Hello and good afternoon, and thank you for joining our conference call on our financial results of the first half of the year. I have with me today Gert-Hartwig Lescow, our CFO, and from investor relations, Thomas Fischer and Nikolaus Hammerschmidt, the successor of Peter Müller. We would like to guide you through the presentation covering our results for the first six months, which we made available on our webpage this morning. Following the presentation, we will open the floor to your questions. We already published the preliminary figures two weeks ago. In the final figures we published this morning, there are no meaningful deviations to the previews. Let's get started on page three with some business highlights. To say the development in 2022 so far were challenging or difficult would probably be an understatement, not only for Dräger, but for the entire world.
The recent events have taught us three things. First, the corona pandemic is not over, despite the vaccination successes to date, the availability of personal protection equipment, rapid tests and medication. This is evidenced by the persistently high infection figures and the new virus variants that experts are warning us about. Currently, with lower hospitalization rates, the need for additional intensive care equipment is not on the high levels we had seen at the beginning of the pandemic. The current phase of the pandemic is affecting us in a different way. Literal lockdowns have been imposed in China's major cities, and their impact on global supply chains is still being felt. Just as the lockdowns are relieved and behind us, new fears arise that once again, major Chinese cities may go into a lockdown situation again. This high level of uncertainty is poison for the global economy.
Supply chains are massively disrupted, and strong inflationary tendencies are affecting global business models. Plus, the sheer number of corona infections and subsequently quarantined personnel is a challenge to keep operations running in the industry and in particular for caregivers in healthcare systems. The second lesson is that war in Europe is unfortunately still possible today. The Russian attack on Ukraine clearly shows this. The direct economic impact of the war on Dräger is small because our Russian business is small. Our direct dependence on Russian energy and raw material is very low, and we have no manufacturing in Russia, Belarus or Ukraine. In addition, our very diversified business model helps us to cushion the impact of geopolitical risks. Our business is geographically well-balanced, with sales in Russia in a normal year amounting to only about 2% of our total revenue.
On a human level, however, we are very concerned about the war and its consequences, in particular, the hunger on a global scale. The third lesson contains a strong positive message. Our technology for life remains in demand even in troubled times. Our order intake in the first half of the year was well above the previous year's level and our expectations. This, despite the fact that demand in this period is traditionally weaker than in the second half of the year. Both divisions, Medical and Safety, contributed to the positive order development in the first half of the year. The growth drivers were our core market of Europe and in particular, the Africa, Asia and Australia region. Order intake here increased by around 20%. The positive trend from the first quarter thus continued in the second quarter.
On the flip side, our net sales declined significantly in the first half of the year, despite the strong order intake. On the one hand, this was expected due to the normalization of our corona-related business. One needs to keep in mind when comparing the year-over-year development, and last year's net sales and earnings were still very strongly supported by corona-related demand, especially due to the strong delivery performance of FFP masks and safety, but also by ventilator deliveries in medical during 2021. Meanwhile, all orders we had won during the beginning of the pandemic have been delivered, hence, they are no longer supporting our net sales. On the other hand, we were unable to realize our revenues from the high order entry as quickly as we had hoped due to the limited availability of components.
These supply chain disruptions are affecting us and to our knowledge, all of our competitors on a wide scale. The shortage in supply for electronic components remains our biggest challenge and results in lower net sales and higher purchasing costs. The availability of important components is very tight, and procurement costs have risen significantly. We are mitigating these effects with unprecedented broad price adjustments for Dräger products. We are currently implementing these price increases consistently in all markets and will thus be able to compensate for at least part of the pressure on margins. However, the successfully implemented price increases did not yet fully impact earnings in H1, but will have a more relevant positive impact on the profitability in the second half of the year. Another factor was the lockdown-related decline in net sales in China, as well as negative impacts from a stricter enforcement of biologic policies.
Overall, we had to some extent already expected somewhat weaker sales in the first half. Due to the decline in sales volume and the changed product mix in light of weaker corona-related sales, be it masks and ventilators, our earnings also fell significantly in the first half of the year. Earnings were also impacted by higher costs for material and logistics and the underutilization in production. However, we expect the supply situation to ease in the second half of the year. This will allow us to work off the existing backlog and shorten our delivery times. We are aware that this means a significant operational ramp up for the second half of the year, as we also expect the good order situation to continue. This will result in higher sales in the second half of the year.
Since the positive earnings effect from our price increases will have a proportionally greater impact in the second half of the year, we also expect improved EBIT and cash flow. We are therefore confident that we will achieve our targets for the year, and we reiterate our guidance, but continue only to expect the lower end as previously communicated with the Q1 results. No change here. Moving on to innovation. In H1, we have invested some EUR 167 million into our R&D activities and launched several new attractive products and have also upgraded several products. In our Q1 call, I had chosen some examples of new medical products from our consumables portfolio. Today, I will put the focus on software innovations that help our customers optimize internal workflows and efficiency. This is a very important topic for hospitals, which are facing growing shortages of caregiving personnel.
We have upgraded the Dräger Hospital Capacity Board, which is an analytics model helping hospital customers analyze utilization levels as well as tracking how the incidence of infections has developed historically at ward level. We also launched the second version of Dräger Alarm History Analytics, our database solution that enables in-depth analysis of alarms on acute care wards, and can thus make an important contribution to optimizing process workflows, staff planning and efficiency. For the safety portfolio, I would like to feature the new closed-circuit breathing apparatus, Dräger BG ProAir. The Dräger BG ProAir protects firefighters or mine rescue teams during long-duration operations. The breathing apparatus continuously supplies the wearer with positive pressure, even as breathing frequency increases, so that no hazardous substances from the ambient air enter the closed breathing system.
The weight of the device is evenly distributed across the body, making it comfortable and easy to wear even during extended missions. Various cooling options and reduced breathing resistance make breathing easier. Even with breathing apparatuses, digitalization is becoming common in the Dräger portfolio. The BG Pro Air can wirelessly connect to external devices, for example, to configure settings or download data. It also supports monitoring of the respirator and absorber by means of integrated data telemetry and RFID. To finalize my introduction, let me give you an update on the status of the FDA topic. In our last call, I had elaborated on the inspection at our Andover site that had taken place in April and had resulted in two findings, so-called Form 483s.
None of those findings represented repeat observations to the prior citations by the FDA and were able to demonstrate that the previous findings of the warning letter have effectively been addressed through actions implemented to date. The site inspection is a major milestone on the way to being cleared from the warning letter and supports our expectation that the warning letter might be closed in the course of 2022. It goes without saying the further process and the timing on the closing of the warning letter is at the sole discretion of the FDA. Today, I'm happy to announce that the recent site inspection here in Lübeck also has successfully been concluded at the beginning of the month, resulting in only one finding, so-called Form 483, in one of the quality subsystems we have established in regard to fulfilling the requirements of the U.S. Code of Federal Regulations.
All other inspected quality subsystems resulted in no findings. We will formally respond to the finding and outline our actions for correction and improvement and to confirm that the finding has no negative impact on safety and effectiveness of our products. In parallel, we are continuing our activities to submit new products to the U.S. FDA for regulatory review, a key milestone to launch new products into the FDA market. These planned launches are important factors also in our plan to improve our profitability in the year 2023 and beyond. We will keep you posted. With that, I turn over to Gert-Hartwig Lescow for a review of the financials before we come back to the summary and the outlook. Gert-Hartwig, please.
Thank you, Stefan. I would also like to welcome everybody to our conference call for the results of the first six months. Please turn to page four for a view on the Dräger group. As usual, I will be stating currency-adjusted figures whenever referring to growth rates. In the second quarter of this year, order entry remained on a very good level, with some EUR 822 million. Order entry in Q2 was on the level of the first quarter, mainly driven by strong order development and safety. Already in Q1, pandemic-related orders no longer play the role, and demand for corona-related products, such as ventilators and FFP masks, were also significantly lower in the second quarter when compared to the previous year. However, this was more than offset by higher order intake for other products like gas detection, safety and anesthesia devices in medical.
Versus 2019, a year not affected by the pandemic, order entry is up by more than 20%. This is a good indication that despite the very challenging macroeconomic environment, the business remains intact. From a regional perspective, the biggest growth driver for order intake will be Africa, Asia and Australia region, with an increase of 11%. Demand also increased noticeably in Europe. The Americas region recorded a slight decline. Both divisions, medical and safety, contributed to the positive order development in group level, but with a much stronger contribution from the safety division. Our net sales remained on a subdued level and clearly lagged behind the development of orders in the second quarter as well. Net sales in Q2 could decrease by roughly 25%.
Stefan Dräger had already pointed out the main reason for this, the difficult supply chain situation, especially the limited availability of electronic components, as well as the longer than expected lockdown in China, which has massively disrupted global supply chains. The decline in net sales affected all three regions in both segments. That said, the decline in medical was significantly steeper than in safety. When looking at the year-on-year development, one needs to take the demanding base effect into consideration, as Q2 2021 was still supported by strong corona related deliveries. In the second quarter, gross profit of some EUR 252 million was down significantly year on year. The gross margin also fell significantly compared to the prior year quarter by nearly eight percentage points.
The decline is mainly due to lower net sales volume compared to the pandemic-driven good volume from the previous year. Furthermore, the product mix, as well as higher purchasing costs for electronic components, weighed on the gross margin. Both Medical and Safety were affected by the decline. The changed product mix is mainly due to lower net sales shares of ventilators and lower mask sales. Both categories provided well above average gross margins during the Corona pandemic. Higher functional expenses also weighed on our earnings development. An increase in investments in R&D and the expansion of our sales organization, as well as higher freight costs, resulted in year-on-year increase of around 4%. As a result, in net sales volume and gross profit margin, as well as higher functional costs, our Q3 EBIT was significantly below the level one year ago.
For the six months period, our net sales decreased by 22% at constant exchange rates compared to the record level of the previous year. The reasons for the lower gross profit margin are the same as for the single quarter. Lower volume, unfavorable product mix due to the fading corona related sales, and higher production and logistic costs. Functional expenses for the first six months are up by some 6%, resulting in a substantially lower six-month EBIT of -EUR 112 million. Due to the decline in earnings, the Dräger Value Added, the DVA, is also substantially below the prior year's level. The impact of FX on the result is of minor relevance. The U.S. dollar in particular continued to soar against the euro. By contrast, the relevant currencies of Central and South America weakened against the euro.
Overall, we're still in a slightly more favorable exchange rate environment than in the same period of the previous year. If currencies remain on today's level, this would result in a negligible full year impact on net sales and EBIT. Let us now look at the development of the medical division on page five. In the second quarter, the medical division remained on a growth trajectory, but order entry growth came down from the very good growth levels of the first quarter. In triple A as well as in Europe, order intake was slightly above the level of the prior year period, whereas in the Americas region, demand remained stable. Compared to the pre-pandemic second quarter of 2019, order entry in the quarter is still nearly 15% higher on the reported terms.
As for the group, also in the medical division, the transition from order entry into net sales is lagging. It is the biggest concern for the current business development. Net sales in Q2 were 28% below the level one year ago. All three regions contributed to this development to a roughly equal extent. In the second quarter, gross profit, as well as the gross profit margin, decreased. The gross profit margin decreased by 6.5 percentage points. Here, too, the significantly lower profitability from product mix had a negative impact. Lower expenses from quality measures were offset by increased expenses for purchased materials. Q2 EBIT was just below -EUR 50 million, corresponding to an EBIT margin of -12.8%. For the six-month period, order intake in the medical division increased by some 6%, thus exceeding our expectations.
Growth was driven in particular by products in the areas of Workplace Infrastructure, anesthesia, thermoregulation, and hospital accessories. As expected, orders for ventilators declined significantly as the corona-related business returned to normal and is now on the pre-pandemic levels again. Against the challenging prior year base, net sales were down by roughly 27%. All regions and most of our product areas are affected. As a result of the lower net sales volume, gross profit contribution declined. In addition, the gross profit margin declined as a result of the unfavorable product mix again, comparing to a prior year product mix supported by pandemic-driven sales of high margin products. Also higher purchasing price and production costs contributed to the lower margin.
With functional costs up by roughly 6%, mainly caused by expenses in R&D and logistics, EBIT declined to a disappointing level of -EUR 80 million. The lower EBIT is the driver for the lower DVA of -EUR 93 million at the end of the period. Let's now look at the development of the safety division on page six, starting with the development in the second quarter. As you've just noted, for the medical division, also in the safety division, order entry is above the prior year's level. In safety, the order entry in the second quarter was particularly strong, with orders increasing by some 18%. Continuously good demand across the Dräger portfolio drove this good development. With the exception of impairment checks, all product categories grew double-digit. Regional-wise, AAA and Europe are growing, while the region Americas is below the prior year's level.
Due to the limited availability of parts, we are not able to translate the good order entry into net sales. Net sales in the second quarter declined by roughly 19%. All regions reported lower net sales. In parallel with the substantially lower sales volume, the gross profit margin was also around 10 percentage points lower. Together, these two developments resulted in a significant 34% decline in gross profit in Q2. The decline in gross profit is mainly due to the product mix, as one year ago, the revenue share of high margin mask sales was significantly higher. In addition, higher procurement costs for electronic components weighed on the margin for the safety division. In total, Q2 EBIT amounted to -EUR 26 million only.
Looking at the six-month period, strong development in order entry with an increase of roughly 14%, but lagging net sales development with a decrease of 14%. The gross profit margin decreased by close to eight percentage points for the same reasons just mentioned for the Q2 margin. Higher functional expenses of roughly 7% for higher sales activities as well as higher logistic costs contributed to the decline in EBIT. EBIT of the first half of the year was -EUR 31 million, corresponding to an EBIT margin of -6%. Due to the lower earnings, DVA declined to just below -EUR 57 million. Let's move on to some key ratios on page seven. After very strong cash generation last year due to the corona-related high earnings, the much lower earnings development this year has resulted in a substantially lower cash generation so far.
In the first six months of 2022, Dräger generated a cash outflow from operating activities of nearly EUR 215 million. Next to the weaker earnings development as the main reason, also a buildup of inventories, which increased by some EUR 46 million, as well as the lower cash inflow from the reduction of trade receivables, which decreased by some EUR 44 million, also contributed to the higher cash outflow. Investing activities generated a cash inflow of nearly EUR 40 million in the first six months. This inflow resulted, among other things, from the divestment of money market funds for liquidity management purposes in the net amount of nearly EUR 90 million. In the prior year period, we had a very similar situation with cash inflows from investing to be of roughly comparable amount due to the disposal of money market funds.
A total of around EUR 43 million was spent for investments in intangible assets and property, plant, and equipment. While free cash flow is negative after six months due to the operating outflow, we expect a strong recovery in cash flow development due to the expected strong recovery in net sales and earnings development in the second half of the year. In light of the liquidity development over the past 12 months, net financial debt increased to around EUR 257 million at the end of June this year. As already mentioned, with the expected improvement in cash generation, net financial debt and the ratio of net financial debt to EBITDA will improve again in the second half of the year. Net working capital increased by around 15% to roughly EUR 728 million at the end of March.
In consideration of the high order entry and lagging net sales development, inventories of products and installation of half-finished goods have increased. Here as well, we expect an improvement in the second half of the year when deliveries pick up again. The equity ratio has strongly improved to just below 45%. The increase is mainly due to the adjustment of the calculation parameters for pension provisions. The increase in the discount rate from 1.2- 3.4 in Germany reduced pension provisions with a strong positive effect on the equity ratio. That's it for my side. Back to you, Stefan.
Thank you, Gert-Hartwig. Let's move on to our outlook. If you leave aside the very promising order development, the business development during the first half of the year in terms of sales development and earnings were disappointing. Nevertheless, we confirm our guidance. In comparison to the very high levels of 2021, Dräger still anticipates net sales on a currency adjusted basis of between -5% and -9% below the previous year in the current fiscal year. To that, Dräger continues to forecast an EBIT margin of between 1% and 4%. While we have said that the lower end of the net sales and earnings is more likely, that still leaves us with a necessary strong recovery in the coming two quarters. How can that work? After several months with much stronger order development than the net sales development, our order backlog is very high.
Our current challenge is that we are not able to translate all orders into net sales due to the very highly limited availability of the necessary parts. Meanwhile, we have good indications that the supply chain is improving, and we expect this improvement to continue during the remainder of the year. This will allow us to realize our net sales more quickly and significantly improve operating cash flow again. In addition, we will see more positive earnings effects from our price increases in the upcoming months. The continuous further improvement of the supply situation makes us confident of achieving our targets for the year. With this, I would like to end the presentation and hand over to the operator to open the line for your questions, please.
The first question is from Oliver Reinberg, Kepler Cheuvreux. Your line is now open.
Oh, yeah, thanks so much. A quick question for me. Firstly, can you just talk to what kind of visibility you have on the supply chain and improvements? The second question, it's probably early days, but can you just share any kind of thoughts that you have for the puts and takes moving into 2023? I guess there's support from pricing taking more effect also next year. You refer to a kind of such a positive order situation. On the other side, we have some kind of labor inflation and general inflation headwinds. Can you just talk to how confident are you for a recovery of margins into 2023, please? The last question, can you just remind us what is your exposure to cyclical industries within safety?
Have you seen any kind of cooling effect there, or is that not the case at this stage? Thanks so much.
Stefan Dräger speaking. Thank you, Mr. Reinberg, for your questions. On the third question, just for clarification, what industries, chemical industry are-
He meant cyclical, referring to.
What industries did you refer to?
Yeah, cyclical industries.
Perhaps I just take it. So, as you are aware, in both, of course, and on the medical side, there's, if you will, no such exposure. On the safety side, we have an exposure to a wide area of industries, including public customers like fire departments. Each individual, like the chemical industry or the steel industry, if I qualify them as cyclical, has only a very limited share. The total share of those cyclical industries in the safety is below 50%. In addition, the amplitude of the effect that we typically see is not very pronounced. We do have an exposure like the chemical industry.
From experience, we, I would say, it's probably more late cycle. We would not be the first company to be hit, if a negative development occurs. We would also not be the first to benefit, if an uptick occurs. Overall, some of this effect not very pronounced, from those effect. Please bear in mind that perhaps this, if you call it downturn, may be different. You also added the question, do we see a decline already? Not at this point. In fact, we do see a very strong order entry for our portfolio on the safety side. From our order entry position, one would not conclude any negative impact when it comes to demand from our customers.
Yes, to build on that, what Gert-Hartwig Lescow said, Stefan Dräger speaking. We have this great diversity of markets, industries, in business segments, geographies, and included in our safety portfolio is some defense-related portfolio. Please keep all that in mind. That's probably anti-cyclical at the moment. The overall effect is, say, quite manageable, so to your third question. All three, Mr. Reinberg, I think are very valuable questions and, in particular, I like the first one, I think is key. What kind of visibility do we have on the supply chain, or what makes us confident that it will get better the second half of the year?
I'm not confident that the world will get better or easier. My confidence is related to Dräger. As we have seen, the supply chain getting difficult already during the course of last year. It's not overnight towards the February twenty-fourth, but long-term before it has become difficult. We have already for almost a year worked very hard with our procurement to secure parts, components that we need for our production, and already spent most of the brokerage cost that is included in the year to date expenses to secure the parts and components. We now have a high degree of confidence secured for the second half of the year the components that we need for our production.
Plus, in anesthesia, for example, I will share this in more detail. We have originally geared for a number of devices for anesthesia devices that we now have parts for 30% more than that we had originally planned for this year. That's justified by our order intake. Last but not least, we have geared our production to run in two shifts starting after the summer break, so we will double the weekly output by the end of the summer.
With this, that makes us confident that we can manage the steep increase from the first half to the second half of the year by sales and output and the sheer number of devices that we have, the component supply and the labor force, the production capacity already to go. Which we have proven two years ago when we quadrupled the weekly output of devices over a relatively short period of time. We are confident that it will work for this year to get the improvement for Dräger for the output for the second half of the year. Looking further ahead in your second question into 2023, there is of course a great degree of uncertainty. I'd put it this way.
With the inflation, the euro numbers are all on the move. It is not a bad idea to fall back to the count of the units. For our planning, the unit count that we plan to sell and to produce, that does not change with the inflation. It is a matter of discipline and passion to enforce the price increases and adapt all lines of the P&L. With the coming forward of the approvals by the FDA for some of the devices that are still waiting for it, I'm confident that we can have a recovery in the year 2023.
With an improved profitability, probably not yet, of course, to the degree we all wish where it should be, but turning around from the current decline to an improvement into next year, 2023. The details we will communicate in due time.
Thanks so much for the comprehensive answers.
The next question is from Christina Rzepka, Redburn Research. Your line is now open.
Hello, everyone. I have a question on your cash flow situation. Can you give us a little bit more detail on the expectations you have for the second half, sorry, of 2022? Considering that the planned refund of the participation certificate is planned for January 2023.
Thanks.
Yeah. I know they're very deadly. The key components are really twofold for the cash development, and I'll get back to that since it I believe helps to draw a picture for the second half. The key driver is the lower profitability. Added to that is an element for inventories in particular, also for receivables, due to the fact that we have a higher share of, if you will, work on the tier wheel than we would normally have. With the recovery in the second half, with a strong ramp up in profitability, will come also a corresponding higher cash flow, and that will reverse the negative cash flow in the first six months to a large degree.
That will be supported also by a better inventory development due to the fact that we will ship more in the second half of the year. In combination, we are well-geared to for the down payment of roughly EUR 209 million for the participation certificates in January 2023. Have in any case sufficient credit facility. But based on our outlook, we will not need that in full for that down payment.
Okay, thanks very much.
I think there is a question coming.
Yes, it is from Mr. Reinberg. It is a follow-up. Please go ahead. Your line is now open.
Yeah. Thanks so much for taking my follow-up. Can you just talk to the potential you see in the U.S. market? I mean, so far the portfolio is waiting for a refresh from both anesthesia and the ventilation side. Any kind of more color when you expect this kind of product refresh to materialize and also what kind of upside potential you see for the profitability in the U.S.? Thank you.
Starting off, firstly, as Mr. Dräger said, we have now submitted all of the products with the FDA, and the same applies, as was said, for the warning letter. It's in the discretion of the FDA to grant approval. We expect the approval in the first half, possibly early 2023, and that will bring us in the position to also offer in the US our latest product in anesthesia and in ventilation, and that will support the growth. We do not share the individual volumes for those segments, but it is one of the components that will support our expected growth trajectory.
You will recall that the U.S. market and those products in particular are in the intersection of a high relative profitability. So it will also support our volume. Of course.
The bottom line.
It will support the bottom line. Of course, we are talking about in excess of a double-digit million figure.
Super. Thank you very much.
We have another question coming in. It is from Thomas Fischer, Equity. Your line is now open.
Thank you for taking my question. A question on your customer group, the hospitals. In the light of the shortage of labor and the coronavirus hurdles these customers are facing, what makes you so optimistic, so to speak, if it comes to the future demand of this customer group? Thank you.
Oh, that's a very good question, Mr. Fischer . Thank you for that, because our strategy, it goes for networked products and interoperability of devices towards a system that supports assisted therapy and eventually hospital automation. This strategy has been proven exactly right during the corona pandemic. We couldn't have wished a better proof point that what you mentioned, the shortage in caregivers, both doctors and nurses, during the corona times, has shown that this is much needed. Plus, the need for remote, not only monitoring, but for control, which requires a different technology to have control via the FDA-approved data connection, is not trivial.
We paved the way for this with our IEEE 11073 SDC service-oriented device connectivity standard that is now adopted by more suppliers, so that's not a Dräger standard. We are quite active in the global standard-setting community, including the DIN, the IEEE, and the other consortia, and working with the European Commission in making that effective. That will allow the data to stay away from infected patients, and to take some actions remotely from outside the room via the FDA-approved system.
That is why we see that the effects of the pandemic strongly support our strategy and we are looking forward to a very good, say, unfolding of the potential of what we have started many years ago to be seen in the future.
Thank you. This sounds good, but who will do the funding for this intensive investment for the hospital? Will there be extra funding sources from the EU or from the local government?
Yeah, the same sources that do the funding today. However, the idea is that EU funding or EU-wide tenders should request a certain minimum connectivity or standards. We are working on this. That would give Europe an advantage versus other bigger blocks like the U.S. or China, where this is already happening. The standardization plays an important role in the economic power of the respective block. I think we can cope with this in Europe quite well to make this a requirement. Plus the private organizations, they can clearly see and calculate the benefit.
As they will probably not buy the latest and greatest ventilator with the most bells and whistles on it, they fully understand the benefit of a connected and interoperable system that it has for the benefit of their patients, for the shortening of the duration of the stay. Plus, too, everything is documented for quality control and improvement. Last but not least, everything gets billed to the ones who pay, because it's well documented what has been done to the patient.
Thank you for the comprehensive answer. Thank you.
We have no further questions in the line.
Okay. This time, we close the call and thank everyone for being with us this afternoon and look forward to meet you again and hopefully sometime in person. Stay in touch for the further communication. Please feel free to contact us any time. For now, I wish you a pleasant afternoon and a good summer. Thank you and goodbye.