Good morning, everyone, and welcome to TR's 2024 first half results presentation. It will be conducted by our Chairman, Juan Lladó, and our CEO, Eduardo San Miguel. It will last approximately 25 minutes, and you will be able to pose your questions after the final remarks. I now leave the floor to our Chairman, Juan Lladó. Hi. Hello, everyone. You know, today, Eduardo and myself, as usually, you know, we'll walk you through this presentation. First of all, I'll go through the main highlights of this first semester of 2024. And these highlights will include our main economic figures for the period, and very important, our strategic pillars for the current upcoming years. In fact, a quick review of our SALTA strategy that we have celebrated a few weeks ago in Abu Dhabi. And then afterwards, Eduardo will follow up with TR business performance during this first half of the year, which will include the commercial achievements, as well as always, our financial results for the period. And then, as usual as well, I will wrap up with our guidance for the year 2024, and how I see or how we see the upcoming semester. So let us start with the main highlights for the period. As I said before, and you all know, TR held its Capital Markets Day in Abu Dhabi, where we share our new strategy for the upcoming years, that we have called SALTA. SALTA is the path set by TR to achieve our new medium and long-term financial goals. Financial goals that I like to start with a number, which imply doubling to 8% or 2028 operating margins. And to achieve this goal, our SALTA strategy is based in seven very important pillars, seven key pillars that I do believe is important enough, that I'll walk you through now in this webcast. The first one is service contract, and is the creation, it's a very specific unit to boost our engineering and project management service business. Our engineering business is already very good. Our customers call us and hire us to deliver and to service them the quality of engineering that we do for our own EPC project, constructible process engineering. So now we're focusing on the business units to deliver that engineering to them, together with all those FEED and competitive FEEDs that are multiplying every month, as you have noticed. The second pillar, and extremely important, and is very linked to the first one, is North America. We are already expanding our presence in the region and capturing the potential of the local market. The market there is booming, and we will leverage our Houston office, that we are already there, to strengthen our relationship of our customers today, and the new customers that, as you have seen, they are awarding jobs already. And the third one, and very much linked to the number one and two, is decarbonization, with a very special focus, and we're very good at. You have to remember that we're a process engineering company, so we focus on hydrogen and derivatives. Carbon capture, we are already, you know, delivering jobs to our main customers. Sustainable fuels, you have already seen that we working on the jobs on front-end design and detailed design. And decarbonization of other industries that we have already announced that we work in, especially in the steel industry, in the main plants in Europe. Having these three very important, key pillars means that we are abandoning EPC? The answer is no. The answer is we are... In our strategy, is strengthen our local presence, not only in the U.S., which is very much focused on services and decarbonizations, but in Europe and in the Middle East. We have to be closer, and we organize ourselves to be much closer to our customers, and we organize ourselves as execution units. We're not abandoning EPC. We're improving our EPC capacities, and we're improving our EPC capacities with a fifth pillar here that is very important to stress. And the first example we is with alliances with the best partners, and that implies our alliance with Sinopec. That you have seen already that since we announced our strategy and our alliances, we have already been awarded two very big jobs, two very important jobs. That means de-risking and best managing our business, and continue with our EPC business in a better way, in a better de-risk way with the strong alliances. You have seen us with the strong alliances in Abu Dhabi, you have seen us with the strong alliances in Poland, you have seen us with the strong alliances with Sinopec in Abu Dhabi- I'm sorry, in Saudi Arabia, with Aramco. And all those five pillars, you know, the five pillars here, you know, they have to be strengthened with quality. And what is the quality? There's a sixth pillar here, which means digitalization. We will keep increasing efficiency and productivity through innovation in digital tools and artificial intelligence. We are already doing so, and we are really doing so and sharing that know-how with our customers, which in some cases, you know, they're helping us to develop our digital tools. We're working together with them, and those are prime customers, the ones I'm talking about. That's key to the success of the previous panels. And none of this will make sense, and that means the seventh pillar, without the best talent. The quality of engineering of TR, the quality of our engineers, we have a very good reputation, is very high. Well, we have to improve it, and we have to increase the numbers, and we have to maintain and improve, you know, our internal personalized programs to the objective, train and retain, and have the best career path for our young and sometimes even senior engineers. So I like to use, you know, this slide, which talks about everything, but it's very important that we follow the seven pillars, which I think will translate, you know, and that's, you know, in 2028, as I said before, and I like to repeat myself, in an EBIT margin, you know, which will be very close to the 8% target. And if we move in this slide, if we focus on the right-hand side, you know, 2023 is where we are today, and as you know, when you can meet 2024, 2023, let's compare where we are to where we want to be. We see that our ambition is to have EUR 5 billion of turnover. You might think that that's very low. It is not very low. This EUR 5 billion is composed of, you know, slightly before EUR 5 billion on EPC, but very much de-risk EPC, digitalize EPC, with alliance EPC, close to the customer's EPC, and improve margins EPC, you know. And together with our service business, our engineering business, together with our engineering business and with the objective of having a turnover of EUR 500 million, you know, we ended up having... And that's a very solid EUR 5 billion turnover, but a very solid EUR 5 billion turnover, where 30% of it, thanks to the EPC and services, you know, will depend, will imply, you know, just fully de-risk service, value-added business. So by 2028, we will enjoy not only a better margin, we will not only doubling our margin to 8%, but we'll have a much stronger and healthier business. So this is the important message that I wanted to highlight in my introduction, which is a very fast summary of the two days we have spent together in Abu Dhabi. So now let's move into the, you know, the financial figures for the first two quarters of the year. The order intake, including the awards recently announced, stands at EUR 1.4 billion. At this point of the year, and considering the bidding we are working with our customers. We are doing early works. We are the selected bidder in some cases. I do think, we all think it would be a big challenge to replace 2024 sales with the new upcoming awards. So, you know, as I said, I'll see afterwards, we keep our guidance. Our revenue in these first six months of the year is EUR 2.1 billion and an EBIT of EUR 84 million. Very important, a solid 4% margin, 4% of those revenues. And important as well, a net cash position that we have closed this semester with EUR 318 million level, which shows a solid guarantee of our business. And this is my introduction, SALTA strategy, and key figures. And now Eduardo will continue with our commercial performance, and as always, the financial figure for the first half of the year. Thank you, and now Eduardo will follow up. Okay. Thank you, Juan. Good morning, everyone. Let's move now to the business performance. On the commercial side, I can assure you TR's activity has been very intense this quarter. As we explained at our Capital Markets Day, TR's pipeline is extraordinary, and we are being very, very selective with the opportunities we have in front of us. However, as we have highlighted on other occasions, we depend on the decision schedules of our clients. The good news in this scenario is that even before announcing the award, we are often requested by our clients to start mobilizing the project task force, schedule the kickoff meetings, or other initial activities. This is the case for the projects listed on this slide. First, we have been selected by a large chemical client for EUR 100 million service project in North America. This is an extremely important milestone for SALTA's strategy, since it is a major service contract, it is in the petchem sector, and is in the United States. Second, as announced last week, Saudi Aramco has sent a letter of intent to the JV Técnicas Reunidas Sinopec for the potential development of three gas compression plants at Jafurah. In this case, the share of TR amounts to more than EUR 1.2 billion. All in all, the order intake of the period resulted in EUR 1.4 billion, and the backlog moved close to EUR 11 billion. Finally, let me remind you, the new project awarded by RWE, announced at the beginning of June, that has not been included in the backlog, as it is the case with the other two projects awarded last year by the same client. I will elaborate about this award later. Now, let me give you some details regarding the new projects. Let's start with the one in the U.S. As I said before, we can consider this project as the first key milestone achieved by our new strategy, SALTA, as it scores in two of our main pillars, services and North America. Unfortunately, we cannot yet disclose the name of the client, but it is a large petrochemical plant in the United States. The client has decided to start with the early engineering and project execution services while the environmental permit is granted. We expect the contract signature will take place in the upcoming months. The total value of the contract amounts to EUR 100 million for the time being, as additional services, as construction supervision could be awarded at a later stage. The works will require more than 1 million hours of engineering. The second milestone on the commercial front is Saudi Arabia. In this case, Aramco signed a letter of intent in favor of the joint venture formed by Técnicas Reunidas and the Chinese group Sinopec, for the development of three gas compression plants at Jafurah, the largest unconventional gas field in the kingdom of Saudi Arabia. The letter of intent also relates to potential work to install a 230 kilovolts power connection at the gas plant substation area, and to upgrade the water pump system. The total value of the project is estimated at more than $2.2 billion, with a split 60% TR and 40% for Sinopec. Its execution will require more than 400 engineers, many of them specialized in chemical processes. We don't want to miss the focus on our strategy of consolidating a solid service-only unit. Our customers continue to entrust TR with key engineering services required to shape their future investments. Besides the major petrochemical services awarded in North America, in the first six months of 2024, we have added 17 new awards, half of them related to low carbon technologies. The total order intake of Track and Services business unit in the first half of the year stand at EUR 142 million, compared to EUR 103 million in the same period last year. We continue to see a growing demand for engineering services related to energy transition. In this regard, we are gradually adapting the size of our human resources to capture this opportunity, since it entails a company profile with more secure margins. Before closing this chapter of our business performance, I wish to share with you a couple of relevant news, which reconfirms that TR is recognized by its clients as a key technological contractor. First, track has entered into a key agreement with Ignis, a leading global energy company. Through this agreement, TR will provide engineering services for green ammonia projects in Spain, from the feasibility study to the fifth stage, including the evaluation and selection of technologies. The potential final investment of all these projects could exceed EUR 5 billion. Second, at the beginning of June, RWE, the largest German power producer, awarded to the consortium of Técnicas Reunidas and Ansaldo Energia, the construction of a large 800 MW hydrogen-ready combined cycle plant. This price is not included in our backlog, since the final investment decision by the client is still pending. This will happen once the hydrogen grid connection, the regulatory framework, and the economic viability are closed. Let's move now to the financial figures for the first half of the year. In terms of sales, they are surpassed again, the EUR 1 billion level on a quarterly basis, reaching EUR 1.1 billion in the second quarter of 2024. This implies a 9% growth compared to the previous quarter. EBIT reached EUR 44 million in the second quarter, with a 4% margin over sales in the first half of the year, in line with our guidance for the year. At the bottom line, the net profit stood at EUR 22 million in the second quarter of the year, and EUR 42 million for the first six months. Moving now to the net cash position of the period. As you can see in the slide, the June 30 figure stands at a solid EUR 318 million. It is also important to remark that in those first six months of the year, TR has reduced its gross debt in EUR 63 million, which includes the repayment to SEPI of EUR 33 million of the ordinary loan. Everything very much aligned with TR's goal of reducing our total gross debt. Say so, I give the floor back to Juan for the final part of today's presentation. Hi, hello, everyone, again. The 2024 guidance considers the level of around EUR 4.5 billion of sales, and are focused to reach a solid 4% EBIT margin for the year. However, this message, with this guidance, it's important to underline the term quality. With the quality of the guidance, the quality of our numbers today. Quality, because first, we've been very selective, as we have said before, in choosing our projects and customers, which translate in a solid backlog, profit-wise. Quality, because our service contract starts to gain more and more relevance in our business. This is a transformation of our company, which will deliver, in the future, more value to shareholders. And quality, and that's the third point, because our operations are very much focused on a cash execution strategy, which is allowing us and will allow us, as planned, to reduce our debt to the desired levels, and therefore having a much healthier balance sheet. I feel very comfortable that our sales strategy is starting to pay off, and we are already scoring in several of the seven very important pillars. I am convinced to be in the right path. And with this guidance and this message, we're done, and we're all very happy to answer any questions that you may want to address. Thank you very much. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press the star followed by the number one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star followed by the number two. If you're using a speakerphone, please lift the handset before pressing any keys. Again, ladies and gentlemen, should you have a question, please press star followed by the number one on your touchtone phone. One moment, please, for your first question. Our first question comes from the line of Mick Pickup from Barclays. Go ahead, please. Good afternoon, everybody. It's great to see how easy a quarter is when things are going well. A couple of questions, if I may. Can I just talk about the engineering services contract? Obviously, EUR 100 million is a big number. Can you just talk about how long that extends for, and how it will impact your working capital for the year? I assume you get paid after reimbursable on that contract. So just how does that impact your working capital outlook for the year? And can you talk about any other projects that you're seeing coming down the pipeline on that? Obviously, you've got an ambitious target in engineering services, so just this being the start, but what's next? Sorry for being greedy. Speaker, you might be on mute. We cannot hear your answer. ... Hello? Hello, Mick, this is Juan. Hi, Juan. Are you on the beach or are you working? Never on the beach, we're always working. Okay. Okay, let me answer you the question. If not fully completed, Eduardo will improve my answer. How long is it, you know, this contract? It is very similar, you know, we're doing the same contract with INEOS. You know, you have to remember that we started two years ago, INEOS, with a big engineering job, which was home office services, which pure engineering and the pure engineering of a job is usually, you know, on month 18, you should be around 89% of engineering, but they have to continue doing small pieces of engineering through the life of the job, which is four years. Obviously, now we've been hired and we have to focus because as the customer said, we want the quality of the engineering. We want you to focus on home office services. Then we'll see how we expand, because it's going to be our engineering to support us with construction supervision, with supervision of models, with other scope. But the focus now, and where the customer have asked to focus is, how we want your Madrid engineering, and we deploy our team to support you here in Madrid. This is where we have to focus. I mean, let's focus on the next two years. Obviously, with the you know perspective, that as we do the engineering, we'll have to support the customer to supervise in the you know in the Gulf of the United States, Gulf of Mexico, where construction is never easy, to support them with the quality of our engineering on the construction. Obviously, as we do engineering, we'll have to support them on procurement and activate an expedite procurement and travel with them in procurement. But now, the budget that we have announced is the pure home office engineering. Sort of, sort of, but we're gonna be the customer's engineering overall. And this is pure cost plus. So working capital, you know, we start getting paid with a small advanced payment, and as we start to incur man hours, get paid. So we have, you know, a working capital, has no cost of working capital. I mean, you will, you will not see big cash increases, but you will not be, you know, need for cash in the market. It's, it's pure, you know, cost plus. Okay. I don't know, there was a third question. Just about other projects of this scope. Obviously, you've just started the engineering services business. Yeah. This, this is a major milestone. What else is in the pipeline? Very important. I mean, I mean, we already working in early works and pre-FEED and FEEDs with customers, and those are... I'm talking the U.S. already. And with the expectations and the mutual agreement, that if the project moves forward and we perform with them, we'll continue from pre-FEED to FEED and to FEED to detail engineering and then construction supervision. So, I mean, that's, that's where our expectations are very positive. At the same time, with other customers, we're signing framework agreements. And framework agreements means that we're starting with them at the very stage of jobs, and we move forward with the front-end. And once front-end is finished, and if they've got the final investment decision, the likelihood of continuing with them is very high. So, the level of agreements with the customers, old customers and new customers, in terms of service that we're seeing today, we had never seen it before. And that's why we, you know, our strategy is good. It looks beautiful to grow, but it's necessary to deliver. I mean, we have very much to focus on services. We will want to be successful when we start with the customer, and that, with that customer, that translates into a full job. So it requires focus, quality, and resources, and that's our objective. Okay, thank you. I might add something, you know. You know, in the Middle East, and in the Middle East, in the biggest country in the Middle East, you know, I don't want to name customers. The number of investments that are coming up are huge. They're huge in petrochemical. And we, both contractors and customers, are exploring and we're engaging with them very early, because the traditional way of going to the market, you know, getting a front-end design, is... Making a bid, asking customers, asking contractors to validate this front-end design in order to sign an EPC, is becoming due to the volume, quality of the investments, type of investments, which is new petrochemical, very different, very difficult to isolate this EPC, is translating in a very early engagement with those customers in order to develop with them from the very beginning, the large investment. And we'll see how the large investments, whether it continues as service, as EP-CM or EPC. That's something that we'll have to explore together with our customers. But the early engagement, developing the jobs with our customers, a year ago, we were talking as something that we were starting to see, now it's a full reality. Okay, thank you very much. Thanks, Mick. Thank you. Our next question comes from the line of Ignacio Doménech from JB Capital. Go ahead, please. Hi, thank you for the presentation. Thank you for taking my questions. I have three. The first one is on the backlog. I would appreciate if you can give us the breakdown on the current status of the backlog. Okay, I would assume a large portion is in engineering or early stages, but just to have a rough reference. Then the second question is on industry capacity. Okay, some of your peers now have mentioned that they are suffering from shortages of manpower, so just wanted to get your view on this, and perhaps are you protected? Maybe through the agreement with Sinopec. My last question is on Nigeria, only if you just if you can provide an update regarding the existing dispute with Sonatrach from what does, and what is the latest step status from the Hassi project? Thank you. Presenters, apologies, I think you're on mute right now. Ignacio, it's Eduardo San Miguel. Thank you, thank you for your question. Well, yeah, I was trying to make a quick number regarding the first question, but it is not easy to give you a quick answer. But my feeling, every project awarded in the last eight months should be in the engineering phase. So give or take, this should be around EUR 34 billion, so it's 35% of the backlog in the pure engineering phase. I would say another third will be in the procurement, but maybe a bit more, 40% in the procurement phase. And the percentage in construction would be no more than 25% because we are finishing projects that were launched before COVID, but very few launched after COVID. So that's my guess, 35%, 40%, 25%. That's my split. Regarding shortages in the manpower, well, we have been talking about this topic quite a lot because I think we've done a great job during the COVID because we were able to retain the core engineering capacity of the company. So we are not missing these kind of professionals. But it is a fact that if we want to grow, we need, I don't want to call it less value added engineering, but let's say more simple engineering, and that's where we really need to grow. For this purpose, we basically open a number of branches around the world. The main one is in India, and today we have in India 1,500 professionals already working there. So we have found a way to grow fast if needed. So it's a fact that there is a scarcity, but we have solutions. And also I would like to mention the alliance with Sinopec. One of the reasons we are together with Sinopec, working around the world, basically has to do with this, with this difficulty. I don't want to say the resources coming from Sinopec have no limit. Obviously, they have a limit, but, you know, they have the capacity to add the people we need to those projects where we have some difficulties. So I think we have done the homework correctly, and I do not really believe that manpower is the bottleneck for the growth of Técnicas Reunidas. I don't see a problem in this part of the business. Regarding Hassi, I will allow Juan to answer you this question. Okay. I think everybody knows that we have—we had had, and we continue having, and we worked on having a very good relationship, despite issues and problems, company to company with Sonatrach, and we have done so. And we have been announcing quarter after quarter that we have been working and exploring with them different ways to relaunch the Hassi Refinery. And even Sonatrach has made it public as well, that they're exploring ways, this is important for them to relaunch the refinery. And I have to say that we're doing so, and we are positive about it. That's one thing, you know, good relationship and positive in relaunching Hassi. And two, let me tell you that, you know, despite why I might feel positive relationship, all those things, when we have a litigation, it's not prudent and it's not correct to answer anything and to make any comment in public. So, well, I think with those two, you know, I think with that, I've answered your questions. Thank you very much. I'm very clear. Thank you. Thank you. Our next question comes from the line of Robert Jackson from Banco Santander. Go ahead, please. Hi, good afternoon, gentlemen. Just a couple of questions. First of all, related to the alternative sectors such as the mentioned steel sector. Can you give us some light on progress in that sector? And there has been talk of some, I would say, delays in terms of investments in the sector in terms of decarbonization. Can you give us, I mean, what your thoughts are and what you're seeing in terms of what you're doing and the potential there in that sector? And secondly, in North America, your exposure to the carbon capture and hydrogen sectors, can you give us any visibility on what you're seeing there, regarding the pipeline and the outlook, whether you're working with large infrastructure funds, which have the financing to support those projects? But can you just give us any visibility, more visibility on those segments? That are my main questions. Thank you. Hello, Robert. Thank you for your questions. Regarding the steel and the decarbonization, I had a call a couple of days ago with the CEO of one of the company, at one of our clients that is working with us. And the good news is that we are clearly moving to the next stage. I mean, you know, those projects have several windows. You need to jump from one window to the next one, once you achieve certain milestones, and we are in this situation. So I don't have the feeling that there are delays. We are moving ahead as expected. But it is a fact that there are periods where everyone was talking about immediate actions, immediate opportunities to come. We have seen some slowing down, slowly, little by little. It's a fact, things are not moving as fast as probably we expected. But I don't have the feeling that that's a problem for us, because the opportunities are still there. We see new clients. You've been talking about steel. Let's talk about steel. We see new clients of the steel sector coming to Técnicas Reunidas and asking us to render service in the short future, because they want to invest. The only problem is that they still have to decide technologies. They are waiting the subsidies to be granted. You know, there are a number of issues that are delaying a bit the decisions, but the opportunity clearly is there. And what can I say to you is that the existing projects are on its way. Everything moves as expected. So, well, I feel comfortable. Regarding the U.S., well, the feeling in the U.S., everything that has to do with blue ammonia is massive, and it is happening. You know, it takes time to reach the final decision investments of the clients, because, you know, they need to compose the full business plan. They need to assure that they will have available off-takers. You know, they need to understand deeply the costs, and many of those new investments, the cost is not that easy to define because they are new technologies. You know, it is taking time, but the appetite is still there. Again, my message is, we feel comfortable, but we see how everything is a bit more moving a bit more slower than expected. But I would never say we are negative, just the opposite. We see lots of opportunities. We are signing many early engagements, many framework agreements with many players in the United States that are willing to construct blue ammonia projects. So, you know, everything is moving, probably not as fast as expected, but everything is moving. That's, that's my conclusion. Okay, and what, what about in, in the Middle East, where there's probably more access to, to financing and less regulatory issues on regulation? Can you give us any, any visibility there in terms of the, the energy transition and projects you have in your pipeline, or?... in that, in that market from, from existing clients? Robert, you understand the joke. I don't want to be gallego, but it depends. Yeah, I understand it. There are many big players we are working in the States, and for them, the priority is not the financing, it's to complete the business plan. That's the priority for them. So that I don't really believe financing is again the bottleneck. But also what we have seen, and that's why we have some alliances with banks, like the European Investment Bank. I mean, the idea is we want to support our clients, because from time to time, they need some support in structuring their financials of the project. But we also have players in this market that are willing to invest in this sector. So we need to work as dealers, so from time to time, trying to connect financial people with industrials. That's the reason why, one of the reasons why track exists, because we realized that there was a big niche, there was a good opportunity of doing business because of having this ability to link those two parts of the business. Okay. Okay, thank you very much indeed. You're welcome. Thank you. Our next question comes from the line of Kevin Roger from Kepler Cheuvreux. Please go ahead. Yes, good afternoon. Thanks for taking the question. I have just one on my side after those questions, please. I was wondering if you can comment a bit the EBIT margin by division that you have seen in H1, and notably, if you can comment why the petrochemical EBIT margin is so high at 25% for the H1, and on the refining side, why we have moved back into negative territory with a -1% EBIT margin. If we can have some color on those divisions, and notably just to be sure to understand the potential impact of this petrochemical services engineering contract. If we should then expect basically this division, petrochemical, to be again sound in the next 18 months, driven by those those type of contract, please? Kevin, regarding the refining margin, the answer is very easy. We are about to deliver some projects. We're in the last stages, and when you are in the last stages, you always invest in the project because you want to be on time. So we are spending money just for the sake of doing everything on time, as expected by the client. So it has a cost, and it is impacting the result. Regarding the petchem, you know, I don't have so many projects in the petchem, so for me, it's a bit difficult to give you explanations because, you know, it's very easy to identify what is happening in very specific projects. But, last year, if I'm not wrong, the petchem margin was around 15%, I think. So it's bigger, but there is not a huge difference. But we expect this year to... This margin should be solidly above this 20%. That's what we expect from the year. Okay. Okay, understand. Thanks. Thank you. Ladies and gentlemen, just a reminder, should you have a question, please press star followed by the number one on your touchtone phone. We have our next question coming from the line of Baptiste Lebacq from ODDO. Go ahead, please. Yes, good afternoon. Thanks for taking my question. Just one question from my side. It's regarding the net financial charges, which were impacted by hyperinflation by EUR 6.6 million in the first half, mainly due to Argentina and Turkey. Can you give us an idea of your backlog in these two countries? And can we have, let's say, an idea of the calendar of the projects, which are in the backlog in these two countries? Thanks a lot. Hi, Baptiste. Sorry, I was having a... The numbers, yes, there is -EUR 6 million because of the hyperinflation. It has to do with two countries, with Turkey and with Argentina. In both cases, we are in the very last stages, very, very last stages of construction. So, what we already we have this impact now, but we should not expect very significant extra costs because of this reason in the forthcoming months. So, this is impact, but we should not expect something additional relevant. Thank you very much. Thank you. There seems to be no further questions at this time. I'd now like to turn the call back over to management for final closing comments. Okay, thank you. We're done. Thank you very much for listening to us. Thank you very much for the questions. And then, we'll see each other or talk each other again in the presentation of the third quarter. Thanks again, and have a good summer. Thank you. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.