Ladies and gentlemen, welcome to the Meyer Burger Technology Ltd Press and Analyst Full Year Results 2018 Conference Call. I am Alessandro, the Chorus Call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session.
You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Mr. Hans Brändle, CEO, and Mr. Manfred Häner, CFO of Meyer Burger Technology. Please go ahead, gentlemen.
Good afternoon to everyone on this call. Today is not only the first, actually very nice spring day in Zurich, also for Meyer Burger. It is a new season because we have a vision again. Today is an important day for Meyer Burger and a good day for the whole PV industry with the breaking news from this morning that we are joining forces with Oxford PV.
With perovskite heterojunction tandem technology, we push open the door to efficiencies to 28% and more and overcome the limitation of crystalline silicon technology. We are walking the talk, which is that we are in the driver's seat of the PV technology roadmap. 2018, the year of the dog, was indeed a pretty difficult year. It was impacted by trade disputes, new tariffs, and last but not least, by what's called China 531. Under these circumstances, we did it quite well.
We wanted to achieve more, but finally, we at least achieved 6.4% EBITDA margin, which includes restructuring costs. For first time since 2011, we were able to report a slightly positive EBIT. Let's go to page three. I will call out the pages I am talking about. We are now on page three, please. If you want to summarize recent solar market developments in a nutshell, you can say that after a pause in 2018, analysts expect strong end market growth this year and beyond.
Looking back, the solar market in 2018 was heavily and negatively impacted by the world's largest solar market, which is China. This sudden and unexpected solar program restructuring in the world's key solar country announced end of May, and for that reason tagged 531, led to the strong global turbulences in the entire solar sector.
Chinese end installations dropped by 17% year-over-year to 44 GW, after over 50% year-over-year growth, with record annual installed capacity of 53 GW in 2017. The shrinking of, by far, world's largest market led to a global solar growth pause in 2018.
Global market growth slowed down significantly to around +5%, in absolute figures, 104 GW last year, after about 30% and about 50% growth rates in the two previous years. Slight growth in 2018 means that the rest of world overcompensated the decline in China. With the backing of China, global demand is expected to return to two-digit annual growth during 2019 and for the years to come, reaching for this year 120 GW level.
With the world expected to add at least 20% more solar capacity this year, there is even a strong upside potential beyond the 120 GW level, depending on how much China will actually install this year. In any case, the global solar growth story remains fully intact.
Let's flip page and go to page four. The turbulences in the Chinese solar market also caught the attention of President Xi, who emphasized that solar energy remains a national priority and government support will continue. Following President Xi's comment, the Chinese National Energy Administration, NEA, announced that the government will continue to provide solar subsidies, but in a different model. The NEA has already finalized the draft and the release is expected soon.
China's clear goal to maintain its leadership in silicon to module production and continue on its way to lower cost for solar power, so that subsidy-free solar electricity generation as of 2020 can be a cost-effective fundamental pillar for its energy supply in the long run. Analysts expect China to install at least last year's volume with upside towards 2017 record levels.
We cannot emphasize enough. A key driver for fast solar growth is technology, and China also understood that very well when it implemented its TOPCon program for yearly 8 GW comprising high-efficiency cell technologies only. Let's go to page five. While analysts expect that the solar market in China to recover already this year, the growth in other established and new markets will be stronger.
We are seeing a quickly diversifying global solar market, with dependence on Chinese demand expected to decrease after the peak in 2017, when the country was responsible for nearly 55% of annual global installations. This year, almost two-third of solar end installed capacity is likely to be outside China, and this share will increase. Page six.
Very important, however, is that while the end customer solar markets are indeed diversifying, solar cell and module manufacturing is dominated by Chinese companies. When looking at manufacturing locations, module manufacturing is generally closer to the end markets, while cell manufacturing is more centralized.
That means that Meyer Burger's customer base for PERC and TOPCon cell equipment is mainly in China and Southeast Asia. Whereas the potential customers for heterojunction and SmartWire Connection Technology are found worldwide. Going to the technology, actually, what's driving our business now, next page seven.
With strong and a quickly growing end market demand in 2019 and beyond, the next CapEx phase is ahead as well. We have already seen in 2018 that PERC has become the new mainstream technology, reaching a 50% market share of installed crystalline silicon cell capacity. After the sharp market decline to, I already mentioned China 531 last year, demand for PERC capacity and upgrades has already picked up again.
The order of a leading Asian module manufacturer two days ago is a clear sign for that. For the installed PERC capacity in the field, nobody comes close to what Meyer Burger has p er end of 2018, we estimate our share in cumulated installed PERC capacity to 55%-60%, offering a pole position to future upgrade business, for instance, to TOPCon. Now going to the next page. Last year, we received orders for PERC for 8 GW .
Customers confirm the continued superior cost of ownership of Meyer Burger's PERC equipment, which, for instance, led to the yesterday's announcement of a repetitive order for MAiA 6.1 from one of the leading Asian cell manufacturers. However, after a number of new Chinese players for PERC equipment using alternative ALD technology emerged, there is large pressure on price and higher throughput, as I reported already during the half-year results last summer.
The CapEx per gigawatt dropped by a factor of 2x from 2017 to 2018. That would mean this order we reported, the CHF 15 million would have been CHF 30 million a year earlier. Interestingly, Hanwha Q CELLS recently filed a patent infringement claim against some leading solar manufacturers. The patent refers to ALD as a deposition technology. ALD stands for atomic layer deposition, and it also refers to a specific passivation structure of PERC cell design.
The good news for Meyer Burger and our clients is that we use proprietary PECVD deposition technology, which is different from ALD, as well as a significantly different passivation structure on our solar cell, protected by our own IP with patents in the European Union as well as in China and Korea. Hence, we are not affected by this patent dispute.
We are not negatively impacted by this patent dispute, I have to say, while potentially our ALD competitors are. Going to the next page. With PERC turning into the new cell mainstream, cell manufacturers will increasingly look into high-efficiency technologies simply for differentiation. The question is, what comes next?
PERT, if PERT's efficiency potential is too low, and IBC, despite its high efficiency potential, is unattractive due to the high production cost, the next investment cycle for high-efficiency cell technologies will focus both on TOPCon and on heterojunction. On the next page, we see a roadmap that will be. The company is investing into TOPCon first, which is an evolutionary technology step for PERC production.
TOPCon boosts cell efficiency from today's, say, 21.5% for PERC to about 23% by implementing additional process steps and equipment. However, it is expected that around 23% cell efficiency TOPCon will reach an economic limit for cost competitive production. On the next page, please. We see how we approach the TOPCon story. The initial approach of the industry was a different technology called LPCVD. However, this technology faces major challenges.
Meyer Burger developed a proprietary solution based on the well-known MAiA platform, and it is called CAiA. Our new CAiA tool for TOPCon cells has already shown that it can reach the 23% level, and combined with our SmartWire Connection Technology, the resulting champion 60-cell module reach more than 320 watts.
CAiA, in combination with MAiA or FABiA, will be the ideal TOPCon solution for the future, ready for the next technology investment cycle expected in H2 this year, both for upgrading existing PERC capacities as well as for expansion project.
TOPCon represents a major opportunity for Meyer Burger alongside with heterojunction. Going to the next page. The more distinct technology, however, the distinct technology investment cycle for high-efficiency cell technology kicks in as we speak. It is heterojunction, a revolutionary technology approach that is based on a different and substantially simpler production design.
Instead of nine production steps for PERC, heterojunction only requires five steps. This reduces complexity in the production process. Meyer Burger offers the best-in-class solution for heterojunction. Our R&D team has made tremendous progress in heterojunction development, and we have achieved a large development step last year.
From 2017 to 2018, we were able to improve HJT efficiencies for commercial cell designs by 0.8 percentage points to as much as 23.5%. We have a realistic roadmap to improve this cell efficiency by another 1.5 percentage points to reach 25% in 2022. Please keep this year in mind when we come to the roadmap and the plans in the context of tandem technology.
It is worthwhile to note that heterojunction is not the end of the road. The natural expansion of the HJT cell design is the mentioned tandem cell technology with perovskite boosting cell efficiencies to 30% and even beyond. That's already addressed.
You will hear more about it in a minute. Breakthrough for us came mid-December 2018 when we announced an order intake of CHF 74 million for 600 MW heterojunction SmartWire core equipment with REC. This event marks the breakthrough for us, not only because it is our largest heterojunction deal so far. It's also due to the fact that REC is the first Tier 1 PV manufacturer to choose our heterojunction SmartWire solution. REC has an outstanding brand based on superior quality.
Meyer Burger has also signed the joint development agreement for a game-changing solar high-efficiency 60-cell heterojunction module based on half-cut cells, which was originally developed by REC and now copied by others. As announced by REC in the press release, there is a capture on page 14. The first results of this cooperation will be shown at the upcoming Intersolar in Munich in a joint show on the Intersolar show in May 15 to May 17, so you might mark it up already in your agenda.
As it was already the case with PERC, established PV manufacturers tried to avoid being first movers with a new technology. They try to become a fast follower, in case it really works. This is one of the reasons why we at Meyer Burger are convinced that the inflection point of our heterojunction technology is reached this year.
On the next page, we see that this assumption is supported by the growing opportunity pipeline for qualified heterojunction projects, which grew by about 35% since mid-last year. Unlike for PERC cell processing, there is a much broader geographic spread with heterojunction today. Around one-third is coming from Europe, about 20% coming from China, and the remainder from the rest of the world.
At this point, this is quite a difficult statement for me because we reach out pretty far up the pipeline. Please don't get me wrong, the pipeline for qualified projects we are dealing with, and qualified for us means that we do not only send out quotations, it also means that we are working out layouts for these customers and so on and so forth. A substantial engagement from our side.
Taking this at face value. Again, please keep in mind, this is nothing which will materialize this year. It will be spread out, and we might lose some projects, we might win others. Its face value is larger than CHF 1 billion, again, for our opportunity pipeline for qualified projects, just to get you feeling how strong this pipeline is.
To substantiate it, you might have read this week, Monday, we were also taken by surprise that one of these leads, EkoRE in Turkey, they, without telling us before, they had a groundbreaking and a press conference where they stated they plan to invest 1 GW heterojunction vertically integrated line with us as equipment supplier. We are heavily working on a fast track to accelerate the process for the first stage of this project, just to give you one example.
Also not reflected in this pipeline I mentioned is that, after the announcement of the REC deal in December, we had discussions with a major player for solar modules about double-digit gigawatt installations for HJT, for heterojunction, within a pretty short few years period of time only. That gives you some meat to the bone to understand our pipeline. Again, this does not translate into sales directly, and just should underlie the statement that we see increasing momentum on heterojunction, and we are sure about the fact that heterojunction is now taking off because there is no choice for the industry.
I would also like to highlight two facts why heterojunction is so interesting for us, disclosing some more details, which is that the CapEx, first of all, the share of wallet for us, when it comes to PERC, for a PERC line, 1 GW PERC line, we get 15% of that value, while it is for heterojunction, more like 75%. Also here, keep in mind these are indicative values.
Now, when a PERC line, the CapEx for a PERC, for 1 GW line is 1x, heterojunction is somewhere at 2x to 3x, which leads that the lever is, if PERC is 1x, normalized to 1x, heterojunction is good for 10x to 15x as much, just that you get an impression about the lever for 1 GW heterojunction order intake. If we go then to the next page, Meyer Burger. Sorry.
This is our own PR slide. It just happened overnight yesterday. A new study was published. Let's go to the next page, please, which is page What is this? Page 17, I think. Hard to read. This is a very recent study, actually published yesterday or the before yesterday, by TaiyangNews. Of course, it's always good to get PR from an independent source.
They disclose the ranking of leading module producers on commercial equipment, and their statement is very clear. Although there are already quite a few HJT players, Meyer Burger's technology is leading with the for their 72-cell module and the 348 watt for a half-cut cell design of a 60-cell equivalent module.
Going to the next page, please. I want to skip this one, because we see in the marketplace kind of dog-and-pony show when it comes to cell efficiencies, I just wanted to state here, really watch out and make the difference between what is R&D and lab record efficiencies on cell level, what translates into module efficiencies, and what is really based on commercial equipment. I made some comments on this page just for those of you who wants to know a little more.
Watch out to really try to compare apples with apples. I also want to skip page 19, just to state that SmartWire technology turns out to be more and more an enabling technology for high-efficiency cell technologies, not only for heterojunction, but also for TOPCon. That leads me then to the exciting story which we brought to your attention this morning.
It's the story about perovskite, which is a relatively young shooting star among solar cell technologies. It's closely related to Oxford PV, University of Oxford spinoff, which was co-founded by Professor Henry Snaith in 2010. Just one second.
I think we should be now on, I mixed it up. We should be on page 20. What you see, exactly, page 20. While heterojunction opens the door for cell efficiencies above 23%, up to about 25%, as I just mentioned, pushing this limit to levels beyond 25%, you have to stack solar cells. As shown on this slide, perovskite is considered as the perfect fit for a two stacked tandem cell. You might ask why.
Because a perovskite exhibits very high efficiencies, the promise of low production cost, and tunable band gaps to complement silicon, as heterojunction already has a specific layer, a top layer, which is called TCO, transparent conductive oxide, as a contact layer. It is actually straightforward to add perovskite top cell on a heterojunction bottom cell.
Simplified, a perovskite silicon tandem cell consists of two different solar cells to capture more of the solar spectrum for conversion into electricity. Perovskite is taking more of the blue part of the light, while heterojunction is taking more of the red part of the solar spectrum. When choosing heterojunction for the perovskite tandem cell, it pushes the theoretical limit of pure silicon-based technology from 29% to mind-boggling 43%.
Oxford PV and Meyer Burger are both leaders in their respective areas, Oxford PV for perovskite, Meyer Burger with heterojunction, so it's really straightforward, makes a lot of sense to combine forces and to push ahead the solar cell revolution to overcome the single junction silicon efficiency limits. Let's go to the next page, talking about Oxford PV, which was co-founded by Professor Snaith in 2010.
There are many research groups around the world who have jumped on perovskite with its impressive efficiency development curve. Oxford PV, however, has always maintained its leadership in this field. Moreover, it has understood very early that the way to go for the new material is a combination with incumbent silicon technology, enabling much higher efficiencies and lower LCOE compared to standard PV technology.
Oxford holds the certified world record efficiency of impressive 28% for perovskite on silicon tandem cells, with R&D roadmap to well above 30%. Oxford PV has around 100 scientists, 50 in U.K., 50 in Germany. In Germany, they have a fully equipped large-scale thin-film PV facility in place. They also own a very strong IP portfolio with more than 200 filed granted patents, and it has the by far largest perovskite patent portfolio in the world.
By that, they are the unchallenged leader in perovskite and perovskite silicon tandem technology. It was last summer when I visited their facility. They approached us because they wanted to have a development partner for the perovskite equipment. Of course, it's known in the R&D community about their R&D record sales.
What we as Meyer Burger realized back then in summer, that they have a pilot production and are very far progressed with cell efficiencies on 6 in cells, which is the standard form of actually using Meyer Burger's heterojunction cells, which were provided by us, because we are not direct neighbors, but not that far apart distance-wise.
It was very straightforward for me that we said we have to join forces. Actually, we agreed to have an exclusive strategic collaboration with Oxford PV, with the goal to reduce the time to market for this next generation solar cell and module approach for our tandem technology. Oxford PV will purchase a 200 MW heterojunction line from Meyer Burger, important to note, I want to underline that at market conditions, so it's not a giveaway from Meyer Burger.
Together, we will establish a mass production technology for certified SmartWire connected perovskite heterojunction modules. In the same timeframe, by end of 2020, we will support Oxford to ramp up the pilot line to the 200 MW. Meeting this timeline is, in our opinion, only possible with our heterojunction SmartWire technology know-how, our industrialization and process integration expertise.
We are absolutely certain the combination of technologies and skills of the two companies provides clear technology leadership for several years' time advantage. While Oxford PV is leading in the global perovskite race, we've externally confirmed a 28% lab efficiency. Meyer Burger is the global leader in heterojunction cell and module process development, which is of crucial importance for the industrialization of Oxford PV's perovskite cells and the production of certified modules based on tandem cells.
As both of our companies see the unique potential of this partnership, we have agreed on getting together very close. Meyer Burger, that was announced this morning, Meyer Burger acquires up to 18.8% of Oxford PV to paid in Meyer Burger's shares up to 9.9% of the total shares issued, with a mechanism agreed between the partners and to be issued from the existing authorized capital. We expect to close this transaction by end of April 2019.
This means that Meyer Burger will become the largest single shareholder of Oxford PV, with other significant shareholders, including Legal & General, Equinor, and Goldwind. Goldwind being one of the largest wind energy manufacturers. Another additional element of the agreement is that Meyer Burger has the option to further increase its stake to up to close to 32% in capital.
We have to mention as well that our voting rights at this time will be restricted to the maximum of 24%. It is also important to note that this option is for the same valuation as the first 18%. Again, just to underline, part of the deal is that Oxford PV purchases a 200-MW heterojunction line from Meyer Burger at market conditions. With other words, coming to an end for the technology part, the two leaders in their respective fields are forming a dream team to industrialize by end of 2020, the exciting tandem cell technology with initially about 27% in cell efficiency.
With this move, Meyer Burger has, again, a vision, as I mentioned in the beginning, and creates lots of excitement and energy in our team, because it was not always only fun for us to do the homework which we did over the last couple of years.
Having said that, let's have just a quick look into the update of our transformation program, which we announced, the first one we announced in late 2017, which is now completed. Important on page, what is that? 24. Important here is the sale of wafering business to Precision Surfacing Solutions, which we announced on February 7th. This transaction is expected to close within a very short period in time. Going to the next page, talking about the transformation program, especially also with going to China, which we announced last October.
Here we are fully on track. Important to note here is that in the context of selling the business to PSS, they decided to rent a substantial portion of our big building we have in Thun. The building is fully let, we could start earlier than we thought with the sales process of the building, which is ongoing and will provide us with additional cash proceeds.
Last but not least, I mentioned it in the press release on October 16th, it is probably easier to understand our strategic priority going forward, which is that we concentrate on heterojunction and SmartWire Connection Technology and next generation cell module technologies, which is now obvious that this is not only TOPCon, but also tandem technology. Having said that, I come to the last slide, page 26.
In the context of the transformation program, we announced that we will resize the management team as well as we go along. This is the case with the sale of the wafering business. We do no longer need the position of a Chief Operating Officer, the new team consists just out of four people. Dani Lippuner will leave the company by mid-year.
He did an excellent job, it was, of course, designed in that he made himself redundant. The new person here, some of you might meet him during the roadshow, is our new CFO, Manfred Häner, whom I welcome now and hand over to the financial part. Manfred, please go ahead.
Thank you, Hans. Good afternoon, everybody. I am very pleased to lead you quickly through the financials of 2018. Starting on page 28. Our order intake for last year was CHF 327 million. Quite a respectable amount of money, thinking of all the troubles the market made last year to us and to the rest of the PV world. If you look in the first half, we had CHF 138 million.
In the second half, CHF 189 million, including the CHF 74 million order Hans mentioned from REC for the heterojunction contract. Order backlog amounted to CHF 241 million. This CHF 241 million includes about CHF 40 million of order backlog for the wafering business, which we sold or are going to sell. The closing, as mentioned by Hans, will be pretty soon. Net sales, CHF 407 million on page 29. Was 14% down on the previous year.
As you can see also on the same slide, it was a strong first half of 2018 and a somewhat weaker second half of 2018 with CHF 175 million of net sales. On the next page 30, you see the split by region. Still by far the biggest region for us is Asia with 71%, followed by Europe, 25%.
If you look at the type of sales, the biggest part comes out of equipment sales, 71%, and specialized technologies at 19% in the past year. Going forward to page number 31. Operating income margin was 49%, mainly coming from the first half of the year where we reached even 52%. In the second half, it was 46%, and in average 49%, which is actually the best gross margin we had over the last five years. On the next page 32, personnel and personnel expense.
You can see that we had made redundant about 185 people in the past 12 months. Another 200 to come. About 100 will leave now with the closing of the transaction of the wafering business, and another 100 persons will have to leave during the execution of the transformation program, which will last until 2021. Overall, we had a decline of about 13% in personnel.
On personnel costs, the decline was 7%. It's clear that this is less because we compare here January 1st to December 31st on the headcount, and we have the average for the same period, which is, of course, different. But still, personal expense is declined by 7%. Coming on the next page, 33, to EBITDA. I would like to mention here first that the EBITDA includes CHF 3 million of restructuring costs and CHF 4 million of loss for the divesture of the Energy Systems.
Overall, you can see that we had doubled the EBITDA from CHF 12 million in 2017 to CHF 26 million in 2018. Also, percentage-wise, it's doubling from 3% to 6%. On the EBIT, page number 34. Since the first time since five years, we show a positive EBIT.
Even so it is still small, it's at least CHF 2 million. If you add on the special effects I mentioned before, it would be almost close to CHF 10 million. The EBIT margin, of course, with CHF 2 million or CHF 400 million sales, it's not so big, but it's also positive, of course, by 0.4%. Earnings before tax, - CHF 7 million. This is mainly, or one could say, the negative amount derives from the financial result, which is about CHF 9 million- or almost CHF 10 million -. That's why we see here earnings before tax of - CHF 7 million.
It does not include any special extraordinary result, as there was only a small release of CHF 0.7 million provisions, which were made at the same position a year before. Coming to the next page, on the bottom, page 36, taxes, which is a rather high amount because we had to write off CHF 49 million of our deferred tax assets in the past year.
Total tax is about CHF 52 million, including this CHF 49 million of write-off of deferred tax assets we had on the books by the beginning of the year. Net result, unfortunately negative. Here again, if you deduct from the CHF 59 million the write-off of DTAs, it would be about CHF 10 million, and the CHF 10 million more or less is the financial result, interest, and so on, which amounted to about at least CHF 10 million.
It would be almost a break even if you would add back, of course, again, the special effect of restructuring, it also could be positive. On the balance sheet side, page 38, total assets declined by about CHF 120 million, mainly because of the changes in working capital, including cash, unfortunately. We had an equity ratio of around 52%, which is more or less the same as we had at the beginning of the year.
On the next slide 39, you see the changes in net working capital, CHF 40 million +, unfortunately, mainly driven by lower customer prepayments due to lower order intake. I'm on my last slide, cash flow. As already mentioned, a heavy impact on the net working capital. The cash flow before changes of net working capital, about CHF 23. After, -CHF 23 million.
We invested about CHF 5 million in CapEx, cash flow from investing activity is - CHF 5. The cash flow from financing activity is also - CHF 5, leaves us with a total change in cash of CHF 33 million or CHF 90 million in cash by end of the year. Thank you very much.
Thank you, Manfred. We come then close to the end with the outlook. Before I talk about the outlook 2019, let me just briefly summarize what I discussed with you or I presented to you some minutes ago. Point one is we are strengthening our technology leadership in the industry with outstanding products in PERC, TOPCon, heterojunction, and the next generation with perovskite.
Second, we have done a good job in managing through the 531 and trade downturn by reducing costs and by winning key accounts, including the first major heterojunction contract, with REC as the first Tier 1 PV player opting on heterojunction technology. Third, now things are turning our way. The key players are investing. People are coming back to our technology on PERC after realizing that other choices were inferior or infringing. Our TOPCon will win the market in the second half and beyond.
We are pretty sure that everyone will finally have to invest in heterojunction, or they will fall too far behind. We are, when it comes to heterojunction, the only credible solution at this point. It's also clear that this point in time is the bottom of the market, and we look for an acceleration in 2019/ 2020. That leads me now to the outlook, what you find on page 41.
Again, the first statement is pretty straightforward, that the solar industry as a whole remains very attractive by achieving grid parity rather sooner than later. Very important is the statement, I think, that we are facing two independent technology investment cycles. The first one is heterojunction, which I elaborated on.
The second one is TOPCon, seen as the next upgrade technology beyond PERC, where Meyer Burger is in a leading position with rapidly increasing customer interest following our breakthrough end of 2018 and after the market has realized that the first approach is not really working out well. I made the statement about the strong and the further expanding opportunity pipeline for heterojunction and that our transformation program is on track.
The sale of the wafering business for CHF 50 million plus an earn-out is expected to close soon. The fully let building in Thun is in the sales process, and we expect corresponding sales proceeds. That is the outlook, which leads me then to the Q&A session. Operator, please take back.
We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use only handsets while asking a question. Anyone who has a question may press star and one at this time. Once again, to ask a question, please press star and one on your telephone. Gentlemen, there are no questions at this time.
Okay. I would like to thank you all for participating. I hope it was crystal clear what we presented. I'm sure some of you we will meet during our roadshow, which is taking place next week. Thank you very much. Bye-bye. Bye-bye to everybody.
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