Distinguished shareholders, ladies and gentlemen, I'd like to welcome you to the 108th annual general meeting of Sulzer Limited. I herewith formally open this AGM, and I declare regarding the invitation, that the invitation to the annual general meeting was published on March 10, 2022 in the Swiss Official Gazette of Commerce, therefore complying with the statutory notice period of 20 days. On March 10, 2022, the agenda item and proposals of the board of directors were provided together with the invitation. According to Article 696 of the Swiss Code of Obligations, the annual report, compensation report, and the auditor's report must be made available for inspection by shareholders at the company's head office at least 20 days prior to the AGM. This requirement has been met.
On February 18, 2022, the complete annual report, including the compensation report and the auditor's report, was made available on our website ready for inspection and download. In addition, the CVs of the candidates to the Board of Directors were also made available on our website. Prior to this AGM, our shareholders did not submit any requests to add further items to the agenda, nor motions or questions regarding individual agenda items. I now declare that this Annual General Meeting has been convened and constituted in accordance with the statutory and legal requirements and that we have a quorum. I'd like to provide you with an update regarding the items published in the invitation to this AGM. As stated in yesterday's press release, Mikhail Lifshitz and Heike van de Kerkhof have informed us that they will not be available for re-election.
The relevant items 5.2.3, 5.3.1, and 6.2.1 will therefore be deleted from the agenda without replacement. All other items will be treated as stated in the invitation to this annual general meeting. The deletion of these election proposals has no impact on the remaining instructions to the independent proxy. Second point, presence. Due to the ongoing pandemic, reasonable caution, and based on the provisions of the COVID-19 Ordinance 3, as further extended by the Federal Council, shareholders are once again not able to attend this AGM in person. Shareholders had the possibility to exercise their shareholders' rights in writing or electronically via independent proxy. Due to these extraordinary circumstances, the other members of the board of directors, with the exception of Ms. Suzanne Thoma and Mr. Matthias Bichsel and the executive committee will not be attending this annual general meeting in person either.
26,147,947 registered shares with a nominal value of CHF 261,479.47 are represented by the independent proxy. This corresponds to 76.32% of the share capital. Third, the auditors. The auditors, KPMG AG Zurich, are represented by Mr. Rolf Hauenstein. Fourth point, independent proxy. I would also like to welcome our independent proxy, Proxy Voting Services GmbH, represented by Mr. Christoph Helbling, attorney at law in Zurich. Point five, chairman, keeper of the minutes, teller of the votes. Today's annual general meeting will be chaired by me, Chairman of the Board of Directors, as stipulated by Article 14 of our articles of association.
Thomas Schönholzer will act as keeper of the minutes and teller of the votes. Point six, minutes. The minutes of last year's annual general meeting on April 14, 2021 have been duly signed by the chairman and the keeper of the minutes, and were available for inspection at the company's head office. In addition, the minutes are available on our website. Point seven, majority. The annual general meeting decides on the proposals before us today in accordance with our articles of associations, Article 15, paragraph 1, with an absolute majority of the represented votes. Point eight, video recording. As a formality, I'd like to point out to you that this entire annual general meeting is being streamed live via webcast and will be recorded on video. Before moving on to the agenda, I'd like to address you in my role as chairman of the board of directors.
This past year has been an eventful and in many ways a significant one for Sulzer. Due to the pandemic, the company was faced with a challenging environment which led to certain restrictions such as the interruption of supply chains. These global challenges continue into this year and are being exacerbated by the consequences of the war in Ukraine. Despite the fact that these events are out of our control, we were able to mitigate the risks as well as possible and perform with a surprising consistency. In this past year, we achieved an operational profitability of 9.3%. This is a record high, and considering the current societal upheaval, this is all the more impressive. All three divisions of Sulzer achieved new peak values and contributed to this significant milestone. Order intake for the entire year increased by 3.6%, surpassing our forecast.
We registered an especially strong order intake in our strategic key markets, water and renewable energies, which grew organically by 11.4% and 94.9% respectively. Revenue increased by a robust 6%, in line with our forecast. This despite the headwinds we had to face due to the partially interrupted supply chains. In 2021, we generated a strong free cash flow amounting to CHF 239 million, which further strengthens our balance sheet. This financial result is a clear indication of our resilience and the successful transformation of the company in the past years. An important milestone in 2021 was our succession planning that we announced in December. After six extraordinarily successful years with the company, Grégoire Poux-Guillaume decided to step down and hand the responsibility over to a new leadership team.
In accordance with our succession planning, the Board of Directors nominated Frédéric Lalanne as Greg's successor. I'm sorry. Frédéric Lalanne has been responsible for the successful turnaround of the division Flow Equipment. At the time Frédéric Lalanne took on his new role, the division was generating a deficit. Today, however, we see a record in profitability and an expanded offering in this very promising water business. Frédéric Lalanne has proven himself to be an excellent leader, and the Board of Directors is convinced to have made the right choice in order to lead the way into the next phase of profitable growth of Sulzer. As announced in November, I will not be available for reelection as Chairman of the Board of Directors. This for personal reasons. After extensive evaluation, the Board of Directors unanimously proposes the election of Suzanne Thoma, current Vice Chair of the Board of Directors.
At today's annual general meeting, a total of 26,147,947 votes are represented by the independent proxy, which corresponds to 76.32% of the share capital. The absolute majority of votes therefore amounts to 13,073,974. We now move on to the items on the agenda. Item one, annual report 2021. This item is once again divided into two sub-items. Into item 1.1, which is the business review, annual financial statements, and consolidated financial statements, 2021, and the auditor's report. Item 1.2, advisory vote on the compensation report, 2021. On item 1.1, the annual report containing the business review, the financial statements, and the consolidated financial statements, as well as the auditor's reports, is, as mentioned, available.
I would like to remind you of the Sulzer income statement. The statement of the parent company reports total revenues of CHF 294.6 million and total expenses of CHF 173.3 million, with a profit of CHF 121.3 million. The rendering of accounts of the individual financial statements of the parent company for the financial year is based on the principles of the Swiss Code of Obligations. The auditor's reports can be found under the financial section of the annual report on pages 119, and that is for the consolidated financial statements, as well as on page 215 for the annual financial statement of Sulzer. The page numbers refer to the annual reports available on our website for download in PDF format.
I would like to thank KPMG for their work. Prior to this annual general meeting, the representative of KPMG present today told me that he has nothing to add to their reports. As there are no questions, we now move on to the ballot. The Board of Directors proposes to approve the business review, the annual financial statement, and the consolidated financial statement, 2021. Vote on this agenda item absolute majority 13,073,974. Yes votes amount to 99.78%. No votes 0.1%, and abstentions 0.12%. I declare that you, distinguished shareholders, have approved the business review, the annual financial statements, as well as the consolidated financial statement 2021.
Despite the fact that this past year has been a challenging one in terms of our operations, the Sulzer Group has achieved quite a lot. This would not have been possible without the extraordinary performance of our employees, which is why I'd like to take advantage of this opportunity to thank all of them on behalf of the Board of Directors and the Executive Committee for their commitment and their excellent work. We now move on to agenda item 1.2: Advisory Vote on the Compensation Report 2021. The Board of Directors proposes to approve the Compensation Report 2021 according to pages 69-99 of the Annual Report. This is an advisory vote. It is non-binding.
The Compensation Report details the fundamental principles of the company's compensation policy and plans, as well as the compensation awarded to the members of the Board of Directors and the Executive Committee. The company's compensation policy and plans are based on the performance of the company, as well as a strong focus on long-term shareholder value and profitable growth. They are reviewed annually and, if necessary, amended. Sulzer values appropriate compensation. The compensation of the members of the Board of Directors is composed of a fixed basic salary and cash, as well as the allotment of Restricted Stock Units. Restricted Stock Units are grants on a future allotment of shares. Benchmarks within our peer group show that the compensation of the Board of Directors of Sulzer are in the medium range.
The compensation of the Executive Committee is composed of the following components: fixed compensation, which consists of the basic salary as well as pension and ancillary benefits. Variable compensation consisting of a short-term bonus plan and a long-term Performance Share Plan, which are based on personal targets and company targets, as well as. They also depend on the relative Total Shareholder Return. The Board of Directors is convinced that these fixed and variable short-term and long-term compensation components make sure that the Executive Committee align their interests with the interests of the shareholders. As there are no questions and counter motions, we can now, as mentioned, move to the advisory vote. Advisory vote on the Compensation Report 2021. Absolute majority 13,073,974. Yes votes 89%. No votes 9.93%, and abstentions 1.07%.
I declare that you, esteemed shareholders, have approved the Compensation Report 2021 with a clear majority. On behalf of the Board of Directors, I'd like to thank you. We interpret this vote of confidence as confirmation that the company's compensation systems are in the interest of the shareholders. We now move on to Item two on the agenda: Appropriation of Net Profit. The Board of Directors proposes to distribute the total of CHF 167,520,034, consisting of the results of the year 2021 of CHF 121,291,000, and the profit carried forward amounting to CHF 46,229,034 as follows: Ordinary dividends payout CHF 118,046,730.
Carry forward to new account CHF 49,473,305. As you know, Sulzer pursues a dividend policy that takes into account the company's liquidity, as well as the current economic environment. Should this proposal be approved, the gross dividend before deduction of the 35% withholding tax in Switzerland amounts to CHF 3.5 per share. The payout would occur on April 12, 2022. Treasury shares of Sulzer AG and its subsidiaries are not entitled to dividend payout. As there are no questions or counter proposals, we move on to the vote. Vote on the appropriation of net profit. Absolute majority, 13,073,974. Yes votes, 99.77%. No votes, 0.17%.
Abstentions, 0.07%. I declare that today's Annual General Meeting has approved the distribution of net profit as proposed by the Board of Directors. We now come to item 3 on the agenda, discharge. The Board of Directors proposes to discharge the members of the Board of Directors and the Executive Committee for the financial year 2021. I would like to remind everyone that according to Article 695 of the Swiss Code of Obligations, persons that took part in management do not have a vote regarding this agenda item. We will apply this exclusion on a voluntary basis to the shares held by Tiwel Holding. As there are no questions or counter proposals, we now move on to the vote. You are voting on the overall discharge of the members of the Board of Directors and the Executive Committee.
Absolute majority 4,696,015. Yes votes 99.04%, no votes 0.46%, and abstention 0.51%. I declare that the Annual General Meeting has granted discharge to the Board of Directors and the Executive Committee. I thank you for your trust.
We now move on to item four on our agenda, compensation of the members of the Board of Directors and the Executive Committee. We're now going to vote on the compensation of the Board of Directors and the Executive Committee. Item four comprises two sub-items with two separate ballots. Part one, sub-item one, compensation of the Board of Directors, and sub-item two, compensation of the Executive Committee. For a more detailed explanation of the proposed compensation, I'd like to refer you to the separate reports drawn up by the Board of Directors, which you also received together with the invitation to this Annual General Meeting. I will briefly take the floor on the two sub-items before we move on to the ballot. I'd like to start by talking about the compensation for the Board.
The proposed maximum aggregate amount of compensation in the amount of CHF 2.984 million refers to the term of office from the 2022 Annual General Meeting until the completion of the 2023 Annual General Meeting. The members of Sulzer's Board receive a fixed compensation only in order to ensure their independence. They do not receive any variable or performance-based compensation. Furthermore, they are not entitled to participate in Sulzer's provision plans. The Board's compensation is paid out partly in cash and partly as Restricted Stock Units. Let me now briefly comment on compensation for the Executive Committee. The proposed maximum aggregate amount of compensation of the Executive Committee covers the financial year 2023. The proposed amount of CHF 17.5 million covers the total compensation paid to all members of the Executive Committee.
This total compensation, it comprises a fixed base salary and a variable component. The variable component includes a short-term performance-based cash bonus and a long-term performance-based contribution to the Performance Share Unit. This system is intended to provide an incentive to members of the Executive Board to excel in their performance, and it serves to acknowledge such a performance properly. We're talking about a maximum amount here. In line with the law, the calculation of the maximum aggregate amount paid to the members of the Executive Committee includes the potentially maximum amount based upon the variable component of compensation. That is to say, both referring to the short-term and long-term incentive system. The amounts eventually paid out will be disclosed in the compensation report for the 2023 business year and will be given to shareholders in terms of a non-binding advisory vote.
No questions or countermotions have been tabled, so let's proceed to the vote. Absolute majority, 13,073,974. 94.55% yes votes, 5.22% no votes, abstentions 0.23%. I note that the annual general meeting has approved the maximum aggregate compensation of the Board of Directors for the ordinary term of office from the 2022 annual general meeting until the completion of the ordinary AGM 2023. I'd like to express my gratitude for the confidence you have shown. We therefore proceed to sub-item 4.2. You will be voting on the maximum aggregate amount for the compensation of the Executive Committee for the 2023 business year in the amount of CHF 17.5 million.
This is the result. Compensation of the executive committee, absolute majority, CHF 13,073,974. Yes votes 91.67%, no votes 8.12%, abstentions 0.21%. I therefore note that the annual general meeting has approved the maximum aggregate amount of compensation for the executive committee for the 2023 business year. Thank you very much for your confidence. We now proceed to item five, elections to the Board of Directors. Item five is comprised of three sub-items. Sub-item one, election of the Chairwoman of the Board of Directors. Sub-item two, re-elections. Sub-item three, election of new members. Let's start with sub-item one, election of the Chairwoman of the Board of Directors. As I announced in November 2021 in the media release, I no longer stand for election.
The Board of Directors therefore proposes to elect Suzanne Thoma as Chairwoman of the Board of Directors. Suzanne Thoma was elected to the Board of Directors as an ordinary member at the 2021 general meeting, and has since then been Vice Chairwoman of the Board of Directors. She's also a member of the Nomination and Remuneration Committee. No questions or counter motions have been submitted. We therefore proceed to the election under sub-item 5.1. The Board of Directors proposes to elect Mrs. Thoma for a term of office until the completion of the next ordinary annual general meeting, as Chairwoman of the Board of Directors. Here are the results. Election of Suzanne Thoma as Chairwoman of the Board of Directors. Absolute majority, 30,073,974. Yes votes, 99.68%. No votes, 0.21%.
Abstentions, 0.10%. I note that the annual general meeting has elected Suzanne Thoma for a term of office until the completion of the next ordinary general meeting to the Board of Directors and as Chairwoman of the Board of Directors. Congratulations on your election, Mrs. Thoma. We now move on to sub-item two, re-elections. The Board of Directors supports the re-election of the members running for another term of office. Hanne Birgitte Breinbjerg Sørensen, Matthias Bichsel, David Metzger, and Alexey Moskov. Gerhard Roiss no longer stands for re-election. I'd like to use this opportunity to express our gratitude for the valuable contribution he has made to this company for the past years. Gerhard Roiss joined our Board of Directors in 2015.
Thanks to his comprehensive experience and expertise, in particular his expertise in finance and oil and gas, he has been able to make substantial contributions to developing our company further over the past seven years. He used to serve as chairman of the Nomination and Remuneration Committee and a member of the Audit Committee. I wish him lots of success and all the best. I would also like to thank Mikhail Lifshitz, who also informed us that he no longer stands for re-election, as I mentioned in my introduction. I would like to thank him for his contribution on the Board of Directors. Let's now move on to the presentation and election of the members up for re-election to the Board of Directors. Hanne Birgitte Breinbjerg Sørensen was elected to the Board of Directors in 2018.
She's the Chairwoman of the Audit Committee and a member of the Nomination and Remuneration Committee. Matthias Bichsel has been a member of the Board of Directors since 2014. He is the Chairman of the Strategy and Sustainability Committee. David Metzger was elected to the Board of Directors of Sulzer Limited in 2021. He is a member of the Audit Committee and is the official representative of Tiwel Holding AG on Sulzer's Board of Directors. Alexey Moskov was elected to the Board of Directors of Sulzer Limited in 2020. He is a member of the Audit Committee and also represents Tiwel Holding AG on the Board of Directors.
The board of directors proposes to re-elect existing board members Hanne Birgitte Breinbjerg Sørensen, Matthias Bichsel, David Metzger, and Alexey Moskov for a term of office of one year until the completion of the next ordinary general meeting. No questions or countermotions have been submitted. We therefore proceed to the ballot. We start with the re-election of Mrs. Hanne Birgitte Breinbjerg Sørensen under item 5.2.1. Here's the result. Re-election of Hanne Birgitte Breinbjerg Sørensen. Absolute majority, 13,073,974 votes. Yes votes, 99.03%. No votes, 0.88%. Abstentions, 0.09%. I note that the annual general meeting has re-elected Hanne Birgitte Breinbjerg Sørensen for a term of office until the completion of the next ordinary annual general meeting to the board of directors.
We now move on to the re-election of Matthias Bichsel. That's item 5.2.2. Here's the result. Re-election of Matthias Bichsel. Absolute majority, 13,073,974 votes. Yes votes, 99.62%. No votes, 0.28%. Abstentions, 0.11%. I note that the annual general meeting has re-elected Matthias Bichsel to the Board of Directors for a term of office until the completion of the next ordinary annual general meeting. Item 5.2.3, the re-election of Mikhail Lifshitz will be deleted without any replacement. We therefore proceed to the re-election of David Metzger directly. That's item 5.2.4. Here's the result for David Metzger's re-election. Absolute majority, 13,073,974 votes. Yes votes, 99.30%.
No votes, 0.62%. Abstentions, 0.09%. I note that the annual general meeting has re-elected David Metzger to the board of directors for a term of office until the completion of the next ordinary annual general meeting. We therefore proceed to the re-election of Alexey Moskov under item 5.2.5. Here's the result. Re-election of Alexey Moskov. Absolute majority, 13,073,974. Yes votes, 93.10%. No votes, 6.73%. Abstentions, 0.16%. I note that the annual general meeting has re-elected Alexey Moskov to the board of directors for a term of office until the completion of the next ordinary annual general meeting. We now proceed to the third part of this agenda, election of new members.
Item 5.3.1, the election of Heike van de Kerkhof, will be deleted without replacement. We therefore proceed to the election of Mr. Markus Kammüller, that's item 5.3.2. The board of directors proposes to elect Markus Kammüller for a term of office to the board of directors until the completion of the next ordinary annual general meeting. Markus Kammüller is founder and owner of ExecDelta. No questions or countermotions have been submitted. We therefore proceed to the ballot. Here's the result. Election of Mr. Markus Kammüller. Absolute majority, 13,073,974 votes. Yes votes, 99.41%. No votes, 0.46%. Abstentions, 0.14%.
I note that the Annual General Meeting has elected Markus Kammüller to the Board of Directors for a term of office until the completion of the next ordinary general meeting. I'd like to congratulate all the elected members to their election or re-election or new election. The Board of Directors will meet after this Annual General Meeting in its new constitution and communicate any decisions publicly. These decisions concern, number one, the election of the Vice Chairperson of the Board of Directors. Secondly, the distribution of the nomination or the separation of the Nomination and Remuneration Committee into two separate committees, the Nomination Committee and the Remuneration Committee. Number three, the election of the Chair of the Remuneration Committee. Number four, the election and constitution of the Nomination Committee. That's the election of the members and the chairperson.
5, the election and constitution of the Strategy and Sustainability Committee. That's the election of the members and of the chair of this committee. Six, the election and constitution of the Audit Committee, the election of the members and of the chair of the Audit Committee. We therefore proceed to item 6 on our agenda, elections to the Remuneration Committee. Again, we have two sub-items with separate ballots. One, re-elections, and two, election of new members. We start with the first part, re-elections. The Board of Directors supports the re-election of the members running for re-election, Hanne Birgitte Breinbjerg Sørensen and Suzanne Thoma. The Board of Directors proposes to re-elect our board member, Hanne Birgitte Breinbjerg Sørensen, to the Remuneration Committee for a term of office until the completion of the next annual general meeting.
Hanne Birgitte Breinbjerg Sørensen was elected to the Board of Directors in 2018. Since 2018, she's been a member of the Nomination and Remuneration Committee. She is also the Chairwoman of the Audit Committee. No questions or countermotions have been submitted. We therefore proceed to the re-election of Mrs. Hanne Birgitte Breinbjerg Sørensen. That's item 6.11. Here's the result. Re-election of Hanne Sørensen to the Remuneration Committee. Absolute majority, 13,073,974 votes. Yes votes, 94.60%. No votes, 5.29%. Abstentions, 0.11%. I note that the Annual General Meeting has re-elected Hanne Birgitte Breinbjerg Sørensen to the Remuneration Committee for a term of office until the completion of the next Annual General Meeting. I'd like to congratulate Mrs. Sørensen on her re-election to the remuneration committee.
The board of directors further proposes to elect Suzanne Thoma to the remuneration committee for a term of office until the completion of the next annual general meeting. Suzanne Thoma has been a member of Sulzer's board of directors since 2021. She has so far served as vice chairwoman, and she's now the new chairwoman of the board of directors and a member of the nomination and remuneration committee. As no questions or countermotions have been submitted, we proceed to the vote to the election of Susanne Thoma, 6.1.2. Here's the result. Reelection of Suzanne Thoma to the Remuneration Committee, absolute majority, 13,073,174. Yes votes 98.30%. No votes 1.58%. Abstentions 0.12%.
I note that the annual general meeting has reelected Suzanne Thoma to the Remuneration Committee for a term of office until the completion of the next ordinary annual general meeting. I'd like to congratulate Mrs. Thoma on her reelection to the Remuneration Committee. We therefore proceed to the second sub-item of item six, the election of one new member to the Remuneration Committee. As mentioned in my introductory remarks, Mrs. Heike van de Kerkhof has withdrawn as a candidate for election to the Board of Directors, and with that also as a candidate for the Remuneration Committee. We therefore delete item six point two point one without any replacement. The Board of Directors proposes to elect Alexey Moskov to the Remuneration Committee for a term of office until the completion of the next annual general meeting.
Alexey Moskov has been a member of Sulzer Limited's Board of Directors since 2020. No questions or countermotions have been submitted. We therefore proceed to the ballot right away. That's item 6.2.2. Here we have the results. Reelection of Alexey Moskov to the Remuneration Committee, absolute majority, 13,073,974. Yes votes 93.05%. No votes 6.74%. Abstentions 0.21%. I note that the annual general meeting has reelected Alexey Moskov to the Remuneration Committee for a term of office until the completion of the next annual general meeting. I'd like to congratulate Mr. Moskov on his election as a member of the Remuneration Committee. The Board of Directors intends to have two separate committees, a Nomination Committee and a Remuneration Committee in future.
In line with the law, the members of the Remuneration Committee will continue to be elected by the annual general meeting. We now proceed to item seven, reelection of the auditors. The Board of Directors proposes to reelect KPMG AG from Zurich as statutory auditors for the 2022 business years. No questions or countermotions have been submitted. We therefore proceed to the ballot. Here's the result, reelection of the auditors, absolute majority, 13,073,974 votes. Yes votes 99.53%. No votes 0.37%. Abstentions 0.10%. I note that the annual general meeting has reelected KPMG AG as statutory auditors for the 2022 business year. I would like to congratulate KPMG on her reelection. We now proceed to item eight, reelection of the independent proxy.
The Board of Directors proposes to reelect Proxy Voting Services GmbH in Zurich as independent proxy until the completion of the next annual general meeting. Proxy Voting Services GmbH fully satisfies the requirements with regard to independence, as it has no other mandates from Sulzer. No questions or countermotions have been submitted. We therefore proceed to the ballot. This is the result. Reelection of the independent proxy, absolute majority, 13,073,974. Yes votes 99.89%. No votes 0.02%. Abstentions 0.09%. I note that the annual general meeting has reelected Proxy Voting Services GmbH as independent proxy for a term of office until the completion of the next annual general meeting. I'd like to congratulate Proxy Voting Services GmbH on their reelection.
As a long-standing member of the Board of Directors, I would like to use this opportunity to express our gratitude to our departing chairman, Peter Löscher, for his extraordinary services to our company for more than a decade. Dear Peter, under your leadership, the Board of Directors set up an excellent management team and cooperated very closely with this excellent management team in order to extend Sulzer's offering and to set up the company well in a strategically important sustainable markets. You took over the chair at Sulzer in a particularly challenging period. You resolutely introduced a process of transformation in the company, and the results of this strategy are a testimony in itself and are widely recognized by the markets, our clients and investors, as well as the 14,000 members of staff of Sulzer.
Sulzer is in an excellent position today in order to be successful in the long run. Now, we open a new chapter with a new management team, which will be in charge of the evolution of the company in its next phase. Thanks to your leadership, the management team can build on a solid and agile company, which is prepared to master the challenges that Sulzer and the world community is confronted with.
On behalf of the Board of Directors, on behalf of our investors, and on behalf of our members of staff, I would like to say thank you to you for your extraordinary contribution to this company over the past eight years. We would like to wish you and your family all the best and success on whatever may come. Thank you very much, Peter. Thank you very much. [Foreign language: "Danke vielmal"] as we say in local dialect.
Thank you very much, Matthias. It was a pleasure and a privilege and a joy to chair Sulzer for eight years, and I'm very proud of what we have achieved together. Sulzer is in an excellent position today to handle the challenges of tomorrow and to continue growing sustainably. I would also like to express my gratitude to our shareholders for their loyalty and cooperation over the past eight years and for their trust in my leadership. I would now like to close this annual general meeting. Distinguished shareholders, I'd like to thank you for your interest in Sulzer. I would like to wish you all the best. Stay safe, stay healthy, and we look forward to welcoming you again at the latest at the next ordinary annual general meeting on the 19th of April, twenty twenty-three. Thank you and goodbye.