Good morning, and welcome to all of you present here in the audience, and also all of those who are following us on the web. My name is Odd-Geir Lyngstad, and I'm responsible for investor relations in Elkem. With me today, I have CEO Helge Aasen and CFO Morten Viga. Helge Aasen will take us through the business update and also the outlook for the fourth quarter. Morten Viga will take us through the financials for the third quarter. We will open for questions after Helge and Morten's presentations. And with that, I hand over to CEO Helge Aasen. Yeah, thank you, Odd-Geir, and good morning, everyone. Let's get right to it. Elkem's results for the third quarter was down compared to the strong levels we've seen during the past two years. We reported operating income of approximately NOK 8 billion in the quarter, with an EBITDA of NOK 535 million. The results are impacted by weak, challenging markets, with continued low demand across most product segments and regions. In addition, the result is negatively impacted by one-off items of NOK 220 million in the Silicon Products division. As it is already well known, this is related to the change in the CO2 compensation scheme in Norway, and also an inventory write-down. The Silicones division continues to face very challenging markets, primarily due to depressed commodity prices, weak demand, and overcapacity. Carbon Solutions delivered a good result this quarter, with continued strong financial performance, despite also somewhat weaker markets here. It is important to remember that Elkem, relatively speaking, is well-positioned, with attractive market positions and a robust asset base. However, we do take extraordinary measures to mitigate this difficult situation, and we'll focus on further cost reductions, working capital improvement, and postponing strategic investments. There will also be an Extraordinary General Meeting in November in order to elect a new member to the Board of Directors. First, a quick update on our ESG focus and targets. As communicated, we aim to reduce the CO2 product footprint by 39% by 2031. This is ambitious, given that our reference starting point is predominantly based on renewable energy. We have a high focus on safety and continue to improve our performance after a somewhat higher injury rate during the COVID pandemic. Among the highlights this quarter, I would like to mention that Elkem's ESG report received top score, A+, from Position Green in their assessment of the 100 largest companies listed on the Oslo Stock Exchange. In S&P's global ESG assessment for 2023, Elkem was ranked in the top 6% within our sector, which is a good score and also an improvement compared with last year. We also have strong ESG ratings from EcoVadis and CDP. In the third quarter, we successfully launched our first green bond loan, securing NOK 1 billion to further support our sustainable growth. As mentioned, the result for the third quarter was weak and impacted by challenging markets. I believe it's important to have this in mind when looking at the results, as the macroeconomic sentiment has been influenced by high inflation, interest rate spike hikes, slower-than-expected recovery in China after the pandemic, weak demand, destocking taking place, and also geopolitical uncertainties. All these factors have resulted in deteriorating market conditions. And just to give a couple of examples, the DMC price in China, the commodity reference price, have reached a new 10-year low in August 2023. We did see a slight improvement during September, but I think it's still clearly illustrating the very challenging market situation. Silicon and ferrosilicon prices in the EU have fallen approximately 60% compared to year-end 2021, so it's quite dramatic changes. So in order to respond to this, we have implemented a group wide range of measures to reduce costs and CapEx, obviously focusing particularly on the Silicones division, but it's going to affect the whole company. We have always been working on continuous improvement in Elkem and cost improvements, but given the current market situation, it forces us to take additional short-term measures. So based on this, we are now going to freeze new hires and focus on organizational optimization. We will reduce third-party services, lower logistics and warehousing costs. A lot of attention is given to working capital improvement, and also and to avoid building inventory and improve cash flow. Operational efficiency and capacity optimization are always focus areas, but we are going to have increased attention to this now, and at least last but not least, we will carefully review all investment plans in order to significantly reduce capital expenditure. So the target of these programs is to reduce costs by NOK 1.5 billion in 2024. This consists partly of work on existing initiatives already ongoing, and also several new initiatives. The plan is to also reduce and/ or postpone strategic investments by more than NOK 2 billion. I mentioned Elkem's good asset base as a key strength, and it is key in order to achieve equipment availability and high and stable operating rates. So this project on Iceland will go ahead as planned. Given the current market situation, we think it's quite appropriate to accelerate these kind of maintenance programs, as we also did earlier this year at our Thamshavn and Rana facilities in Norway. So now in the fourth quarter, it means that one out of three furnaces will be curtailed for about 10 weeks. This involves an investment of approximately NOK 100 million, and will improve efficiency and production cost once it's up and running and market conditions improve. The curtailment is estimated to have a negative one-off EBITDA impact of approximately NOK 50 million in the fourth quarter. Then to another and much larger project that's about to enter its final stages, our expansion project at the Xinghuo Silicones plant in China. This project is proceeding as planned, both in terms of cost and time. When it's completed during first half next year, the total production capacity will increase by 50%. In addition to that, this project will deliver improved product quality from the upstream, which is important for us to drive new initiatives on the downstream specialization. With today's market conditions, the most important effect of this project next year will be significant cost improvements, mainly from reduced energy consumption and higher raw material yield. And based on our internal analysis, this new production line will be on level with the most cost-efficient production or producers in China today. Then to the proposed changes to the CO2 compensation scheme. As we know, on 6th October, the Norwegian government presented the state budget proposal for 2024, and it included a change in the CO2 compensation scheme, which or a weakening that will potentially affect our activities in Norway. The proposal is to increase the deductible element from NOK 200, which was introduced last year, to now NOK 375. So that means the scheme doesn't kick in until the compensation or the CO2 quota price is above that level. I have to say, we were both surprised and very disappointed by this proposal, which is now weakening the CO2 compensation scheme for a second year in a row. There has been very limited or basically no dialogue about this beforehand. It's adding uncertainty and unpredictability related to a very important framework condition. Now, if this is finally approved by the parliament, this could have an annual negative effect for us of NOK 220 million per year compared to the 2022 level. This is a compensation scheme that was introduced by the EU to prevent carbon leakage. It means, it's there to avoid European industries relocating, to countries with lower or no CO2 costs. So, industry organizations in Norway, on all sides, both employers and, employees, organizations, and of course, the industry itself, the players have engaged in discussions with the government in order to try to reverse this, proposal. But, given that it's out, we found it necessary to make an adjustment of NOK 170 million in our third quarter result, to account for the effect of this proposal in the current year. Now to the proposed change, to the Board of Directors. There will be a call for an Extraordinary General Meeting for the election of a new Board member. One of our current board members, Mr. Jingwan Wu has resigned from his position as CFO in China National Bluestar, and will no longer represent the majority shareholder on the Board of Directors. Bluestar has proposed Mr. Li Bo to be elected to the Board. Mr. Li Bo holds a Master of Science degree in chemical engineering from Dalian University in China, and he has held various positions in Sinochem, Bluestar's mother company, since 2001, including executive positions involving international partners and global business relations of Sinochem. He was recently appointed Chair of the Board of Bluestar, and this EGM will take place on the 20th of November this year. Now to the markets. We continue to face challenging end market conditions, especially in the construction and automotive sectors. There are some signs of improvement in some market segments. In China, the growth in construction remains lower than in previous years. This situation has a negative impact on various sectors, including our silicones market. In other regions, particularly in Europe and the U.S., we're observing a slow growth or even decline in construction. The global automotive markets are another example on this, although it's worth noting that electric vehicles production in China continues to show strong growth, up to 37% year-over-year, based on August figures. We have talked about the growth in EV before, and it does drive demand for silicones. However, it's, I think important to note that, the silicones content in electric vehicles tends to be somewhat lower in China; they are using other materials than what we can compare with in the EU and the U.S. In many areas, it's not possible to replace silicone, so it still remains an essential component, also in electric vehicles manufactured in China, but doesn't have the same impact, even though the growth is strong. Silicones demand overall is weak in all our main markets, resulting in lower sales volumes and declining prices. Demand for specialties in the EU and the U.S. has been impacted by destocking, and again, as a result of a weak macroeconomic sentiment. So this gives a negative volume mix effect, as our higher margin specialties are partially replaced by commodities. The Chinese silicones industry is also impacted by overcapacity, and this is combined with low demand from construction and other commodity markets. So, this has resulted in high inventory levels and continued the price pressure, both in domestic and export markets. The graph to the right shows the development in DMC prices in China, which we have used now in many quarters. And, as mentioned in the beginning of this presentation, the DMC price fell to a new 10-year low in August. So, there was a slight increase towards the end of December. It is uncertain how this will unfold going forward. We hope it has bottomed out. Then to silicon and ferrosilicon. The weak demand situation for both products in the EU and U.S. has continued during the third quarter. Market prices in the EU declined during the quarter, impacted by the weak demand and also weak spot markets. EU prices are now on level with or below domestic prices in China, and not reflecting regular anti-dumping duties and transportation costs. Maybe on the positive side, silicon metal prices in China increased during the third quarter, initiated by main producers and a positive sentiment in the polysilicon market. But globally, demand continues to be weak and also here impacted by lower economic activity and destocking. The market for carbon products varies by region and is driven by steel, ferroalloys, and aluminum. There are no reference prices in this market, and most producers are regionally based. But if we look at global steel production in the third quarter, it was down 4% versus the same quarter last year, and production was down 8% in Europe, 5% in China, and stable in North America. This has resulted in continued weak demand for ferro alloys and consequently also for carbon products in the third quarter. And I would say especially is this the case in Europe. However, our global position and diversified product portfolio is providing better stability here due to quite large regional market differences. So that sums up my business update, and with this, I'll give the word to Morten Viga, our CFO, who will take us through the financials for the third quarter. Thank you very much, and good morning, everybody. So, let's move on to the financial numbers. And, as you highlighted, the third quarter results are negatively impacted by weak underlying market conditions and one-off financial effects. On a positive note, Carbon Solutions continue to deliver good results, while Silicones and Silicon Products clearly had a weak quarter this time. The result for Silicones was negatively impacted by generally weak demand, resulting in low sales prices and reduced sales volumes. The Silicon Products result was impacted by lower sales prices and also the one-off items of NOK 220 million, related to the CO2 compensation adjustment, and also write-down of inventories. Operating income in the third quarter was almost NOK 8 billion, which was down from Q3 last year, as the weak markets particularly have affected our two largest divisions, Silicones and Silicon Products, which both saw a significant reduction in top line. EBITDA amounted to NOK 535 million for the quarter, giving a reported EBITDA margin of 7%. This, of course, includes the one-off effects amounting to NOK 220 million, so the underlying EBITDA was NOK 755 million, representing an EBITDA margin of 10%. And as you can see on the graphs, weaker markets are pretty much negatively affecting the results for all three divisions, although clearly the biggest impacts are on Silicones and Silicon Products. As always, we have included this slide with main financial numbers and ratios. I will not go into detail on all of them. As mentioned, the EBITDA, reported EBITDA, was NOK 535 million, giving an EBITDA margin of 7%. The EBITDA also included losses of NOK 77 million on the currency hedging program, which is reported in the segment Other. Other items for the quarter was negative, with NOK 158 million, mainly consisting of currency loss on working capital items, so minus NOK 139 million, and loss on power and currency derivatives of nine, amounting to minus NOK 19 million. A stronger NOK compared to Q2 means that the bank balances and receivables in, in foreign currencies have a lower value when translated back to our functional currency, NOK. Net finance income amounted to -NOK 115 million, compared to a small gain in Q3 last year. This is mainly consisting of net interest expenses of -NOK 154 million and other financial expenses of - NOK 4 million. And this was partly offset by a currency gain of NOK 43 million, and here the stronger NOK reduces the value of debt in, in foreign currencies, giving a net positive effect. The tax costs for the quarter amounted to -NOK 95 million despite the negative profit before tax. Elkem has positive results in most countries, but this was more than offset by negative results related to our Silicones business in France and China, where our losses are not capitalized as deferred tax assets. Let's then look at the divisional results, and we start with Silicones. As I mentioned, the result for the Silicones division was clearly weak, also in the third quarter. Total operating income amounted to NOK 3.2 billion, which was down 31% compared to the third quarter in 2022. This reduction is explained by both lower sales prices, but also lower sales volumes due to weak market conditions. The EBITDA amounted to -NOK 268 million. That was somewhat better than last quarter, but clearly down from the third quarter in 2022. The result is clearly not satisfactory, and comprehensive actions are being implemented, both to boost sales, to gain a better mix, and also to optimize costs and optimize CapEx going forward. The main drivers behind the weak EBITDA is, as we said, mainly lower sales prices, particularly in the commodity markets, and lower demand in other segments. But I should say that prices for specialty segments are holding up quite well, but here we experience significant volume reductions. Sales volumes were clearly low this quarter, and as a result of that, we have also adjusted and reduced our production to avoid building inventories. Let's then move to the Silicon Products Division. This division had total operating income of close to NOK 4 billion for the quarter, and that's down 33% from the very good quarter last year in 2022. The reduction is mainly explained by significantly lower sales prices on commodity grade products, while also here sales prices for specialties are holding up nicely. The EBITDA was NOK 526 million in the quarter, which represents a reported EBITDA margin of 13%. This is significantly lower than Q3 last year, and mainly explained by, as I said, lower sales prices for silicon and ferrosilicon. While foundry alloys and microsilica being very much specialty business here, the prices are holding up very well. As mentioned, the EBITDA was also negatively impacted by inventory write-down of NOK 50 million and the CO2 compensation adjustment of NOK 170 million. So without these one-off effects, the underlying EBITDA margin was 19%. Sales volumes were down, and we still do see destocking effects, particularly from the chemical sector. Here, we should bear in mind that we were coming from an extremely high level when it comes to inventories, as one year ago there was a big challenge in the industry to really secure enough materials. The Carbon Solutions division continued to perform well, despite lower demand and generally weak market conditions. Total operating income for the quarter was more than NOK 1 billion. That's 4% down from third quarter last year. EBITDA amounted to NOK 311 million, which is down 21% from third quarter last year. This reduction is mainly explained by lower sales and some margin compression. But as you can see, the EBITDA is still at a very good level, where we have an EBITDA margin at 31%, even in this very challenging market condition. On the volume side, we clearly see that many metal producers have reduced production due to low demand, and this is also explaining weaker demand for our carbon products. Let's then have a look at some of Elkem's key financial ratios. Earnings per share, EPS, ended at -NOK 0.72 for the quarter, and that was significantly down from a positive value of NOK 4.81 in the corresponding quarter last year. The negative EPS is, of course, explained by lower EBITDA, but this was further dragged down by negative periodic impacts from other items, financial items, and tax. The year-to-date EPS amounts to NOK 0.84 per share. The balance sheet is solid. Total equity amounted to NOK 25.3 billion as per end of September, and that gives an equity ratio of 48%. The reduction in equity this year is largely explained by the generous dividend payment that was made in May, amounting to NOK 3.9 billion, based on the 2022 result. Elkem's financing position remains very robust and stable. Net interest-bearing debt was NOK 8.1 billion as per end of Q3, and that is at the same level as by the end of Q2 this year. Please also remember that the increase in net interest-bearing debt from last year is predominantly explained by the dividend payment that I mentioned of NOK 3.9 billion performed in May. Based on last 12 months EBITDA, the debt leverage ratio was 1.6x by the end of Q3. That is a level which is in line with Elkem's target, which is to be in a corridor through the cycle of 1x-2x last 12 months EBITDA. We were well below this target in 2022 due to very strong result. And as such, the leverage will, of course, be very sensitive to the underlying results. And in a downturn cycle that we see now, we may have to accept that the leverage could be above the target level in periods of time. And if that should be the case, we will work systematically to bring down the leverage within the target range. As I mentioned, we will both work on EBITDA improvement measures, on cost and the revenue side, and also working on optimizing capital efficiency, both on working capital and on CapEx programs. Our maturity profile is very good with very low installments, repayments for the next few years. The maturities that we had early in 2024 have already been refinanced at good terms and conditions, with a new green bond loan of NOK 1 billion with five-year maturity. And the short-term maturities that you can see in China, the gray bar, it mainly consists of working capital finance, which is regularly rolled over and where we see no refinancing risk. Cash flow from operations amounted to NOK 978 million for the quarter. This is up from the levels seen in the first and second quarter, and that's very good. But of course, it's lower than the very strong levels that we saw in 2022 due to significantly lower underlying profitability. But we have a high focus on this, and the rather good cash flow in the quarter was positively impacted by good results from our working capital optimization programs. In the third quarter, our investments, excluding M&A activities, ended at approximately NOK 1.2 billion. Reinvestments amounted to almost NOK 600 million, which was 107% of depreciation and amortization. That's somewhat higher than the long-term target of keeping reinvestments within 80%-90% of depreciation and amortization. Reinvestments year to date were NOK 1.65 billion, and that amounts to 99% of depreciation and amortization, which also is somewhat higher than the long-term corridor. But this is mainly explained by the accelerated maintenance projects that we have been doing in, particularly, Silicon Products, to be well-prepared for a market recovery when that occurs. Strategic investments amounted to NOK 572 million for the quarter, which was at a lower level compared to first and second quarter this year. This amount is predominantly related to our silicones expansion and improvement projects in upstream France and China silicones. These projects will be finalized and start to deliver financial results next year. Going forward, we will actively now adjust and optimize our investment plans to reflect weaker market conditions and also, at least for the time being, weaker financial performance. So I think that summarizes the financial results, and with that, I ask you, Helge, to take us through the outlook for the fourth quarter. Thank you. Yeah, thank you, Morten. So regarding the fourth quarter, there are no clear signs of recovery, and we expect this weak market sentiment to continue. However, as we've said a couple of times already, we are well positioned to benefit when demand recovery will happen eventually. The silicones prices in China improved late in this quarter. Development going forward is uncertain. The EMEA and Americas regions are still weak, although there are some signs of improvement in some segments. The declining reference prices for silicon and ferrosilicon in the third quarter will have an impact on the contract prices in the fourth quarter. There is a time lag. As mentioned, we'll have the one furnace out for maintenance in Iceland, which will have a negative impact of NOK 50 million on EBITDA. Silicon prices slightly moved up during October. In Carbon Solutions, we're facing a somewhat weaker demand due to lower metals production in key markets. With that, this concludes our presentation today, and I'll hand it back to Odd-Geir, who will take us through questions and answers. You will give the answers, and I will give the questions. We have received some questions here from people following us on the web, but before we go to those questions, I would like to check if there are any questions here from people present. There is one. Yeah? Yeah. Magnus Rasmussen from SEB. So firstly, on the CapEx, reduction of NOK 2 billion of strategic investments, can you say what level that implies for 2024? Sounds like a quite big figure. It is quite a big figure or but big number because we are spending a lot on strategic CapEx this year. Now, what's very, let's say, capital intensive this year is, of course, the two expansion projects in silicones. They are about to be completed, and the major reduction is coming from those two projects, and also the major CapEx next year will be related to those projects. And strategic CapEx level next year will be around NOK 1 billion. Thank you. Also the cost improvement program of NOK 1.5 billion, should we view that as a target of reduction relative to the full year 2023? Or, what is that- Yeah, that is the ambition. Yeah, so overall, OpEx relative to 2023. Mm-hmm. Yeah. Also, I would like to ask on Silicon Products, because I think we see prices coming down quite a lot, as you alluded to. Costs are down also a little bit, but not that much. We've seen also with a one quarter lag on silicon metal prices, that prices are down quite a lot more, if we look at one quarter ahead. So basically, you've now delivered EUR 400-something per ton of EBITDA this quarter, including some one-off effects, of course, but at least lower than EUR 600 EUR per ton. And prices, at least from my eyesight on the chart, are down EUR 1,000 per ton. So I guess the question is if there is any EBITDA left in Q1? You, you'll take care of the calculation? Yeah, I can certainly do that. No, you're absolutely right. Prices are coming down significantly, and margins are under pressure for commodity grade products, silicon and ferrosilicon. Having said that, I think we are in a much... Or we know that we are in a much better cost position than all regional competitors in Europe and the Americas. So we are, let's say, confident that we will see a recovery again because current price levels are not sustainable, and although not necessarily in Q4. And we also have a sizable part of our portfolio into specialty business, foundry alloys and microsilica, where we do not see this price deterioration. Thanks. And one final question from me, if I may. If you can just remind us of your financial covenants, and what debt facilities those are linked to. I think it says on the web page that there's an equity ratio and an interest coverage covenant. Yeah, I can do that. You're right, there is an equity ratio. We have to be above 30% equity ratio. We're currently at 48%, and there is an interest coverage ratio where we need to be above 4%, and we're currently above 10%. And these apply to the bank financing that we have and also to the Schuldschein financing that we have. Quickly on that interest ratio covenant, is that EBITDA divided by net financial expenses or net interest expenses? Odd-Geir, do you have the net clear definition? Net interest expenses. Yeah. Yeah. Thank you. That's it. Fluctuations on currency will not, No ... impact that number. Any further questions from the audience? If not, we have some questions that we have kind of touched upon also from the people following us on the web, but I'll still take them, because one question is to give a little bit more flavor and be more specific on the NOK 1.5 billion cost reduction program, and then that will kick in. So if you, if you- Yeah ... have a little bit more to add. I think, first of all, when things deteriorate like we have seen now during quite a few quarters in a row, we have to take a shorter-term focus. You can say this is negative, but on the other hand, it's also has a positive side because it's going to accelerate a lot of improvement programs. I think for the longer run, this will put Elkem in a more competitive position, but it's quite broad, this program. We have, as I mentioned in the presentation, also had these kind of programs ongoing all the time, but we are taking quite intensive efforts now to increase the focus and also speed up a lot of work. So I mentioned some fixed cost reductions, but we are looking at everything, basically. We are not going to track and report this externally, but we will, of course, have a very, very close follow-up internally. That's the plan... the way we plan to do it. Very good. Then we have questions regarding the CapEx reductions to give a bit more color on which projects we will postpone. Also, if you are willing to kind of in or if this also includes Vianode or further investments in Vianode? I can, I can comment upon that. We will, as I said, we will complete the ongoing projects, particularly in silicones. Those are very good projects, and we will complete that as soon as possible, pretty much mid next year. The main reduction is coming from the fact that we will be very cautious on starting new strategic projects, given the current financial situation. Vianode is not consolidated, given our minority shareholding. That is not included in these numbers. Good. Then we have a couple of questions related to the silicones market in China, and where we see industry utilization rates and also the utilization rate for our own plant. Mm-hmm. Yeah, I think we, when we look at this, because there is quite maintenance intensive equipment in silicones, so typically you could say that full capacity utilization would be around 85% capacity utilization. Currently, we are at 70%, which is on par with what we think is the average capacity utilization in China for the third quarter. Then a couple of questions related to our investment in China. How long will it take to ramp up the new silicones plant in China, and whether we will delay that given the current market conditions? And also, what the units or difference in unit cost would be for that new plant compared to the existing operation? Yeah, I think we have no plans to delay this. This is going to give a significant cost reduction for our upstream intermediate production in China. The ramp-up will take place during first half next year. We did say something about the financial impact of this before. I don't know if you can comment on that. No, what we said when we launched this project was that this new production line, which then makes up approximately a 50% addition to the existing production capacity in China, will give a significantly lower production cost due to higher yield and lower energy utilization. We indicated a cost improvement of some 20%, and I think that's still a good number. Mm-hmm. Then there are, questions related to kind of current operations compared to, current prices, and, and if you have any kind of view on what, level of current production that is loss-making at the current price levels? I mean, Could you, could you repeat that question? Yeah, if— That's a very broad question. It's a broad question. But, given the very low prices and still there are a lot of companies operating in a low margin environment, how many of these will be negative EBITDA contribution? If you have any overview of that or any view on that. You know, the total installed capacity- Of the total installed capacity in silicones in China. I think that's, we don't have information to give a detailed answer on that. I think what we have seen in China is that the inventory buildup has been quite limited, and especially in commodity silicones in China, the capacity utilization tends to adapt rather quickly to demand. It's a very spot-based business in China. So, of course, there are some fluctuations, but I think, looking at demand and looking at installed capacity, you can probably calculate some kind of utilization rate. Yeah, if I may add, I think what we are seeing in China is that most producers have taken down capacity. We have seen Western producers, like the Dow- Wacker joint venture. They have been running at reduced capacity. We have even seen the biggest and most, let's say, cost-efficient local producers like Hoshine, announcing big capacity reductions. So this is clearly hitting, let's say, everybody. And for the market balance, it's at least a good sign that we will see even, let's say, the most aggressive producer traditionally taking down capacity. Coming back to EVs and silicones content in EVs, you mentioned, Helge, that in China, they're using a lower content of silicones in EVs and due to other alternatives. Are we seeing any risk that this will change also in EU and Americas? No, I don't think that's going to be any factor, actually. Now, it has to be said that silicones going into the automotive sector in China is around 10% of total demand, so it's relatively low, and EVs is a much smaller part of that, obviously. So we're still coming from very low numbers. So this high growth rate is good, but it doesn't have a very big impact on the overall demand. Then the question related to kind of possible write-downs, saying that with the significantly lower earnings in Silicones and Silicon Products, the question is if any of our assets are vulnerable to write-downs or impairments? ...Of course, we do this testing every quarter. We believe that our asset base is very good, and we have good business plans going forward. We will, of course, do the testing and have discussions with the auditors and the Board of this and on this, but we have no plans for any writedowns. And as I said, we believe that the long-term perspective for our assets and our businesses are basically good, and that's the starting point also on the impairment tests. A couple of questions regarding quality stocking or restocking. Any thoughts on when restocking might end? And also if you see any destocking, what the impact is has been in Europe, and if you see signs that the destocking is ending? I think, again, it's hard to be very clear on this because there is quite a lot of uncertainty still. But I think there are some signs that in silicon and for silicon, that more prices have bottomed out now, and. But as I also said in commenting on the outlook, there is no real sign of any recovery. So, but to see this come much further down is hard to see based on the information we have on cost curves or cost position of the various players. I think we are very close to the bottom level. And the fact that Chinese silicon prices are going up, traditionally, at least, has been an indicator that things are going to improve a bit. Okay. I think that is covering the questions, and there does not seem to be any further questions here from the audience. So that concludes the presentation. So thank you to Helge and Morten for the presentations, and thank you for participating, either here in person or on the webcast. Thank you very much. Thank you. Very nice to see so many people. Thank you. Good turnout.