Good afternoon, and thank you for handing over to me. Good afternoon from Vienna, and welcome to our half year 2023 result presentation. As always, we appreciate your interest of our company, Semperit, especially on a day when quite a few other Austrian companies are also reporting their results. Which mean the call is our CFO, Helmut Sorger, who will take you through the financials in a few minutes. Let me start first with some of the strategic and operational highlights at slide three, as the second quarter has been an eventful and very busy period for Semperit. In terms of our performance of our industrial sector, we faced, as expected, both top line and earnings decline, largely on the back of lower volumes due to lower demand, customer restraint, and clear signs of a slowdown in the broader economy.
In addition, we took important steps in our transformation into an industrial rubber elastomer specialist. As to our strategic portfolio decision, the sale of Sempermed is fully on track, having obtained the FDI and merger clearances. With closing, we expect for 31st of August this year. The conditional additional dividend can be paid in the course of September to our shareholders. In turn, the acquisition of Rico Group already has been completed by 31st of July this year, and I'm very pleased with our new leadership position as a global specialist in liquid silicone-based solution and tooling. The support from the team has been outstanding, and as the CEO of Semperit, I feel encouraged, and I'm very proud that we made this important strategic acquisition.
In anticipation of the more subdued economic environment, as already envisaged earlier this year, we have started with fixed cost and overhead savings, with EUR 10 million cost reductions already defined for 2023 and 2024. This will be further accelerated when going into 2024, with a cost-saving run rate of more than EUR 10 million per year, starting from January 2024. Finally, as we had announced on 10th of June, we are in the progress of implementing our refined industrial strategy, focusing on two new divisions. First, the Industrial Application Division, and second, the Engineered Application Division, along with two distinctive business models. Having listened to your feedback as investors and analysts, we ultimately embark on building a more simple, more agile, and more efficient company, with a clear commitment to cost efficiency, a strong market position, and a technological leadership.
The new structure came into effect on first of July this year. This presentation, as well as our half year report, therefore, still contains the original segment reporting. However, at the end of our financial report, you can find a reconciliation to the new segment reporting structure. We will also give you a sneak preview in this presentation, how the structure is set up. Before going into the segmental analysis, let me present to you two important charts for the industrial sector, as they nicely illustrate current economic and operational trends, both over the short and long term. Slide five shows both top-line pressures on the left, but also tough comparables for the same period last year, against which we still achieved a solid performance, despite lower order intakes, mainly due to customer inventory reduction.
As we had indicated before, lower sales volume, except at Sempertrans, were in line with our expectations, but we got support from favorable price levels we had negotiated last year in 2022. Going forward, and to achieve a more competitive cost base, we'll continue with our focus on simplification, lean management, and operational efficiency. The other important chart I want to share with you is over the page, compiling the last 12 months revenue development for the industrial sector, starting from Q1 2020, and plotted against the EBITDA margin for the same period. Here you see a consistent top-line growth since Q1 2021, having reached its peak in Q1 2023, and a continuous improvement in the EBITDA margin since Q1 2022.
This provides us with confidence that our new structural and cost measures will result not only in operational leverage, but ultimately in a more profitable and over the long term, growing business. For the last time, let me now explain the result for the old segments, as you used to, as they were still in place in the reporting period. Coming to page number seven and starting our segmental analysis with Semperflex, what has always been our star performer, has now to face tough comparables from the previous year. While our customer had deliberately built safety stocks before, their ongoing inventory optimization and even early signs of a recession have taken its toll on the segment's performance in quarter two, 2023.
Among the four industrial segments, Semperflex was probably confronted most with lower order intake, inventory reduction, and customer restraint, leading to a 20% decline in sales and EBITDA, down by 30% year-on-year. As order patterns changed rapidly, Semperflex had also to deal with shorter lead times. This is a clear sign of negative operational leverages, as the top-line pressure impacted disproportionately operating profits. Hence, we focus on operational efficiency as we actively adjust capacity, reduce headcounts, and seek further energy savings. In Q3 2023, we expect further positive impact from our fixed cost saving program. In terms of future growth expansion, I am very delighted to report that the groundbreaking ceremony for the new DH5 plant in Odry, Czech Republic, took place in June this year. Let's turn to slide eight.
Semperseal suffered from the weak construction industry, this, undermined by high cost and interest rate environment, resulted in lower orders. Despite higher price levels from the same period last year, lower sales volumes resulted in a 14% decline in revenues, and EBITDA down by 34%. Again, a sign of negative operational leverage in a combination of lower volume and higher costs. Therefore, at Semperseal, we are also pursuing clear cost reduction measures with a special focus on right-sizing overheads and reducing headcounts. At our U.S. plant in Newnan , Georgia, we are on the way to process and are fine-tuning our equipment there. Let's go to the next page, slide nine. Sempertrans continues to benefit from ongoing demand from the mining industry, supported by additional tailwind from the European energy crisis.
Despite easing, in total, still higher input costs, the strong order book, driven by higher volume and also price increases, resulted in a 34% top-line growth year-on-year, while EBITDA more than doubled. In this respect, high utilization and scale effects produced a very sound margin of 18.5% in the second quarter. Nevertheless, going forward, falling prices for raw materials will have an impact on the price situation in the second half of 2023. Finally, Semperform on slide 10 had a mixed picture as demand shifted, while the order intake was at a similar magnitude as last year. Overall, the order book was slightly down due to higher sales during the period. I should also say that we are currently streamlining our product portfolio at Semperform.
On a year-on-year comparison, revenues were up by 11% on the back of higher prices and product mix optimization. In turn, EBITDA was up by a very strong 30% as a combination of product mix and profitability improvements, with a record 18.5% margin in the second quarter, even above the comparable period last year. Coming now to Sempermed, we continue to report on slide 11, including both the surgical and the examination gloves, as this segment view is relevant for managing the business. In this respect, we continue our responsible stewardship before the sale of the first part of the transaction is completed by end of August this year. The previous trend of excess capacity, falling demand for both examination and surgical gloves, and inventory correction, essentially continued into quarter 2, 2023, while price pressure was evident, especially for examination gloves.
This resulted in revenues more than halved year-over-year and EBITDA losses compared to last year, despite being slightly lower quarter-over-quarter, as low prices, higher costs, and negative scale effects impacted the entire industry. Against the impairment of last year, we had to write up of EUR 1.6 million this period, which is a result of the application of the purchase price formula at the end of June. In view of the expected closing at the end of August, the medical business will still burden the earnings development of the Semperit Group for two months, July, August, in the second half of this year. We are now in the process of setting up a new business structure and will report accordingly going forward to this, let me briefly show you at slide 12, a short outline about the constitutes parts.
With this, we have a clear industrial focus along the line of two distinctive business models. One, with an emphasis on cost leadership and a strong market position. This is the Industrial Applications. One on engineered, customized solutions with technological leadership. This is the Engineered Applications. In terms of the original constitutes, Semperflex and Semperseal basically shape the new Industrial Applications business with the exception of sheeting, which is moved into form. In turn, Semperform and Sempertrans, combined with Rico Group, have been put together into Engineered Applications. This is the new structure as of first of July, and you can see the relevant EBITDA numbers for each division as of the end of June 2023. If you're interested, you will find further financial details of the new structure in the notes for our financial report, beginning on page 40.
With this, let me hand over to Helmut, and Helmut will take you through our financials.
Thank you, Karl, and welcome to everybody this afternoon. I start on slide 14 with the main financial highlights for the first half of 2023. From my perspective as the CFO of the company, arranging the new financing for growth projects at a total of EUR 360 million at the end of the first quarter was crucial to support our refined industrial strategy going forward. At the same time, as I already outlined in May, we're fully committed to lean management, simplification, fixed cost reduction, and operational efficiency. This is part of our effort to make Semperit a more agile and more profitable company. In this respect, and as the macroeconomic environment is getting more challenging, active working capital management remains a top priority, given that we're not only faced with falling order intakes, but are deliberately sweating our assets in times like this.
You've heard me say before, cash is king, particularly when refinancing conditions are getting more difficult, we will maintain a strong focus on generating higher free cash flows. In the wake of changing monetary conditions, also the sale of Sempermed, we're aiming for a more balanced equity and debt capital structure, which is still evolving after the acquisition of the Rico Group, the dividend payout, and CapEx commitments for the expansion of the DH5 plant in Odry. In terms of shareholder return, we've paid out the base dividend for 2022 at EUR 1.50 per share in May, expect after the completion of the sale of Sempermed to pay out the conditional additional dividend of EUR 3 per share in September.
Over the page, we summarize some of the key financial metrics for the first half of 2023, compared with the same period last year. At a glance, this nicely illustrates what Karl has described as solid performance earlier, implying top line pressure, but arguably also resilient margins, despite the negative operating leverage discussed before. Earnings after tax came in positive, despite losses in the medical business, and I'm particularly pleased that we also achieved a positive free cash flow, although barely positive, even if, yeah, it was a small amount. I will provide more details on both free cash flow and CapEx in a minute. Turning to the revenue analysis on slide 16, overall top line decline was 23% for all segments together year on year, but the industrial sector decreased only by 4.5%.
We recorded strong growth at Sempertrans and an encouraging result at Semperform, even though it could not fully offset the double-digit decline at Semperflex and Semperseal. Clearly, the main revenue drag came from Sempermed, with a year-on-year decrease of EUR 116.7 million, or 58.8%. On the right hand of this chart, you see in the reconciliation we've made for continued and discontinued operations to arrive at a total of EUR 374.2 million in revenues for the continued operations. On the next slide, we apply the same analysis for year and year EBITDA development, where the decrease for all segments in total by 63% is more pronounced, again, largely driven by the steep decline at Sempermed.
Please note the fact that we've kept Sempermed, including the surgical business, two months longer than originally expected at the beginning of the year. This will also have an impact, of course, on the group EBITDA and full year results. The corporate sector is down by EUR 7.5 million, mainly results, mainly as a result of the one-off items related to the Rico acquisitions and changes in the board. This figure is somehow front-loaded, too. When looking at EBITDA margins, all industrial segments, except Semperseal, achieved double-digit margin, and the overall industrial margin has reached a very resilient 18%. Knowing that this configuration will change from the Q3 reporting on, we're still encouraged that this result, despite all the headwinds, will pertain.
With the adjustments for discontinued operations, we arrive at EUR 43.7 million for the first half of 2023, the bridge chart on slide 18 provides the major moving blocks for the EBITDA on the year-on-year analysis. At the beginning of the year, we clearly benefited from price increases introduced step by step during 2022, this was not sufficient to offset the volume decline as a result of the lower order intakes. We also benefited from savings in cost of materials, mainly as a result of lower production volumes. However, higher personnel costs and the non-recurring items of EUR 4.1 million I've mentioned before, as well as provisions for a warranty claim included in the position miscellaneous, account for a roughly EUR 10 million overall decline in a year-on-year basis.
Turning the page, while we've already announced a step up for CapEx in 2022, which also included the EUR 11 million for the expansion of our examination glove business in Kamunting, Malaysia. With our refined industrial strategy, we're committed to higher growth investments in the future. From today's perspective, cost reductions and some slight postponements, especially for the DH5 plant in Odry, will keep the full year 2023 CapEx below the previously announced EUR 100 million. Our current planning is that CapEx in total reaches about EUR 75 million, with maintenance and small projects accounting for 60% and growth CapEx for the other 40%. Also, let me add, the shifts in the DH5 project are merely for timing optimization, while the ramp-up is on track as scheduled.
When looking at free cash flow development at slide 20, I'm very pleased to report operating cash flow being stable at EUR 23 million year-on-year. The investment cash flow has been lower due to the above mentioned EUR 11 million last year for the expansion of Kamunting. This leaves us with a free cash flow of EUR 2 million, and it will remain our priority to become a more free cash flow generating company in the future. Over the page, you can see a stable working capital development as a percentage of the last 12-month revenues, and I want to particularly highlight that inventories were systematically reduced over the last three quarters.
Finally, on the balance sheets, and the financial profiles at slide 22, apart from the earlier mentioned EUR 360 million new financing arrangements, from which EUR 10 million have already been used for the DH5 plant in Odry in April, and EUR 150 million for the closing of the Rico acquisition at the end of July. Two things I would like to highlight here: We still have a net cash position as of 30th of June. Of course, this will change over time, and we have a very strong equity ratio of about 60%. If we do the math, we clearly move into a net debt position towards the end of the year.
In challenging times like this, we feel encouraged by our strong balance sheet, supported by high liquidity and existing credit lines, and can still reward our shareholders with attractive dividend payments. In this context, we will update you about the conditional special dividend as soon as the sale of Sempermed has been completed. With this, I've come to the end of my presentation and would like to hand back to Karl for his final remarks.
Thank you very much, Helmut, and let me wrap up with our management agenda on slide 24. We at Semperit, we have delivered a solid performance in the first half of 2023, but there are clear signs of top line and margin pressure as we face a lower order intake, customer restraint, and generally a more muted economic outlook. In this situation, we have now to manage a downturn with a special focus on share of wallet gains, growing price sensitivity, and ongoing cost pressure. While executing our refined industrial strategy, we pay particular attention to further simplification, lean management, and operational efficiency. In conjunction with our robust balance sheet structure and the cost reduction measures that have been initiated and will be implemented in the future, we believe that the group is well positioned, both in the current challenging environment and for further growth.
Over to the last page, confirming our outlook for the continued operations by end 2023. We maintain to see EBITDA at the lower end of the EUR 70 million-EUR 90 million range, including one-off expenses and the contribution from Rico Group, also including the additional negative effect from the surgical glove business remaining two months longer with us. Due to the timings being slightly postponed into 2024, we now expect CapEx for 2023 at around EUR 75 million. With this, we have come to the end of our presentation, Helmut and I are now available for any question you might have.
Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their touchdown telephone. If you wish to remove yourself from the question queue, you may press star followed by two. If you're using speaker equipment today, please lift the handset before making your selections. Anyone who has a question may press star followed by one at this time. We have the first question from Christian Obst with Baader Bank. Please go ahead.
Yes, good afternoon. Thank you for taking the question. Some kind of a more detailed question concerning managing or reducing costs. First, can you go a little bit more into detail how you intend to reduce overhead and structural costs without harming the ability of the headquarter to manage the enlarged industrial group? The same is true then for you, you talked about some decline of personnel or lower personnel, employees in some parts of the industrial business, and on the other hand, you intend to manage growth going forward. Is there, do you see any kind of risks that you might harm operations by reducing the number of employees only to avoid a short downturn?
Thank you, Mr. Obst, for your question. Let me take the first one on the overhead. You're referring to, basically the EUR 10 million of identified measures. A part of it is, of course, addressing the lower volumes in overheads that are in the segments. In production, we are talking here production overheads, we're talking logistics expenses, temp employees, blue-collar workers to some degree, but also white collar, so it's part of it is personnel. We do this by putting departments together, putting efficiency into processes by helps of, to some degree, digitalization. To give you one example, we work on invoice digitalization to, you know, reduce back office cost and increase process efficiency without impairing our ability to grow, but just getting more efficient with regard to the overhead that we have.
Another element, of course, is that we need to address what corporate functions are needed to the new sized company. There's an element with regard to the separation from the medical business, with regard to licenses, with regard to third-party services, but also personnel that is impacting and is not hurting us going forward. And of course, the new divisional structure helps because we can take out some... How shall I put it? To some degree, layers of management there and, you know, work efficiently together in these divisions.
May, may I, kind of, add something? You said, decline of personal employees, is the growth at risk? We are managing this very carefully because we know, after the downturn, an upturn will come, and we need to be prepared, and we are prepared at Semperit.
And-
Okay.
Something I forgot, but I think it's important. It's basically a staged process, as you can imagine. What we went through is basically third-party services, and of course, when you have third-party services in IT, in maintenance, there's typically a way when you insource that to save a significant amount of cost, and that's certainly what we've done, too.
Okay. I have a question concerning the remaining medical business. Where do we see this in the future? What will be the reporting line for the remaining medical business?
The remaining medical business, to be very clear, is the surgical business production.
Yep.
in Austria, Wimpassing, and, the packing facility in Sopron. This is an under contract manufacturing for the new owner of our, our Sempermed business.
Mm-hmm. You will see it in the segment report, basically as a business segment. We don't refer to it as a division because, I mean, it does not require full divisional management and infrastructure. It's basically just a contract manufacturing unit serving one customer, but we'll clearly report these figures, yeah. We don't want to, we cannot, of course, blend it into one of the divisions, because the business models are inherently different.
In the end, we have some kind of four numbers: the two divisions, the overhead, and the remaining medical business.
That's absolutely correct.
Okay, thank you for that.
Ladies and gentlemen, as a reminder, if you would like to ask a question, please press star and one on your telephone. Our next question is from the line of Markus Hämmerle with RBI. Please go ahead.
Yeah, good afternoon, gents. Following up on Christian Obst's question on the savings, maybe you can shed some light on the timing. I'm not quite sure if I, if I got the the earnings accretion of this EUR 10 million. At the beginning of 2024, you will have a run rate of more than EUR 10 million savings, but this means on a full year basis, these more than EUR 10 million will not yet be accretive.
The run rate-
Is this the correct understanding?
Mm-hmm. run rate is-
Okay.
EUR 10 million. The measures are identified, the measures are already decided and in implementation. As you can certainly see, there's some lag time with remnants of costs. There's certain notice periods we have to observe. The first effect we're going to see in Q4 with the measures we've taken already in the first quarter, in the beginning of the year, we see the full effect in the year 2024, and we'll report quarterly on that.
Okay.
Base, base is 22.
Mm-hmm. Can you maybe just break that down a bit on a, on a, divisional level, where, is there, is there, I don't know, some areas, that are, kind of, attributed for the bulk of the savings, or is that spread across, various business units?
It's... I, I think, of course, we, we, we have a detailed, very detailed list of hundreds of items. Just as a general guideline, rough figures, half of it is basically coming from the segments where we adjusted segment capacity and overheads already. A fifth is related to the separation of medical and impacts corporate expenses. We're talking SAP licenses. We're also talking headcount. We're talking management reduction. Of course, we, we keep the surgical business. I mean, this is a business we still need to operate, and of course, in the transition, we agreed to certain transition service agreements, so, so this will be reflected. The remaining portion will be in classical overheads, yeah.
Okay, this, this would have been another question, which extent the mix of estimate is impacting your structural cost, and, and how much is baked into this, this EUR 10 million target? Is it 20% of few EUR million?
No, the structural adjustment you already have in the IFRS 5 figures pretty well, because we separate clearly the continued and the discontinued operations. It's, it's, it's already reflected in there. Of course, the fifth of the EUR 10 million that I said is, is basically another effect coming from that. Of course, over the course of time, we investigate further savings, yeah. Once the TSAs expire, of course, that's run for more.
Okay. With that, then turn to the trading conditions in Semperflex. I would like to get an understanding where we are in the order intake momentum, how that develops sequentially, second quarter versus first quarter, how the summer months evolve. If I understood you right, there is not yet, or prices are still holding, are still holding firm. Did you see that also as the working assumption going into the second half and then probably also into 2024? What's your perception, perception here?
Yeah. The order intake in quarter one and quarter two was similar. Of course, a declining trend overall. You know, our, our hose business is quite related to construction via the yellow goods industry. If you look to the yellow goods industry, which amount of vehicle they sold, then you know, the, the value chain of this application of our product. We expect the next couple of months, quite, the same order intake as in the last quarter. 2024, we see still not the full recovery which will come. Therefore, it will be a longer period and lower order intake.
Q1 and Q2, you said comparable order intakes and that over the level, you would regard as realistic for the second half, so pretty steady then on a, on a sequential, basis. No incremental pressure building up?
I would say, I would say quarter two is, let's say, on the same level, what we expect in, in quarter, let's say, up from September until the end of this year. Yeah.
You see a difference between industrial and hydraulic hoses?
Not really. Not, not, not really. Industrial hoses has a little bit of different dynamic, but we have also a low order intake on the similar level as hydraulic hoses.
Okay. Okay, on the, on, on the pricing side, do you think the price will remain firm, or will the... I mean, also, I, I guess, some of the, the raw materials are, are, are coming down, any, any price pressure you, you feel emerging?
Yeah. You can imagine the price pressure is already there since a couple of months, but we in the commercial, let's say, departments, we were very alerted early enough. We, we had good pricing. We have still good pricing now, and we are very, very prudent to act on this. As we see, even if we would go lower with prices, we wouldn't get more orders into our books, because it's just the demand is not there. Therefore, you see also in the result of our last quarter, the price effect is reflected there.
Okay. Final question on Sempertrans, very impressive quarter, I have to say. Congrats on that. Is the order intake, is the momentum still keeping up, or do you think that the demand peak is already in your books?
Yeah. Thank you very much for the congratulations. Sempertrans is really doing great business. The order book is the highest I cannot remember since when exactly. The dynamic on the market is still the same. We see it in the future at the same, same, demand, because the cycle of a normal, let's say, trans conveyor belt business has changed a little bit according to the global change of the dynamic. Is it the Ukrainian attack, or is it supply chain issue? Energy changes, is it also electrification with different metal in mining, et cetera? All this gives tailwind to the market of conveyor belts. From that point of view, we feel very comfortable, and we will have quite some, some, let's say, enjoying fun in the next couple of quarters.
Okay. Good. We take the two as a, as a, as a proxy. I mean, not too long ago, you mentioned in the, in the presentation that Sempertrans deserves, very high management attention, and we all know how that had to be interpreted. What's your take now?
... Yeah, here you see the, the, the, the, the fruits or the outcome of the high management attention. We have the right organization, we have the right approach, and from that point of view, we are not, we are still observing the business. We are still having focus on the business because as my colleague Helmut said, costs we need to take care, and it's also in this moment that we keep it slim, but we ride the wave of the market.
Okay. so would you say that Sempertrans is a core part of the group?
You see Sempertrans is-
In, in that, in, in, in-
Sorry. You see, Sempertrans is part of the Engineered Applications and fits well-
Yeah.
into this basket because the conveyor belts are not commodity. These are project conveyor belts, high technical demand, high service, is requested from the global big accounts, and therefore, it fits very well into our engineered application.
Yeah. Okay, okay. Yeah, I was just thinking of which comes from a full cycle in, in, in, in the medical business. I don't want to be too, too, too negative, but, and we all know how, how the business performed in, in, in recent years. So I just wanna get the sense if, if, how should I say, if it, if it's a, if it's a, like I said, an undisputed core, or if it's, you know, just, just riding the wave as, as in the, the glass business, and then maybe reconsidering it again, if it is down the road.
It's what we've chosen basically, and this is an outcome of, of, of our lean projects and of course, our cost savings. We basically set Sempertrans up to be a business that's managed by the cycle, but also in a position-
Mm.
that through the cycle, we achieve certain basic KPIs, basic criteria, and one of them is, of course, a cash generation through the cycle. What we strive for is never to be cash negative through the cycle with that business.
One point I would like to add here, it's very difficult to compare the glass market with the conveyor belt market. The competition is, I would say, completely different. In glass business, a lot of capacity, a lot of players, et cetera. You know all this. In the conveyor belt business, there are much less competitor with a different business approach into the market, into the project. It's very, very difficult to compare this. I, I would not recommend this.
Okay. Okay, thank you very much for the, for the insight.
Ladies and gentlemen, as a final reminder, if there are any further questions, please press star and one on your telephone. We have another question from Matthias Teich from Rodon Partners. Please go ahead.
Hello. Thanks for, thanks for taking my question. With a lot of moving parts in the business at the moment, I would like to understand a bit better how you think about the operating business, revenues, profits, and how you see the balance sheet at the end of the year. So maybe you can give us a bit of an idea of, you know, what net debt should be at year-end. Maybe you can tell us sort of an estimate or guidance for pro forma revenues and EBITDA for this year, for the continuing business, including Rico. Thank you.
For the balance sheet, it's quite straightforward, Mr. Teich. We are in a net cash position. You see from the accounts, we paid cash out of EUR 160 million for the acquisition of Rico, basically financed with a new loan. The separation of MET is basically an in and out situation because it's a portfolio change, so this is going into finance this bonus dividends in September. As you can see from the progress and from the CapEx in the DH5, that's the strategic growth investment. It's about EUR 30 million that we expect in CapEx this year. Then, of course, the big moving element is here, the free cash flow. The free cash flow at the moment is balanced.
I hope to keep it, so we'll have a net debt position, I would say comfortably below the 2.5 limit that I've set for the company, yeah.
The EBITDA, you asked as well. I said it in the presentation at the end, the guidance between EUR 70 and EUR 90 at the low end.
Yeah, that's a, that's a pro forma number, excluding MET, including Rico for the whole year?
Correct. Of course, the one-time expenses according to the expense situation.
Okay. Good, thank you.
So far, there are no further questions, and I hand back to Karl Haider for closing comments.
Thank you very much for listening, in this very busy day of the Wiener Börse AG companies. I think Semperit is on a very good track, and let's continue in this way. Thank you for your interest. Thank you for recommending us, and all the best to you. Bye-bye.