Mettler-Toledo International Inc. (MTD) Earnings Call Transcript & Summary

Okay. Hello. Good morning, America. Good evening, Europe. This is Christoph from the frontdesk on the helpdesk, from the housekeeping, just explaining a few things. I have muted all lines. You have noticed that. We will not be able to answer questions during the webinar. But at the end, there will be a Q&A session. I will discuss with you the result of the survey we have made, and you will have the opportunity to ask for a certificate of participation for today's webinar. I think that's all. We can -- the rest, I will explain you at the end of the webinar. Now sit back, relax. And...

Good morning. Welcome, and thank you for joining us for our webinar discussing Mettler-Toledo's Analytical Instruments contribution to making a lean lab. In the first section, we will present you the basics of the lean idea in order to apply them in the second part of this webinar. Lean Lab is a direct result of the lean manufacturing concept that was initially introduced by a post World War II Toyota in Japan. Lean manufacturing was an initiative to improve productivity and efficiency in their manufacturing process. Toyota realized that by shortening production times, they would also have less inventory and allowed for faster turnaround of production demands with just-in-time manufacturing. By avoiding waste of product, energy and time, lean manufacturing led to significant financial benefits as well as better productivity. The key concepts and tools to use to implement lean manufacturing are the 3 Mus types of waste; the 7 Ms, typical waste in the process; the 4 M checklist to cover all aspects of a process; and finally, the 5 S workflow for implementing changes. Lean, it's nothing we can sell and nothing you can buy from us in a box. The Lean idea describes a process, a continuous process, a continuous process of improvements of your workflows and processes. Through input from the team, it leads to better product quality, more efficiency and better profitability. The continuous improvements need ideas from persons who know their processes best, the people who live it. Finally, if they are convinced about the improvements, they will more likely live it. Most of the investments for changes will come from the efficiency gain, better throughput, lower manufacturing cost and lower cost for corrective measures, call backs or claims. Although manufacturing processes can differ greatly from laboratory operations and testing, the concept of lean manufacturing, knowledge gained and developed tools can be applied to Lean Lab operations. Not all aspects of lean manufacturing carry over to the lab, but most do. This webinar focuses on accessories and features that can contribute to making your lab leaner by reducing wasted movement in the lab, reducing waiting or static times of employees and instruments, reducing or eliminating complex processes that do not add value, reducing material consumption like chemicals as well as reducing waste from processes. And finally, reducing testing errors with ultimately waste time and materials when retests are needed. Many people are skeptical about lean. It means a change, which is sometimes drastic. Consultants were often seen as a threat for the job coming with no-brainer suggestion and simple analogies. The workers refused to cooperate and were less constructive. Those people should know that the process can't be made without their help. Optimizing processes makes work easier and more efficient. This allows companies to grow easier, for example, with less overtime and makes them more competitive. Thus, the job can be rather safer. During the process of making a Lean Workplace, there is 1 golden rule. No blames and no excuses about how and why things were made in the past. This would waste time and make people defend old structures. This next section discusses the components and tools used for Lean Manufacturing and Lean Laboratory changes. Implementation of Lean operations is part of a Kaizen, literally and appropriately Kaizen is Japanese for change for good. In this section, the key components, the toolbox of a Kaizen and Lean labs is covered. The 3 Mus checklists describes the different types of waste or restrictions, a process can put on efficiency. The direct gain of reducing waste or Muda is to eliminate unnecessary cost to a process improving profitability. The direct result of eliminating or reducing strain, Muri, in a process helps to increase productivity. And the final move, Mura is discrepancy. By eliminating or reducing discrepancies, quality of products and results can be improved. Many aspects must be considered in the process when gauging where to reduce the 3 Mus. In a Lean Lab, many of the things that need to be considered for lean manufacturing apply, especially time, manpower and materials. With a key focus on reducing waste, the 7 Mudas or wastes have been used to target where to increase efficiency. Often more Mudas are listed from the original and can vary from plant to plant or lab to lab. Most 8 to 10 wastes do apply to laboratory operations, just as a few of the original such as overproduction do not apply to Lean Labs. The rest of this webinar will focus on how you can use Mettler-Toledo instruments to especially help reduce 1 of the 7 Ms. The 4 M checklist is a simple list to ensure that key aspects are considered when making a process change. When implementing a Kaizen or change for the good, the impact of the man, machine, materials used and the method of workflows must be considered. Every detail, every element in each category of your process must be considered as a subject for improvement. Once wastes or processes have been targeted for change, the implementation should follow the 5 S workflow. First, when developing a new workflow or process, eliminate all unnecessary materials from the work area. Also, arrange items necessary to the process to match the process making strain on operation, minimal. The work area for the process needs to be maintained as time goes on. Other distractions and personal matters must not interfere in the process and should be addressed and cleaned up as well as the physical environment. Finally, 5 S is a continuous process and should be made habit by consistently looking to determine standards to improve other processes around the focused process. A key 7 M that can be reduced from the lab is minimization of transport. When considering transport, one must think of inventory as well. A key way to minimize transport, wasted time and energy is to relocate tools needed for a process. Common and Lean philosophies often differ in the categorization of materials and tools. The Lean philosophy categorizes tools and materials more to their intended use and less to the comparison to similar materials and tools. A classical example is the consideration of a hammer. In general, it is thought of as a tool in common thought like a saw, axe or drill. But when a hammer is used, for instance, to make a roof, it is more like the nails and shingles to make a roof by being a critical part of the building process. Applying this philosophy to a Lean Lab can yield huge benefits in reducing labor and time, no longer consider organizing your lab by glassware, SOPs, cleaning equipment, safety gear, et cetera, but consider arranging your laboratory to match your tests. Arrange a workstation to minimize movements during a process, keep all equipment even SOPs near the workstation. Make sure spares and other critical items are also stocked next to the workstation. You will no longer waste time with searching and it is easy to keep things in order. Everybody will be able to identify disorder or missing parts immediately. By minimizing wasted movements or transportation of materials, you can quickly increase your lab's productivity. Bench space is very expensive. Small instrument workplaces allow for having more methods on a small footprint and thus, minimize motion and transport. For the aim of using less footprint, some companies miniaturized instruments in the recent past. Compact instrument design, but also the instrument control can be realized on a small footprint. When you connect your instrument to a network for method management, audit trail, data transfer, you save even more bench space and also maintenance effort. The most recent example is our new UV Vis spectrophotometer. It has a footprint of about a thin A4-page and can be connected via network to LabX, the control software. Instead of having a PC at each instrument, you may connect 10 instruments to 1 PC under the bench in a separate network. The PC can be controlled and administered from an office desk through a terminal server, which is just another regular PC. This is way less space-consuming than having each analytical instrument or balance connected to a different PC. On top of using less bench space, this setup is also lean for operation, administration and maintenance. Reduced transport in the lab using SmartSample weighing for your titrations. Wirelessly transfer identification information and wait from the balance to an RFID tech on the beaker as you are weighing. The process consists of 2 key processes: The weighing process for your sample is finalized by writing the weighing result, sample ID and some more information on an RFID chip that sticks under the titration beaker. This information is read by the titrator, right before the measurement is performed. The reader is either on the excellence titrator or it is integrated in the InMotion Autosampler rack. The excellence titrator and InMotion Autosampler can automatically read the information from the beaker prior to titration. This process moves all sample handling to the balance, so there is no reason to bring the sample beaker with the ID to the titrator and one does not have to worry about ordering errors on the Autosampler rack, SID, weight and actual sample cannot be mixed up, and no more sample list has to be written. Samples can't be confused. This process supports 3 ideas of the lean concept in 1, less transport, no errors and a complex process is simplified. The RFID technology can be used for more operations than the workflow. Not long ago, we introduced Smart Chemicals in collaboration with producers of chemicals, Honeywell and Merck Millipore. Karl Fischer solvents and chemicals as well as some standards can come with an RFID label that contains all necessary metadata to identify the chemical, the batch number and the expiry date. The information can be simply read by a special device that is connected to the titrator. All this information is automatically read and can be used in the reports and documentation. Again, no more confusion, reduced errors and thus, it reduces the wastes of the analyst's time because of the automation. And of course, it reduces waste due to errors. This slide shows the Karl Fischer chemicals. And this slide shows Merck Millipore standards that can be used with this feature, mainly standards for pharma records. To minimize transport of SOPs for a particular test to the instrument, embed them in the instrument software. Embedding the SOP in general or as instructions in the instrument allows for the manual processes to be followed at the station at the right time. If you have centrally-validated SOPs and many instruments, you can use LabX software connecting to many Mettler-Toledo instruments to centrally manage all your SOPs and release any changes on new versions to all appropriate instruments and methods. This example shows how easy it is for the method generator, typically a lab manager or an administrator to insert an SOP instruction. You just drag the instruction tool from the toolbox list on the left into the workflow diagram in the middle window, and then you edit the parameters in the right window. In this case, the parameter is just the SOP text that should appear later on the screen. Many of Mettler-Toledo instruments can add a level of automation that helped to prevent waiting times as well. In the first moment, the following feature might look simple, but the positive effect for your workflow must not be underestimated. The InMotion Autosamplers used in LED status indicator on the top of the tower to communicate it's testing status to an operator from across the lab. One quick glance up lets you know, if your autosampler or your instrument is still running tests, is in standby mode and ready for more samples, needs user interaction or there is a system or testing error. The latest generation of stand-alone excellence titrators have this feature built in the instrument. The InMotion Autosampler LED status works when connected to titrators, density meters and refractometers from Mettler-Toledo. Stay connected with your analysis from anywhere. You can access e-mail or text messages when using LabX software and LabX mail. Instantly get your analysis results or messages like, your Autosampler is ready for more samples. This saves you trips to the laboratory instrument for result or status. Using T9 titrator and conditional thinking set up the LabX to only alert you and send mails when the results are out of specification. Set tasks to be automatically done by LabX, so you don't have to manually set up and activate them and then wait. One could have their Karl Fischer titrator start pre-titrations in the morning just before the operators arrive. Rinsing and cleaning sequences for instruments could be programmed into a method and then run automatically every morning. Similarly, blank standards and calibration solutions could be located 1 day before and then protected with a cover up system to be automatically analyzed in the morning or if we look at a different instrument family, even tell your melting point instrument to warm up to a method start temperature in the morning to get it ready for sample tests without wasting energy, keeping it on overnight. Coming UV VIS spectrophotometers can take up to 45 minutes after switching on until they can be used. Each measurement typically takes several minutes. Typically, to avoid this waiting time, laboratories leave the instrument on overnight or even for some days, even if the instrument is not used. The reduction of 1 waste waiting time is trade in with different other wastes, electricity or energy and the lifetime of the source will be much shorter and the source has to be replaced much earlier. The new Mettler-Toledo UV VIS spectrophotometers don't need warm-up time, and a single measurement only takes seconds. From turning on the instrument to the first result, it can take only 15 to 20 seconds. The lifetime of the source is extremely long. The source is not considered to be a wearable part. The source has a predicted lifetime of approximately 1 million measurements. Simplify complex processes helps increase productivity as well as reduce errors, improving quality. The general operation of your laboratory instrument can be simplified using One Click operation offered on many Mettler-Toledo's instruments and excellence balances. Complex and routine tasks can be made into tailor labeled buttons on the instrument home screen. Access to daily tasks is simple and fast. Each user can have their own tailored home screen even in a different language. Tasks that are generally all run at once, for example, rinsing out lines, calibrating and running blanks, can be strung together to be done with just 1 button, standardizing on One Click leads for uniform and easy instrument training, especially for new operators. Take user names and password handling out of the management just with the tip of your finger. Simplify operations by reducing time at the instrument with user name and password log-in as well as forcing operators to remember one more password. Using the LogStraight fingerprint reader attached to an instrument or a computer with LabX software makes log-in fast and simple to remember. This type of log needs FDA 21 CFR Part 11 electronic signature requirements. The fingerprint can be used to access multiple instruments and can even be used to sign and release results. If the fingertip reader can't be considered, LabX still can help you to simplify the access. It supports Windows active directory. This allows for using the same user structure and password as the Windows access. No extra password has to be changed and remembered. The shared use of one identity which would lead to an FDA warning letter is much less likely. Simplify LIMS and ERP system result entry, making it automatic. LabX can automatically export results to LIMS and ERP systems via file export or an application programmable interface. LabX can also import sample information from external systems to simplify sample testing. The system can be set up to do this automatically or after a manager has approved the results. LabX can help you to meet full FDA compliance for electronic file transfer and can enable full automatic data integration of multiple instruments. Multiparameter systems can also assist in simplifying complex processes, especially routine measurements of liquids are ideal for this type of optimization. Often the same sample is used to measure, for instance, PH, connectivity, density, refractive index, UV Vis spectrum and acidity, et cetera. Typically, those parameters are measured in separate handling steps on different instruments. This can be simplified by combining the measurements. This way, you will have the handling effort only once. Sample identification, metadata entry and also the documentation can be bundled in a single effort by the multiparameter setup. Simply load your samples on an auto sampler or even 1 single stand system and perform a multitude of tests. You can pump the sample automatically directly into the instruments through connected tubes. For titration, you can use an aliquot, which is automatically taken from the connected tubes. The exact sample volume is automatically measured by a calibrated loop in the tube with a defined sample volume. Automatic valves control the filling and release of the aliquot into the titration beaker. After analysis, a variety of cleaning options ensure no carryover and that each component is automatically cleaned and ready for the next sample. Use LabX or even a printer to get a compiled report with all results of your single sample. In the example pictured system, the operator can load up to 113 samples on an InMotion Autosampler. Automatically, the PH is measured in a flow-through cell using a T90 titrator PH port, the T90 titrator is equivalent to the T9 titrator today. The sample is then pumped to the RM40 refractometer. The outlet from the refractometer is connected to a TV6 valve along the way. While the RM40 measures BRIX, the TV6 pumps a 5-milliliter aliquot to the titration beaker, where it is diluted with water and titrated for acid content. All results are recorded together in LabX and exported to LIMS. Reducing waste is at the heart of Lean manufacturing. Waste in this context is physical or chemical waste and not wastage in the meaning of the Lean idea, which is everything that doesn't generate customer value. Wastage is like the famous 7M, as mentioned before. Applying the manufacturing concept from Lean manufacturing to Lean laboratories is somewhat difficult to apply as many instruments and methods have set given reagent and sample use. Still, there are some areas where Mettler-Toledo instruments can assist. The LevelSens reagent and waste monitoring system truly does observe the waste of your laboratory. Don't waste time and chemicals by testing samples when a necessary reagent bottle has run dry. The LevelSens pauses all actions when a reagent reservoir is close to being empty. This ensures the samples you have prepared will be tested properly and in addition, can monitor waste bottles that might be out of sight to prevent them from overflowing. Reducing physical waste can be also achieved by managing the automation. In this example, it is the rinsing solution for cleaning the system in a digital density measurement but could also be a refractometer or both in combination or maybe a titration. For the quality control of a sample with a digital density measurement, it is important to have no carryover from the previous sample, no cross contamination of the sample and a dry system. Thus, of course, cleaning and drying of the system between samples is very important. The solvent used for this is a cross factor for purchasing, but also for disposal when it is contaminated with sample and rinsing water. In many applications, the lines are rinsed out with water and then rinsed again with a volatile solvent that can also rinse out traces of unpolar components. This is often acetone. Typically, the water with the sample ends in the same waste container while the acetone is mainly used for drying purposes. With the help of a switch valve, most of the acetone can be separated and reused. In this example, the SV3 3-way valve is used with a density meter excellence D4 and a SC30 sample automation unit to separate the waste. The 2 rinsing solutions connected to the SC30 sample changer, are water and acetone. They will flush the tubes and the measuring cell. Water will be retrieved in the waste container 1, acetone is collected in the waste container 2. This way, the acetone can be reused for a couple of times. Even if it is not reused, the waste volume still is reduced. For instance, in a beverage application, you may dispose the separated water with the beverage sample into the regular household drain. The disposable you have to pay for would just be the wet cleaning acetone. Integrate standards and check standards into your sample testing sequence with automatic consequences. Any density meter, refractometer or the T9 titrator, can be used to pause sample testing if a check standard has failed. This prevents samples from being tested any further if the system is no longer ready to generate valid results. If a system did not pass, it keeps you from wasting time at reagents on samples where the results would not be valid. Most laboratories are looking to always minimize errors in testing. This section of the webinar is helpful for any laboratory, Lean or not. One way to minimize errors is to ensure your standardizations and calibrations are performed within the right time frame. Lock instruments from being used if standardizations, check standards or calibrations are not done in a certain time frame. The instruments can only be made available to test again after manager intervention or by running the required calibrations or standards. Even add limits to the standardization, check standard or calibration to not only make sure it is performed within the right time, but the result is acceptable and the system can still be used. An example from the melting point and dropping point determination. Many errors occur during the sampling process, especially with terminal value instruments. The capillary filling tool for the melting point instruments is perfectly designed to ensure all samples are filled into the capillary properly. With this tool, you can perform multiple capillary fills at once and reduce the risk of breaking the capillaries during the preparation and transport. The patented dropping point instrument sample prep tool is ideal for proper sample preparation of multiple samples. This ensures consistent and repeatable results no matter who prepares the sample. Some samples from automatic titration, refractometry and digital density, carryover or cross contamination can cause a lot of errors. Make sure your testing components are always clean and free of interferences before testing a sample. The InMotion Autosampler uses a high-powered pump and multiple direction spraying of testing equipment as it comes out of the beaker on the sample rack. Use the InMotion for more advanced cleaning and conditioning sequences or parking sensors in the proper storage solution, making sure they are ready for samples by being cleaned and conditioned. When rinsing transfer lines, the InMotion Autosampler and the S30 and SC1, which are pressure sample changers for density meters and for refractometers use air bubbles in the line. These introduced bubbles form surface tension with the rinse solution for a thorough mechanical cleaning of the lines. Not only does the SmartSample RFID titration weighing minimize transport and centralizes processes, but it also reduces transcription errors. No more worries if you entered the sample information correctly at the instrument when using SmartSample weighing or barcodes. Manually read barcodes with a handheld reader or put the barcodes on the beaker to be automatically read at the InMotion Autosampler or SC1 or SC30 samplers. Further automate processes with LabX SmartCodes. LabX SmartCodes automatically decide which method of analysis to be run on the sample based on information read from the SmartSample tech or barcode. Another example from our melting point instruments. Be confident in your results and whether they are in specification by using tolerance limits for quick knowledge of whether the results are in specification or not. Assure the confidence of your results by running multiple tests and using built-in outlier tests to remove results well outside of the normal deviation. You can even set the right workflows in LabX depending whether the results are within tolerance limits or not. Manual transcription is a big source of errors. In terms of handling and validation effort, so-called hybrid systems are the worst one can think of. Hybrid systems can be found quite frequently in all kinds of quality labs. They combine electronic records for data acquisition with paper printouts and manual transcription. Regarding efficiency, this has the highest potential for improvements in a lab. All measures that are performed to automate the data transfer help to improve the data quality. In fact, this also reduces the daily effort a lot. Our customers state that 40% of the lab technician's time is wasted by manual transcription. However, the implementation of automatic data transfer is not easy or cheap. LabX allows to bundle the effort for a large number of lab instruments. Those may cover about 1/3 of the lab instruments with 1 software and with the same solution. This is Lean data integration. And now some conclusions about Lean lab operations. A key part of making your lab more lean is observation. Look at your laboratory processes and try to find wastes that can be reduced or eliminated. Use the 7 Ms to help you, make sure all 4 Ms, man, machine, materials and methods are considered and gauged during the process to be changed. When changing a process, try to adhere to the 5 S philosophy and streamline all processes organizing and locating materials near the workstation. Lean lab is not a simple solution, and it is not a quick solution. It is a combination of workflow optimizations and process changes that help your laboratory reduce errors, improve productivity and eliminate waste for more efficient and profitable operations. Evaluate your laboratory processes with Mettler-Toledo representatives to see what other features and benefits of our instruments can help make your laboratory lean. This concludes the webinar. I thank you for your time and attention. For your questions, I will unmute the lines now. You may also type your questions into the chat tool of the webinar software or write me an e-mail. Hello. Can you hear me?

I'm afraid I cannot unmute everyone at the same time, but you can unmute yourself to ask your questions. Are there any questions? That is not the case at the moment. I will look at the chat's tool. There's also nobody asking a question in the chat tool. So I use the time to continue with some more information. So these are home office webinars, more webinars, mainly around pharma, compliance topics, 21 CFR Part 11 and how to validate computerized systems, et cetera, et cetera, in a lean way. So this is highly recommended. Yes, to the survey. So I asked does your company have a Lean lab program and about 1/3 say yes, 1/3 say, it's in preparation and another 1/3 roundabout said no, and there is currently no plan for implementation, but you are here, you learn something about this topic you're interested in, so maybe you will consider starting a project. And these can start with really small projects, small improvements because it's a continuous process. You don't go for the big bang. Okay. Do you see any need or potential for reducing the lead time of your sample? I think this is one of the most important questions in the whole webinar and the whole process I would say. Because it indicates that you do the -- or you start the lean process for the right reasons, 40% sees strong lead to reduce the lead time of the samples. And of course, this is always a very good aim because think of the cash flow improvement when you can release your product earlier. It's not only the storage capacity in your company, but you can faster increase the cash flow of your company and any investment should pay for that, whatever you have to do for that. But never, please never use as an argument, you can fire people, you can release people, get rid of people. That is actually not a good idea because you need the people in your lab to work with you, to have ideas. And if they feel they are going -- they are asked to make themselves redundant, it's not likely that they will collaborate. So -- and in times where specialized lab people are rare, it's also not a good idea to have the first aim to fire them. The company must grow. And so this helps you really, yes, to improve the cash flow and to improve the situation in your company. How many additional samples, that's the growth argument, how many additional samples could you effectively process at your current lab capacity? Our lab has a capacity for at least 20% additional samples. That's what about half of you say. And actually, this is how it should be. If you ask finance experts, they would say our ideal is 100% or maybe even more. Well, if you're more than 100%, then you are here down in that situation, you can only fulfill your work with over time, people get stressed and the quality will suffer from this. This -- you learned, this is one of the aspects in lean. This is -- this has to be avoided. And if it happens, maybe only for a very short time. The other thing is, I mean, if you have, for instance, a new customer coming in with urgent samples, how will you keep this customer if you don't have any more lab capacity and the quality suffers. I think that is not a good idea. You should always have some room for more samples. So there is a question coming in. Is there a list of programs LabX is compatible with? Yes, this is a question actually that was -- a similar question was asked this morning in the Asian meeting. Unfortunately, no. The number of LIMS programs is -- it's 100-plus, different LIMS programs, I would estimate. So -- and they do not have any standards. So each LIMS program accepts the value, the results and the metadata in a different sequence, in a different format, which makes it very difficult. What LabX offers is support. We do have an application programming interface, but this is just, let's say, the loose ends, which are documented. As we do not know how the other side, the LIMS side, accepts the data, this has to be programmed. There is the option, I mentioned that. If you're not in pharma, you could use the file transfer. This is quite easy and also easy to connect. You can make the system export your result as an XML or is a comma-separated value file and make your LIMS read that file. You can do this in a protected folder, so there is no manual, let's say, falsification of data possible, but this has to be set up in an appropriate way. For pharma, it's not recommended because then you have to keep all these files and make sure over the lifetime of the data, they are not -- they don't get lost. They are not deleted. And they are readable through 10, 20, 50 years, that can be a bit of a pain. You don't have that with an API between the LIMS and the LabX. This is what we can offer. It is not rocket science to make the connection between LIMS and -- yes, between LIMS and LabX, but this also depends on the capabilities of your LIMS. Again, we have this well documented, and we can support you with that, but there is no list of preferred LIMS programs that can accept LabX data. I hope that answers the question. Just short feedback, Michael. Okay. Good. Next question. So how many samples could you effectively -- I mentioned that. Next question. How much is your lab automated? Do you see any potential for improvement? 44% say most of the analysis are performed manually. And here, I see a huge potential for improvement. Try whatever you can to automate things. It will improve your quality, the reproducibility of your results will improve. And it will also free time of the lab technicians to do other tasks while the system is automatically running and you potentially can also run tests overnight, maybe not the whole night, but with this automation, you just have more lab hours, more lab capacity to fulfill your tasks. If you don't -- if you really perform so many tests still manually, that is something to consider to improve your situation. Yes, 50% say they have a certain degree of automation that's probably all your HPLCs and GCs, et cetera, et cetera, because they typically come with an autosampler. But for the others, I would just really consider also improve that situation. Please estimate the amount of measurement that need to be repeated because of quality issues. Only 16% say almost none and quite -- some say they have quite a large number of tests to repeat. Yes, to be honest, nobody pays you for that. Yes? You cannot go to your customer asking twice the amount because we made a mistake. We had a transcription error. We had some other error, et cetera. This is what nobody pays for. This has to be covered. These are costs for your lab. And 5% to 10%, what 27% of you say, this is a high number. And here is a lot of saving potential, in my view. Less than 5% -- yes, you can say 5%, some customers I talked to, say, 5% is even already quite a high number. And yes, the cure could be automation, automation and digitalization. Yes, that was it. Again, should have written my e-mail, but I can go back to this. Here, you see my e-mail. If you want a certificate for participation, just send me an e-mail, you can have a copy of the PDF version of this presentation. There's also that guide I mentioned here. You can download this from our website, so that's the latest version. I only have a quite aged version of that. I mean the content will be more or less the same. So yes, you can ask me for that. Any feedback is welcome. And yes, for now, have a good rest of the day. My day is over now. I can go home and enjoy the sun here. Thank you for your attention. And maybe we see -- we hear each other next time at one of the other webinars that are upcoming. Bye-bye from Switzerland. Thank you.