HOLLAND SE. Everything spoken through the unmuted microphone will be processed during the online meeting and published on the website of SAF-HOLLAND SE. If a participant doesn't wish to be recorded, they should refrain from participating in the Q&A session and keep the microphone muted. The Q&A session is exclusively for institutional investors and analysts. All other participants of the conference call are kindly asked to contact the investor relations team directly if they have any questions. The first question comes from Nicolai Kempf. Please go ahead. Yes, good afternoon, gentlemen. It's Nicolai Kempf, speaking from Deutsche Bank, and well done on the quarter, numerous. My first question would be a bit around demand. We have heard comments from the truck OEMs, could be Daimler, but also Volvo, pointing to a normalization, meaning that orders are just taking longer to be filled up right now compared to January. Can you share, you believe, normalization of the market to come in H2 for both truck and trailer? My second question is around pricing pass-throughs. We touched on several topics, input costs, trade, energy. Do you expect more price hikes to come for you in the second half of this year? Okay. That's it, Nicolai? Yeah, that's it. Yeah. Okay. Yeah. Take the first one, with the demand normalization. Well, I elaborated earlier that we see a little bit of a demand normalization in trailer in Europe, coming from an all-time high for us in 2022, but also when we talk trailer points. This is why we see overall, trailers go down by only -5%. However, our production facilities in Germany and Turkey are fully booked. We work six days at 24. Q3 is fully booked. I can already say that July was very good for us also. There is no big downturn or something to see in Europe. In North America, we're also fully booked already until end of the year in terms of trailer. When we speak about truck business, in in Europe, we are filled. Okay, we, we learned before, the truck business in Europe is not as big as our truck business in North America. Also here we are fully booked. The plants are running under full steam. We are in the process, and we discussed that the last time, that we are opening a new facility in Piedras Negras, which is just in Mexico, across the border, so close to San Antonio, you go down across the border. We will be moving in in September, October. This will also help to increase further, have the availability for the aftermarket, if we ship to OE. In India, we just moved into a new facility in January. In February, we saw that we are fully booked until August. W e freed up a little bit more CapEx, and in August, we now go the next mile in this production facility because we are fully booked, not only because of orders for the Indian market, which is really booming, but also we see a lot of export going on, to Africa, to Southeast Asia, but also to the U.S. I'm quite confident that 2023 should be a good year without interruptions in the fourth quarter to come. I would take the second question related to further cost increases. On the input side, we don't see big areas of cost increases, and the balance between customer price and input costs is now really normalized, especially in EMEA, what was not the case last year in the first half year. We do have to tackle the labor cost increase, but we also have a good list of activities in terms of productivity improvement and value stream improvements to tackle these cost increases, so no issue to the P&L from this side. Yeah. Plus, the synergies of Haldex are now also kicking in the second half of the year. We already had the, the low-hanging fruits, like the delisting, the board of directors of Haldex, all that stuff. We saw that already in the first half year, there are more synergies to come in the second half year, we are quite confident. Yeah. Can I just follow up? Do you expect to raise your prices in the second half, or are the price increases basically done? This is a very tricky question. While we have, we have seen a stabilization or even a little bit of a pullback of electricity costs, gas, gas is getting a little bit cheaper. However, we have seen, as Frank said, the increase in salaries, of course, specifically here in Germany, because we are based on the IG Metall, of course. We compensate that, so at this point of time, we don't see a necessity for further price increases because we do not also want to give up our high market share, because this helps, helps to fill our production facilities, economics of scale, of course. So we try to balance that as good as possible. Wonderful. Thank you. Okay. We didn't receive any further questions at the moment, so if you would like to state another question, please press nine and the star key on your telephone. The next question comes from Jorge Gonzalez Sadornil from Hauck Aufhäuser Investment Banking. Please go ahead. Well, thank you for taking my questions and good afternoon. Alex, my first question is in relation to your midterm targets. As you were mentioning, you have achieved 9% Adjusted EBIT margin for three quarters in a row. I was wondering if you can rethink on your midterm targets, taking into account that Haldex is really helping you to improve the profitability of the group. My second question is regarding the market. You were commenting that trailer is bottom in Europe. I was wondering if you can give us some numbers around this or at least some growth rates that you think are reasonable for next year. Taking into account that you have so much in international demand, it is hard to understand, no, with the dynamics that are at this point happening in EMEA. We'll go first, please. Okay. Let me start with the midterm targets. For everybody, our midterm targets we did during the capital markets day, beginning of 2023, so January of 2023. We said by the year 2027, we would like to profitably grow our sales to EUR 2.4 billion-EUR 2.5 billion, with an Adjusted EBIT margin between 9% and 9.5%. You guys know that we are guiding a little bit more on the conservative side, and yes, we already got some questions like this. You already achieved now or you're guiding EUR 2 billion at close to 9% or 9%, and Frank will, yeah, speak about that a little bit later on. Yeah, might be the case that we have to sit and discuss our midterm targets, maybe to achieve that earlier, or that we update that during the next capital markets day, which most likely will be the first quarter of next year, when we do our strategic planning again and might come out with some even more positive numbers. For the time being, we would like to keep our midterm targets, 2027, with a EUR 2.4 billion-EUR 2.5 billion, and the 9%-9.5% Adjusted EBIT. Trailer Europe is one thing, okay? As I said, we are still fully booked, both in Germany, in the German plants, in Turkey as well. Q3, check mark. As I said, July was really good for us. We saw a little bit, order intake weakening, specifically for axles and axle suspensions or trailer suspensions. Why is this? A lot of German fleets are waiting to place new orders because there is a huge discussion that the German government will issue subsidies very soon. Everybody is now waiting what's to come. There might be this, or there are discussions, there might be subsidies of up to EUR 5,000 for trailers, and that might be up to 20% for a standard trailer. A standard curtainsider goes for EUR 25,000, plus minus. If you receive subsidy of EUR 5,000, that's a 20% discount on this. I personally spoke with a lot of medium and big fleets. They said, they're a little bit in the waiting mode at the moment. It depends a little bit on whether the German government is allowing those subsidies, or not, and their talks are in the midst of the last quarter of this year. It might be happening. They are waiting at the moment. As I said, we see the market 5% lower as of today, lower than 2022, which was an all-time high in trailer manufacturing. Still a very high level and good for our production fill rate. If we go down by 5%, that doesn't make any difference because we just pick our orders, and we can also increase with more orders we take on from, let's say, customers we don't have a huge market share already. That's very thank you, Alex. That is very interesting because I was also going to ask you about the aging of the fleet, particularly in Europe and U.S. So this subsidy is, is linked to the, the aging in, in Europe, or is there any other reason that? New orders in Germany. It's the German government. Yeah. That, yes. They did that already some years ago, where they issued subsidies, also in the ballpark of EUR 4,000-EUR 5,000 at that time. I think that was, like, three years ago. A lot of fleets then, waited first because discussions was going on, and then they placed all of a sudden the orders. Then all of a sudden, we had to increase our shifts because all the trailer manufacturers were. They wanted the axles right away. Okay, understood. Thank you very much. For next, for next year, however, if we speak trailer business, with the trailer business, also, Haldex is involved with the EBS Brake. You know that we are producing EBS Brakes, not only for the SAF, but also for other big trailer axle manufacturers, and we won a big tender. Haldex released those informations already last year. The, there is a big contract now starting end of this year with the biggest European trailer manufacturer, with a high share, and also the second biggest trailer manufacturer in Europe, is already running with a high percentage on our Haldex EBS Brakes. This also the sale of the EBS Brake caliper business will increase starting from end of this year, and we also won a tender and start supplying the first quarter of 2024 to one major truck manufacturer in Europe, and also one major truck manufacturer in North America. This is also to come. Thank you very much for the clear overview. I go back to the line. Thank you. The next question comes from Miro Zuzak, from JMS Invest. Please go ahead. Yes, hi. Can you hear me? Loud and clear. Okay. I have just a one question, please, regarding your cost lines. The selling, the G&A and the R&D costs, lines, they have gone up significantly in Q2, all the three of those. Is this now, like, the flight level or let's say, the new level of cost, around EUR 30 million of selling costs, around EUR 35 million of G&A costs, and EUR 10 million of R&D costs per quarter? Yeah. I will take this question. First, the second quarter is the first quarter that we fully consolidated Haldex, what came in with a different cost structure, slightly different cost structure. In addition, in the second quarter, we booked PPA topics, what mainly is related to the admin cost and led to a one-time increase, also on run rate, some increase on the PPA amortization. That was five, around EUR 5 million, right? Yes. The G&A running, the run rate? Yeah, in addition, you have to take out the IT, which was EUR 4 million as well. The topics I presented on the page, in the presentation on page, I think it's 60-15. Okay. they have included the G&A line, and R&D and selling costs, they could be considered as run rate? Yes. R&D is a structural change, as Haldex has a slight higher R&D rate in their G&A structure than the other topics are, as I mentioned, the PPA amortization and the expenses, EUR 4 million for cyber tech and post- merger integration of Haldex, is EUR 2 million as well. Okay, cool. Thank you. Okay, I will leave the line open for a couple more seconds. If you have another question, please press nine and the star key on your telephone keypad. If I may use the time to specify a bit more what we said in our guidance, I got some questions in advance. You know that we do always require conservative guidance in SAF-HOLLAND, and EUR 2 billion is a sales number we will achieve for sure, even more. Talking about up to 9%, I'd like to emphasize that up to 9% does not mean something between eight and nine, it means 9%. Only to give you this direction. We had a very strong cost start year with 9.1%, and as already answered before, it's fully under control what comes in the next months towards the end, including the synergies of Haldex kicking in. Up to nine is, in our perspective, 9%. Yeah. our internal target is clearly achieving, overachieving the EUR 2 billion, reaching the 9%, which will be an absolute number as an Adjusted EBIT of a minimum of EUR 180 million this year. Yeah. Okay. Since we didn't receive any further questions, let me hand back over to CFO Frank Lorenz-Dietz, please, for some closing remarks. Okay. Thank you everyone for your questions. Our investor relations team is available, should you have any follow-up questions, and we will be on road shows and conferences, and looking forward to see you the next days. Have a good afternoon, bye-bye. Thank you, guys.