Good morning, and welcome to the conference call of OHB. At our customer's request, this conference will be recorded. I now hand over to Marco Fuchs.
Yeah, thank you very much. Good morning from Bremen here. Welcome to the nine months conference call of OHB SE. Thank you for joining us so early. We moved the call a little bit earlier because today is a very heavy reporting season, the slot that we usually have at 9:00 AM was apparently overbooked, now we're the early birds. I hope you have been able to download our presentation and look at our nine months report so far. As usual, I'd just like to walk you quickly through the slides we have together. I'm here together in this call from the Vorstand with Christian and Lutz Bertling. We'll take questions and discuss the state of play at OHB and in space in general. If you look at slide two, you see our business areas, which have been introduced some months ago.
Nothing has changed through time. It's the Space Systems, the division mainly, of course, OHB System here in Bremen and in Munich. The whole area around 2,000 employees, so it's of course, by far the most important area. Aerospace, the new aerospace, after creating the digital business area. Aerospace is the MT Aerospace participation in the Rocket Factory Augsburg and our minority share, which is not consolidated and not part of the numbers of OHB, which is just equity in our numbers. Then, of course, our new area, Digital, under the leadership of Lutz Bertling with OHB Digital Connect as the main company. About 500 people there and here. It's important that our numbers, we're still reporting identically in this year as we have previously done. We have not changed the reporting yet. It will be changed early next year, that we report in three divisions.
The current numbers are the old space system perimeter, and it used to be the aerospace and industrial products perimeter is maintained for this reporting year. It might be a little confusion. I'll jump into news of the third quarter. Hera, of course, we talked about it a lot. It's actually our cover story of the Q3 report in terms of photos. Contract was signed in September. Yeah, I don't want to go through all the Hera story again. I think this is a very nice contract for us in many ways. It's very cheap and efficient project with regard to the scope and the ambition we have there. It's a little bit moving already in a NewSpace direction.
We are very hopeful that we will be able to complete the program on time because we need to launch in October 2024 in order to be punctual at the rendezvous point where we want to hopefully then measure the impact of the American DART, the Double Asteroid Redirection Test mission. This together, Hera and DART, constitute the International Asteroid Impact Deflection Assessment collaboration. That was very nice. On slide four, of course, Copernicus, big flagship program and the main order intake we're having this year. We signed in this quarter, July 31st, a big CO2M Monitoring Mission contract at a value of EUR 445 million, plus an option for additional EUR 130 million, which of course, we hope it eventually will come for a third spacecraft. That is the backbone of the European CO2 Monitoring network.
My personal view is the most important Copernicus mission in terms of day-to-day relevance for the people in Europe. Obviously, there are other Copernicus missions. I know two others, OHB System and OHB Italy, won the payload responsibility. The contracts have been negotiated. CHIME, or Copernicus Hyperspectral Imaging Mission for the Environment. I think, yeah. Hoping it's for the environment, and it's nice that it says Copernicus Hyperspectral Imaging Mission for the Environment. Approximately EUR 255 million to be signed very soon, actually, in the next days. I think tomorrow, if I'm not mistaken.
I think today.
Actually, today or tomorrow. CIMR, which is the acronym for Copernicus Imaging Microwave Radiometer from OHB Italy, the payload approximately EUR 168 million. Contract volume to be signed later this month. If you look at slide five, you see that we are on a very good way to deliver on our order intake target of EUR 900 million. We have another mission in this context. It's technically not part of Copernicus, but it's within the context, the so-called Arctic Weather Satellite, our OHB Sweden subsidiary.
Proposal contract has been negotiated and early next year will be another contract from them. We added up the EUR 445 million in terms of price. This adds up to EUR 700 million, EUR 800 million. Yeah. It will be more than EUR 900 million. The small Arctic Weather Satellite mission is at EUR 32 million. We're ending it up with EUR 920-ish million or EUR 910 million actually. Good. EUR 920 million or EUR 910 million. Yeah, EUR 910 million exactly. Very good. That's very important.
It is the cornerstone of our order intake, and we believe also in terms of the topical or the activity in itself, it is very important for the future because the Copernicus and hopefully also the Arctic Weather Satellite will be not just those development satellites, but especially for the Arctic Weather Satellite we are working on, and we're hopeful that this might result in a constellation of more satellites. Good. Quick update on slide six from Space Systems. We had a launch this quarter as well. Our ESAIL Luxembourg satellite was successfully launched on September 3rd on Vega. There were a couple of delays with regard to COVID, because Kourou was shut down, and then there were strong high winds. Eventually, the satellite was successfully launched. It is working very well.
The first phase of the in-orbit operation has been successfully completed and is now being transferred to the commercial operator, exactEarth, who then will do ship monitoring services. I'm very happy with that. Another mission we signed just recently, just last week. OHB System AG has signed a study or a phase I study for Comet Interceptor which technically resembles the platform quite a lot with the Hera platform. We are hopeful that we are selected then for the final implementation phase. That would be a nice contract for our Milan operation. In terms of progress on ongoing projects, we had the completion of the instrument test phase, the instrument test campaign for our EnMAP satellite in Ottobrunn at IABG. You see the photo here. The photo that you can see here is the noise test.
It's, of course, the vibration and the whole environmental test campaign, testing the instrument for us. EnMAP is approaching completion. Very good. Moving on to the Aerospace division. Of course, business is not as good as in Space Systems. There, it's well known that the reduced production in the Ariane sector, putting the whole European launcher industry in a difficult time. MT Aerospace, of course, is also strongly affected. The initial launch, the first launch of Ariane 6 has recently been postponed to the second quarter of 2022, which of course, means that also the following launches are delayed. That, of course, means that the production of components from the supply chain of Ariane encounters delays, and that also hits our MT Aerospace facility. The ESA Council, however, good news on that.
ESA Council decided recently, late October 29, that member states from ESA will be requested to support Ariane 6 program with additional EUR 230 million in order to compensate the extra development costs that have been incurred. There are obviously in Ariane 6, delays in the development. There are obviously impacts from the Corona situation. Of course, also the market in launches is complex and is more competitive than it was when Ariane 6 was initiated in 2014. There is a strategic challenge for Europe to look again to the business model, how to secure autonomous European access to space. Can you hear me well? There was a noise on the line. Okay, good. We'll just continue. Page eight, also from the Aerospace division, our startup company, Rocket Factory. When I say our, it's not our. We, together with the management team, initiated it.
We're a significant shareholder there, but it's not consolidated, and we have no intention to consolidate it. It's going well. We made agreements with space port operators. To be specific, we made an agreement with Andøya Space in Norway for flying there. That was signed in September. We're also negotiating with CNES for launch site implementation in French Guiana, in Kourou. Be nice to have two launch pad opportunities. If you look at the photo, it looks a little bit humble there. That's the test site, our Range facility. The blue thing is our, what you can see there, test stand, the engine test stand for the first hot fire test of our A-1 staged combustion main engine. That is under preparation. It will start hopefully later this year or maybe very early in the upcoming year.
Of course, a rocket is very much depending on an engine and the engine technology, especially this self-developed RFA staged combustion main engine is very dear to us and is very important for us, and we are following closely that test campaign. Moving on to page nine, digital. The newer business area, I talked about it quickly, had also a contract recently. A few days ago, OHB Digital Connect received a contract from the German Federal Office for Equipment, Information Technology and Utilization, as it is translated, of course, in German, BWB, the German Armed Forces, for the regeneration and the refurbishment of mobile ground stations for the cellular communication system, that can be the one that is in operation. Since many years, there's a system in operation. The refurbishment of the mobile ground stations will now be done by our OHB.
That was the competitive process. We were able to win it. This is very good for us. It's very important work for our team. There's a specific team doing that at OHB Digital that previously used to be part of OHB System, but has been transferred over to OHB Digital some time ago. Page 10, order intake. You know this chart. We're filling in the numbers here. We talked about CO2M, we talked about Hera, we talked about the upcoming Copernicus CHIME and CIMR missions. Of course, what is going on and completely open is the Galileo second generation competition. This is under evaluation now. To our knowledge, there are three proposals being evaluated, and one of those three proposals is from OHB. It's our expectation that two out of these three proposals will be selected to build the next generation of Galileo.
Of course, we are not aware, but as you can see, when you're in a competition, we are anxious to follow this. The other activities I'm listing here is a combination of a couple of smaller contracts around the Ion, Electra, the Lunar Gateway is being implemented, and a couple of other things which we named here together from institutional commercial customers. We are quite optimistic. On page 11, you see that our backlog has already been up again from where we were before. We are again above EUR 2 billion, which is good. We still believe, as you saw on page 10, we still believe there's something coming in. Good. Now let's move to the numbers. The overview on page 12. Order intake, I just mentioned, is basically at the same level as it was last year.
Total revenues is down from EUR 659 million last year at this point to EUR 600 million. Obviously, the reason has to do with some slowdown, some delays in the supply chain around the Corona impact that we are all living through in the last eight months. That had a very modest effect on the EBITDA, which is at EUR 55.5 million, compared to the EUR 57.9 million that we had last year. EBIT is at EUR 30 million. EBIT you see here down by EUR 26 million-EUR 24 million. This all ends up at a net profit or an earnings per share of EUR 0.96.
I will come into more detail, but it's not a secret that the space system area performed well, whereas the aerospace division performed poorly. This is, I guess, very much expected. We can talk about the details. I think this is the reality of the situation we have.
Compared to the headcount we had compared to last year, it's about 100 people more. We're now at 3,006. A steady growth overall, 3% over the year. If we move on to page 13, you see those numbers again as charts. Compared to the previous three years, the total revenue with EUR 600 million is basically falling back to where we were in between what we were in 2017 and 2018 at this time of the year. You see an impact for the top line. If we look at the profitability, EBIT and EBITDA, you see the same. Basically, we're falling back to the range where we were at those numbers of 2017. Now, slide 14 is the best slide of today in terms of the numbers. Clearly, the space system. A slight decrease in the total revenues back to EUR 493 million.
If you look at the profitability, it's quite impressive. The EBITDA of the Space Systems division is EUR 53.7 million and shows a steady growth. It's more than double compared to where we were at 2017. EBIT with EUR 34 million is a significant growth and an impressive improvement. Just to be quite frank, had to do also with Corona, because the content, the supply chain part, the percentage is lower. The own value creation de facto is higher. The margin on own value added, which we compare also over the years, has in itself also performed well. The EBIT margin of 6.9% is a good improvement. Again, it has some special actual effects in this. Of course, clearly, the performance of Space Systems so far this year is very good and we're happy with that. Moving on to slide 15, aerospace performance.
Again, this aerospace performance is the identical parameter of what used to be aerospace and industry products in this year before we had changed the numbers according to the three divisions. I'm repeating myself here, I know. Since it's also called aerospace, I just want to be very clear. You see the top line goes down with EUR 110 million, a slight decrease, and it's even obviously much worse in terms of EBITDA and especially EBIT. We lost EUR 3.7 million on EBIT level. That has to do with weak performance of MT Aerospace, but it also had to do with a weak performance in this particular time frame of our Mainz operations that is still counted here, that was also weak.
Obviously, the mega trend here is that the launch activity for Ariane activity is going through a difficult time of transition from Ariane 5 to Ariane 6, which is obviously, if you have delays for a supplier like MT, a very difficult situation. Okay, now, moving on to slide 16, the guidance. You recall that during our capital market day on February 13, we issued the guidance as follows. The top line total revenues we expect to be at EUR 1.1 billion, and we expect that EBITDA at EUR 80 million and EBIT at EUR 44 million. With regard to total revenues, we now no longer assume that the guidance can be achieved at total revenues towards the Ariane 6 and delays in the supply chain caused by COVID-19, as I mentioned. The revenues we expect now to be slightly below EUR 1 billion.
However, the above-mentioned influences, especially COVID, will only have a minor total effect on EBITDA and EBIT. It's not clear for us now to see the extent to which, if at all, the actual result at the end of the year will deviate from our plans from February. You see that, for example, the profitability of space systems is going well, even better than expected. For this reason, today, we can still neither confirm nor withdraw the guidance that we issued for EBITDA and EBIT. That is still uncertain. It sounds strange that in mid-November, we don't know exactly where we come out there, but what we feel is that there will be no strong effect, and if at all, there will be a minor total effect on key earnings. This is our current expectation. I'm sure we'll have time to discuss it.
I'm sure Kurt is eager to explain more details on this slide. Yeah, looking to the balance sheet. Well, no major changes there compared to last year. We had the normal increase of inventories that we had during the year. Inventories tend to be lower at the event, and we still expect that. We had, on the asset side, page 17, we had a significant increase, actually, in cash for this time of the year with more than EUR 100 million. That had also to do with the cash flow during Corona time and also less cash outflow because of supply chain numbers being lower than expected. If you look at the equity side, equity and liability side of the balance sheet, page 18, we see that equity went up by EUR 16 million or EUR 17 million.
That obviously has to do with the fact that we did not pay a dividend this year, and obviously, we have been profitable. This has increased. Pension are slightly decreasing over time. This is normal because the pension system has been closed many years ago, and it's basically growing out of the provisions. Exactly. The pension provisions are slightly decreasing. This is only the pension only concerns or mainly concerns, by far mainly concerns MT Aerospace. The balance sheet at the year-end, the typical changes that we have over the year. Maybe it was worth to look at the following slides a little bit closer, the financial ratios. Free cash flow after nine months 2019 was -EUR 124 million, and now after nine months 2020, it's -EUR 47 million. We had a better cash flow compared to previous year at this time.
Net debt is also lower with EUR 194 million instead of EUR 247 million. The net debt excluding pensions as well, obviously. In that respect, in terms of cash flow, we have worked quite well this year. CapEx overall is slightly lower than last year, but it's significantly lower, even at half of own work capitalized. Own work capitalized last year at this time was EUR 10 million for the group. This year it's only EUR 5 million.
I see this year as a good number because we had significant own work capitalized in the past, and we are having a phase where this is significantly lower than the amortization of this. We have a period where we are reducing this number. Looking at the chart on 20, you see what I just mentioned, the net debt situation being at EUR 194 million compared to EUR 247 million as of last year.
You see also that we had a slight decrease of debt compared to last quarter. We had net debt excluding pensions at EUR 88 million, also at a lower level. Going on to page 21, exactly what I said. The main message here is that CapEx overall is at the same level. It's very heavily IT related, the CapEx this year, no concrete and buildings that used to be big a couple of years ago in Augsburg, but now it's very strongly leaning towards IT and software. The good message, as I mentioned, is the own work capitalized is just at half of where it used to be the previous year. Page 22, the free cash flow. Yeah, I mentioned that before, compared to last year, quite good. Looking at the full year, the cash flow has been positive in the last four financial years.
Of course, it's hard to predict, especially this year, but I think we're quite happy with that. Return on capital employed pretty much on the same level as it was before. Good. I'm closing my few slides with a look at the shareholder structure, which is unchanged. In this period, the management board is unchanged as well. Same four faces you see here on the photo. On the financial calendar on the last slide, you see that all these upcoming events, Eigenkapitalforum and the conferences will all be virtual. We'll participate a lot, but it will be virtual. We hope that our capital market day on February 11th will not be virtual, actually. We have not actually decided, but the current plan still is to do it. We have not fully decided where to do it.
My feeling is that it will probably be in Bremen, more likely than not, because this is in a hopefully slowing down the Corona time, probably the only location where we can do it in person, hopefully. We cannot travel abroad or anywhere. Corina is nodding her head, so she wants to make it in Bremen. I think it would be nice maybe to do it in the new PLATO facility, and we can look at the MTG satellites there, which would be very nice. Maybe we should communicate this idea that it should be in Bremen, and it should be probably in the PLATO facility. I guess that's good. Everybody is nodding here, so this is an ad hoc proposal. Of course, we welcome you to come here to look at what you can see now and then a very significant meteorological generation complex from there.
Quite impressive. Yeah, the rest for next year has already been scheduled. No surprises there. Obviously, hope that the next analyst conferences then will be in person also. I'll leave it at this point and, of course, invite you all now after exactly 30 minutes of monologue, I invite you all to ask questions. Thank you from my side, and please start the Q&A session.
Thank you very much. We will now begin the question and answer session. If you'd like to ask a question, please press star one on your touchtone telephone. The operator will announce your name when it's your turn to ask a question. In case you wish to cancel your question, please press star two. For your questions, please press star one now. If you want to ask questions, please press star one now.
We still have people online. Can you see that?
Yes, we have now questioners. One moment, please. We ask for the name. Okay, the first one, Mr. Richard Schramm from HSBC. May we have your question, please?
Yes. Good morning, everybody. I have, of course, returned to the as you already mentioned, but it's quite curious that on one hand, you say you will see only a limited impact on the earnings side despite clearly lower total revenue. On the other side, you cannot specify this, or at least a certain range. Why is that? That would be interesting to hear.
Yes. I guess Fritz will answer that. One of the major things that is pending is what was announced or requested at the ESA Council with regard to Ariane support. That comes in December. It's very different than if it doesn't come in. This is one major effect, and it's not in our control. We hope and expect that there might be, in December, the confirmation of this EUR 230 million that was requested. That would have a significant impact, also in MT Aerospace. The one single thing that we cannot really predict, and, debated that, and I leave the details to Fritz, obviously, the message should not be that we don't know. The message is that we don't confirm and don't change.
Yeah. The next item, Dr. Merkle, with Ariane issue, there are also some other uncertainties. One uncertainty is obviously the COVID-19 crisis, since there are some productivity impacts we have in some areas and also in OHB and frame, there are some productivity impact. Nobody knows actually what will happen in the next six weeks until year-end and what effects this may have. As also already mentioned, we do not believe there are major changes. We do not believe that we have major deviations from the predicted figure. We know pretty well now, in the meantime, that the total revenues, we cannot achieve this EUR 1.1 billion. We will have at year-end a figure below EUR 1 billion at the end of the year. Our forecast. That's the effect of less subcontractors.
Yes.
It doesn't mean that we do less, but it clearly means we receive less.
Yeah.
Invoices from subcontractors.
On one hand, it's a major point. The major point is, if you look in the details, you see the decrease of material costs in this nine months compared to Q3, roughly EUR 40 million. The other point is that the total revenue figure in MT Aerospace is lower than expected.
Okay. I can follow that this lower sub-supplies are good for your margin. The lower volume estimate is then compensated by the higher own value add, and resulting better margin. What has the Ariane support of EUR 230 million to do with your results? I don't get this. Is this because if this does not come, you might have to think about some restructuring here which could bite into your earnings, for example?
We do restructuring anyway. What it really just makes the difference is if it comes, when it is confirmed that the extra efforts will be paid, and if it doesn't come, or if it is delayed, then, of course, there would be a gap. Currently, we have a conservative management judgment on that. If it is confirmed, it is positive, and if it is very negative, if it's below our management expectation, it's even having a negative impact. We are making an assumption that there will be some money coming. Again, if compared to that, it is more, it's good. If it's less, it's bad. It could be both, actually.
Yeah.
If it's more, you mean more than the EUR 230 million requested or?
No. This breaks down. This does not come to us. This is EUR 230 million for the whole industry. Out of this number, we have an expectation, and we need a certain share out of the EUR 230 million we need. Again, if it's below our needs, it will have a negative impact. If it would meet our needs, it would be very good. We made a careful evaluation of this question, and we did make a management judgment that we do expect some of those monies to come. If it wouldn't come, it would be negative. If the full amount comes, it would be okay, but there is an uncertainty around this outcome. We are optimistic, but there is an uncertainty.
Okay, understood. Just can you give an indication of what special costs, obviously, are in the result for MT Aerospace and the restructuring going on there? As you mentioned that there is some other measures implemented over the last couple of months, obviously.
Yes. I'm not completely sure about the number, but it's a couple of millions.
Yeah, a couple of millions.
It's a lower million number. Yes. That is in there. Yes.
Somewhere in the single-digit area, EUR 5 million ±?
Yeah.
Okay. Thank you.
Niklas Mader from Jefferies. May we have your question, please?
Yes. Good morning, gentlemen. A question regarding your reporting structure going into 2021, please. Have you already decided whether you will report 2019 fully in your own structure, or will you do a hybrid, a new, old, and what kind of indication you can give us for the quarters to come? Do you have full comparability going into the four quarters of 2021 that you can provide us with, at least on some KPIs? Thank you.
Yes. Our intention we have is that we will report 2020 still in this way as we have done it for the first nine months now. This will not change at year's end, we will start in the first quarter with a new segment, Digital. We will give obviously comparable figures that you can evaluate this in a proper way.
Okay. Thank you.
Aweys Wiska from Pareto Securities. May we have your question, please?
Yes, good morning. Thank you for taking my question. I have two questions. First, on Ariane. If we look into 2021, it seems that also next year will be very difficult. Even after the first slide, I think it was expected to be in 2022. It's very unclear how Ariane 6 will be able to compete in the new space long-term market. Do you think, or would you start to consider strategic review of this business?
I can confirm that it's unclear. Yes, of course, it's unclear. I have to explain that this is normal if you have a transition from an old product to a new product. If I recall, it was from Ariane 4 to Ariane 5, it was very similar. That's 25 years ago. It's not surprising that an industry that has one monolithic big product, and if that changes every 25 years, there is an uncertainty in between. That is expected and is part of the normal business that everybody has where the launcher that is retired and the new launcher is coming up. However, you mentioned that, of course, the market has also changed. It's true that Ariane 5 was very successful in a market where there was no competition from the United States at that point in time.
There was some competition, or there was competition, we tend to forget, from Russian operators at that point in time. The market has changed from a competitive market, Europe-Russia, to a competitive market, America, rest of the world. Of course, now the American launch providers are very strong, and they are currently dominating the market, especially SpaceX is the current market leader. This will create uncertainty for the Ariane 6 future. There's no question about it. However, having said that, the European commitment to an independent access to space, strategic access to space is very strong. This is supported, of course, by France, by Germany, by Italy, and by other countries. It's clear that Ariane 6 will be completed. It's clear that Ariane 6 will be the workhorse for the institutional missions of Europe in the next years to come. Whatever.
For the next decade, it's clear that Ariane 6 will be doing that. However, this is obviously a smaller institutional market than the American institutional market. The real uncertainty around Ariane 6 is if and to what extent Ariane 6 will be capable of also winning commercial launches. This is uncertain at the current time, of course, because the market is uncertain. In terms of what you're asking us, what it means for us, of course, we think what we do with MT Aerospace. Of course, the current situation is not good. We hope that the business recovers. We work very hard on the cost structure there. We reduce headcount, we reduce size and capacity. We invested in a startup like RFA to be in the launcher segment at a different angle.
Of course, it is obvious over the last year that for OHB, the relevance of launcher has been decreasing because the satellite business by system was growing over the years, and the proportion has basically changed significantly. If you would go back 10 years, the proportion between satellites and rockets was very different. We are now, of course, dominated by the satellite business, and this is very nice. This is very good. Also the creation of Digital as a known business area is a strategic answer also to the changes that we want to be downstream, we want to be in operation, we want to be in services and solution because we feel is the growing market potential. Launcher as a component supplier in the traditional way, as we did it in Ariane 5, will be a very minor activity, unfortunately.
The chipset of the Ariane 6 for us comes to something around, let's call it EUR 7 million, maybe EUR 8 million in that range. If you just manufacture five, you can say it's five a year. You're basically in the range of EUR 40 million production revenue. This is for a company around EUR 1 billion. It's much smaller. Again, 10 years ago, the contribution of Ariane 5 was to the overall OHB group. Yes, we are drawing strategic conclusions there.
Okay. Very clear. Thanks. Finally, just a short question, maybe I missed it, but what was your order intake year to date after nine months?
Your order intake after nine months?
Order intake after nine months. Obviously, it's not in our presentation, it's in our documentation. One second, please. You can check.
I mean, you can basically net it out from first year to last year and then suspect the revenue. You can make it, right?
Yes, close to EUR 800 million.
Close to EUR 800 million. Okay.
If you add then what we signed very soon, which is CHIME EUR 255 million, [Jupiter] EUR 178 million, Arctic Weather, one more large governmental contract with the German government, which is in final negotiation and so on, then you can practically say that now we are already certain that we will be significantly above EUR 100 million again.
Okay, that is very clear. It is still your target, and you will achieve that in 2020?
Yes.
Okay, perfect. Thanks a lot. Thank you very much.
Are there further questions? Further questions, please feel free. Who wants to explain this now in more details? Who wants to explain the order book in more details? Do you want to talk about launcher?
Okay. Sorry, we do not have any further questions. Sorry for the delay.
No problem. Of course, if there are no further questions, I think it just says something about the quality of the already asked questions. They were comprehensive. Again, I think, obviously, we are around, and should there be more detailed questions, please feel free to ask Martina or Lutz or Kurt or myself. From our side, we would like to thank you, obviously, for your interest and support of OHB. As I said earlier, we hope that we all meet again in person on February 11th here in Bremen. In the meantime, I can just wish you, of course, good health. This is the most important one, and I can wish us all, if we complete this year in a successful way.
It will be a couple of difficult weeks between now and Christmas break. It will be a very different Christmas break, I believe, for many of us. No Christmas parties. Still, I guess, we have to cope with it. I can only say for OHB, we are coping quite well with the situation. I'm very proud of the whole team, of our people here, our partners, our customers are supporting us very well. For me, it's a good chance to say thank you to you and to everybody around OHB, all the stakeholders. I wish you a good day, and let's follow the reporting season and see what comes out of Q3 from the rest of the market. Thank you very much here from Bremen. Let's stay in touch. Bye-bye. Thank you.
We want to thank all the participants of this conference. Thank you very much and goodbye.