Good afternoon. This is the conference operator. Welcome, thank you for joining the Sogefi H1 2023 results conference call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star zero on their telephone. At this time, I would like to turn the conference over to Mr. Frédéric Sipahi, CEO of Sogefi. Please go ahead, sir. Thank you. Hello, ladies and gentlemen, and thank you for joining this call. I'd like to start with a quick summary of the first semester. It has been clearly a quite good semester and also Q2 from activity and volume point of view. The aftermarket continues to perform quite well, even it's still below levels of 2019. As you may have seen in our presentation, we have a strong growth in all geographical areas, and also each business units. We have been able to preserve our margin, despite energy pricing and inflationary tension on some commodities. We have also continued to scale on our fixed costs, and at the end, the EBIT is improving both in absolute value and in percentage, and in all business units. As you received the presentation in advance, I propose we move to question and answers. This is the conference operator. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one. At this time, the first question is from Monica Bosio of Intesa Sanpaolo. Please go ahead. Good evening, Frédéric, and good evening, everybody, and thanks for taking my questions. I have two. The first one is on the pricing. According to my calculations in the Q2, Sogefi benefited both from a positive volume, something in the range of +11, if I'm not wrong, and it seemed a positive pricing. The target for the full year is at a mid-single digits revenue growth, this would imply more or less a flat H2 also. I was wondering if you can give us some flavor on the pricing trend and the volume trend in the H2, because it seems that volume will not grow, will not grow any longer, and also the pricing there might be go to zero. Maybe I'm wrong there. In any case, aside from 2023, I would like you share your view on the pricing trend, in, from 2024. My second question is on the e-mobility quotations in cooling. I've seen that it's still quite high, but there is a decrease in comparison with the 1st quarter in term of new awards or new quotations in e-mobility, in Air & Cooling. Just a clear on this. Thank you. Thank you, Monica, for your questions. Yeah, your attention on the split between volume and pricing is right for the first semester. For the second semester, I have been quite, let's say, conservative on the volume trend. Of course, on the pricing trend, I don't intend to reduce the strong discipline that we have for the last 18-24 months, so no price decrease in the second part of the year. We even consider to continue with some customers on the pricing. On the volume, I have been very conservative for the second part of the year. In China, in China, we initially is forecasting the market decreasing versus last year, if I remember well, by around 5%. In North America, I have been conservative too, because there will be the salary negotiation for the three major OEMs in the second part of the year. It happens each two years, and usually you can have a market impact on that one. In Europe, I prefer to be conservative again, considering the in flat market versus semester two of 2022, to continue to do my homework on the fixed cost. If there are good news from a volume point of view, it will be good news from a good point of view. If, you know, for the last two years, each time I'm in front of you, I am very conservative on the forecasted trend of volume in order to be able to continue to do the job on a cost structure. Also because, it happened a few years ago, you remember, everybody thought that volume will continue to increase after 2019, we had the COVID, and at the end we have not recovered the year compared to 2019 levels. I prefer to be always conservative on the volume. Concerning the question on the pricing discipline for 2024. It's a bit early, from point of view. I understand. Your point is fair. It has been, it has not been easy to do, repricing for the last 24 months. Without knowing what's gonna happen next year on raw material and energy, for sure it will be key for us to keep the discipline on the pricing, and to not reduce, our selling prices. Except of course, if there is a big, big, big decrease on the material prices, next year. It's a little early to speak about 2024, but we will keep our discipline of pricing, for next year also. So maybe- Yeah. Sorry, it seems a quite constructive approach. This means that in 2024, unless the raw materials drop in a very strong way, the company is keen to keep discipline the pricing approach. This means that pricing will not deteriorate. If it's right? Absolutely, this is our aim. Now, there is a big pressure, of course, from our customers, because themselves, they have a strong pressure from the market, and Tesla or other newcomers that are pushing the prices. On our side, this is my way of managing, we want to keep a strong discipline on the pricing. Why? Because, for now, OEM, they all have strong results, and we are happy of course, for them. On our side, we have a good profitability, but as you mentioned in your last part of your last question, we also have investments to perform, on the transition to continue on the e-mobility. De Facto, it means that our current business should generate enough profitability and cash flow in order to finance the transition. Nevertheless, the way we do it with our customer, of course, sometimes it can be tough discussion, but we have always been able to keep good relationship with our customers, and at the end, find agreement, deal, in order to have the business continuity with prices that we consider are acceptable for Sogefi. This is a discipline that we will keep in the next years. Okay. Of course, we are businessmen, so we follow the market prices, we check with what is down, and then when we can absorb by productivity, we do it. When we believe it's not possible to absorb by internal productivity due to external price increases, then we have a constructive discussion with our customers. Okay. On the e-mobility preparation, just to be sure, Monica, when you say it decreased, I was not sure to, it's based on the page 17? Yeah, I've seen that in the presentation of the Q3, including the group had 66% of the awards consisting of e-mobility data. Yeah. If you look at the presentation in the first, maybe it's just a comparison, I don't know. This rate stands at 47%. Just wondering why? No, it's because we have been awarded and quite good businesses on ICE application out of Europe, especially in North America. The number of RFQ awarded on the pipeline for e-mobility mentoring has not decreased. In North America, we still see RFQs and business nomination for ICE application. Okay. I guess it may be the last generation that we are getting right now, and on which we are awarded. We get renewal for ICE application with for Ford and GM with very big figures, because de facto, it's high runners. We also have in the pipeline, business quotations, again, in North America, which tend to, let's say, to decrease the percentage in our incoming in a conjectural way. It's not structural. I would say it comes from a good news rather than a bad news, is that in North America, we see still our big customer, the two big one, continuing on ICE application engines and quotation for this program. Okay, thank you very much. If I may, just to follow up, just another quick question. I've seen that the tax rate in the Q2 was rather low. If you can give us any tax indication, or confirm the business run for the full year? I usually don't answer all question except tax and interest, so I will let Beatrice De Minicis to answer to this question, sure, Monica. Yes, sure, Frédéric. Yes, sure. Q2 benefit from a one-off item for EUR 1.9 million, that will be also disclosed in the interim financial report, related to a tax ruling in favor of Sogefi. Without this one-off, it would be around 30%, the average tax rate. We expect also for the full year 30%-32% for the full year. Okay. Thank you very much. Thank you. Thank you. The next question is from Martino De Ambroggi of Equita. Please go ahead. Thank you. Good afternoon, everybody. The first question is on the guidance, not on the top line, but on profitability, because I understand you want to be conservative. Could you qualify a little bit, what do you mean for higher than last year profitability? Because it's clearly higher, it was already showing in the H1. Maybe just thinking about the H2, if you can, provide what's your current view? I knew you would ask this question. Yeah, currently, the consensus, I believe, is at 5% EBIT, EUR 80 million. I'm confident that I will reach, we will reach at least with current consensus, around 5% of EBIT margin. You are right, we have a very strong start of the year. As I was mentioning before to Monica, we will continue our discipline on the pricing with customers. We will also continue to optimize our costs, our fixed costs. We have also structural actions that will be finished and completed by the during the semester. In theory, second semester should be, should be okay, too. Right now, I think 5% of EBIT as a consensus and the target for us, is a reasonable one. I think when we will meet in October, I will be able to be more accurate. Okay, the second part, is still on the guidance, because you are guiding for top line up in mid-single digit, and this was your assumption, the quarter before, assuming a flattish market. Yeah. I understand you are cautious on volumes, now you're assuming the market up to 5% in line with IHS. What has changed there? Well, we continue to consider the market flat from a volume point of view for the second part of the year, keeping our pricing advance that we have for the first semester. Basically here, single digits, it could be 5.2, sorry, it can be five, or it can be seven, it can be eight. We are conservative on the forecast of the second part of the year, especially in China and also in North America, the trends are very positive in the first part of the year. I do believe that in October, we can be also more positive than that when we review the new consensus. Okay. Also, because if we take your 5% guidance in terms of EBIT for the full year, it means you are assuming 3% in the H2 when you got 6.4% in the H1. Frankly, if prices are holding well, volumes will be flattish okay, or maybe minus something, but raw material are going down. Actually, it's difficult to justify your margin in the H2, which is half of your, what was in the H1, unless you have significant restructuring costs, and probably something more than in the H1, or maybe I'm missing something. No, there is nothing special, very special compared to the first semester. Well, I understand you are focusing on, on the guidance, it's normal. I think first step maybe, should be to acknowledge the good results of the first semester. We delivered an EBIT at EUR 31.7 million, excluding under clean, compared to EUR 16 million last year. Yes, it has been a strong first semester. As I mentioned, we will continue with the same discipline in the second part of the year. In theory, second semester, may be better than what we anticipated in our guidance. I accept your point. Automotive remains a business full of surprises. I don't see bad surprise on traditional side. I prefer to be very, very cautious on the market development. That's it. There's nothing special expected for second semester. It's more that I want to continue to focus on reducing the cost, optimizing the margin, and you may be right, at the end, we may come, at the end of the year or in October with better consensus. My last question is on the filtration, focusing on the filtration profitability. In the Q2, if I do the math correctly, is 19% plus EBITDA. Is it sustainable or affected by non-recurring items, maybe aftermarket trend, and so on? Um- Could you remind me the filtration, what's the portion of the business related to diesel and ICE? Sure. Yeah, filtration business worldwide is roughly one-third aftermarket, one-third U.S., and one-third OEM. If you look in Europe, there will be much more aftermarket than the U.S., and out of Europe, there will be more OEM. The split of situation is this one. On diesel and gasoline, to be honest, I don't have the accurate figures right now. Let me look at it as soon as I can. No, there has been no non-recurring impact in the first semester. The only special thing about situation compared to the two other units, it's what, let's say, the pricing, well, the pricing power is a bit different. We have a strong positions in Europe, we have adapted our pricing from the 1st of January, again, with our customers, with deal based on mutual agreement, when we have been able to have good news on the material cost. We were expecting the increase on our commodity, such media and other. We have some, we are fighting also to the internal productivity in order to be able to mitigate that. Is it sustainable? I would say in 2023, yes, very difficult to not say it for 2024, 2025, because I don't know what will happen with the raw material trend, I don't see reasons why it should not happen again. On the volume, aftermarket, market increase has been lower than OEM for the first semester. OEM in Europe increased, if I remember well, by 20% on the number of cars. When aftermarket, we have more around 3% or 4%, depending on the country, but it's stable. Basically, it's 3%. Situation has really changed a lot in the last years. We have good position with our customers, which help us to have also an adaptive pricing strategy. For aftermarket customers, of course, price is important, but we have been able to have good prices, also thanks to a very strong delivery result. Even during COVID, we basically are very close to 98%, 99% of delivery, right on time, right on inaudible, not with one minute delay delivery to our customers. This is something very, very important for our customers. The availability is there too. We have immediate inventory for our customers. Of course, from a quality point of view, they don't have better quality. When you are able to serve on time with the right product and the right quality, this factor, it helps also on the pricing in aftermarkets. Okay, thank you, Frédéric. You're welcome. The next question is from Gabriele Gambarova of Banca Akros. Please go ahead. Yes, good afternoon. Thanks for taking my question. The first one was just to confirm if I understood, in H2, you are assuming almost flattish prices and a positive contribution from lower material costs. Am I right? The intention we consider in second semester is to keep the pricing that we have been able to do in the first semester, and some identified and spot repricing, not linked to the material, but linked to other topics with a few customers. The incremental repricing on the second part of the year will be lower than what we had achieved in the H1, but we consider we will keep the advantage of the first semester. This is for the repricing, and then we are being cautious on the volume intentions. I would say very cautious. Which explain that at the end of our forecast for the top line seems to be lower. Okay. I'm sorry, I was wondering if, I mean, you recovered 4% in terms of pricing in the H1 of 2023, year-over-year. Do you expect some more carryover for H2? Is something still left in terms of year-over-year growth, in terms of pricing? versus second semester of 2022? Yes. Yes. Yes, versus second semester 2022, there will be the factor, positive pricing effect, first, thanks to what we achieved in the first semester, and second, due to the remaining negotiation of second semester 2022. Okay, thank you. Another question, in terms of fixed costs, do you have a target of reduction for H2 in mind? In H2, what will happen, you remember we are in the process of closing the one factory in U.K.. The closing will be finalized by end of August, so in one month. We will have some benefit in the last part of the year, thanks to the closure of this factory. Plus we have done actions in the first semester in France, in Suspensions business unit, which will have a positive impact in the second part of the year. We have done the homework in Europe, in the first part of the year, in order to be able to generate a really savings in the second part of the year. In order to be able to absorb the inflation on overall cost and on salary costs. Okay, can you expand the quantitative indication for these savings, more or less? full year, the global, the, these actions, are actually EUR 4 million, I would say, on a full year basis. Let's say EUR 2 million this year is acceptable to anticipate. EUR 2 million this year, and EUR 4 million on a full year basis. Okay, that is. In the other end, as I was mentioning, we are facing a low, some increase on other fixed costs, such maintenance cost, and so on. I don't know if it will reduce, but in the first semester, we have seen some improve on the maintenance cost, not because we are more background, but really to the unit price of the spare parts. On second part of the year, we will really focus in order to be able to savings on this path, which has been really impacted a lot by the inflationary trends. Okay. Okay, thank you. Regarding the Suspensions business, so that there was a pretty interesting recovery in terms of margins, can you elaborate a little bit more on this? There was Q2, I think, the margin was 6%, sorry, in each one, so around 6.6%, versus 5.4%. I was wondering if it's going to keep on improving, and what could be the perspective even for 2024, if possible? Clearly, I would not say, of course, that situation and I'm putting reach the maximum, but I will say that the room to improve the profitability of the two other business line is becoming a bit more tight. In Suspensions, clearly, we have to continue to improve the profitability of the business line. We are starting to change the trend, we improved by one point in one year. For sure, it's a business line where I'm focusing really in order to improve the profitability, or by negotiation with the customers when needed, and when we think that the right price is not paid, or doing our job on the material procurement, the type of material we are procuring, and doing individual action to improve our material consumption and direct labor consumption, or by optimizing the footprint which we are currently doing with the closure of the U.K. plant. For sure, this 6.6%, even if it's improving versus last year, cannot be the final product of Suspensions. As I anticipated to you end of last year, we will continue in Suspensions in order to improve each quarter, because it's a business unit where the investment remains very high. And we need to also invest in order to be able to renew our materials. Yes, we continue on Suspensions, and it's my absolute priority, and it's short, medium, and long term. Okay. Thank you very much, sir, for the info. You're welcome. The next question is from Roland Kernen of Value Holdings. Please go ahead. Yes, good afternoon from my side. First of all, congrats to very good figures. I have also some questions, maybe I would like to do them one by one. The first one is an additional question on the volume question of Filtration. When we look at the whole group, we saw just a light, small underperformance, just in looking at the volumes from your growth of 9% against the market of 11%. When we split the volume growth in OEM business and aftermarket business, maybe the picture is different. Maybe you could elaborate on this topic. Yeah. Yeah, it's a good question, Roland. You're right, absolutely. In the first semester of 2023, compared to first semester of 2022, the growth on OEM and aftermarket has been lower than the growth on OEM from a market point of view, especially in Europe, where the OEM market has been very high, 20% versus last year, when OEMs and aftermarket were more around 2% or 3%. De facto, it has been limited, our global figure for the group. The fact that the situation we have, I would not say an explorer, I would say we have a portfolio where almost in up to third are looking to million. As a reminder, if you wish to register for a question, please press star one on your telephone. The next question is a follow-up from Roland Kernen of Value Holdings. Please go ahead. Sorry, I was not fast enough. My second question is on the Suspensions business. On your presentation, page number 17, you're referring to the quotations and the order pipeline. When we look at the Suspensions business, it's just 40% of the order pipeline, but Suspensions is your biggest segment. Do we have to be concerned about the future workload of your Suspensions plans, or it's just the order pipeline in Air & Cooling, so much bigger than the other two segments? If we have to be concerned on Suspensions, is there much more retraction to come in due course? We in one way there are two parts. The first one, we anticipated, Air & Cooling portfolio pipeline is very big. Due also to the unit price effect. This percentage are done in EUR, of course. Due to the unit price of Air & Cooling, the current product, there is an absorption in the two others, a dilution in the two others, especially for Suspensions, you are right. It's more linked to the fact that renewal for Suspensions parts are not happening same time as for Air & Cooling. One is linked to the engine, the other to the car. Here, we only integrate the new business quotations, but not the automatically renewal when customers decided to extend by one year or two years the prediction of the current programs. It was already anticipated that Suspensions in 2023 will be lower compared to the previous years, because it's a year where our customers are more focusing on renewing the engines, I can say, or switching to hybrid and electric car rather than doing lot of renewal on the Suspensions side. No, we don't see a decrease in the, in our forecasted turnover as far as we can see. In theory, it should be rebalanced next year because usually when it's not done one year, it has to be the year after, except if they decide to extend the current platforms that are currently running. Okay, great. Thanks for that. My next question is the question on the market, on the look at the market. When we look back for several months or quarters, we see that the OEMs, or saw that the OEMs had very high order books, coming from the supply chain issues in 2021, 2022. The H1, we saw much better supply chain issues, and they could produce more stable environment. What are you seeing from your discussions with the customers, with the OEMs, when they look at the current auto intake? We saw some news that the order book is high and they had to produce in a good manner. There's lack of new orders coming in. What are the messages you are hearing from your customers or from the market, especially when we look at new order intakes from the end customer? What we hear, or what was the trend in the first part of the year, is that there are the strong pipeline of orders to produce and to deliver. Now, it's very difficult because I'm not sure they will share all this information with me, if this pipeline is reducing or not. I would say that it depends from one customer to another. Some customers, we can feel that they have a visibility for the next 12 months, and some others, we can feel that it's more six months, let's say. There has been no sign of big drop to be clear, in the next three to six months. Concerning the medium, the medium term, it's more difficult. You can feel that there is a price pressure coming from the market and some players that are decreasing the prices of cars, which immediately creates some tensions. It's difficult to predict what's gonna be 2024 or 2025. For 2023... We don't foresee a lot, a big drop. In our business, it can happen so quickly that I prefer to be conservative, but in fact, there is no big rational there on that, it seems. In Europe, North America, for now, seems to be the trend seems to continue very positive. The three big OEMs seems to be very confident on the trend. North America, the trend remain quite high. China is a bit different. China, if you look at the macro figures, it looks like the market in the first semester has continued to increase, and there are no big change. In fact, inside China, if you look by OEM, there's a kind of rebalancing between the local player and the non-local players. This can affect the second semester. The Chinese government has decided to not implement a new grant to purchase the new car, new cars in the second part of the year. This will not boom the market in the second part of the year, it seems. I understand also that in China, people are waiting first of January 2024 to see if something's gonna happen or not. Chinese market, which is the biggest one in the world, can be flat in the second part of the year. It's more linked to the expectation from the customers before buying a car, to see whether this can grant or not, and also a rebalancing by customer is expected in the second part of the year. Right now, our OEM seems to still have strong pipeline, but I'm not sure I have the full information. Great. Thanks a lot for your view on the market. My very last question, I know it's very early in the year, but, in the light of your steadily decreasing net debt and, foreseeable very good year, 2023, which is high earnings, what are your plans, or what is your dividend policy for this year? Yeah, it's a tricky question. It's early. I know. We both think that it has been discussed with my shareholders on the board, we both think that it's written somewhere. As I answered last time, we are paying the taxes, we are paying the suppliers, we are paying our people. To not pay our shareholder with dividends, to me, as CEO, is something that is missing. Let's wait the end of the year to see where the results are going. The decision of paying or not a dividend is not only on me, I would say that it may be one of the only missing thing to totally be positive and with stability, maybe, well, no, I think it's, it can be the next thing to do. It will be done. It will make sense from a financial point of view, if we finish the year as we have started, which is my ambition, it will make sense at one point to do this. Yeah. Absolutely. Fair enough. Thanks. Thanks Thanks for this good comment. Again, congrats for the figures and all the best. Thank you very much. Bye. Thank you, good. Once again, if you wish to ask a question, please press star and one on your telephone. The next question is a follow-up from Martino De Ambroggi of Equita. Please go ahead. Thank you. two more questions on the loss-making activities. an update on the Romanian contribution in the H1. if I remember correctly, EUR 4 million losses for the full year is still achievable or maybe improvable. you mentioned the U.K. plant will be shut down in August. If I remember correctly, it lost EUR 1 million in Q1. What was the loss in Q2, and what should be its negative contribution for the full year? Thank you, yeah, for the question. Romania, on the industrial side, the improvement start to pay off. We reduced a lot the special price. It's almost zero now. When in the first part of the year, last year, it was about EUR 10.5 million, so it was a big cost for us. The efficiency has improved a lot. The OE has improved by 15% compared to 15 points, sorry, compared to last year. We still have some individual challenge, but the biggest challenge we have currently, and it's a big challenge, I mentioned earlier that we have done a gap from a repricing point of view with almost everybody. We still have something to do in the second part of the year, and it's about all of our plants in Suspensions, where we have, let's say, a pricing, strong pricing discipline with our customers on the programs that have started this year or end of last year, in order to integrate the material and energy cost that happened and occurred between the award four, five years ago and today. We still have some challenges from an industrial point of view, but the biggest thing to do in the second part of the year, and it's a must for us, is to finalize the repricing discussion with two OEMs for this plant. I don't know if I have answered your question about Romania? Yeah, yeah. Just to check if I understood, so was it breakeven in the H1 this year? No, sorry, we are not breakeven. Okay. No, no. No, No, not at all. Sorry. No, no, sorry if you took that. No, unfortunately, we are far from being breakeven, because we have not been able to close this negotiation with these customers. There has not been any price increase in Romania, which helped to change strongly the trend of profitability of this plant compared to last year. We have done the job from an operational point of view, now we must conclude the negotiation and discussion with our customers on the repricing. Okay, the EUR 4 million losses for the full year is still valid? Very difficult to say, because it's discussion with two big OEMs. I think I will be able to give a more accurate vision in October, because whatever happens, we have to find an agreement with our customers on the pricing of Romania. Okay. For U.K., you said EUR 1 million loss in the first part of the year and EUR 1 million second part of the year. Let me check. I think it's slightly higher than that, because energy prices in the U.K. were a bit higher than last year. Beatrice, do you have the figures immediately, or I will find them? Yes, sure. For U.K., first semester was losses of EUR 2 million, around. Yeah. In EUR 2 million for the first part of the year. EUR 2 million. Mm-hmm. Okay. Okay, perfect. On the profitability, you didn't change your capitalization of R&D and so on, so there is no big change in R&D capitalization in the H1? This is, internally made equipment? Yeah, whatever you capitalize. No. No, we have continued to apply the usual standards, Beatrice. Yes, yes, I confirm the value of capitalization. Yeah, it's hours of spend on the R&D, and then we capitalize. No, there is not. The improvement of profitability has not come from that, or the reduction of fixed cost has not come from that. No, we don't, we are not doing anything special on that. Very last, the guidance for the free cash flow, or I remember it was in excess of EUR 30 million, but it seems to be better. I know you don't like my answer, my answer is still to say that we will generate at least same free cashflow as last year. Which can be positive when I say that, because in Air & Cooling, we have quotation for many big business on mobility. I may have to spend tooling and CapEx in the last part of the year due to that. Of course, my target is at least to generate the cash generated last year on a full year basis, plus finance, if needed, the CapEx for Air & Cooling nomination. To be clear, it will depend on the timing of the nominations on Air & Cooling. On the other business line, even if we are awarded now, we won't spend the money immediately, it will be from next year. On Air & Cooling it's a bit different, especially with the e-mobility player, you've got to launch immediately the tooling, and sometimes some specific CapEx quite quickly. I would say that nomination at the end of September for Air & Cooling can still affect the cash of 2023. Okay, thank you. You're welcome. For any further questions, please press star and one on your telephone. The next question is a follow-up from Gabriele Gambarova of Banca Akros. Please go ahead. Yes, sorry for the question. Regarding CapEx, what is your assumption, your current assumption for 2023, more or less? For CapEx, our current assumption, give me a second. We consider very close to last year, before IFRS 16 today, CapEx, basically last year was something like EUR 81 million. We are close to, in our assumption, to EUR 80 million. This is the current assumption, taking into consideration the new business award that may happen for including by end of September. Just to check, last year I had 98.8, that is probably. Sorry, very brief. Beatrice, the data coming from IFRS 16, right? If I read right. Yes, the delta is, yes, IFRS 16. Including the other five, 16 should be almost stable. In line, basically, except good news from the business acquisition point of view. Even if the split of our CapEx has changed versus last year, to be clear, Air & Cooling has absorbed much more CapEx in 2023 than 2022. Okay. Thank you. Thank you very much. You're welcome. For any further questions, please press star and one on your telephone. Mr. Sipahi, there are no more questions registered at this time. Thank you, ma'am, and thank you everybody for your attendance and your questions. Wish you a nice holiday weekend ahead. Thank you very much. Bye-bye. Thank you. Bye-bye. Thank you. Bye-bye. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones. Thank you.