The presentation is ready for you to begin.
All right, thank you very much, Jakob. Welcome as well from my side. Good morning to all of you. I would like to go through our regular agenda, as you are well aware. Would like to start with an executive summary, providing you all a market update, lead then through a financial update by Frank. We're going to give you more insight about our strategic and performance improvement Shift Gear program updates before we're heading to the outlook and finishing as usual with the Q&A. Going to the executive summary, I'm glad to share that our revenues went up in Q2 to a level of EUR 225 million, which is up by 4.7% compared to Q1 of the previous year.
This has been supported by a full order book, but as well by commercial price increases towards our customer base and the EUR 30 million translation effect. While from a volume perspective, we are 1.4% short versus Q2 2021. The earnings remains pressured by cost as the adjusted EBIT came out at a level of EUR 4 million, which was EUR 8.9 million lower than in Q2 of the previous year. This was driven majorly by three reasons. First, the ongoing higher raw material cost and non-material inflation, as well as production inefficiency driven by supply chain constraints, but as well, very volatile customer demand schedules. This is across all our segments. Secondly, the China lockdown situation, which we have all experienced in the Q2 of this year.
Then last, third, a significant semiconductor supply problem at an individual customer in our Off-Highway segment, which continues, continuously caused significant impact on both revenues and our EBIT results due to spot buys and lost revenues. We estimate that alone, with this individual related Off-Highway impact, the adjusted EBIT would have been EUR 10.7 million higher, roughly, in the second quarter of this year. When it comes to free cash flow, we have generated, despite ongoing market challenges, a positive result of EUR 4 million, following EUR 12 million at the previous year in the same quarter. We could book new exciting business in the value of EUR 167.9 million lifetime revenue in Q2.
At the next slide, I would like to share with you the distribution of our revenue per region and market as the automotive sector has been divergent growth between vehicle and geographical segments, and that's as well at Kongsberg. Looking in this slide, as usual, this provides you at a glance how we have the split geographically and per segment. The change in commercial vehicles is largely P&C and couplings, while passenger vehicle is P&C, powertrain and chassis, and others is majorly dominated by FTS. Looking on the PV, on the Passenger Vehicle segment, it's largely related to our P&C business, as mentioned. Here, Kongsberg Automotive had great recovery in North America with the big three customers, General Motors, Ford and Stellantis, and they outperformed by 24% the market.
While KA sales in Europe have been weaker compared to the market, in particular in driveline, where Kongsberg is over averagely present primarily in low-cost passenger vehicles. That's therefore not surprising for us, as car companies prefer currently to use their allocated semiconductor components to build high-margin premium vehicles instead of low-price cars. Therefore, we saw a drop in the European market, and we saw a drop as well in Asia. This was driven by China, as this has been strongly impacted by the lockdown, in particular in the passenger vehicle segments being short on parts.
While on commercial vehicle, with sufficient parts available, and with the circumstances that our strong customer base are on the less COVID-impacted north and east region rather than in Shanghai, that has helped to get limited impact in commercial vehicle in Asia versus the market. Europe truck sales came out with strong with our strong Scandinavian customer base, significantly better than the market and supported by price increases and backlog reductions. This was a good quarter, while commercial vehicle in North America have been lower compared to as we were majorly lacking on enough subcomponent parts and majorly stuck in deliveries from China due to the lockdown in China.
Looking then in the next slide, when it comes to the supply chain situation and the related direct and indirect impacts, we saw actually with the start of the quarter two, raw material prices globally have been on a historical high level, while logistics cost inflation kept elevated. The semiconductor shortage has been slightly improved, that's what we saw as well, but not for an individual customer, which I referred to before, with Kongsberg Automotive Off-Highway division, where we consequently lost significant revenue and profit for Q2. Raw materials at the beginning of Q2 on a very high level, logistics cost and inflation kept high as both. Semiconductor, we saw the first signs of relaxing, but with our individual problem we had here, extraordinary impact, temporary in Q2 in the Off-Highway division.
However, again, we have noted first signs of improvements later in the quarter, and this keeps us very confident for potential rebound in H2. All these supply chain disruptions has caused a volatile order behavior by our customers, which generates production inefficiency. This is across all our segments, and therefore, we're seeing temporary higher cost and inventory levels as well on our sides. Nevertheless, we at Kongsberg Automotive countering those impacts with our well-known performance improvement program called Shift Gear One, which contributed after EUR 7.6 million in Q1, EUR 12 million in Q2, and this provided us then in a sum an upside of EUR 19.5 million in the first half of the year.
We have, in the meantime, a huge organization involved who's delegated and motivated to work here on further improvements, and that's what we're seeing as well, what we're expecting for the second half of the year. We will see here further customer price increase impacts, but as well, continuously improvements in our production and efficiency base, which always comes with a delay into our P&L and balance sheet. Therefore, we are confident that we will see here an additional impact of EUR 32 million at least for the second half, countering these supply chain constraints. Looking then at the next slide, into our Shift Gear Two, our product portfolio transformation program that we are focusing on, let's say, the modern and our core future product portfolio.
When it comes to that, we are continuously strong in executing our portfolio cleanup and modernization on the runway to become a more off-highway and special application-focused company, less exposed to passenger vehicle, and which allows us then at the end of the day to generate profits, EBIT levels of above 10% with a strong cash flow and shareholder return. With the ADC divestment reported before, we executed here a further step on this roadmap with a cash income of EUR 38.1 million, which came in April. That supported certainly as well our positive cash flow of EUR 4 million.
Reducing our net debt to EUR 125.5 million at the end of Q2, and certainly what is very positive, it's increasing as well our liquidity reserves to a comfortable level of so far EUR 218.7 million. Then brand new, and we announced this this morning prior to the earnings call, which is our sale of our Canadian Shawinigan plant, which is part also of Off-Highway division. The plant is doing a forecasted EUR 74 million revenue per annum, with a EUR 9 million EBIT in 2022 forecasted.
KA, with BRP, just entered, and this is Bombardier Recreational Products, just entered into a definitive agreement to sell this highly customized plant to BRP for a total enterprise value of CAD 136 million, which is worth roughly EUR 104 million. Here in this plant, we are producing customized products like sensors, actuators, but as well power steering and other parts for powersports applications, and largely dedicated more or less to a single client, as mentioned, which is Bombardier Recreational Products, so shortly BRP. With this, we are following the strong wish of our respective customer to upgrade their value chain by vertical integration, which we agreed on.
KA reduced business as well our exposure on customized operations, but it allows us as well to free up our resources to focus on our ambitious roadmap, which we presented in the Capital Markets Day in December, by scaling up now with Specialty Products towards agriculture, construction, material handling and further new niche markets, which we always presented in our so-called honeycomb structure. We will host a special investor and media call on this news at 10:45 A.M. this morning. Please feel invited to as well join this special call, where we are outlining more details on this successful deal. With this, I would go over to the market update. Yeah, I mean, in this slide, we're showing that the global market situation remains still in a precarious situation due to these macroeconomic and geopolitical special times.
Again, the four major areas of impact remains with COVID, war, semiconductor shortage, and material and non-material inflation, the major root cause for the industry, so as well to us. Raw material prices peaked in beginning of Q2, but the good sign is now we're seeing first sign of stabilization towards the end of quarter two and into Q3. We had the Shanghai lockdown, which disrupted supply chain, but as well with significant less revenue during this time in our operations in China. We see that semiconductor shortage starting to recover, but still costing Q2 2 million fewer vehicle builds.
If it comes to energy prices and inflation, we see, for instance, the inflation level in Q2 on a level of 8.6% in the U.S. and 8.1% in Europe, which is record high, while U.S. went already two quarters into a technical recession. We see that certainly this has impacts not only on interest rates, but as well on the consumer behavior, where we saw here slightly dropping consumer confidence index, which fell to a 96.5 level, 2 percentage points lower than compared to Q1. This will keep us busy, certainly. If you're gonna look then how that has been reflected into the growth of the markets at the next slides. We see here lower activity, certainly based on this impacts.
We saw that the automotive industry, when it comes to passenger vehicle, has been flat with 0% growth in the passenger vehicle from Q2 2021 to Q2 2022. We saw a 33% drop over the last twelve months in the truck division. Looking into a consolidated picture, looking in the global demand truck and passenger vehicles, in a total there was a 1.5% reduction from Q2 previous year to Q2 this year, where Kongsberg lies with 1.4% volume reduction, normalized by FX impacts exactly on the market performance level. Looking then into our book-to-bill performance. When it comes to new business wins, the Q2 was an extraordinary quarter as the ongoing negotiations on the Shawinigan plant.
Our brand-new divestment has taken out consequently a EUR 260 million LTA extension in Q2 2022. Normalized by this special one-time effect, we would have ended up on a 1.1 book-to-bill ratio, which is more reflecting our level of ambition and our increasing attractiveness. How the different business segments performed, we're gonna see that on the next slide. Our activities on the market. I would like to refer first to Powertrain & Chassis. When it comes to operations, we had a number of piece price increases successful, in particular in this Powertrain & Chassis area, in a good phase with our major customers, and we saw the first positive impacts starting now in the end of Q2 and beginning of Q3.
This is going to be a strong driver for our improvements, performance improvements, certainly in the second half of the year. Looking here as well into our internal shop floor improvements, as part of our Shift Gear program, we see here record pace and, largely high benefits when it comes to operational improvements as well in the second half of the year as we adapting our planning processes, towards the new environments. Positive here as well to mention, you see that looking into the gray area, the new business wins of the previous year in the same quarter, we have been significantly increased here, in terms of new business booking, which have been very positive.
Looking into Specialty Products, the Couplings' operations in Norway ran well, but they suffered certainly from a backlog due to a high level of COVID-related absence, which we saw here, which have been stabilized in the meantime. We see the Fluid Transfer Systems on a very strong first half of the year in terms of revenues and bookings. Here it's rather the challenge, the higher inflation and let's say the volatile behavior, order behavior of our customer, which caused some variances in our production. When it comes to new business wins, again, here we need to relativize the numbers as here the Off-Highway powersports bookings dropped off this year. That's why we have here a lower level compared to the previous year.
Looking then into the financial updates, and I would hand over to our CFO, Frank. It's all yours, Frank.
Thank you very much, Joerg. Also, welcome from my side. Happy to lead you through the financial update here. Starting with the top-line revenues, came in at EUR 226 million, and on a reported basis, are the highest revenues in the last four years. It nevertheless needs to be noted that this was supported by EUR 13.2 million of positive currency effects, mainly U.S. dollar, Chinese renminbi. Contribution from our Shift Gear commercial excellence work stream with price increases in the magnitude of EUR 8 million. If we take this out, then we see that the volume was slightly below 2021, which it was then also reflected in the earnings.
It is good to note that going forward, when we look at Q3 and Q4, the previous year's quarters were at a lower level than in Q2, and our expectation here, when you also take our revenue guidance, is that we maintain this level of Q2. Therefore, we should see positive effects as well going forward. If we go to adjusted EBIT, we reported EUR 4 million, some EUR 8.9 million lower than in the previous year's quarter. Both segments are contributing to that, P&C with around EUR 5 million, of which around EUR 2 million is impacted from semiconductor impacts.
The other effects are the volume and the elevated cost levels and the time delay to pass it on to the customers. On Specialty Products, the decline was majorly driven by Off-Highway and significant impacts from the semiconductor shortages. While FTS, the Fluid Transfer Systems business showed a growth and Couplings' stable behavior. When we look at the margin development, we saw the decline to 1.8% in the quarter. We also provided you here the outlook what we expect now. We expect Q2 to be the trough and that we are recovering to 5% respective 7% of profitability in the third and fourth quarter of the year.
If we look at the segments on the next page, then again, Powertrain & Chassis, EUR 140 million of sales, of revenues, cleaned up for FX and price increases. It would be also below the Q1 2022 level. The margin effects I mentioned already, volume as well as semiconductor impacts. On Specialty Products, we see a slight recovery in the margin from Q1 2022. Although it is below the previous year's quarter of 13.1%. Here again, we had the significant impact from semiconductor, which I think we quantify on the next page. There you can see it. In P&C, there was a drop of EUR 1.5 million, but EUR 1.7 million was the impact from semiconductors.
Net, it would have improved by 0.2. In Specialty Products, even more pronounced. On one hand, we continued to purchase semiconductors on the spot market and nevertheless could not secure enough parts, so we also lost revenue here, in total, a EUR 9 million miss. Without that, we would have also improved significantly in the Specialty Products segment. In the other bucket, we continue to invest in our setup here, centralizing our activities, driving the Shift Gear program forward. Therefore, we had some higher costs in the quarter than in the previous year. On the net income side, obviously the drop in adjusted EBIT negatively contributed to the development.
We had slightly higher restructuring costs, again in setting up Kongsberg for the future, making organizational changes to better serve the customers going forward. On the positive side, we paid less interest, as we have repaid partially our bond. That is obviously saving some money too, compared to previous year. Then we have smaller other elements. At the end of the day, the net income from continuing operations was -EUR 2.9 million. In the quarterly report, you also find the net income from the discontinued operation with EUR 3.4 million positive in the quarter, including the initial gain from the LDC divestment. For the group, overall, the net income for the quarter was positive EUR 0.5 million.
When we look at the not adjusted EBIT, then we see EUR 2 million here. Compared to the EUR 4 million adjusted EBIT, mainly restructuring costs are the variance to that net income EUR 2.8 million, we already discussed in the previous slide. When we come to the financial items, you see the good development on the interest side, EUR 3.5 million compared to still EUR 4.5 million a year ago. Again, the bond repayment, and we also repaid our revolving credit facility earlier in the year, so no interest from that as well.
We had some foreign exchange effects that consist of realized foreign exchange gains of EUR 1.9 million and unrealized exchange losses of EUR 3.4 million, so netting to EUR -1.5 million, and then smaller other items. Looking at the free cash flow, as mentioned, positive EUR 4 million for the quarter. Therein, positive contribution from operating activities in the amount of EUR 8.1 million. Still a negative contribution from net working capital as we continue to build the higher level of inventory to secure the supplies. Also, the value of the inventory is increasing due to also the price development of the materials.
The investing activities were at EUR 5 million for the quarter, again on a rather low level as we are tightly managing the investments and cautiously spend the money here and make sure that not too idle capacities are being created. Financing activities negative EUR 8.8 million. That includes EUR 4.2 million related to the share buyback that we continue to execute on a daily basis. You see the publications, the regular publications of where we are. The rest is basically interest and leasing. In addition, we had currency translation effects in the cash flow of positive EUR 4.6 million, which brought us to a total of EUR 1.1 million.
If we then add back the repayment of a small loan, also here in conjunction with the sale of the Canadian facility, and the share buyback, we come to the EUR 4 million free cash flow, positive. When we look at the cash flow development, split into continued and discontinued operations here, starting with the year-end 2021 or the fourth quarter 2021, where the cash amounted to EUR 58 million, then we see that operating activities, there was a significant contribution from the discontinued operations as we sold inventory and other net working capital in the amount of EUR 34 million as part of the LDC transaction.
We had, in the investing activities, the proceeds from intangible assets and tangible assets amounting to EUR 126 million, as well as the other net proceeds and the negative EUR 9.1 million from continued operations. Again, rather low level of CapEx investments for half a year. On the financing activities, you see what we have used the funds from the divestments for, which is the partial repayment of the bond, the repayment of the EUR 20 million revolving credit facility, as well as the EUR 4.2 million for the share buyback. Taking into account positive FX effects that led to a cash position of EUR 144 million at the end of Q2.
If we look at only the Q2 effects, then I want to highlight here again the EUR 34.9 million that were added in the second quarter from the divestment of our LDC business, and the rest is basically self-explanatory. When we look at our liquidity headroom, we see a positive development, at first to say we started at EUR 221 million. The adjusted EBITDA added some EUR 14 million. The change in net working capital obviously burdened the liquidity with EUR 9.8 million. The investment expenditures cashed out EUR 5 million. The proceeds from the sale added EUR 34.9 million. Some other smaller items, as well as currency led to liquidity headroom of EUR 254.1 million.
We took the decision to also adjust our currently undrawn securitization facility with the exclusion of the interior business, as well as now the BRP receivables. The EUR 60 million it was not adequate anymore, so we reduced it to EUR 25 million. Also to save cost in the financial result, which will support the development going forward. With then resulting EUR 219.1 million liquidity headroom, we are still very well-positioned for the future. Last but not least, looking at some financial ratios, we see positive or saw positive development obviously in our gearing, which went down to a level of 1.9, including IFRS effects, and even 1.1 excluding IFRS. Very solid here.
The equity ratio increased again on the gains to a level of 39.1%, excluding IFRS or 35.7% including. We saw the ROCE slightly improving from Q1 2022 to Q2 2022. Also supported by the lower capital employed. That was again reduced to a level now below EUR 560 million, including even the IFRS liabilities and assets. This concludes the financial overview, and I hand it over back to you, Joerg, for the Shift Gear update.
Thank you very much, Frank, for all the comments and guiding us through the financial overview. I would like to switch now to an update on our Shift Gear. When it comes to our three-pillar strategic Kongsberg Shift Gear roadmap, I'm glad to share with you that we're executing diligently and flawless in all three areas. On the focus on improving in profitability, on the clear strategic roadmap for each business, including M&A activities, and last but not least, in regard to sustainability and green transformation. It is well underway, as displayed in the next slide. If you're looking here into our KA's performance improvement program, we are seeing increasing contribution from plenty of dedicated teams who are supporting the company diligently on this valuable activity.
We're expecting a net impact forecasted so far at a level of EUR 52 million according to week 31. Of which EUR 19.5 million have been contributed in the first half of the year. We are consequently expecting here more than EUR 30 million impact in the second half. Besides different initiatives, which are all contributing, important to emphasize is in this regard, as well as the successful achievement of fair price increases with our major customers. Looking then into the next slide as well in regard to our Shift Gear Two program, the product performance or product portfolio transformation and modernization is here as well, clearly on full pace.
In particular, when it comes over the last 12 months to divestments, which prepares the company for higher margin, reduced risk and commodity exposure, but as well in regard to modernizing our product portfolio. As well, when it comes to using net proceeds out of our divestments, meaningful for reducing debt or for creating shareholder value by our successful share buyback program. We are going to execute here further, and we are here on full pace. When we're looking then into the next slide, and this is our pillar, the Shift Gear Three. I'm glad to share for today that the roadmap has been successfully laid out and partners are selected. It's an exciting initiative which is reporting directly to me due to the importance, the CEO.
With this, I would like, then, to our last section, the traditional outlook. I would like to start with the IHS-based outlook, which shows a strong growth in 2023 in automotive, with 7.5% in passenger vehicle and 14.5% in the global truck market from an increase 2022 to 2023, which is very encouraging for KA, but as well, I think for all investors. On a longer view, it's more conservative, which increases in 20% towards 2026, and 10% in the truck area.
Again, important is here the message which is currently displayed by IHS MT, the experts, that they're expecting a strong recovery in the year 2023 by pretty steep increase in passenger vehicle and even double on the commercial vehicle, where Kongsberg is increasing their exposure, aligning with the current strategic roadmap. That brings us to the outlook and, yeah, we will, as mentioned, continue to execute on our Shift Gear program. When it comes to the global situation, the industry will continuously get an impact as well in Q3 or for the second half of the year. As well, what we're seeing here, we're seeing the first signs of stabilization when it comes to raw material.
We're seeing improvements in the semiconductor area, and we are as well confident to see as well stabilization in terms of inflation, and stabilization of geopolitical outlooks. Considering the market volume and the order book remains strong, which we're seeing here currently for H2 and already in Q3, we expect the second half of 2022 for Kongsberg being significantly better. I think not only for Kongsberg, but as well for the automotive sector. This confirms, at the end of the day, our strong guidance here. Following the divestment with the Shawinigan plant to BRP, we updating here our guidance in regard to revenue.
We're subtracting here the remaining revenue for the next four to five remaining months, which impacting the revenue down, guidance down to EUR 870 million up to a range of EUR 905 million for the fiscal year 2022. We stay unchanged when it comes to EBIT guidance. Here we would like to confirm our previous guidance in the range of EUR 38 million EBIT and EUR 44 million. We mentioned before, we are confident that the second half of the year will be much better than the first half. Therefore, we would like to keep here our guidance unchanged in the previous corridor. With this, Jakob, I would like to hand over back to you and open up the Q&A.
Thank you, Joerg. We've got a number of excellent questions here. I would remind everyone that we are holding a separate call on the Shawinigan divestment. Any questions that are exclusively directed to that, we may do on the later call. We could start with some questions from one of our bondholders asking what we feel the demand outlook across our end markets, especially commercial vehicles, will be. Are there any signs of a slowdown? And also, what are the inventory levels like across the OEMs and Tier One clients?
We're seeing here when it comes to the commercial vehicle outlook still for this year, we're seeing that on a still low level for this year, in particular, if we're looking into China. What we're seeing here as well, incentive programs to getting that up. That's why I'm sharing the opinion, looking into the IHS figure, a strong recovery for 2023 is very reasonable. For the remaining second half of the year, in particular in China, in India, we keep that as well on a flat level, and we consider that as well into our revenue forecast.
Okay. We will next question certain automotive OEMs are seeing consumer demand softening, given high auto prices and inflation or recession concerns. Are we hearing anything similar in our discussions with customers?
What we're seeing is, as I've mentioned, that the backlog is still very high, and we're looking into a backlog situation and into our order book, which is highly positive if it comes to the next 12 months outlook. The question is it gonna be at a certain time of period, let's say, a more balanced view again, going not only for premium cars, so spending more efforts into, let's say, high volume cars? This might come, but in total, we don't see a real drop in the demand situation when it comes to consumer demands. You have in certain areas you have currently delivery times of more than 12-18 months, and this is currently a huge backlog which needs to be worked in and is going to continuously fuel the revenue.
Right. There's a question we've got from a number of callers. Has the Off-Highway customer, which was hit by semiconductor issues in the first and second quarters, returned to normal production? Or how is this production trending, and how will this impact us going forward?
Yeah, we're seeing signs of recovery here when we're looking in the second half of the year. The first half was really an exception. We worked here as well into an alternative solution. Our engineering department did here a great job, and we going here as well for the second half for a second source. We see here a relaxing situation to a certain extent. That's gonna be certainly different like the first half.
Great. There's another related question there. Spot market purchases of semiconductors still seems high in the second quarter. How are they trending in the third quarter, and how much can we pass on through to customers?
The situation is we're passing to all our customers for the second half of the year. 100% will be passed on to the customers. This has been agreed with all customers. The semiconductor situation in terms of spot buy effects is not impacting us anymore. It's just the quantity and availability of parts at all, which could have a revenue impact, continuous revenue impact. But again, we're seeing here a difference between the first half and the second half, as we've seen already now, and in particular, starting with August, a real relaxation situation. We are more confident. Does this answer the question, Jakob?
We missed the last, at least, the audio fell out in the last 10 seconds of your answer, unfortunately.
All right. Good to know. What I said is the key here in our ongoing challenge on the semiconductor, but not on the spot buy, actually, because we can pass through all this additional cost for spot buy. It's rather how it turns out on the total available semiconductor capacity. Where I mentioned before, we see in particular, starting from August onwards, a relaxing situation. We will carefully watch that throughout the second half year.
Okay. Thank you. There's quite a few questions that have come in that are directly related to the Shawinigan disposal. I will hold those off until the next call. One that has come along with that, a caller asking about the substantial implied EBIT upgrade that we are indicating for the second half of the year. Can we please elaborate on what the main drivers for the margin acceleration are, ideally by providing a share or margin impact of the individual drivers?
Yeah, maybe Frank can refer to that.
Certainly. I think there's. I would highlight three main elements that support the profitability improvement in the second half of the year. The first one is exactly the semiconductor. I would call it normalization or easing, less impact from spot buys and better availability, that contributed obviously significantly negative in the first half year. In the quarter alone, we were talking about more than EUR 10 million in the first quarter. We had also a slightly lower number, but also an impact. Overall, this should at least improve the second half by more than EUR 10 million. The second one is the higher contribution from the Shift Gear measures, where we indicated EUR 52 million for the year versus EUR 20 million in the first half.
Also here, you have additional EUR 12 million that will add to the profitability. Last but not least, there is based on the order book the expectation of especially higher volume in the second half, predominantly in the fourth quarter, that should then also positively contribute.
Great. Thank you, Frank. We've one final question that is related to the outlook. Could we please elaborate on how a potential recession in our markets would impact on KA, specifically on our near-term earnings and whether it would affect the pace of the Shift Gear plan, including potential investments there?
I mean, that's difficult to predict. I mean, what we're doing is we're working here as well with all the external input and with the customer feedbacks which we're getting. It's all about how high is the level of recession at the end of the day. The market is very careful, and so do we as well. We consider this as well more on an extended level, the recession point into our forecast. But again, we don't know in which magnitude that will happen. I think we all are, let's say, observing the market. Yeah, we are prepared to a certain extent and having that as well to a certain extent, like the entire industry into our forecast.
Great. Thank you, Joerg. At this point, there are no further questions from the audience regarding our quarterly presentation. In that case, I would encourage everyone to attend the call at 10:45 CET regarding our Shawinigan news. Other than that, hope to see you again for our third quarter presentation later in the fall.