...Thank you very much, Franci, for the introduction. Good morning to all of you, and thanks for sharing the time with us here. Daniel and myself, we are pleased to present our half year as well as our Q2 financials to you, and also give you, I think, a good insight and a good update on where we are on an operational level here in order to,
let's say, fulfill our targets here also for twenty twenty-four. Looking into some of the highlights here as a first point, then really going into the details here of the business side, of the financials, and then finally, as usual, open up the questions here, open up the floor for questions and comments from your side.
I think to make it brief on the highlight side, we see improved and increased KPIs on all our financial ratios here for the first half year. Sales, EBITDA, I think a next step on implementing our growth strategy here, we are, so to speak, really pleased also with the cash flow performance in the first six months. And I think content-wise,
we have taken the next steps here in international expansion, as well as build up of our capacity numbers, ramping up MEA production in the U.K. We will get to this in a minute, but also opening up our presence in the U.S., as well as all the capacity implementation in Germany, Romania, as well as India.
Looking at all of this, I think, we do not neglect, and we do not oversee the fact that we have a slower growth in Q2. We have to say, as expected, but also as communicated, still with, let's say, the limitation we were facing here in Q2 by having capacity limitation based on,
the ramp up of our membrane production, we feel this has been the right step in insourcing our MEA capabilities for us. It's not just, a question of getting the numbers up, but also a question of, having a competitive advantage over time with higher level of technology and, let's say, a stronger supply chain. Where are we in this respect?
I've been out there in Swindon a couple of times in the last couple of weeks, and we can say as of today, we are running a two-shift production here. It's August twentieth, and we feel ourselves well on track to catch up on capacity as well as output now within Q3 and Q4, which means the project is on schedule and capacity-wise on target.
So this limitation is being eliminated. Now, going back to, I'd say, where the business is, I think the real good news is we see a continuously growing demand here for our Clean Energy,, but also for our clean power projects. We are seeing this with consistent repeat orders coming in, mentioning, let's say, Singapore, the UK, large customers out of Europe as well as Asia, continue to stick to our products.
On the clean power side, yeah, we noted, let's say, the largest contract here we ever signed as a company with our long-term customer out of the analytical segment here, also in the first half of the year. At the same time, we also see new customers. To mention one project here, we secured a significant hydrogen project here with Connect Com from Luxembourg as well as others. Overall, what we see is, we see a dynamic demand for, I think, sustainable and reliable energy and power management solutions, and therefore, looking at the backlog, we see this as a reflection also in numbers.
We see the order intake increasing to EUR 79 million in the first half year, from EUR 68.8 up, which means we stand at the end of the half year here with EUR 89 million compared to EUR 81 million by year end 2023. So we have a more than 10% increase also in backlog here. I think some of the projects in the pipeline right now, we could have pulled in even before end of the last quarter, before end of the half year. Looking at our capacity situation, as well as expected rebates for exercises like this. We opted not to do this, and we see our pipeline properly stable and filled.
If we now look into the regional part of the development, we see Asia up significantly, driven here by the performance in India as well as in Singapore. We also see the U.S. in the first six months below last year's numbers and also, I'd say quarter on quarter, we see a decrease here in terms of relative performance. In absolute numbers, we are almost at last year's figures.
I think there are two elements to it. First of all, again, we face the limitation in terms of shipments here of units, but at the same time, our biggest customer there, well, is in a growth phase like we are. They were shifting to a new production facility, and with this, also a slowdown of output here was noted.
At the same time, we are diversifying our customer base there and see, let's say, the pipeline properly filled and expect some significant projects also to be closed in autumn time. If we now look at the segments performance, at looking at Clean Energy,, industrial applications, which are about two-thirds of the segment, account also for the greatest contribution here to sales.
We see a double-digit growth here, again, year on year on the industrial side. Defense and public security application, biggest jump up, also a significant impact, therefore, on the mix, with about, well, more than doubled, 137% growth here. Significant contribution here by the business in India on the front end of the year.
Overall, the sales in clean energies increasing by 31.8% to about 50.8 million EUR and reflecting 71% of the overall revenue. Clean power still growing here by 8.3% and as said with a strong backlog not just by let's say one significant order signed here earlier in the year but a broad range of customers with 8.3% within let's say this 10%-12% corridor slightly lower in the first quarter but to be let's say or expected to be within the expectation also going into the year.
If we look again into, let's say, the mix, I mentioned this already, we have two elements driving the mix and therefore also driving, let's say, the gross margin development, a strong increase on defense and public security, as well as the industrial fuel cell business. With this, I would like to hand over to Daniel to lead you through the earnings and the overall financials.
Thank you, Peter. Good morning, everybody, and thank you for joining the half-year financial call. Let me go into the earnings figures and the key KPIs. I think to start mentioning that in spite of some of the challenges that Peter just addressed, the growth momentum in the first half-year of 2024 not only remains strong with regards to the revenues,
but also our earnings and margin reflect the strong operating performance as well as the group-wide cost discipline that we showed. That's really then reflected in what we consider to be, you know, strong H1 KPIs across the board. Peter already mentioned the increase of the revenues by 24.2%.
We also expanded our adjusted EBITDA margin to 17.7%, which is a 4.8 percentage point expansion compared to H1 2024. At the same time also we expanded our adjusted EBITDA margin to 13.5%, which is a 5.9 percentage point expansion.
Order backlog being really strong with 89 million EUR. Looking at the gross profit from first half year 2024 and what has been driving the gross profit, I think we had, and you saw that also in the first quarter, an extraordinarily good start into the year. We had a very favorable volume development and product mix, which made a positive contribution to the gross margin development in the first half year.
Consequently, we have made continuous progress on our gross margin expansion and at the same time continued to follow our gross path. Gross profit reached EUR 29.5 million and exceeded last year's first half-year profit significantly, or by EUR 7.7 million, respectively 35%. With the gross profit growth outpacing our revenue growth, this obviously also then translates into a gross margin of 41.7%, and that's significantly above the level of the previous half year's gross margin,
which amounted to 38.3%, and still notably above what we've seen for the entire last year, where the annual gross margin was 39.6%. I think we've been able to really, in the last quarters, keep an excellent balance between price stability and volume growth.
The increase of the gross margin is a little bit repeating what we also already said in the first quarter. It is really higher revenues, which lead to relatively lower production overhead per unit. Also, the consequent pricing strategy in both segments that we have pursuing in the last quarters. The very favorable product mix that we had in both segments, and to some extent, also the normalized cost of raw materials and no impairment on inventory. Obviously, we had a bit higher cost for the membrane in the first half year, given the manual production or two-part manual production that we had to do here in Brunnthal.
If we look at the segments, in both segments, we see that the gross margin has improved with obviously a much higher expansion in the segment, Clean Energy,. For the first quarter, the gross margin in the segment, Clean Energy,, improved by 3.3 percentage point, basically really driven by the growth of the segment, and also, Peter mentioned that earlier,
we had a very favorable product mix in terms of project business that was attractive, but also industrial applications that were attractive and contributed to that margin expansion. In Clean Power Management, we had a slight, well, or a marginal gross margin expansion.
Mostly that was driven by product mix that we saw there and lower unit costs from the overhead. Our mid long-term gross margin targets, we mentioned it before, Clean Energy, well above 44%. We are there, so I think we'll still be working on further expanding that margin. When it comes to Clean Power Management, we're looking north of 32%, so we still have some headroom and improvement that we will work on the margin in that segment.
Looking at the EBIT and the EBITDA, the group reported EBITDA as always includes some non-recurring expenses and incomes. These are consistent with the previous quarters, provisions for the LTI equity-based programs on the one hand, and translation transaction-related expenses on the other side.
We adjust these, or we adjust the EBITDA for these costs. The reported EBITDA in the first half year was negatively impacted by those non-recurring expenses in total of EUR 1.3 million, so much higher from what we've seen in the first half year, 2023. It was also impacted positively by an income of the reversal of the provision of the stock programs. The income was 638, and then also it was negatively impacted by translation transaction-related expenses, which amounted to EUR 240,000. Adding up those numbers, we'll get to the total of EUR 1.3 million in negative impact. That leads us to the adjusted EBITDA.
The adjusted EBITDA amounted to EUR 12.5 million, which is, you know, EUR 5.2 million or 71%, well above the level of H1 2023. We are particularly happy with our adjusted EBITDA margin in the first year and the expansion that we've seen.
The margin EBITDA adjusted margin came up to 17.7%, which is an increase of four point eight percentage points, I mentioned it before, in comparison to the first half year of 2023, and which is really within our EBITDA margin target range. The excellent overall figure is attributable to the significant gross margin gains in combination with a good operating leverage, which we've shown in the first half year. So what are the key drivers behind the absolute EBITDA increase?
I will repeat myself. It's obviously the gross margin and the gross margin expansion, which is a combination of the fixed cost, I mentioned it, and production overhead cost degression in combination with product mix and stable input prices. So the gross margin expenses of a solid... Sorry, the gross margin expansion of a solid 3.3 percentage point has a relative contribution to the adjusted EBITDA increase of 2.4 million EUR. Looking at the operational leverage... and you know that we are really committed to delivering profitable growth and staying disciplined on our cost.
Even though all functional costs increased absolutely, with personnel expenses being the key drivers for all of them, the functional costs have grown less than proportionally with respect to sales, which then results in what capital markets call operational leverage. The adjusted sales and marketing expenses, accounting for almost 40% of functional costs,
and therefore, are still the largest expense position, increased significantly slower than sales. It came to 11.6% of revenues, compared to 13.8% of revenues, in the first half year of 2023. That's a notable 1.8 percentage points relatively less, compared to the first half of last year.
And if we compare then the H1 2024 adjusted EBITDA with the H1 2023 adjusted EBITDA, and the relative contribution of the sales and marketing expenses and the operation, then the relative contribution of relative lower sales and marketing expenses was 1.2 million EUR. Adjusted R&D expenses,
hardly surprising, given sort of the short-term and mid-term fixed cost character of R&D expenses, increased marginally slower than sales, resulting in 4.7% of revenues versus 4.9% of revenues in the first half year 2023, i.e., 0.2 percentage points lower. And that would then lead or that leads to a relative contribution to increased EBITDA of 183,000 EUR.
Last but not least, in relation to revenues, although adjusted G&A expenses grew slightly slower, resulting in a G&A expense to sales ratio of 11.7%, compared to 12.3% in the first half year of 2023. And then also a relative contribution to the increased adjusted EBITDA of 434,000 EUR. Depreciation and amortization are pretty much on the level of the first half year in 2023.
Almost 40% of the depreciation is IFRS 16 related, i.e., 1.2 million EUR, and notably higher than what we've seen in the first half year of 2023, which has to do that we have additional sites and buildings that we leased, Swindon, UK, as well as Romania.
Then, the second largest position in the depreciation amortization is the depreciation of capitalized R&D, which accounted for EUR 1 million. A little bit lower than last year, but remember last year we had an extraordinary depreciation in the capitalized R&D depreciation. That brings us then to the group adjusted EBIT, which was EUR 9.5 million compared to EUR 4.3 million in the previous year. The effects basically are the same as described in the adjusted EBITDA.
Quickly looking at sales and marketing expenses and the development. I already mentioned the operational leverage and the relative slower growth of sales and marketing expense. Let me give you some insights on the development.
As we outlined in various conference and calls, you know, our priority is to expand our international presence and our business development with a strong emphasis on Asia and the US and the USA. So what you see in the first half year, 2023, is that the head count in sales and marketing has increased compared to the previous year by 10 persons, and is a key driver in that cost.
The second largest position in this cost is really exhibition and travel expenses, which increased year on year by 7%. R&D expenses, give you quick color on the concept of R&D spend, as we do it always in the quarter. So we're looking at the entire amount that we invested in R&D.
This is made up of the R&D expenses that we have in the P&L. It is the R&D expense that we capitalize and is the subsidies received and put into R&D. The total adjusted R&D spend came up to 5.2 million EUR in the first half year 2024, comparing to 4.5 million EUR in the first half year 2023. The key driver also there is really personnel expenses, but also material expenses in R&D.
Some of the materials being used are rather expensive. G&A expenses, I mentioned that also, it increased by 18%, and that's significant. It is mostly personnel, highly qualified people and experienced specialists we get on board. We really build up our CSRD, ESG and risk management practice.
We build up IT and HR capabilities. We built up finance capabilities, in the last six months. That also leads to increased cost. Second position in there is really travel expenses. We are internationalizing. Peter already mentioned our activities in Swindon, our activities in the U.S., as which also led to some higher travel expenses.
Still, in relation to sales, G&A expenses, adjusted G&A expenses grew slower and are in the range of our midterm targets. CapEx total gross CapEx was EUR 4.8 million, excluding the right of use and IFRS 16 accounting. The CapEx split, you may have seen that, that's a bit unusual for us, is towards PP&E, and so a higher portion of tangible assets.
Normally, you see that our CapEx in intangible asset, which is mainly driven by capitalized R&D, is higher than tangible asset. That is a different thing in the first half of the quarter, mainly driven by the investments in the sites and the build-up of the sites and the equipment in Swindon for MEA production, as well as in the production capacity expansion in Romania.
So that is really driving that CapEx number. You will not see that repeatedly in the next couple of quarters. Investment in tangible CapEx was mainly capitalized R&D. That has not changed. Looking at our cash position, very nice. We increased our freely available cash to almost 70 million EUR, coming from 60 million EUR at the beginning of the year.
We are still investing, and you will see that we will be investing cash in the second half of the year on growth. If you look at the equity, it increased by EUR 7.8 million. The equity ratio remained on year's end level, mainly driven by the net profit of EUR 6.4 million from the first half year. Now, last but not least, the wonderful cash flow. The operating cash flow was 70% up and over what we have seen in the first half year of 2023, so it amounted to EUR 12.6 million, really driven by the strong operating performance. On working capital, we are pleased to report a significant improvement in the first half year.
Our net working capital decreased by EUR 4.5 million. Remember, in the first half year of 2023, we saw a significant increase of EUR 8 million. That brings us to a working capital ratio to last twelve months net sales of 20%. That compares to a net working capital ratio to sales of 32% for the first half year of 2023, and 25% for the full year 2023. So we are fully on track to get an effective level of working capital. However, what you also see, and don't forget it, is really the impact on our inventory and to some extent, you know, the shortage of certain components, and we ship basically everything that we could ship.
So that then also explains to some extent the decrease in our inventory, cash impacting by EUR 1.6 million. Remember, in 2023, we saw an increase by EUR 2.2 million. We will expect that the inventory will increase in the second half of this year again, as we start building up buffers on products as well as raw material. Twelve months trailing days of inventory, 110 days, versus 128 days at the end of the year. The accounts receivables are more or less on year-end level. And the twelve months trailing days of sales outstanding are 80s compared to 88 days at the year-end. So you see a little improvement there.
Other short-term receivables changed, increased, and cash impacting by EUR 834,000. And what you also see, and that's notable, is that the accounts payable increased, cash impacting by EUR 3.6 million. So that really gives you an indication of our order patterns for raw material.
Still, relatively, they decreased the Days Payables Outstanding came up to. Sorry, increased to 78 days versus 66 days at the end of this year. After tax payment, this result in a positive cash flow from operating activity of EUR 60 million. The cash flow from investment activity, CapEx, was a negative EUR 5.1 million, already planned and laid out where we invested the money.
Then we have the cash flow from financing activity, which was negative EUR 1.4 million. This is mostly repayment of leasing liabilities. With that, I give it back to Peter.
... Well, thank you very much, Daniel. One element also important, especially now for the growth performance, is also if you look at the number of people we had by end of Q2. We are looking at 421 permanent employees, up from 400 by end of the year. If we look at the hiring, new hires. We are looking still at about 50 open positions here.
Attracting new talent, as well as naturally, retention, remains a core focus here. Particularly positive here, if we look at our U.K. facility, 90% of the team members are long-term experts who joined us here from their previous employer, our long-term partner, Johnson Matthey. So a significant buildup also of know-how and expertise here in this technology-related part of the business.
To put it in short, yeah, hiring and retention still is a core task here for all of us throughout the full value chain, and is also decisive for the implementation here of the further growth. Now, remains to look at the summary and the outlook.
First, yeah, we expect, and, we will continue on our path of profitable growth here, which we feel is also looking at previous publications here out of the industry, a major differentiation in the peer group and in the industry. Yeah, we are facing challenges as everybody else here, some macroeconomic. We see also the geopolitical situation with impacts here on demand, but also partially on supply chain topics.
We also see the hydrogen adoption and the hydrogen business developing slower here than expected, which is, I'd say, a theme that is not just limited here or specific for SFC. Despite all of this, I think we are overcompensating these factors.
If we look at the quarters, yeah, we consider Q2 our weakest quarter this year, but we also have to put this a little bit into perspective. With EUR 30.8 million revenue, we almost are even to EUR 31.1 of last year's Q3, which was our strongest quarter last year. So what do we expect? We expect Q3 and Q4 to show significant increase of shipments, while Q3 not at Q1 levels, but let's say a significant improvement.
And then Q4, well, finally, this will depend on the order timing here for the remaining part of the year, as well as our capacity situation. This leads us then to the guidance. We confirm our existing guidance on the revenue side, sales revenue between EUR 141.7 to EUR 153.5. As said, where do we end within this corridor? Depending on those two elements just mentioned before. With this, also coming to, again, a confirmation on the range of EBITDA between 17.5 to 22.4, as well as EBIT between 9.8 to 14.1.
We assume here that we see growth as we have shown it also in Q1, in both segments, that our MEA production is not only up and running as we have it right now in a two-shift production, but also yields the right quality of product, and we keep also our operating cost here within the planned corridor, so overall, you see us confident here for the remaining part of the year, and with this, we are now looking forward to your questions and comments. Thank you so far.
Ladies and gentlemen, we will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one. If you wish to remove yourself from the question queue, you may press star and two. For questions, please press star and one at this time. One moment for the first question, please. Our first question today comes from Carsten von Blumenthal. Your question, please.
Good morning, Peter. Good morning, Daniel. This is Carsten. My first question is regarding your ramp-up of the MEA production. You said you have already achieved a two-shift production, and you see a catch-up in Q3 and Q4. Could you tell us when do you want to achieve 100% production? When in Q4, is it early Q4, late Q4? And will Q3 be better than Q2 in terms of shipments and production of MEA?
... Well, good morning, Carsten. This is Peter. Yeah, this has been the single factor here for us being, or seeing Q2 as the weakest quarter this year. And with this said, yes, Q3 as well as Q4 is expected to be, I'd say significantly higher, not only in shipments, but also with this then in revenue. And if we look at the ramp up, as said, we are already in a two shift production. And with August, we have now reached, let's say, a capacity that is up to almost 100%. So end of August, we expect to be up at 100%, and so with September, October, November timeframe, we have significant capacity to catch up.
It means we are, at this point in time, at a double capacity than what we got from our previous supplier here on a yearly basis last year. So it is a 100% add up in capacity that we have now already within Q3 compared to what we got last year as an input. So, we are on track, timing-wise as well as capacity-wise. Is there a residual risk?
I think everybody who ramps up a factory knows there are different factors that can impact this. For the time being, what I think gives me and also our technical team here around our CTO a lot of comfort is, as mentioned before, we have, I think, eliminated or almost eliminated one major risk factor. It means new team members, new people operating there.
We have more than 90% of the team doing this for, call it really decades. So they basically moved their workspace from one factory, a couple of hundred meters to the next one. We are almost next door neighbor here to Johnson Matthey, so that gives us really a lot of confidence here.
That sounds pretty good. You mentioned in the call and also in the news that quality could be an issue, but given that you obviously have succeeded so far according to plan, why do you see if quality problems could arise in coming months, or is that just a precautionary wording?
No, I think it's more precautionary, but still, if you transfer such a process from one factory to another one, there are ambient factors, from temperature to humidity, individual timing of process steps. But basically, we have copied what we purchased, and so to speak, inherited. And still, you need to calibrate it then to the actual ambient situation in the new factory. I think this has taken place. We are measuring this on a daily basis to make sure we are where we want to be, and so far, I think we are fully within the boundary parameters here.
All right. That sounds pretty good. If I see your result for H1, the adjusted EBITDA result, and look at the upper end of your guidance for the full year, you have already reached 56% of that guidance. So you have confirmed it, but you seem to be a bit cautious to raise it. So perhaps you could elaborate on that.
Hey, Carsten, this is Daniel. I'm happy to elaborate on that. So it's not necessarily being cautious, it's really looking at our second half year. Please remember, that's pretty much what I said in the first quarter applies, and headcount is adding in the course of the year. So that's really happening. You will not have this entirely up and running in the first half of the year.
Secondly, business development activities, including capacity expansion, also further ramps up in the second half of the year. And then there may be certain projects that we're working on, especially remember IT ERP that always tends to become more intensive in the second half of the year.
So basically, if you look at our cost basis and the relative cost basis, and you've obviously seen that in the last year's amount of our business, it tends to get a little bit higher than what we see in the first half year. Let's see. Obviously, we still have the variables, product mix. We still have the variable in the regional mix that all could have an impact on the margin. So I will not say that we're necessarily cautious. At the end of the day, it's really in line with our planning and the expectation, especially on the operating costs, which, as I mentioned, are mostly driven by headcount.
... All right, thanks for making this clear, Daniel. One last question to Romania. Have you reached already your capacity there? Is it up and running well? What is the output there? Perhaps Peter, you could elaborate on your Romanian site.
Happy to do so. I think, looking back to the last couple of weeks, we did a tour here through all also the new sites, particularly also impressed here by Cluj. We just moved last month here, mid of July, to this new building, more than doubling, let's say, the space there.
The Clean Power Management part of the operation was already up and running by end of the month, again, and Clean Energy,, the fuel cell production is ramping up as we speak. Official opening, we plan for mid of September, and then we have a step-by-step plan here, starting, let's say, from 3,000 units here for the remaining part of the year, up to a 17,500 units capacity, next year.
Then comparing this with, let's say, the current 12,000 units capacity here in Brunnthal, you can see the significance of this operation. Mid-term, 30,000 units in Cluj, as well as 17.5 here in Brunnthal, is the planning, and then also adding India. So, the production for fuel cells is not yet fully operational in Cluj, but was also not planned. As said, we just moved in July. The power and clean power management production is already up and running. But again, on track and on schedule.
All right. Could I just repeat the figures? It is thirteen thousand units in Romania next year, and seventeen point five thousand in Brunnthal. Did I get that right?
We are looking at a step-by-step ramp up. So the first step here in Cluj is now for the remaining part of the year, approximately 3,000 units, and then next year, up to 75, with, let's say, a final capacity in the current setup here, what we have of 30,000 for Cluj, but that's more a 2026 target line. And then Brunnthal, this year, now about 12,000 units output.
And now with the shift of some of the systems assembly with, let's say, the energy solutions business also to Cluj, we will increase the capacity here in Brunnthal also for 2025 to 17.5. And then, if you look then at 2026 and onwards, we are looking at a maximum available capacity of up to 50,000 units.
Oh, yeah.
So a step-by-step path here. So next year, if you wish, the capacity available above 30,000 units in total, excluding India.
Great. That makes it pretty clear. Thank you very much for taking my questions.
Thank you.
The next question comes from Usama Tariq. Please go ahead with your question.
Hi. Good morning, team. I hope I'm audible. Thank you for the opportunity and congrats on the outstanding performance. Two set of questions. Since U.S. has been pretty weak, have there been any measures taken in U.S., especially with the launch of new facility going forward? And my second small question would be, the scaling up in India, how much would that translate in terms of CapEx required going forward, if any? Thank you.
Yes, good morning. This is Peter. We can hear you very well, so the U.S., well, relatively lower than, let's say, compared to, let's say, previous half year is clear, and as mentioned, I think we see two factors. The one is really our own capacity limitation in Q2,
as well as, our largest customer moving to a new production facility, and with this, also a couple of weeks of low production there, and that had an impact here on the numbers. Looking at, let's say, the two key elements, that also drove our decision to be present now in the U.S. with our new facility in Orem, going live a couple of weeks ago, is supporting existing customers.
I think there we can tick the box, setting up also the service and refurb capabilities on site or in the country, and then the second element is really diversification of customer base, if we look into this and into the pipeline, I think we are, let's say, on a stable track here, so from a quarter to quarter and now, let's say, half year perspective, we are absolutely looking at, let's say, a decrease of or a decrease of numbers right now, but not a decrease in activity, so I think we will see this leveling out over the quarters coming.
And with regards to India and for the build-outs, so India is built out. We are up and running with our production in India. We do not expect any significant investment within the next six to 12 months, unless we may come to the conclusion that we shift a certain production from A to B. But for the time being, there is no significant further investment required for India. If we ramp up capacity, that is more a factor of headcount rather than PP&E or any equipment.
Thank you. That will be all from my side. Thank you again for the opportunity.
Thank you.
Ladies and gentlemen, for any further questions, please press star and one. It seems to be no further questions at the moment, and I would like to hand back to Dr. Podesser for any closing comments.
Thank you very much. It seems we are also here publishing our numbers in the midst of, at least for part of the audience, of the usual audience vacation season. So, any other questions coming up, as usual, Daniel, myself, as well as Susan, we are available for bilateral discussions. Happy to do so. We will be on a investor conference tomorrow, also in Hamburg.
This will be also broadcasted, as we understand, and the link is also in our publication of today. So whoever missed part of this here today, come join us tomorrow, and do not hesitate to reach out to us. With this, thank you for your time, and well, thank you for your trust and support, and looking forward to catching up soon. Thank you very much.