Welcome to our conference call on the first half 2021. Following the publication of the preliminary figures and the guidance increase in mid of June, the board of SGL Carbon will provide further details on the business development today. On behalf of SGL Carbon, Torsten Derr, our CEO, and Thomas Dippold, our CFO, as well as part of the IR and the finance team, will participate in the call. After our presentation, you have the opportunity to ask questions. Thanks. It's time to hand over to our CEO, Torsten Derr. Yes, good afternoon, everyone. I have the honor to start with the highlights of our presentation. We had a very satisfactory first six months in this year. You can see on this slide that our top line went up by 8.8% and our EBITDA-pre, which is the key figure of our company, is up almost 71%. The reason is very simple. First, we experienced a recovery of our core markets. Semiconductors is up, automotive is up, and LED is up first. Second, our restructuring program is perfectly on track. Third, we are running a margin before volume strategy, and this lifted our EBITDA up. The order entry we observed in all business units is very satisfactory, and we were able to give price increases to our customers to compensate the rising raw material cost. As a consequence of this, we have changed our guidance and improved our outlook. Our EBITDA-pre on full year basis is now guided between EUR 130 million and EUR 140 million. With this, I would like to hand over to Thomas Dippold, our CFO. Thank you, Torsten. It's my honor. A warm welcome also from my side to present the figures in detail. On slide number six, you can see our top line and our guiding result, key figure, EBITDA-pre. Our sales went up on a year-on-year comparison compared to first half of 2020 by EUR 40 million, which is almost 9%. Our EBITDA-pre increased, as Torsten just pointed out, by almost 71% or another EUR 30 million up. This is a very good development. We are very happy with what we see here. Again, especially the margin improvement to 14.4% of our EBITDA-pre-margin compared to sales, is really going into the right direction as last year's time. Especially Q2 was hit by COVID. We were at 9.2% EBITDA-pre margin as a comparison. On slide seven, you can see where the sales from business unit split is really coming from. Our largest business unit, which is Graphite Solutions, went up by EUR 8 million in the top line in sales, which is half of it is due to the fact that we had this contract termination in Q1, as we already announced. Our Process Technology business unit is suffering still from a lack of order intake, whereas our two carbon fiber businesses with the Carbon Fibers and Composite Solutions are both up each by EUR 20 million in the top line and really show a very strong development. When we look at the underlying markets on slide number eight, you can see that our Graphite Solutions business has very strong sales and order intake in our semiconductor business. Process Technology is almost single-dependently on the chemicals industry or petrochemical industry. There we still see a lack of order intake or some postponement of project even. In Carbon Fibers and also in Composite Solutions, especially our automotive business is recovering from the shortfalls, which we saw, especially in the second quarter last year. Automotive is really booming with our product. We are very happy with the development we see there. I'm coming to the business units, in particular, Graphite Solutions, as I just said almost 4% up in sales or EUR 8 million if you go to the euro figures. Where does the growth come from? Mainly from semiconductors and LED business, which grew by almost 20%. This is also what we have to say, a high margin business, and this is why also our EBITDA-pre figure grew by EUR 8 million or rose by 21.5%, if you look at that. Our EBITDA-pre margin in our Graphite Solutions business unit reached 20%, which is a very high figure and even exceeds the margin we have seen in 2019 in the pre-COVID times. This is really a strong performance, mainly due to the fact that we have some savings due to our restructuring and transformation projects, but also a higher utilization of our capital intensive assets. This both helps very much. We see some impact from higher raw material prices, but they were largely offset by the fact that the savings are far bigger than the raw material prices. Slide number 10, Process Technology. As I just said, we are below last year. We have a sales drop of over 9% or EUR 4 million respectively. We still see a lack of demand from chemical industry. However, in order intake, we see a slight recovery, but we cannot see it here in the figures for the first half of 2021. There will be improvement in the second half of the year, we also think that our EBITDA-pre will improve quite a bit and reach at least our internal expectations. So far, we are more or less slightly above the zero, but we see a decline of 9% in our margin. We do see some savings, however, a drop of EUR 4 million in the top line could be offset by that. Coming to Carbon Fibers on slide number 11, where we see the strong performance in the top line. We went up by 13% or EUR 20 million in growth. We see a huge demand from automotive, and this is about to continue in the second half of the year. We also have to bear in mind that first half of 2020 was struck by the COVID impacts, especially the second quarter hit our carbon fiber business very much. Therefore, this rebound was also kind of expected. However, when we look at the EBITDA-pre improvement, where we see almost more than double of our EBITDA-pre and an increase by EUR 17 million, this is a very strong performance. There also our joint venture with Brembo, the BSCCB, really paid in with some EUR 6 million improvement in their bottom line. This is also very good. In carbon fiber, we are very successful to pass through the raw material prices. acrylonitrile, the prices really shoot through the roof and almost doubled or tripled, depends on the time. This was quite high when you look at the spot markets. However, we managed it overall that the prices can be passed through to the customers. Last but not least, when we come to the last operative business unit, our Composite Solutions, there we also see a strong performance. Sales went up from almost EUR 40 million to over EUR 60 million on a year-on-year comparison, which is another EUR 20 million or more than 50% growth. This really shows that the strategy to go into some large-scale solutions and projects, especially for automotive and the battery cases, is really paying off. This is a strong performance. There we also see in the bottom line that we really achieved the turnaround and improved by EUR 11 million from -EUR 5.5 million loss in the first half of the year 2020 to EUR 5.7 million and a 9.5% margin in the first six months of this year. Again, this is due to the fact that we have a higher utilization of our capacities, but also the product mix, especially with the large scale product, this really shows a strong impact. On slide number 13, you see our corporate development, where we bundle all the corporate functions and services. There, the sales declined. How is that? We have sold some land and buildings in the second half of last year, which we rented out before. After we sold it, of course, we don't see a rental income then anymore. You also know that our corporate function, corporate services, charged some of their services to, well, Showa Denko, but as they terminated the contract and left our plant in Meitingen, there is also no sales that can be charged to them. Therefore, we also adjusted our cost structure accordingly. However, this could not be 100% offset. When you look at the EBITDA-pre, it deteriorated from - EUR 5 million to -EUR 10 million. However, this was affected. We only see one-off issue, which is consultancy expenses, which is due to the transformation program, which we thought could be a restructuring expense. However, it had to be shown in the operative result, this is in there. On slide 14, you see our key figures and ratios that are maybe also worth mentioning. Our equity ratio improved by almost three percentage points, which is due to the profit we made, but also the interest increase in the long run that we saw, which lowered our pension liabilities quite a bit and increased the equity accordingly. Our total liquidity went up by EUR 42 million and reached EUR 184 million, whereas year-end was EUR 141 million. As a consequence, also our net financial debt went down by EUR 40 million and is now at EUR 2 46 million, sorry. Our leverage ratio went down to 2.0%, whereas at year-end it was 3.1%. We are very happy with our ROCE development. Our ROCE rose to 8.0% on an EBIT- pre basis. The cash flow was also very strong, especially the cash flow from operating activities with EUR 65.9 million, whereas the first half of the last year was EUR 50.5 million. CapEx is still very low with EUR 15.2 million. We expect a lot to come in the second half of the year. We will, which you can also see in our guidance, where we also say what the respective CapEx figure is. We still expect the CapEx to be in the range of our depreciation, which is around EUR 50 million-EUR 55 million. Last but not least, the total free cash flow. You remember that in the last seven, eight years, we almost every year showed a negative free cash flow. This year, in the first six months of the year, we have achieved a free cash flow of EUR 56.5 million. We are very happy with that. That's an movement of EUR 20 million. My last slide to be presented before I hand over to Torsten again, is a few more key figures I'd like to highlight. We haven't seen that very often in the last years, that in the first six months of the year, we saw a positive net result compared to the same period last year. We improved by EUR 32 million from EUR -13.8 to EUR 17.9 million. I think this is a huge turnaround. We also see in the very bottom line in the net result, and we're very happy with that development. Our free cash flow, as I just pointed out, went up by EUR 20 million, and our net financial debt went down by EUR 40 million accordingly. Again, we are very happy with that development. With that, I hand over to Torsten to give you the outlook. Thank you very much, Thomas. I'm going to start with the Transformation Program. You know we started the Transformation Program of SGL in the fourth quarter last year. The Transformation Program runs until 2023, it is pretty much front-end loaded, we will have the majority of savings and measures realized by end of this year. In total, the Transformation Program is cut into 700 initiatives, we have realized already 66% of it, we had a very low leakage or slippage rate. That means we lost almost no savings, which we had planned, we generated more initiatives in the time to come. The savings were planned above EUR 100 million, we are happy to say that we realized 60% of it. Along with this comes a headcount reduction. We wanted to reduce our headcount by more than 500 people, and we have already realized 84% of this headcount reduction. Next slide shows the price increases which we observe coming from raw materials and logistics. Please look to the upper left box. These are the three main effects which we experience. Raw materials went up by between 20% and 50%. This is, for example, resin for our composites acrylonitrile, which doubled in price for our carbon fiber or pitch and coke, which went up somewhat around 20%. This is in absolute figures, a large effect. There is second logistics effect, and we saw a tripling or container freight costs, which were four times as high. For example, from Japan to U.S., the container freight is four times higher and was raised from around $2,000- $8,000. Overall, in absolute figures, this is a rather small effect, and we can easily digest it. Energy is a zero effect. We did a nice job here. We hedged the energy prices. The net effect on energy will be zero. We have to secure availability of freight room and of raw materials. We did a good job so far. No production reduction caused by raw materials or by missing freight room. What are we doing to compensate these increases? We have price increase programs in all of our four business units. We will compensate the raw material price increases either by price increases, which goes into the direction of our customers or by additional savings. The rigor on pushing through the price increases depends on the utilization of the plants of the affected products. If we have a low utilization, we go for the utilization. If the utilization is high, we push through the price increase by 100% because our key figure is the absolute EBITDA, which we want to maximize in our company. We were pretty good end of last year as we concluded a lot of contracts with raw material price clauses. Our big carbon fiber contracts contain acrylonitrile price clauses, which means acrylonitrile goes up, price for the customer goes up, and we have a zero effect. You see, we are going a margin before volume strategy, and we are very confident for this year that we can compensate the negative effects from rising raw material and logistic costs. This is why we raised our guidance. Old guidance and top line was EUR 920 million-EUR 970 million, and we lifted it up to around EUR 1 billion in the top line. Our new guidance for the EBITDA-pre, which is our key KPI, was raised from EUR 100 million-EUR 120 million to now EUR 130 million-EUR 140 million. The reason for this is the successful transformation program, a very good order entry in all four business units, and our margin before volume strategy. Our other guiding KPIs in 2021 are on track as well. You can see that we focus on bottom line and cash. Our ROCE based on EBIT- pre was guided before as a slight improvement, now we see a significant improvement. Consolidated net profit, previous guidance -EUR 20 million to EUR 0. Now we see the net profit slightly positive. As Thomas said, our investment last year was at a level of EUR 55 million, and we see it now in the range between EUR 50 million and EUR 60 million. The free cash flow was previously guided by EUR 20 million. Now we see it at more than EUR 20 million. Coming to our business units. Here you can see our four business units. I start with the largest business unit, Graphite Solutions, which makes up 50% of the top line and the bottom line of our company. Here we see a slight increase in sales and a significant increase in EBITDA, fueled by automotive industry and very strong semiconductor sales. Process Technology, EUR 100 million ± top line. This is stable both in sales and in EBITDA. Process Technology suffers a little bit from a pickup in the chemical markets. Since two months we have very high order entry and we need some six to eight months that we see the order entry in the bottom line. We are expecting a pretty good first quarter of next year from the order entry we see currently. Carbon Fibers. Carbon Fibers is a real success story. We exchanged the business unit heads. The new business unit head is on board since end of last year. This was focus point of our restructuring. We see in both, in sales and EBITDA, a significant increase in the figures driven by wind energy. We produce carbon fiber, which is used in the blade of turbines. Secondly, we are seeing a very big recovery in automotive industry following the COVID quarter in last year. Last but not least, Composite Solutions, the second turnaround story. This was negative in EBITDA the last years. This was the year where we turned it around. Significant increase in top line, significant increase in EBITDA-pre, and also driven by automotive and electromobility. I want to close with the key takeaway messages. You have seen our transformation project is fully on track. We are very happy with the transformation program. We see a pickup of demand driven by automotive and semiconductors. We are observing a very good order entry in all four business units. We have capacity utilization in most of the business units. This leads to a cost regression effect and improves our bottom line. We are seeing higher raw materials and also increases in freight costs. We are able to compensate it with either savings or price increases at our customers. Our liquidity improved by EUR 40 million. Net financial debt is down by almost EUR 40 million. We have lifted our guidance for the full year 2021. This concludes our prepared messages. We are happy to answer some 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. The first question is from Anja Johann from Commerzbank. Please go ahead. Can you hear me? Anja Johann, Commerzbank. Yes. We can hear you. Okay. I've got five questions. The 1st is, you budget higher turnover and higher profitability, EBITDA and EBIT, but the net profit you plan to achieve is just above zero, whereas you already achieved EUR 18 million in the first half year. This means that in the second half year you plan loss or reduced earnings after tax. This must be the result of a financial burden or something. Can you just trace the reason for this only slightly above zero budget? If you could explain this, please. Actually, it's just being conservative. When we announced that at our guidance and rose our guidance on the 13th of July, we just could see at that point of time, as we haven't consolidated everything, that our top line and our EBITDA-pre looks quite promising and that we want to inform the capital market immediately about that. That we are very sure that our previous guidance will be topped. At that point of time, we just said that our net result is slightly positive. Now that we finished our real half year end, and you could see where the net result is, we definitely don't plan to get worse in the second half of the year. This is what we can promise for sure. Okay. For that reason, you can call it conservative from today's perspective, for sure. Okay. There is a second question I've got. The acrylonitrile material business and Carbon Fibers business used to be one of the most critical sections, and I wonder what factors make up the success which was achieved in the first half of the year. I have understood the explanations, the automotive industry and the wind industry, they have higher demands, et cetera. I wonder why the turnaround has been so clear and how sustainable this turnaround is going to be. It is not by accident or it is really a sustainable improvement? It's a sustainable improvement. We did everything what we can do. First, carbon fibers were focus of our cost reduction program, and it benefited from this. We renegotiated a lot of contract, sometimes we have multi-year contracts, so this is not a short-term effect. We did also value chain extension. What does it mean? In the past, we sold carbon fibers to the customer. Now we mill the carbon fiber and have chopped carbon fibers. We add a value step and sell it for a value-added price to other customers. We produce prepregs out of it. We did extend our value chain in some cases. This was just an example, this is not at all coming by accident. We think that we can continue this path. It seems there's more backwards integration in this. No, forwards. Forwards integration. Forward integration. A forward integration. Okay. You produce a higher part of the value chain. I understood. Yes. This is more profitable for all. Yes. More value-adding steps in the chain until it reaches our customer. Again, also a huge restructuring that all the plants of carbon fiber were really the target or the main target in our transformation and restructuring project. We took out a lot of costs. We improved a lot of things there, and this really pays off. Yeah. Maybe, Anja Johann, a reason I forgot, last year was a COVID year, and we were not fully utilized. Now the wind industry is running that well, that we can sell every kilo we produce. This is also a cost regression effect, but this will go on, yeah. We have the Green Deal in Europe, and we need wind turbines. The modern wind turbines can only be produced using carbon fibers. All producers of wind turbines are in contact with us, and they ask for volumes. Okay, I see. Another thing, I read in the press that semiconductors are short. There's a great shortage which prevents the automotive industry from producing. How does this shortage of semiconductors affect your Graphite Solutions business? Yes. I'm sleeping better now with the shortage, because we were so sold out. The customers wanted to have so much volumes that we, in German you say we live from hand to mouth, Now we can build up a little security inventory. Now our supply chain is a little bit more relaxed. Despite the shortage of semiconductors, order entry and offtake is pretty good. We don't see a effect right now in our order books and in our top line. Okay. Last questions. Your semi-annual report shows that you bought part of the convertible bonds, EUR 8 million. I wonder what is the background for this transaction? I didn't really see it in the cash flow statement, but I read it in the text. Yeah, yeah. It's true. No, no. Apparently, you read it very carefully. This is true. We bought back a little bit of the convertible. We were offered some EUR 8 million there, and we thought the offer is attractive and our liquidity situation is quite good. We decided to lower our debt there as well, and also to show that we are willing to reduce our debt accordingly. We just used the chance which we were taken. Okay. That were my questions. Thank you very much for answering them. Sure. Next question is from the line of Benjamin Pfannes-Varrow from Berenberg. Please go ahead. Hi. Good afternoon. Good afternoon. A few from me as well, please. Perhaps starting on the restructuring program. This seems to be progressing very well in terms of the cost savings. You target the completion by end of 2023, but I guess realistically you get there before that. My question is. What's the next steps after this? Can you shed some light on your thinking around this? Is there more initiatives or more cost savings to be realized? I try to give you an answer on this. Almost every week we develop new initiatives, but not in the extent that every month we have 100 new initiatives, maybe five initiatives, 10 initiatives per month. The savings are growing from month to month, but the majority will be done by end of this year or mid of next year. Of course, we are thinking about the next step. We did a strategy project for the whole company, which we call Strategy Recap, and we reviewed the strategy of our four business units. I'm very sorry that I do not want to disclose anything yet. We will come up later on, maybe at the Q3 figures, for what is strategically planned. Of course, after doing the restructuring, we want to re-enter the growth phase again. Sure. Okay. Thank you. My next question. You spoke a bit about margin before volume strategy and price increases where capacity utilization is high. Can you give us an idea of current utilization across the company? We are so diverse in processes and plants. We are running 29 production sites. It makes no sense to give you an answer. We are pretty fully loaded in isostatic graphites. We are fully loaded in carbon fibers. In Process Technology, where we produce heat exchangers, utilization is low at 70%-80%. We have a very good order entry and it will be refilled during this year. I had to answer this for all our business segments, and to give you one answer makes no sense. Well, maybe when you look at the top line, you can probably also derive it a little bit. In 2019, we had a top line of EUR 1,087 million. Now our current guidance is EUR 1 billion. There would have been, just in case we grow proportionally and prices would also be the same, another 8% if you compare it to 2019 to grow without capacity increases. It's exactly as Torsten was saying. We do have overall some idle capacity also compared to 2019, especially in the markets we just described, we are running on full steam and we are 100% capacity utilized. Okay, thanks. My next question would be maybe a bit on next year. Maybe it is a bit early to say, but specifically looking at the Carbon Fibers division, how at this stage should we think about the loss of the BMW business for that division? Do you think wind energy can compensate for that already next year, also from a margin perspective as well? We are going to lose a BMW i3 business, and this we communicated openly since one year. We will end the supply of BMW with carbon fibers by mid of next year. We will lose a very low double-digit amount of EBITDA, but we are able, due to the very good running wind energy market, to compensate this. This is why we are doing pre-marketing capacity expansion currently, that we have a strong foothold in the wind energy market and absorb the released carbon fibers, which now go to BMW. We try to keep the net effect in EBITDA as low as possible. Okay. My last question is on the CS division. You've seen a good recovery there. Could you shed some light maybe on the ramp of the new business that you have there in terms of the battery cases. Yes when you expect that to hit the full output? Yes. Maybe you have read in the Internet or in the newspaper that a lot of electric vehicles starts to burn. Even steel cases are not fireproof when a battery starts to burn. This is why we developed a battery case made out of resin and carbon fibers. U.S. automotive producer put this in first serial application, and we also have interest from other OEMs, and this is going to start in the fourth quarter this year. This is the main reason for turnaround. These are large amounts of battery enclosures. Okay. How long does that take to reach full utilization, would you say, for that particular order in terms of the battery cases? You know the ramp up and ramp down curves of automotive production. There's a lifetime of six to seven years for this type of car, and it maybe needs one year or one and a half year to ramp up to full utilization. There are other projects already in the pipeline. Yep. We're not just depending on just one contract as we maybe were with the take-or-pay when you look to the Carbon Fibers business. In our Composite Solutions business, we try to avoid this mistake just to rely on one customer and one contract. We want to broaden our production base, also with other customers. There's a lot of demand and a lot of design ins for battery cases, especially in EV cars. Then maybe the next part of the answer is our leaf spring business. A leaf spring is a main spring in a car where the wheels are attached to. There we replace a steel leaf spring. This is made also out of resin and carbon fibers. We see a lot of interest for carbon fiber-based, and glass fiber-based leaf springs, and we are in some new cars also. This is the reason for the turnaround in that business. Especially because we are in series production and not just manufacturing smaller lot sizes. This is really serial production that we go in there, and there you have economies of scale and higher asset utilization that really pays off this strategy. Okay, very clear. Thanks for the answers. Just a reminder. If you'd like to ask a question, please press star followed by one on your touch-tone telephone. Next question is from the line of Lukas Spang from Tigris Capital GmbH. Please go ahead. Yes. Good afternoon, gentlemen. Just one question from my side. You talked, especially in the Process Technology segment, about a strong order intake in the last two months. I know it's not an official KPI of your company, but maybe you can give us an indication for the company, at all, how order intake was in the first half of the year. If you don't want to share this number, how book-to-bill ratio was in the first half of the year and also compared to the last year. Well, Lukas, the question, let me answer it the following way. We reached already in the book-to-bill above one, so we are growing, especially in the second half of the year, and we see a recovery overall. The PT business, our Process Technology business, will reach at year-end roughly the same sales amount as last year, which was EUR 90 million sales. This is what we think we can achieve also in this year. Maybe top it a little bit because second half of the year, we see also exactly as Torsten pointed out when he described the business. From order intake to really conversion into sales, this takes roughly six months, and we saw a good order intake in May and June. Especially the Q4 will be quite strong for the PT business. There we see a recovery, and we hope to achieve, if there were not any project pushouts into the next year, or maybe even slightly exceed the sales of last year. This is also why we guided this key figure as stable. For the complete group? What do you mean complete group? Order entries. Order entries. In terms of order entry or book-to-bill. No. This is something we don't disclose, to be honest. For some businesses, it even doesn't make sense, because I mean, in carbon fiber, this is difficult. So far we don't disclose that. It's not one of our official KPIs. We indicated that we see a lot of order intake, especially for the second half of the year, and this will be also converted into sales later this year. Also, I think we will have a good start into 2022. Okay. Thank you. Next question is from the line of Andreas Heine from Stifel. Please go ahead. Thanks for the opportunity to ask a question. I'd like to start with carbon fibers. In the last call, you said that there are very limited capacity additions to be expected in the next one or two years. Has that changed with the stronger demand? Do you see that there is more appetite from peers to invest in additional capacities? No. Growth in demand is higher than growth in capacity, so the market is going to shorten according to our view. Thanks. Second question. Did I understand right, the battery case order that was not part of the sales increase in the first half? It's still to come, but was not the driver in the first half. Yes. Right. They planned the SOP, I guess, in June or July, and it was postponed to September. This is why it was not in the figures of the first half year. You were talking about a strong rebound in the automotive industry. Is that mainly coming from existing orders, or did you have a success in getting new orders for new parts in cars? Both. We see increases of existing business. Sometimes you have a 100% contract, and they ask us to expand it to 130%. Currently we are hiring quite some people to fulfill these orders. Also new inquiries are at a very healthy level currently. That is for existing parts. No. Also for new. Okay. Existing parts growing and also quite a lot of inquiries from new business. Is that something structural you can share with us? What kinds of parts in cars in general are now where you see more interest for the carbon fiber business? Yes. As we said, battery enclosures and leaf spring, they make up the major chunk of our Composite Solutions business, and there is strong interest. We have also a variety of small parts, which we produce, for example, for luxury sports cars, and there is a very huge demand currently for carbon fiber-containing parts. Okay, understood. This sharply growing business is really in the Composite Solutions business. Not in Carbon Fibers, and the prepregs is in the Composite Solutions. Yes, we still have the BMW i3. Yeah. Of course. The car is running pretty well, and we have a record order entry also there. One, yeah, maybe only a housekeeping question, but in the corporate line, you highlighted why expenses are higher. The fees for consultants and lower rent fees. Is there something you could share with us what the underlying level of expenses for this line will be in the second half of this year and maybe also going forward? Well, we've already anticipated the budget phase for all corporate function, corporate services, and this is also, you called it housekeeping, Andreas, and this is exactly what we are about to continue. We will adjust our overhead structures accordingly. We will streamline them any further. You know that from previous 20 corporate functions, we anyway summarized them into, or bundled them into 10. Out of that, we try to optimize our processes and just focus on the most important things. There will be another reduction also for next year that we plan in our overhead cost. You can expect that this amount that we see there as a loss, that it's going to almost double until the end of the year. You see the figure was EUR -10 million for the first half. It includes a one-off effect, as I said, with EUR 1.8 million, which we couldn't classify as restructuring cost due to some accounting issues that our auditor mentioned. It's in there. If you deduct it's EUR 8 million. Take it times two, because the costs are rather proportional. You're there. Okay, thanks. That's also something we should look forward for next year, or did I get you right that you intend to decrease these expenses for you? You got me right, but we give a guidance for next year. Yeah later on this year or beginning of next year, depends. First, we have to finish our budget phase, and we see maybe if we need some special project, whatever we need. This is the answer for this year. As I said, we try to streamline processes and to optimize our businesses, not just in the operative business units, but also in this corporate functions and services. Thanks. Then coming to the last question. Looking on the size of the business in carbon fiber and the composites, it looks like that you have quite a number of sites for this business. Is that necessary, or does that open up also room for improvement? Yes. We were running a site consolidation project. First of all, we separated our sites into heavy asset sites. For example, a carbon fiber plant is heavy asset. There are several hundred people working, a lot of CapEx you have to invest to build up such a plant. We have so-called light assets. Light asset is a machine shop with 10 people working there. When we talk about sites, it's a mixture out of this heavy asset sites where we have maybe 10-15, and the other half are small machine shops. We might close down or divest a very small amount of it because the light asset sites are all accretive, and they make money. This is what we can say for the time being, a little reduction, and we might keep some of the complexity. Very last one. Sorry. Could you give an update how you see the conversion of your site in Portugal from the textile lines to carbon fiber precursor lines? Yes. We have now converted two textile fiber lines to precursor fiber lines. Yeah. They run at full speed and serve our capacity in Mürzzuschlag and a little bit of the capacity in Moses Lake. The rest of the precursor is coming from our joint venture in Japan, Mitsubishi. Currently, we are in a make-or-buy analysis, how the setup will be next year, but we would be able to convert a next line, but we are not sure yet. Okay. Thanks. There are no further questions at this time. I would like to hand back to Claudia for closing comments. Please go ahead. Yeah. Thank you. I also didn't see any questions. I have to close the call. If you have further questions, please do not hesitate to contact the IR team, Jürgen or myself. Last thing I have to do is have a fantastic afternoon. Thank you. Bye-bye.