Ladies and gentlemen, the first quarter 2023 Siemens Gamesa results presentation conference call has started. Now will give the floor to Mr. Jochen Eickholt.
Good morning to everybody, and thank you all for joining this call at early times. You know, in some parts even of Europe, it's still very early. I have the pleasure of being joined here today, this morning, by our CFO, Beatriz Puente. Together, we will take you through the company's results for the first quarter of this fiscal year. As always, after that, of course, we shall be happy to also take questions. If I may move us to the key points chart number 4. Many of those key data already were communicated over the last couple of days, actually. The order intake for Q1 was in the range of EUR 1.6 billion.
That led to a totaling of a backlog of EUR 33.7 billion. For the onshore side, perhaps, relevant information is that we continue to see the pricing levels moving into our direction. We had the so-called ASP in the range of EUR 0.95 million per megawatt. If we compare it for the entire fiscal year, we then have the EUR 0.88 million per megawatt. The commercial activity does reflect the impact of the overall environment our clients are in. We continue to have negotiations in onshore, which are longer than anticipated. We also have in offshore a kind of standard volatility, and we come to that a little later.
Of course, it needs to be mentioned that we continue to drive actually for the increasing level of protection of our contracts versus the inflation effects. On the performance side, Q1 revenues of EUR 2 billion and the EBIT pre PPA and I&R of -EUR 760 million. That was communicated on, of course, that was then, you know, showing the impacts of our periodic monitoring of the situation of the installed fleet. And we had to observe some increasing failure rates there. Part of that also, I mean, from an accounting perspective, needs to be considered as lower revenue. The impact is mainly on the service side.
The overall picture of Q1 is showing that we are, as planned, by the way, impacted by higher cost levels, as planned. Of course, some discussions on inflation compensation also continue to take place. The execution of the projects is taking us to some difficult questions around the onerous project, and we'll come to that a little later. The Mistral program is moving forward in the end of the day as planned. The 5.X is moving, or the development of the 5.X, the development of the maturity of the 5.X when it comes to industrialization and manufacturing. That is going on as planned. We spoke about the Mistral program with new organizational concepts behind it.
That was introduced by January the first, and is in full swing and up and running. We also make progress as planned on the restructuring part. One element here is that also, it was publicly communicated that we reached the agreement in Spain. Last week, we had the approval of the EGM for the delisting. That process also is in the, in the end of the day, moving on as planned. I have to repeat that, of course, we do foresee strong long-term prospects for the wind industry, but of course, short-term, the situation for us continues to be difficult. There is, in many cases, further activity needed to optimize that situation.
Perhaps, on the next page, perhaps relevant for these discussions continues to be that we indeed have a high recognition for our ESG performance. We've had top rankings by quite a number of different rating agencies. We can say that in those top rankings, we also sometimes are really leading or really among the leading groups. Sustainalytics or Standard & Poor's, the sustainability assessment that led to substantial performance indication for us. That continues to be the case, and also our activities will focus around those parameters which are behind that. If I move on to the page seven, we mentioned that in the end of the day, the backlog on the right side remains more or less stable.
Some slight changes, but I think that is nothing unusual as such. You also realize if you compare the order intake of the Q1 of 23 versus the Q1 of 22, a slight decrease. However, again, may I remind us that in the offshore side, for instance, one single project typically is in the range of above a GW and therefore, also relevant revenue behind that. If one project is shifted, then obviously, the effects are a little bit like shown here. The volatility which we observe is, however, standard, nothing extraordinary. If I may take our view onto the Onshore business. We here see that indeed, also on the order intake side, we have a slight decline.
Again, this is nothing too concerning for us, it's also reflecting our approach towards being slightly more picky, to be slightly more selective, and to continue to drive for protection of our contracts. 74% of the Q1 order intake actually was based on the Siemens 5X platform. If you look at the average selling price, the average selling price is an important parameter, and it's going forward, and it's developing nicely. However, we also have to see that the ASP as such is not the only parameter we need to look at if we want to assess the advantage or the if we want to assess the attractiveness of a contract.
Depending on region and scope, we can see fluctuations in the sales price of more than 30%, whilst in that sense leading to the same profitability. The ASP is an important parameter, it's not the only one which is needed to assess the attractiveness of an order intake or of a contract. If we move on to offshore, again, nothing too extraordinary to be mentioned. We last year had substantial order intake. We foresee that also for the current fiscal year. Q1 here did not lead to contracts. However, it should be remembered that we continue to have a substantial order pipeline of 7.5 Gw, and that's also currently in, how shall I say, in a status where we try to develop the maturity of that towards the contracts.
52%, that is page 10. 52% of the group backlog comes from service, and that continues to be the case. We now have 83Gw under maintenance. Out of that is 70Gw are in onshore and 13 Gw are in offshore. The retention rate is 64%, so that also in, is kind of in line with our expectations. Also on the order intake side, we sometimes have more volatility than typically expected at all times. However, again, in my view, nothing really concerning at all. We come to the numbers, which is page 12, and with that, the floor is with you, Beatriz.
Thank you, Jochen. Good morning, everyone, thank you for joining us today. If we go to page 12, we have a summary of our financial performance for the quarter. As you can see, no changes on the numbers that we provide as preliminary results. Group revenues increased roughly circa 10% year-on-year to EUR 2 billion. In comparable basis excluding the currency impact, revenues will have increased circa 9%. Offshore WTG with revenues have nearly doubled year-on-year, was the main source of growth at group level, as we can see on the next page. Revenue growth, as we have explained also, has also been impacted by the outcome of our periodic analysis and technical assessment of our component failure rates in our installed fleet in the amount of circa EUR 187 million.
Out of which, just for you to have the breakdown, 104 have impacted the service business, and the rest remaining mainly onshore. This impact is the result, of course, of following POC accounting. The group ended this quarter with negative EBIT of EUR 760 million, reflecting the severe impact of this technical evaluation, which impacted at group level EUR 472 million. Beyond this impact, the group performance at EBIT level continues to reflect what we already anticipated, which is higher cost base on the execution of our WTG projects. We will have more information on page 14. Below EBIT, the parameter Integration & Restructuring costs amounted to EUR 63 million in this quarter.
The cost increase reflect what we explained is the progress in the restructuring program that we have. As you know, we have already reached a pre-agreement in Spain. Financial expenses increases to roughly EUR 26 million as increase, driven mainly by higher average interest rates and of course, the gross debt levels in the quarter. In the period, our tax income reflects of a positive EUR 21 million, is driven by our operational performance and also the capitalization on a specific deferred tax assets. As we reported, our net income amounted to negative EUR 884 million in the quarter. Moving to the specific parameters on the balance sheet and key cash flow metrics.
Siemens Gamesa has invested in the period EUR 166 million in CapEx. The CapEx is roughly a split, 30%-70% between product development and manufacturing capacity and tools and equipment. Important to highlight that we continue to invest roughly 2/3 in offshore. This is in line with our strategy, of course, to invest for the future growth of this sector and us leading with our offshore capabilities. Regarding net debt of the group, it stands at EUR 1.9 billion on a working capital negative EUR 2.7 billion. If we move for more to give more color on the revenue performance of the group in page 13.
As I explained before, offshore revenue growth was the main driver of the revenue growth of the group, with an increase of 80%, with total amount of EUR 829 million. You probably recall when we explained also the results of last quarter, last year, that our activity in offshore was heavily impacted by the supply chain disruptions and also the lack of key components in our manufacturing facilities. This has significantly improved, saying that still the supply chain has not been fully normalized. Revenue growth in offshore, as I explained, also reflect significant growth, both in terms of revenues and also manufacturing activity that nearly triple this quarter from 250 megawatts to roughly 698.
The decline in onshore revenues or roughly 20% revenues, decline comes from a combination of lower manufacturing activity and installation capacity. As we explained, also geographical mix also impacted the revenues with a higher contribution from APAC, and therefore also the lower scope in the project. That explain also lower average selling price and also the negative adjustment that I already covered, that has impacted this segment. Revenues remain, you know, flat year-on-year, to amounted to a period of EUR 428 million. Also, as I said, is heavily impacted by the reduction of our revenues because the periodic technical evaluation that put it roughly reduction of EUR 104 million.
Excluding that, of course, you can see that there's still a strong, underlying performance on service, growing over 20% driven a combination of higher post-warranty growth in our warranty fleet and also the maintenance and also higher spare part sales, which is important for us for the growth process of service.
If we move to page 14, not, you know, again, you know, providing the numbers of the impact of our assessment on the installed fleet has been roughly EUR 472 million, out of which EUR 187 million comes from the revenue adjustment that I mentioned before, and the rest is impacting, also, of course, EBIT and is impacting the service division with a total amount of EUR 346 million. Beyond the impact that I explained, as we have explained in the Q3 report, the main reasons of the EBIT performance are aligned with our expectations on higher cost inflation that we have seen for the last 2 years.
The execution of the onerous projects in Onshore and also the impact, of course, of ramping up our facilities and a new capacity in Offshore. All these elements has been partially compensated by the positive impact of higher pricing, and that is of course our priority, as Jochen has explained, and also higher revenue and also productivity gains. Despite the performance on that, is impacting us on EBIT, it's worth mentioning, as Jochen has said, that Mistral is well on track, helping us on the short term, you know, to have the path to profitability of the company and also to stabilize the 5.X platforms and also dealing with, of course, challenging market conditions.
In terms of, also addressing, you know, the supply chain challenges, our priority continues to be to improve the terms of the contracts, as Jochen also covered. Also, of course, to have higher protection against inflation, and that applies to both new orders for Onshore and offshore. Later on, you know, Jochen will cover the status of Mistral program. If we move to page 15, sorry, to cover also the group leverage. Cash generation and financial discipline continues to be, of course, our priority. As we anticipated, also, cash generation in 23 will be impacted by the operational performance of the group and also the priority to continue investing for the growth of the company.
The cash impact of the outcome of our installed fleet evaluation for 2023 will be limited. We already provide our best estimate, which is mid to digit figure in this year. The cash outs of the year in the coming years will be very much dependent on, of course, the action plan and also the alignment with our clients on that plan, because we want to make sure, of course, that we guarantee the best performance for our clients. Net debt position of the quarter stood at EUR 1.9 billion. The increase is mainly driven by the operational performance with negative gross operational cash flow of roughly close to EUR 500 million, EUR 497 million, and the investment on CapEx that I mentioned before.
We continue to maintain a very strict control of our working capital, as reflected also on the balance sheet. Despite the net debt increase, of course, for us, it's important to maintain the liquidity of the company. We have EUR 4.4 billion of our credit lines. We have drawn roughly EUR 2.3 billion. We maintain on the balance sheet cash at the end of the period of EUR 1.2 billion, and therefore, total liquidity available for the group, EUR 3.3 billion. Now after covering the key financial metrics, and of course, happy to answer later on any questions you might have, please let me hand over to Jochen to cover the outlook on the industry, very positive, and also our Mistral status. Thank you.
Thanks, Beatriz. If I may take us to page 18. Our view onto the market is and continues to be very positive. We see all the signs of political will and also in the markets, the demand and what is typically communicated on is a massive increase of the wind installations. What we continue to observe as well is that, you know, there are some difficulties in translating that into, how shall I say, real positions in our order book. Short-term, there continue to be difficulties, and we'll come to that a little later. Mid to long-term, in my view, the market perspectives remain to be outstanding.
In the end of the day, those targets which are communicated, which continue to be communicated on in relation to both energy sovereignty and the climate change, those targets will lead to a substantially positive development in the market. I may take us to page 19 then. There is, of course, a couple of things we need to be looking at. Please remember that not only we have difficulties on our profit line, but also our competition has similar effects. To date, our industry, the development has been characterized by slow permitting. We continue to observe grid constraints. We continue to have regulatory uncertainties in many cases. Also the auction mechanisms still do not focus enough on the overall political target, which is behind that.
That means that in total, the OEMs have seen sizable losses. We have had reduction in employment in many cases, and we also observe that investment decisions are slowed down, or the speed of that is slowed down, or investment decisions are postponed. So far, we continue to observe that the political wills, which are expressed all over, are not really materializing. If we would want to move forwards in line with those targets, in our view, it needs to be understood that wind is a pillar in the energy system of the future, an important one, and the size of that pillar continues to be too small in relation to our overall ambition level. We need to consider our industries, when it comes to other aspects of the political discussion these days.
We need to consider our industry as of strategic importance. In other words, we need to make sure, specifically in Europe, that the know-how on innovation and the resources for scaling up the wind pillar, that those structures are in place, and so far it continues to be rather difficult. We have to make sure that the targets really turn in real opportunities, so permitting needs to be accelerated. There is, in the, for instance, European Union member states, a rather fragmented view on these situations.
Also when it comes to auctions, which are one way to, you know, define which developer is looking after which wind farm, this needs to be made clear that secondary effects like those ones related to manufacturing and employment also can be considered. We need to make sure that the supplies chains continue to be stabilized. We need to make sure that inflation compensation, specifically in times of higher inflation, is an integral part of the agreement of all levels of the supply chain. Specifically also when it comes to offtake agreements for project developers, because what we do observe is that also on our customer side, there is an increasing level of concern around the viability of the agreements which are offered in auctions.
We want to make sure that domestic innovation and technology competence are really supported. We want that to be part of the auction criteria when it comes to auctions. In the end of the day, it also needs to be stated once more that we are in global competition, and we need to make sure that actually we operate on level playing fields, because in some parts of the world, there are mechanisms, support mechanisms for some of our competitors in place, which make it very difficult to compete at equal levels, if you wish, at level playing fields. If I may turn to page 20 and summarize it rather quickly. Will you please remember our Mistral program. In all the dimensions, we are making progress in the end of the day as planned.
The 5.X platform, we are making progress, also when it comes to installation volumes and delivery times. The new contracts, I told there or I said that we are going to be slightly more picky, even slightly more selective. There is a better protection against volatility and inflation. The new operating model is running actually very smoothly since the beginning of January. And the simpler, leaner organization and the optimization of our structures, of our cost structures, also moves ahead as planned. With that, I would like to say thank you once more for your attention, and we're happy to answer question. Please go forward.
Thank you. Ladies and gentlemen, the Q&A session starts now. If you wish to ask the question, please press star five on your telephone keypad. We kindly request that you limit your questions to one per turn. Please be informed that in order to ensure audio quality, we recommend that all questions be asked from landlines. Thank you. Our first question comes from the line of Akash Gupta from JP Morgan. Please go ahead.
Good morning, Jochen and Beatriz. Thanks for your time. My question is for Jochen. You have been demanding state intervention and policy support since quite some time. Yesterday, there were some proposals by the European Commission to relax state aid rules and to accelerate enable deployment. What is your initial take on the proposals? Do you see any need to adapt your Mistral plan, particularly on the restructuring side, given you may be able to get some state support in near future? Thank you.
Sure. In my view, the discussion around the most recent days, in fact, are to be seen in connection with the overall response of from Europe towards the IRA. We feel that this is going in the right direction, but perhaps not sufficient yet. This is one. Mistral, in my view, continues to move on in the original, in its original design. Thank you.
Our next question comes from the line of Vivek Midha from Citi. Please go ahead.
Thanks very much, everyone. Good morning. I had a question for Beatriz, please. On the working capital, I noticed that there's been a step up again in the contract liabilities, even though the order intake in this quarter doesn't appear to have been too high. Is this a reflection of the order intake in Q4 delayed slightly or something else? Thank you very much.
Thank you, Vivek. Nothing extraordinary on this queue. I mean, as we know, we continue, you know, working on, of course, strict cost control and also, of course, on some working capital, you know, measures that we put in place last year. Also, of course, the adjustment that we made, you know, on the books, adjusting, you know, for the hit that we have on the EUR 472 million. A portion of that is also impacting us because a portion is short-term. As I said, you know, a small amount of the EUR 472 million for the reasons I mentioned. You also have the long-term, you know. It's impacting us as well.
Prepayments are for us, you know, standard on the bigger contracts on offshore and, it will be also a significant contributor on the cash of this year.
Thank you. Our next question comes from the line of Lucas Ferhani from Jefferies. Please go ahead.
Good morning. Thanks for taking my question. This is regarding the change in contract terms. We've discussed this before, but I wanted to know if you could provide maybe a bit more details around what share of orders are you able to really put, you know, new term indexation on. Also, how much longer do you think those negotiations will have an impact on order? 'Cause you do know that this has weighed on the order intake. Thank you.
Well, thank you very much. In the end, these negotiations are individual, and in the years also then the contracts have an individual scheme. However, we have to perhaps remember that when it comes to raw material and the discussion we had until middle of last year, we are exposed to raw material fluctuation by about one-third of the cost level. Because as you perhaps also remember, I mean, there's many things or many times where we buy raw material at some later value at stage, if you wish. We don't buy raw materials at all times. Now, the inflation takes us beyond that level of raw material protection. We need to be protected in other cases for a variety of reasons there as well.
We of course target to have as much as possible of the overall cost base protected against inflation. That leads to additional inflation protection, when it comes to, you know, securing the volumes against current, currently discussed indices. The range is going to be substantially higher. We're going up to 80% of that cost level. Thank you.
Thank you. The next question comes from the line of William Mackie from Kepler. Please go ahead.
Hello. Good morning to you all. Thanks for the time. I will ask my question relating to cash flow for next year or for the 2023/2024 period. Could you please break down. How you see the main elements of cash flow developing into 2023 to incorporate more specific comment around your central assumptions for capital investment, working capital movement, and provision utilization? Thank you.
Thank you, William. It's a very good question. We don't provide, you know, as you recall, guidance for 23, of course, your question is very much linked to performance of the company and of course, cash. What we can tell you is what we have said in the past, and we have proof to do so, that we maintain a very strict control of cash flow. Of course, we're maintaining the liquidity now fully alignment with Siemens Energy for that purpose. That we continue investing on the future of the company, of course, aligned with the profitability of the business. We will continue invested as far as we can afford that, we have proved in the past that we have been able to manage that.
Thank you. Our next question comes from the line of Sean McLoughlin from HSBC. Please go ahead.
Good morning. Let me ask one question then on the U.S. I mean, we're hearing that maybe we have to wait until the end of Q-two before we have all the details from the tax authorities around the U.S. IRA. I mean, where are negotiations on the U.S., and at what point will you be pulling the trigger on expanding capacity in the U.S.? Thank you.
Well, the timing you provide on the IRA, in my view, is perhaps even rather optimistic, so it may last longer, but that remains to be seen, and that is pure speculation. What we do observe right now is that the IRA leads to a much higher level of, if you wish, fantasies on some of our customers. Therefore, the discussions become much more future-oriented towards then also projects which are both new and also the recurring ones. In this context, we already have taken the decision that the hibernation of our two manufacturing plants in the U.S., that this decision is reversed. We are about to reopen those factories earlier than anticipated because we see a stronger demand in the U.S. Right now there is nothing around pulling the plug or something.
We see the opposite trend. Thank you.
Thank you. Our next question comes from the line of Rajesh Singla for Société Générale. Please go ahead.
Hi. Good morning, guys. Thanks for taking my question. A couple of questions, basically. One is on your performance of your WTG segment. If I look at the profit margins in that particular segment, even excluding the exceptional items, it was one of the worst quarter you had in that particular segment, despite a sharp increase in your offshore business. Can you please comment a bit more on that? Because last year you made significant amount of provisioning for onerous contracts. How does that matches with this performance? If you look at the provisions, there is no major decline in the provisioning as well. That is the first question. Second I will ask you after this one.
Question. Regarding the performance of the WTG, of course, as you said even, excluding the impact on the technical assessment that we did, it's also impacted by what we said, higher cost base that was expected. We of course, did the assessment for our plans on Q1, we will continue on that. That explain that. That's the reason we continue to protect our contracts going forward. Also the execution of the onerous contracts in onshore as well. If you see the underlying performance of Q1 is quite similar to the underlying performance on Q4 last year. Nothing really unexpected for us.
It's more continued execution of our projects with, of course, a higher cost base, that we have. In terms of operational performance, as we have explained, the installation of the 5.X and of course, the output production of also of our facilities in Onshore is well aligned with our expectations, even, you know, slightly better as well.
Thank you. Our next question comes from the line of Matthew Donner from Morningstar. Please go ahead.
Good morning. Thank you for taking my question. I just wonder whether you're seeing any improvements in the permitting process within Europe during the last few quarters. If so, could you please highlight which countries you're seeing the situation improve? Thank you.
Well, we do see a more explicit political will in improving that. You know, the concept of overriding public interest in some related questions, we believe will certainly take us forward. We had seen those effects in Middle Europe. We saw that in Germany. We see it a little bit in the northern countries. We see similar trends coming up in Southern Europe as well. There we are lagging behind a little bit. I would reckon that takes another quarter or two. We have to see that in some cases we operate permitting in federal structures.
Even if central governments then kind of paves the way towards improvements here, we still have to see that on a regional or county basis even, permitting also needs to be speeded up, and that is sometimes the difficulty which we are confronted with. Thank you.
The next question comes from the line of William Mackie from Kepler. Please go ahead.
Yes. Thank you very much for the follow-up. I'd just like to ask if you will share your expectations around volume, installation volumes for onshore or offshore in 2023. If you're not happy to talk about that as a forward-looking statement, can you please put more color on the reasons why or the areas where you found increased costs to complete your service contracts, and why we should now be confident that you have put this issue behind us? Thank you.
Thank you very much. Forgive me, forward-looking statements and guidance is what we cannot provide today. On the occurrence of the service-related issues, this indeed is a broader scope of things on installed fleet, taking us back sometimes to even prior to 2010. There was a reassessment on those things we did. It's not so easy for me to speculate on things I don't know of. What I can tell you is that it's nothing where we, where we can, you know, have highlights or lowlights, if you wish, around specific components or platforms. This is not the case. It's a broader variety of things. We will tackle those in line with our obligations.
On those things we detected, I'm confident that this is it. Again, it's very difficult for me to speculate on things I don't know.
Thank you. Our next question comes from the line of Rajesh Singla from Société Générale. Please go ahead.
Hi. Thanks for the follow-up question. This is regarding the better protection which you guys are building in your pricing and contracts. Can you please share some more insight, like are you guys now better prepared to in dealing with the similar kind of circumstances which we faced in the last couple of years for the future?
In my view, absolutely yes. We've, first of all, increased risk contingencies in our projects all over the portfolio. Then again, we put much more focus on T&Cs on resulting liabilities, and we also put much more focus on, as I said, inflation compensation effects. They may come, these inflation compensation effects may come at various levels. It can be around the material discussion, it can be around the pricing discussion with the customer, it can be a mix, and we try to apply all levers which we have at our disposal. In the end of the day, the previous discussions we had around, if you wish, a fixed price project, can only be answered positively, if certain provisions are then taken.
That may, however, have some, you know, impacts on the pricing which is then needed. In my view, the contract we want to go for going forward has to have these variable elements in it, and they have to be dimensioned adequately in order to cover for those effects. We are increasingly put that in place and increasingly successfully. In my view, going forward, this is why I'm referring to also to look at the entire value chain and perhaps also sometimes have a look at our customers. Also there, in their offtake agreements, my recommendation is that provisions for inflation compensation need to be taken right from the very beginning, otherwise it will be difficult.
We see that trend, we see that thinking, we're making progress here, but of course, it's not implemented everywhere and in all places, but this is what we're working on. Thank you.
Thank you. Our next question comes from the line of Lucas Ferhani from Jefferies. Please ask your question.
Thank you for the follow-up. I just wanted to ask about supply chain. You do highlight it for the offshore part, where you have a lack of components. Do you see a real improvement? Do you think it's going to impact, you know, the entire year or only a couple of quarters? What kind of visibility do you have on supply chain here? Thank you.
We've put rather systematic mechanisms in place in order to monitor the, how shall I say, the rise of a risk of undersupply at early stages, and we've put task forces in place to make sure that this kind of is mitigated. We use all levers here as well. Sometimes we also continue to have, how shall I say, joint procurement efforts, for instance, with Siemens Energy and sometimes even with Siemens. These things are all being used, and again, the number of critical components went down dramatically. It's not zero, though. It's not zero. Going forward, I reckon that to continue to be stabilizing, because in the end of the day, the supply, you know, needs to be there.
Otherwise, the whole supply chain will kind of fail. I do not see that. I see that, component-wise, we are making progress.
Thank you. Our last question comes from the line of Sean McLaughlin from HSBC. Please ask your question.
Thank you. Just to follow up on that, just to understand. You say in the release new orders signed have much greater protection against inflation. Can you give us an indication of how many of the Q1 orders have that? Does that now apply to every single new order 100%?
Well, at former events, I spoke about the how shall I say, much more stringent, much more strict approval process we have in place. I would be... It's difficult for me to say how many % that is in sense of order intake. In total, as I said, we continue to design our approval process in a much more selective manner, and therefore, the trend is increasing. Offhead, I find it difficult now to respond on clear numbers of volumes and stuff. Yeah. Thank you.
Thank you. Ladies and gentlemen, there are no further questions. I will now give back the floor to our speakers. Thank you.
Well, thank you very much. Thank you very much to all of you for again being here at early times of the day. As always, I find the quality of the exchange remarkably sophisticated. Thank you very much for this intensive and good dialogue. We stay in touch in many cases. Thank you very much to all of you for your attendance. Bye-bye.
Thank you.