OPmobility SE (OPM) Earnings Call Transcript & Summary

Good afternoon, everybody, and welcome in this beautiful location.

Good afternoon, everybody. We hope you enjoy the first part of the day with us.

And I hope I thought that you had the opportunity to visit to see the products. We will be talking about today about how we are massively transforming Plastic Omnium, the company. And how, with this transformation, we are convinced we will benefit from the transformation on the market. That is the agenda for this afternoon. We will have 1.5 hour presentation and then for sure, the Q&A to have an open discussion with all of you being here or being connected. First of all, we will talk about how the market is changing and why with the situation, the leadership situation we have, PO in everything we do, we believe that this transformation will offer us a lot of opportunities.

And based on that, we have spent some time refining our strategic approach, and we will go further into the details of that, but also having deep dives with the divisions later on.

Then for sure, after having talked about the business, about the products, where we talk about sustainability, sustainability, you saw that in the video that is since the foundation of PO that is in the heart of PO and therefore, it's important for us. It was important, it will be even more important in the future. Therefore, something about sustainability, about numbers because some of you do expect also to see some numbers today. That means what is our ambition in terms of growth in the coming years and how we want to finance this ambition, managing the short term and the long term as well and then the conclusion and the Q&A session. That is the agenda for this afternoon, and we start for sure with the first point, the strong foundation for the future.

First of all...

First of all, I forgot this one. Yes, the agenda and what we will show you that is the result of the work being done by the new executive committee. New because you can see some new faces here, and that is, I believe, a great mix between PO-experienced people, having the culture of PO, the PO way, but also new people with new perspectives, such as the real diversity therefore, new faces, but also new function and those functions are very important for us. You see that we have David Meneses, is our EVP for sustainability. That is really in charge of this important topic in the Executive Committee. He joined us last year and also Alexandre Corjon responsible for innovation, also joined us last year being in charge of pushing our innovation road map. These 2 functions are very important in the strategy you will see in the coming minutes.

And you have in circle in dark blue, people will be presenting today. So with us, Kathleen Wantz-O’Rourke, our CFO, and all of our division CEOs that will attend to the exception of Christian Kopp, who unfortunately could not be with us today, but Laurent will cover the Clean Energy System part.

That was for the agenda for the team. We start with the first topic, which is about the strong foundations for the future. I think we are convinced having a strong position in this challenging market is for sure key to be able to build up and to prepare the future. And when we talk about Plastic Omnium, about PO, it's a fantastic history of growth. And you can see that on this slide, that is the turnover development of PO in the last 20 years coming from EUR 1 billion up to EUR 9 billion before the COVID crisis, overperforming the market massively, managing the portfolio to become a pure automotive player. And managing the growth, both with organic growth, 50%, but also M&A operation, 50% and with a great track record in terms of integration of this M&A. And that is also for us, a key story for the future. Therefore, a fantastic growth story. And you see the last -- the latest news we have communicated in the last months. That means we are moving forward. We are moving forward with partnership. Last year, with ElringKlinger for hydrogen, EKPO and recently with a project of acquisition in lighting, electrification in order to continue in this path with a different approach of the growth, not based on volumes, but much more based on capturing more value and content by vehicle. Today, PO in a nutshell, these are 4 divisions, 4 divisions a new one since beginning of this year, new energy for hydrogen, the 3 historic divisions being leader in their respective market. And that's really important. Again, I will repeat it many times, leader in their respective market. It's a family-owned company, 60% by the family. We did create PO in 1946. We made about EUR 8 billion revenues last year. We are present everywhere where automotive industry is present in our footprint. We have a very robust financial profile due to the fact that the company was managed very seriously over the last year, giving us a lot of opportunity to address difficult times like today in the market, but also to prepare the future. And as mentioned before, sustainability was always and will be always at the heart of the strategy of PO. Something I'd like to mention as well is our turnover development and the way we have been able to develop in the recent years since 2015, all our turnover with the newcomers. And you know that since some years, there are newcomers entering the market, newcomers, especially in the electrification. And all these newcomers are customers of PO. Therefore, we have been able to manage the growth in the recent years, not only with the traditional OEMs but also with the Tesla, with the Lucid, Polestar, Rivian and so on, showing our capacity to anticipate but also to adapt to their needs because they have different needs and also showing the fact that we have the right technology for them to support them in their growth strategy, especially for the electrification. Therefore, a strong track record with our current -- with our traditional OEMs, but also being able to gain new customers and being very well balanced for the future as well. It's not finished. We want to open the field we are playing to the complete mobility. We have been starting to do that with hydrogen. And therefore, you see some names which are new for us like Alstom, Airbus and so on, which are customers from us today for the hydrogen to pick. Marc will talk about later on in the presentation. PO tomorrow, that is PO at the end of the year is just to give you some rough numbers with the potential acquisition we have been announcing in the recent months. That would be or that will be the new PO at the end of 2022 with already a big change. You remember that we have a new division, new energy since the first of Jan this year. And we will have, if we close the deals, a new PO lighting division, combining AMLS OSRAM and the Varroc Lighting Systems, the latest acquisition, EUR 1 billion sales, therefore, a brighter product portfolio and already at the end of the year, kind of new PO, but that's only the beginning of the transformation we will talk about later on. And for sure, it will add EUR 1 billion sales and more people and more location and the possibility again to benefit from the market transformation. It was about us and what makes us very confident to be able, again, to benefit from the transformation of the market, the strong positioning we have today. Now if we talk about the transformation of the market, I think most of you know well what are the main trends transforming, impacting massively the market in some years. First of all, that is everything which is linked to decarbonization of the mobility, meaning the zero emission vehicle, a strong push, an even stronger push after the COVID crisis because a lot of grand subsidies were allocated to sustainable or to clean mobility. And therefore, a very important part of the mobility of the passenger car market, 38%. These are the IHS numbers. In 2030 should be 0 emission, meaning opportunities for electrification and for hydrogen for sure. Second topic is that the cars are getting more connected. And we do experience that already in our cars. It will be much more in the future. Therefore, here as well, opportunities with more connectivity, more software in the vehicles. ADAS, autonomy that is mainly driven by regulation that the mobility is becoming safer. And therefore, the number of cars being equipped with those kind of systems will also develop strongly in the near future. And last but not least, the need for our customers to differentiate. And for us, when we buy a car to have something different from the others, meaning individualization of the mobility, it is increasing as well. That is the branding, that is what makes each car different. And here, the lighting will play a very important role, and we will explain you later on why and how we want to embark this trend as well. Therefore, 4 megatrends impacting massively the market. And the common topic, which is the aim of this transformation is that the mobility is becoming more sustainable. And therefore, it's important for us to continue to push towards the sustainability and all the actions we are doing in this direction. Give you some examples, very shortly to illustrate what I was saying before. First of all, when we talk about connected vehicles, you see that in 2020, 50% of the vehicles were connected. It will be 90% in 2030, therefore, a strong push in this direction. Yes, hydrogen investment in all the industries. Already committed, realized announced EUR 83 billion. It will go up to EUR 260 billion in the coming years. Strong push from the complete industry to invest in hydrogen infrastructure, mobility and so on. And it doesn't only impact the traditional passenger car market we are addressing today, but all the mobility market, and you see some examples, railway, bus and coach, which are also moving massively to electrification with some years delay compared to the passenger car, but they are coming as well, partially with different solutions. Therefore, a lot of changes here, as you can see with those numbers. It means as well that the shift within the value chain, the automotive is changing a lot this transformation of the market. And they are clearly winners in terms of technologies, and you see some examples here. Winners, meaning that those technologies like power electronics, battery pack and so on, they are gaining importance in the value chain for the vehicle. And therefore, they are clearly also for us, potential targets to be addressed in order to benefit from the transformation of the mobility. Another topic, which is key and which we have to understand and to anticipate is that this transformation will be differently managed, depending on the region. Therefore, we will see, we believe, regionalization, fragmentation of the market. And the good illustration is what you see here, meaning the powertrain mix. Powertrain mix, I mean, which kind of engine or powertrain we have in the car. Is it electrified? Is it a combustion engine? Or is it hybrid, meaning a mix of both. Overall, you may remember, I was saying in 2030, IHS numbers are saying 38% of the vehicles worldwide should be purely electrified. But the picture is different by region. We have 2 regions, China and Europe, which are pushing very hard in this direction. And we have to assume that more or less 50% of the market will be fully electrified in 2030. While in Americas, and the rest of Asia, it will be much more slower. Therefore, we will adapt to that. We will adapt our footprint or capacity to that to benefit as well from this regionalization because the market will transform differently depending on the region. It was about the mega trends for sure. When we talk about the market, we have also to address the short-term challenges we are facing. And you know that those challenges are multiple since the COVID crisis. The supply chain is still very much disrupted, chip shortage, raw material shortage as well, logistic issues. That is something we have to manage, our teams have to manage on a daily base. Rising inflation, it did start last year. It is increasing. It is increasing and impacting everything, the raw material, the logistics, the labor, the energy and so on, that is also something the complete industry is facing today. And we have to anticipate changes in customer behavior. Why? Because the delays to get a car are becoming longer and longer because of the supply chain issues, inflation is rising, and we have to anticipate that some people may postpone their investment. Therefore, these are the challenges we are facing. These are those challenges we are facing, I believe, pretty well. And if you rely on the numbers of -- from last year for PO with, for example, a strong generation of free cash flow and the capacity to invest in new technology, that is what I mean that we are able to manage that. And the way we are answering through that is agility. With our organization, pretty agile organization. With our structure as well, cost structure, where we have a lot of flex costs we can use when the market is changing. It's about the efficiency. We launched 2 years ago the Omega program which will bring us EUR 200 million savings, which will mitigate partially those items as well. And we will continue, Kathleen will show you that later on in the presentation. And the way we are transforming the company to adapt to this new challenges or to this new environment. Therefore, that is our daily job, I would say, to manage the short term properly as we did in the past, to continue in order to prepare and to anticipate the long term and to be able to continue to invest to position PO in a very positive position for the long term. When you talk about the long term, for sure, the main question is how big will be the market -- the automotive market we will address. You see here that is the passenger car numbers. These are the IHS numbers. The peak was in 2017, 92 million cars were produced at this time as we all remember and then it started to decline slowly because of the transformation of the market I was mentioning before. And then the crisis with a COVID, with a huge drop of 16% and a slow recovery, much slower than expected because of the issues I was mentioning before, chip shortage, shortage in raw material and so on and inflation as well today. Looking forward, IHS is saying it will come back to the pre-crisis situation around 2025. We want to prepare the company to be able to face the different scenarios. We have the capacity to produce much more than what we are doing today. Therefore, we could absorb more volumes without investment, but we have put the structure in place, the cost structure in place. We have reduced the breakeven point of the company to be ready to continue to invest, to be able to continue to invest even if the raw [ bottom ] of the market would be much lower than what IHS is saying. But I think it's really key for us to keep this agility and this capacity to act even if the market is less favorable than what IHS is predicting. Therefore, key topic in the way we are managing the company this agility and capacity to adapt and to adapt our cost structure accordingly. Then when we talk about all these megatrends, what does it mean for us as a Tier 1 supplier and what are the opportunities? First of all, what we do see increasing right now is that our customers are consolidating the supply chain. They want to have less players basically for their commodities. It is what is happening for our bumpers, for our modules, for our fuel tanks because the market is becoming a bit smaller because they need suppliers being able to invest, to be strong to be able to follow them. Therefore, there are less players. If you are #1 in everything you do, that is our case. And therefore, it's so important that we are leader. You are the one using the consolidation to gain market share, and that is clearly an objective of our strategy to gain market share because the market will consolidate around us. The capital allocation of the OEMs is changing dramatically as well. We are investing more and more in software, in e-powertrain, in battery systems. And therefore, they are outsourcing activities they had in ours in the past, which are also bringing us new opportunities. Again, for the traditional business as well, I was mentioning before. That is also the brand awareness, which is becoming more and more important. Therefore, how the cars looks, how they can differentiate from their competitors. And here, the lighting will play a very important role. Therefore, for us, lighting is also key in order to be able to make it happen. Sustainability is becoming more and more important, not only in the products, but also in the way we do produce. And with the carbon road map mobility we have announced last year, what we are doing with recyclable material we see later on. We have a very strong position to benefit out of that. And they want also partners being able to address diverse powertrain mix. We are strong in fuel system. We are strong in hydrogen. And we will be positioning ourselves as well in the electrification to be able to answer to all of the options our customers are developing. Therefore, that is the way we believe we can benefit from the transformation of the market. Strong positioning from PO, anticipating from the market trends and also the fact that we are able to manage properly the day-to-day challenges we are all facing. That was about the transformation of the market. When we talk about transformation of the market, for sure, it's important for us that we are able to embark our team in the transformation of PO, to have a vision, to have a kind of a North Star. And that is what Félicie will show you in the next minutes.

So clearly, a transforming market linked to either the current market condition or the more structural changes that we are seeing on the technological side, but also society in terms of vision of what should be mobility. So in that context, what is for sure for us is that we are in a new normal, a new area. And what is for sure is that nothing will get back to the way it used to be in this industry. So in that context, we decided it was important for us to really reflect on what could be our strategic alternatives. And the first question to answer before going into those strategic alternative was, "But really, what do we want to be? What is our ambition?" So we did this exercise really taking into consideration what we believe our PO strength. So the first one that we are leader, challengers. The second one that we are agile, that we are really focusing on being the best from an operational standpoint, so excellence in execution. And also that we are daring and that innovation is clearly embedded in our DNA. So we did that exercise. Why now because, first of all, as a group, obviously, it's important to have the framework of our ambition. But second, also because we thought it was really important after this post-pandemic situation to really reengage and give this vision to our people internally. So with that, we defined our vision. Our vision is as a leader, we really want to play a key role in the mobility of tomorrow and its transformation and also its contribution to the energy transition. We are a sustainable and responsible company. And we want to challenge, really, the status quo and open new ways to that. So based on that, we have built our purpose, what is really unique to us, what is inspiring to us and we're happy to share that with you today for the first time with the coming video. [Presentation]

So driving a new generation of mobility. So with these 5 words, we really believe it captures all of what PO is and PO wants to be tomorrow and it's much more than a claim to us. So if I take each word to really express this purpose, so driving. Driving, it's really about the PO way of doing things. I mentioned operational excellence but that's obviously the aspect to it, that we have a very strong human dimension to the way we do things. So that's the PO way of getting things done. New. I talked about innovation. Obviously, that will be even more important tomorrow because that's what's going to transform us, develop new technologies to really serve a safer and greener mobility. Generation, we are a family-owned business. It's really important for us to keep on transmitting. Transmission is key. Transmission is key as a family, but also amongst generation and new skills that we're going to have to acquire and really contributing to those new expectations of society tomorrow for mobility. Mobility, very important word. We used to be very focused, specialized in terms of the market we were addressing. And today, we really want to address the full scope of mobility and what potentially to it means is conquering new markets. We have started doing that with the hydrogen, and we'll go into further details later on. But potentially, it means much more in the future. So how are we going to do that? Today, we have defined 3 main levers, strategic pillar to do that. The first one, it's really reinforce our product portfolio because we still believe we have pockets of growth to tackle and increase our content per car. Second one, diversification, obviously, very important. And I think you have seen it this morning in the product displays with a clear focus on electrification and more connected and safer car. And last but not least, and enlarge our scope of activity to services. So that is a more medium to long-term target that we have given to ourselves. We are in the process of doing that. But we clearly think it will emerge as a clear consequence of the first 2 pillars that we are now tackling. So we won't specifically address in much details the third part today. And with that, let's now move to the next section and go deeper into the businesses.

Yes. I mean we have -- Félicie explained the purpose. It's what will guide us in the next years to align the teams, to go in the right direction, to verify that our strategy or decision are all aligned, which is for sure key, in a very challenging and changing environment. And the way we want to -- what does it mean to our strategy, and we will explain to you now what it means in terms of strategy for the group for sure, what we are doing, but also for each division, because for sure each division, each business has its own strategy to continue to grow to overperform the market and to gain market share. The first one is, as Félicie mentioned, is reinforcing the division leadership as mentioned many times already today, we are #1 in everything we do, but we believe there are still pockets of growth because of this great positioning. First of all, in terms of geographies, we are -- we have the capacity to gain market share in Asia, in Americas, and you will see that later on in each division on how we want to make it happen. We will benefit from the outsourcing of the OEMs. You may remember what I said before, that they are reassessing where they do invest and they will outsource some products we can overtake. Therefore, that is a great opportunity for us as well to gain market share. Light weighting, aerodynamics are becoming more and more important for the BEVs, for the electrification. It's about the range of the vehicles. It's about also the capacity they have to optimize the battery and we are overexposed in our exterior parts and modules to the BEV segment, and it will continue like that because we're able to bring to the OEMs the right solution to optimize the aerodynamics and the lightweight -- and the weight of the vehicle. And for sure, also to continue to use new materials to make our parts more sustainable in the life cycle analysis, which is becoming more and more important for our customers. Therefore, each division has the capacity to continue to grow and to outperform the market because of how the market is developing. But even more, we do see as well great opportunities when we combine the assets of the division. And the most simple example is to talk about lighting, exterior parts and modules. Today, we have more and more customers asking us to be able to integrate those functions. That means to make the bumper, to integrate the lighting, to integrate as well the module behind. For them, that is less complexity to manage, only one supplier, less interface, optimize interface normally better cost and for us, better profit. Therefore, with the positioning we have today with the management portfolio, we have been announcing recently with the lighting, we will have a unique positioning in the market to address more complex system to the OEMs, and that is also the expectation that we have.

So diversification on the more connected and safer cars. So here on this chart, you can see what we are today supplying. So front modules, tailgates, body panels, and we can do more on the envelope of the car. And on top of that, we are now integrating. So all of the ADAS solutions that we are either looking at the technology bricks or incubating internally. But also, obviously, the lighting activity that will enable us to serve the full envelope of the car and provide with much more functionality. So this is a key lever for us in terms of diversification. As far as electrification is concerned, so today, we have our traditional business around fuel system and depollution system. We have launched the hydrogen business some years ago, 5 years ago. Now it's a new stand-alone division, really focusing on H2. And now with the recent announcement that we have made so we are attacking this segment of specific of the electric battery and with the recent announcement of ACTIA Power and Verkor. So with that, we are now in a position to really serve the full spectrum of the powertrain mix.

Another topic, which is becoming also more and more important. You saw that our products are integrating more and more functions, more and more intelligence. That is also the expectation of our customers. Therefore, software is becoming key for us as well for our bumpers with the functions integrated we mentioned before for the lighting, for hydrogen and so on. We have some skills in software today in each division, but we have to speed up. We have to move forward and to increase our skills or competencies in the software. That is also what the OEMs are expecting from us that we are able to manage the interface with their own software structure. And therefore, we will create pretty soon a software house PO with the aim to accelerate our penetration in the software. Our capacity to integrate more intelligence in our parts, but also to communicate with the rest of the vehicle. Again, a strong expectation from our customers. And that will be pretty soon a software house at PO, which will develop in the coming years and which will serve all the divisions, all the businesses. That was about what we are doing at group level. And then for sure, we deploy this strategy for each division. And each division has a clear target to continue to gain market share, to grow, to increase the profitability as well. And we will start, first of all, with the intelligent exterior systems division, the biggest division of PO, which is managed by Stephane Noel, the CEO of IES. I welcome you on stage. Stephane, please join us.

So adaptability is one of the key pillars of Plastic Omnium. So let's talk about the exterior business, one of the historic division of Plastic Omnium. And before looking at the 2 pillars of growth to outperform the market in the coming years, let's remind you in a nutshell what is the division exterior. So first of all, for those who never visited a plant, it's about injection of plastic part, painting, assembly and I would say most important, being able to deliver on time our customer, that means the red bumper with the red car. That seems obvious, but this is a key knowledge of the division. So as Laurent and Félicie mentioned, we are #1 in the world. Size is key for us because we are able to support global platform. A strong footprint, we are making mainly 2 type of product bumpers, front and rear and of course, tailgate, where we will see later, lighting will be a key. Today, EUR 3.5 billion of sales, 64 plants worldwide. What will be the 2 pillars to grow to outperform in the future, the automotive market? First of all, I would say we'll have the bread and butter. We will continue to do what we know very well. We will continue to grow in geographical areas like in China and U.S., where we are a little bit lower than Europe. We will continue to gain new customer, either traditional like Honda, you will see later, but also a lot of new EV player, whatever in the U.S., Lucid, Rivian or in China, Xpeng Motors, Nio, the newcomers. The other part will be increasing the added value of our parts. How are we going to do that? We talk about lighting. Lighting is a high nature of the car. We will integrate lighting, but also we will integrate new functionalities like radar, ADAS, LiDAR, and you will see just after a breakthrough technology that we are planning to put on the market. Talking about increasing the added value per car. First of all, the exterior part is what the customer is offering to the end user. You need to feel. It's an experience. So we are able to differentiate ourselves because of plastic. Because what we are able to provide to the OEM is different than steel. Intelligent, plastic is transparent to wave. So this is a place where you could add new functionalities, radar, LiDAR. But with the new technology, like the one we have launched in Sigmatech, injection of polycarbonate, we are also able to put lighting behind our bumper. Talking about ADAS, we want to transform our bumper in gigantes radar. This is what you will see and that you have shown this morning in a partnership with Greenerwave. And sustainable, because our parts are roughly 30% lighter than the steel part, it's good for the emission of CO2. It's also good for recyclability, and this is one of the reason we made a partnership with TotalEnergies. Laurent talked about our market share in EV. Again, plastic are lighter than metal, it's better for CO2, and it's also better for the range of the car. The lighter the car is, the longer range you have with the BEV. And on this slide, you have 2 pictures. On the left, all the business we are doing with Lucid, a newcomer. We are doing front, rear and tailgate. And also on the right, the traditional OEM. Plastic Omnium will be the sole supplier of all the external part of Renault, of all the electrical vehicle of Renault manufacturer in France. So that's clearly a market we will address. Today, it's 8% of our sales. It will move to 30% of our sales in 2025. But we have also some areas where we could grow bigger and faster. Two main areas today, China, so where we confirm we will build 3 new plants. One for a famous, I would say, American EV carmaker close to Shanghai. Another one for BMW in the north of China in Shenyang. And the last one for a new customer, Nio in the south of China. So here also a good mix of traditional customer of the group and newcomers. At the same time, on the right, we are accelerating our growth in North America, strong order intake for the past 2 years, new customer like Honda, but also some customers asking the question. I cannot invest in everything. If we take GM, they have decided to invest in battery and software. So they took a bold decision to externalize all the exterior part in their EV plant in Spring Hill, and Plastic Omnium as a long partner, I would say, of GM has been selected to supply all the tailgate and all the exterior part for GM. Last but not least, we continue to follow our German premium OEM in Chattanooga with the launch of the ID4. Talking about the integration, it's not only integration. It's also developing new concepts. We presented in Munich Auto Show Greenerwave, which is a partnership with the French start-up. We are planning to put on a market a 4D imaging radar with a better resolution than the current one, which will be very important for the autonomous driving and also a lower cost because with one of our 4D imaging radar, we could replace up to 4 radar or LiDAR. So it will be also easily integrated in our bumper, no need to make a hole in upper to put radar. It will be even behind the bumper. So it's a technology very disruptive that we are planning to implement on market in 2025. So in a nutshell, the next 5 years, auto continue the growth to outperform the market, bread and butter, new customers, increasing our market share in China, in North America, and integrating in our bumper, new technology, lighting, front-end module, partnership between the 3 division. That's what we're going to do in the next 5 years.

Thank you very much, Stephane. And as you saw also in our traditional business, we have great opportunities to continue to grow by anticipating again the market trends and by consolidating the market. We have been talking about IES, exterior parts. Since the beginning, we talked about lighting, which is the new PO division or the future new PO division with the acquisition or the potential acquisition we have been announcing in the recent weeks, AMLS OSRAM and Varroc Lighting Systems. And for this new division, I invite on stage a new CEO for this division, Pierre-Henri Desportes. Pierre-Henri, come please. Pierre-Henri is with us -- Pierre-Henri is with us since 5 years in PO. He has a very strong industrial background. He's located today in Munich, running the business for Stephane for Germany and Eastern Europe. And he will be in charge of this new division after the closing of the operation. And now I let you comment the strategy for the lighting at PO.

Thank you, Laurent. I will try in the next few minutes to describe you what will be the next PO division, why we decided to enter the lighting business and what will be our strategy over the next months and years. First, let me remind you what will be this new lighting division once the deals are closed. This new division will be the buildup of 2 company. Varroc Lighting System, large company among the top 10 lighting players in the automotive market with a good footprint and significant engineering capacity. We will add it up with AMLS OSRAM, a very innovative, fast-growing company, which has a lot of innovation in portfolio. So these 2 companies will create the PO lighting division. With first, a strong asset base, 11 plants, 12 R&D center, 7,000 people, more than 200 patent that will deliver and generate around EUR 1 billion revenues. With this asset, we'll cover the full market of lighting with a vertical integration from the light engine up to the full head lamps, and we will address all the different markets of the automotive lighting from the classical exterior lighting up to the fast-growing interior and body lighting. Obviously, we have already a good footprint to address the different market with a large presence in Europe, a strong base in Americas and foot for the future in Asia. This division will already deliver most of the OEM across the world. So a strong asset, large portfolio of product, good geographical footprint and already a very good customer relationship. This will be the new PO lighting division. Let me remind you why we decided at PO to enter the lighting business. First, because this is a growing market, outperforming the automotive industry. Two, we do believe that the lighting commodity is very well equipped to face and leverage the evolution and the mega trend of the automotive industry. Laurent was mentioning the mass customization of the car with the intensification of the lighting in the design. Lighting is the solution. Two, we can see the evolution of powertrain. And what is good about thermic, electric, hydrogen vehicle is that all of them need lighting. And even with the electrical cars, they are introducing more and more lighting to differentiate from the classical car. And Varroc Lighting System that we will acquire is already #2 for the electrical vehicle in the world. And last but not least, we see the increased need for safety and automotive driving in the industry. And lighting is a key solution to improve the safety and also to integrate radar within the different lamps. Finally, as Stephane was mentioning, we do see clearly synergy with our current portfolio, synergy with our bumpers to be able to put light behind the bumpers, synergy with our modules colleagues that already deliver headlamps within their front-end module. So an attractive market for PO, growing, facing the different megatrend of the industry and a clear synergy portfolio. What is our strategy for the next coming years? Simple. 2 axes, build and grow. Build this division, make the integration and the buildup of these 2 companies bring what PO know, what PO will bring as a strength in operational excellence leveraging our customer intimacy, bringing our knowledge in purchasing, in engineering efficiency, in manufacturing, our rigorous cash management in order to build a strong division, professional and profitable. The second axis is growth. We do expect EUR 1.5 billion sales in 5 years. How? Thanks first to the cross-fertilization of Varroc Lighting System and OSRAM. Varroc Lighting System will bring its manufacturing capabilities, its engineering workforce in order to speed up the time to market of the innovation of OSRAM. OSRAM will bring to Varroc its innovation in order to boost current product and to grab market share. Second point, we also would like to develop new geographies to continue to grow in America and to develop in Asia. Strategy, 2 axis, build a strong profitable division, grow for the future. And as an illustration of the growth, the lighting market is basically organized among 3 main subcommunity. The front lighting, the head lamps that we see growing in the future. And we do think that the OSRAM AMLS innovation will boost the current market share of Varroc and will help to increase the revenues. The rear lamps. We already have strong position and we'll follow the market evolution. And on the last segment, the fast-growing segment, body and interior. We do believe that the capacity of Varroc in manufacturing and engineering, engineering will help to speed up the innovation of OSRAM and to grasp the growth and have good growth. As a conclusion, we are very happy to enter the lighting business with a strong division, strong assets, very well positioned already on the market. Lighting makes sense for PO as it is growing, and we see clear synergy with the other division, and we have a simple strategy, build and grow. All the people in PO are very exciting about this project, and I can tell you that all the Varroc people, the OSRAM people we've met during the due diligence are exciting to build together this division and to support this strategy.

Thank you very much, Pierre-Henri, for your presentation. I think what is important also to mention is the strong strike record of PO in terms of M&A. You remember that in the first slide or one of the first slide I was showing that the growth of PO since 20 years is 50% M&A. Therefore, we know how to integrate and how to make the integration very successful. And therefore, we are very confident to make it happen here as well. The strong customer support as well. Really, we had a lot of customer interaction. They wanted us to enter into the lighting because they want to have a strong player and because they do see a lot of synergies. And those 2 companies, they have great assets, as Pierre-Henri already described before. Therefore, we are extremely excited to start this new journey. The closing of the operation will be somewhere in the second semester, and then you will see already our new PO. Thank you, Pierre-Henri again. We move now to the next division, which is our module activity, also a module activity, which will benefit from the change in the market and to comment, to explain to show you how we are going to make it happen, I invite Martin Schüler, the CEO of HBPO here on stage. Martin?

Thank you very much, Laurent, for the introduction, and good afternoon, ladies and gentlemen. It's a pleasure for me to talk about PO modules, the world leaders in front-end modules, complex beautiful modules. And just to give you a snapshot on where we are today, being the world leader in front-end modules means we have sales actual amount on EUR 2.2 billion. We are 18% market share of that. We do 5 million front-end modules a year. We operate in 31 plants with 3,000 employees that are really working hard on the success every year, with 7 R&D centers very close to our customers and we own over 137 patents. So it is a strong foundation. How are we going to benefit from the future and from the electrification of powertrain? In 2 ways, one is growing with the existing business that we're having, our core business, which is absolutely key. And we see and Laurent mentioned it earlier that the customers are focusing on their design or the powertrain of the future and that will open up spaces for us to grow. They will outsource more and more of their products and complex modules to us. They need to get rid of complexity. We love complexity and it's an excellent fit. And our excellent customer reputation or track record in launch performance allows us to obtain additional business. So we have already targeted 3 significant projects. Among many others, 3 ones where we will open new plants in the future in Asia and China and in North America. So that was the one pillar of growth. The second pillar of growth is clearly new modules, new modules. And you've seen some of them this morning in the exhibition, new modules will benefit from our core business because they will benefit from our existing know-how from technology that is available right now. They will benefit from the footprint. We will try to bring all those new modules in existing footprint. So there is, for sure, also a driver for additional profitability in this one. We will leverage our electromechanical know-how. And of course, with all of this, we will increase the content per vehicle and some numbers are given here. And we are looking for an excellent potential in the future. Let's do a little bit deeper diving into those access of growth. So existing business, accelerating. And speed is absolutely key. It's one of the points here on the slide. Speed and agility will be the driver of success in the future. Our strong R&D for sure, is a given. We are very close to our customers. I explained that already, but our areas of competencies are in safety and crash management, aerodynamics, thermal management. This is what is needed. And then complexity for us, it's not a burden. It's an enabler for continuous growth. So supply chain management, especially in those difficult times, we all know what's happening right now. Operational excellence, launch performance, I mentioned that program management is core in our business. And of course, proximity, the close relationship to our customers will lead to success. Speed, as I said, again, speed is absolutely a must and agility is even more a driver of growth when we talk about new customers, not the traditional ones, but new ones that don't have the heritage of their organizations, but they start from a greenfield. And from nice ideas, and want to build cars and mobility. And just to illustrate a few of our larger group, of course, of customers are listed here. When we look at the second pillar of growth, the new modules. And you saw many examples this morning. I just have selected 3 here today. And let's start with the first one, the rollo shutter. You have seen the rollo shutter maybe this morning. If not, I will give you a brief introduction. It is a technical textile that we're using for aerodynamic purposes. We are closing and opening the opening of the air intake in the front of the vehicles. Why do we do this? First of all, it is contributing largely to aerodynamics. And with this, if you put it on a combustion engine car, it reduces the fuel consumption. It reduces but that's the CO2 emission. It's very simple. And if you put it on an electrical vehicle, what does it do? It extends the electrical driving range because of the increased aerodynamics. So it is used on a large platform already on the VW Group's electrical platform cars and there are other customers already. I will come to that in a minute and will really make use of it. Then, a second example here today is our charge lid. That is a new product. It's a new module that is coming along with the electrification of the vehicle. It hasn't been there some years ago. And now we just considered, okay, how can we make use of our existing know-how. And coming back to what I said earlier, electromechanics, integration of functions, integration of parts, lighting functions, electrical functions, movements, mechanics, services, packaging, everything, car safety, everything we already know, we apply on a new module that is just developing largely. And we have already booked businesses with one of the big Californian carmakers that just opened a plant in Germany, and we are moving forward with them full speed. And then the frunk module, for electrical cars, there's an empty space now where the engine was. And no surprise, you don't need the engine anymore, but what do you do is that space? You can just simply have a tray to put in your stuff inside or you can use it again for functional integration, crash management, safety locks. You have the battery that is supplying energy, electricity, so you could have lighting functions in it to illuminate the area. You could have a refrigerator there to cool your purchases that you have from your groceries and many other more functions, you can integrate that. So it's not just a simple part that we are going to put in, but it's a complex module again. And I can tell you, we have booked a concept contract for a premium customer in Germany, and we just received the RFQ for another one. So it is moving, and it is taking off. Some examples here of products. And you see on that slide examples from Asia, from China on the left side and North America on the right side. I don't focus on Europe here because in Europe, we are traditionally strong. So it is just here examples from Asia. The upper one is the Lotus, the Geely Lotus. It's a brand new SUV, it has been put on LinkedIn, on whatever YouTube, the car has been launched. The product is not sold yet, but I can tell you, it's a very nice car, and we have a very nice aerodynamic product on there. It's something really new. And you will be surprised when you see it later on. And the one under the carpet here is probably the same customer that Stephane talked about. This famous California one who just bought Twitter. And we are building a factory for this carmaker in China, and it will be in production in the second half of this year. And then on the North American side, you see the Rivian car there on that vehicle. It's a brand-new carmaker that's never built a car before. So it's a totally different approach for those carmakers. We put aerodynamic devices on that, front-end modules on that, and they rely on experience of experienced suppliers and module suppliers here because they are focusing on the design, on other features. So it's a win-win situation in the end. They speed up their ramp-up process. And again, on a traditional carmaker like the GM pickup truck here in that picture, they use our rollo system in the future because they have benchmarked it. They saw it on the market. They love it. And we supply their largest truck platform in the future as well. And we are just in the project phase, and it will be a great milestone once more. So to summarize very quickly, 3 things: great foundation to build growth on. So we are absolutely strong right now as being the #1 in the market. Second thing to remember, we will grow in our existing core business because customers will focus on other areas and there is growth in outsourcing opportunities in taking the niches that are available for us. And third, very clearly, new modules, new products available in the future that will benefit and we will have the synergies from the existing business, and that is in a few words, the story of the module business.

Thank you, [Foreign Language], Martin. For the module business. Here as well, many opportunities, as you saw, to continue to grow. We move now to the Clean Energy System. As Félicie mentioned, Christian, the CEO of this business is not here today, unfortunately. I will try to take over the CES topic. CES is a business we like very much, which is very stable. CES is also the business we have been using to incubate the hydrogen activity, which is a new division right now since the first of January, and Marc Perraudin will show you how we are willing to develop the hydrogen. And CES is the business we are going to use as well to develop the electrification, the battery electrification within PO. Some numbers, factoring figures. These are the products from CES today, you can see on the screen, fuel tanks, depollution system. We are here as well, #1 in the world, EUR 2.4 billion revenues, 30% of the group in 2021. We have 21% market share, which is a very important market share. That means many cars have used a system from PO inside. 2.1 million SCR are produced for the year. And we have many facilities. We are very well balanced in the world, more or less 1/3 in Europe, 1/3 in Americas and 1/3 in Asia, which is very important. 41 factories, 7,000 employees. That means small factories, 150 people around by factory, which gives us a lot of agility to adapt to the market changes. When we talk about the market changes, for sure, we have again to talk about the electrification, the push to electrification. And on this slide, you can see what it means for us, for our fuel system business, but also what it could mean or will mean for the strategy we have in terms of electrification. In 2021, there were 69 million cars being produced with a fuel system inside, either ICE technology or hybrid. And you know that in hybrid, you have as well a fuel system inside, 69 million. And 15 million cars being equipped with a battery system, either hybrid or full electric system. 69 million, 15 million. In 2026, these are the IHS numbers. The number of cars with the fuel system will be stable, 70 million, more or less. The number of cars with electrification will for sure increase massively. And if we project into 2030, 59 million, around 60 million of the production will have a fuel system, a big part of that with hybrid technology, but still a fuel system and 70 million of cars will have -- will be electrified. Therefore, our strategy at PO is clearly to continue to address the fuel system business, to continue to consolidate the market, and I will show you right now how we are going to make it happen. But also to enter in the electrification of the automotive industry because there is a nice place to play for us in PO. First of all, if we focus on the fuel system, we have 21% market share today, and our target is to go up to 30% in 2030. And you remember that 21% market share today, it's around 15 million tanks produced a year, 30% of probably 60 million cars with a fuel system in 2030, it's even more volumes. Therefore, we anticipate a business growing and stabilizing in the coming years for the fuel system. How are we going to increase the market share? Because, again, the market is consolidating. The OEMs, they want less players in the field, and they want to have the players being global, being solid financially and being able to support them for the coming years. Therefore, we will consolidate because of that. We will adapt permanently our footprint because the move towards electrification will be differently managed, depending on the region. That is what we saw just before. And to give you an example, we just opened a factory in Indonesia where we do produce fuel system, and we have been using existing capacities in other countries to put that in Indonesia. Therefore, almost without investment, we have been able to set up in Indonesia. And for sure, we have the capacity in place. It's a business generating a high level of free cash flow, therefore, also very important, interesting for us to manage the transition to finance the transformation of the group. We are confident in making that happen because 80% of the sales we are targeting in 2026, which will bring us to the 30% market share is already booked. Therefore, we are booking business. We are consolidating the market. And therefore, we are confident that, that will be a very nice story in the coming years as well, our traditional fuel system business. And then the second part is for sure the electrification, which is in a way new at PO. Electrification is also hydrogen for sure. And Marc will explain what we are doing in hydrogen. But here, we are talking about battery electrification battery system. We have been starting to work with Tiamat, a French startup, and you may have seen that before in the exhibition. On 48-volt battery pack, it was 2 years ago, it was with a new chemistry disruptive solution, and we are continuing to develop this solution and to address that to the market. We recently announced also that we are investing in Verkor, EUR 20 million, to have access to the technology to understand the technology better, to have access to the sales to the capacity as well because there will be, for sure, some issues to have enough sales in the market to serve the electrification but also to have access to the market when we talk about battery system, battery pack with the agreement we have with Verkor. And the last point is the discussion we have with the ACTIA Group to take over the ACTIA Power division, which is around EUR 20 million sales division today, but already serving the electrification for the heavy-duty mobility, meaning railway, meaning buses, coaches and so on and being able to develop fuel -- full sorry, electric system, but also battery system or power electronics. And these are the pillars we are putting together in order to start the electrification at PO in the coming years. We have a 3-step strategy. The first one is for sure to build up on this acquisition or coming acquisition to have the expertise, to have a critical mass, to have the know-how of the skills but also the customer access, and there are already customers working with those potential acquisitions. The second will be to grow the volumes. With a first focus on EV mobility because again, we do see here a less competitive market than in the passenger cars today. A nice opportunities for us and OEMs willing to work with us because that is also a segment we are addressing as well in the hydrogen business. And the third one will be for sure once that is settled to address the passenger car business because here as well, we believe there are some segments, some products where the OEMs will need strong suppliers to support them in their electrification strategy. Now for step 1, step 2, step 3. And that is what we are willing or that we are going to start pretty soon in PO. Objectives, we want to achieve at least EUR 1 billion sales in 2030. We could be even more ambitious, but we want to make it step by step. We have the first step which are the acquisition I was mentioning before. There will be maybe other breaks in the coming years, small breaks to bring more technology. And with this electrification strategy, we will be able to address the full powertrain mix, which is important for us and for our customers, the traditional fuel system with the hybrid, the hydrogen, and Marc will come on stage in a couple of minutes to talk about hydrogen but also the battery system with a lot of synergies between those technologies. That was about the CES business, fuel system and electrification. And now I will invite Marc Perraudin on stage, who will talk about our new baby in terms of division, meaning the new energy, the hydrogen division.

Good afternoon. [Foreign Language]. I'm very happy, very proud to be here for a couple of minutes to share the passion of Plastic Omnium about hydrogen. I will start by restating what is new energies. We are developing 3 product lines. The first one, which is on the top left is what we call hydrogen storage systems. It derives naturally from what PO does in Clean Energy Systems division, I mean, fuel systems, storing energy, dealing with safety, security products. And it started 7 or 8 years ago. Naturally, we started developing this application when hydrogen emerged as a potential solution for the future. Year-on-year, we built up on this. We developed internally technology. We went through a couple of acquisitions also. And lastly, last year, we sealed the deal with a German company called ElringKlinger. We created a joint venture company called EKPO. EKPO is one of the worldwide leaders of fuel cell stacks. What is the fuel cell stack, if you take a hydrogen car, a hydrogen car, by the way, we talk all the time about electrification is an electric car. It's a complement to battery electric. In a battery electric car, you plug your car to the network, you store your electricity in the battery. Everybody knows that. In the hydrogen car, you store your fuel, which is hydrogen, petrol or diesel this time, and you are using the fuel cell system, which is basically the engine. This is the power plant of the car, you are producing your own electricity. You don't store it from the network, you produce it within the car. And in this power plant, the reactor, the core of the power plant is the fuel cell stack. This is the technology enabling transformation of hydrogen to power and to heat. So Plastic Omnium has developed those 3 product lines, the reactor, the fuel cell stacks to the JV, worldwide leader and the development of the full system. So we have the full bunch, I would say, of components which are necessary to enable hydrogen mobility for the future. How do we do that? Again, today, we have 5 R&D centers across the world in Europe, but also in Asia. We have a portfolio of 150 patents covering all the technologies. We have 2 plants already. We'll come back to that, and we are building -- we will be building in the next 12, 18 months, 5 new plants on 3 continents, enabling us to go to the manufacturing stage of hydrogen. What is the purpose, again, electrification, zero emission, we know that. Battery electric is a fantastic solution to cover most of the daily uses, smaller cars, city cars, short distances. We do that every day. But for some of the usages with heavier vehicles, with longer distance, with necessity of extended range, quickly refilling, of course, hydrogen is a very good complement. Battery and hydrogen are not competitors. These are the 2 cornerstone of electrification in mobility for all segments. And more or less, they cover different segments and type of usage. What are the targets? It's mostly a reminder here, something we showed last year already. Target revenues is EUR 300 million in 2025 and EUR 3 billion in 2030. To reach that -- and of course, we did the maths about the market size, we would like to reach more or less in the storage, the market share that we have today, for fuel system, 25% basically worldwide. And we would like, of course, also in the fuel cell systems to go for a penetration of 10% to 15%, which could naturally bring us to those type of top line. Where is the market? I said it, it's for heavier vehicles, more intensive usages. So 2/3 of this business -- it's valid in 2025, it's going to be valid in 2030, is coming from commercial application and segments and type of vehicles. Of course, to get there behind us, there were a lot of investments in development, R&D and technology. In front of us, there are still a lot of investments to be done on CapEx, industrial plants and set up to be able to get there. What is the market? This is the assumption we took, which is reasonably, I would say, 200,000 vehicles in 2025, 2 million vehicles produced each year starting in 2030. 0.5 million would be commercial vehicles, heavy duty, mid-duty, light commercial, trains, construction engine, mining engines, dump trucks, plenty of applications potentially to be covered by hydrogen. And the rest, 1.4 million, 1.5 million vehicles, which is barely 2% of the market in 2030, could require hydrogen. Of course, we said this, there is a need -- we had a nice conversation at lunch with some of my neighbors. We would need some infrastructure. We would need refiling station. We would need, of course, energy company, industrial gas company to start building green hydrogen. This is getting there. Laurent has showed that there were a lot of subsidies coming in Europe, coming in Asia, coming in California, feeding this system and allowing the infrastructure to develop. I think back in the days, in 2008 or 2010, when we were watching the beginnings of battery electric, we had the very same question, which is about, how will I refill my battery? It's impossible. There is no infrastructure. It took 10 years, and probably, it will take also by 2030 to be able to enable hydrogen mobility. Today, we have 2 plants, 1 in Belgium for hydrogen vessels, storage, 10,000 vessels per year of capacity, which, by the way, is coupled with one of our CES, Clean Energy Systems, plant benefiting from synergies here. And we have a second one, which is southwest of Stuttgart in Germany, EKPO, with the capacity in total of 10,000 fuel cell stacks per year, fully automatized with a level of vertical integration, which goes to the bipolar plate manufacturing. So quite thorough in terms of technology and, I think, to date, which is the biggest plant in Europe for fuel cell stacks. We developed standard products. It's a bit different to what we do at PO for other divisions. We do not customize so much. We will develop different levels of power for fuel cell system, a couple of types of vessels for types of application, bus, truck, large vessels, smaller vessels for automotive. And we put them on the shelf to sell them to all type of customers. Again, it will start by heavy duty, bus, trains. These are the markets that we have secured so far. But we have also secured at the end of last year an order with Hyundai for passenger cars. It will probably kick off for passenger cars a bit later. Infrastructure is key here. But for the heavy-duty mobility and the commercial mobility, it's already there. Globally today, we have 100 programs that we entertain a lot of customers. Last year and in 2020, it was small customers. It was small fleets. Prototype or small series, let's call that. It was a few trucks, a few buses or 10, 20, 50 vehicles. Last year, we started seeing in the market a lot of new quotations coming up from classical OEMs or new OEMs and showing not only double-digit order intakes but triple-digit order intakes. And this is getting there. In the course of this year, I hope we'll be able to secure even more than what we have. We have already today almost EUR 800 million of order intake with various duration, et cetera. But what I can tell you today is that with this amount, we are already covering 50% of the projected sales of 2025. And honestly, this acceleration that we've been seeing in the last 12 months makes me very optimistic on the fact that we will make our target and that by the end of the year, hopefully, we'll also be able to announce and to confirm that we are very close to it. Of course, for that, Plastic Omnium will continue to push to invest. And I hope the first applications, industrial mass production applications that we will start next year in production will pave the way for the future successes of hydrogen for PO but also for the global ecosystem.

Thank you very much, Marc. You saw as well that hydrogen was a kind of -- we kind of wished some years ago, today is really becoming more and more concrete. Capacity in place, we are developing this capacity worldwide. The order book is very strong. And we do see that it is accelerating a lot. And therefore, it make us a lot of confidence that we will achieve the targets, which Marc did present just before. We talked about the market. We talked about the business. And a very important pillar of our strategy, of our DNA, I wanted to say, of PO is for sure the sustainability, which is since the creation of PO, something, I would say, unique in the industry. And the sustainability of -- at PO, that is the Act for All program. Act for All means that in all the location of PO, there is an Act for All program. We are managing that globally, centrally, but we are acting locally, which I think make the approach pretty different. In each meeting we have with a plant, for example, we start with the Act for All KPIs, with the Act for All actions. And the Act for All action, they are about caring for people, about responsible entrepreneurship and about sustainable business. That is something we are not doing for the KPIs. That is something we are doing because it's a strong conviction from PO management, from the family also who did create PO some years ago. And that is also a very important part of our purpose. You remember what Félicie said before, the idea of generation, of transmission, of responsibility. And therefore, the sustainability at PO has a different place than in many other companies. The care for people is about safety. Responsible entrepreneurship is, for example, about the business ethic and how we do embark our suppliers. And the sustainable business for sure is our carbon neutrality road map and what we are doing to make the mobility cleaner or with less impact on the planet. I give you here some examples, some numbers to show how advanced we are and how we are moving forward in those topics. Safety was always in the core of our industry, of PO. We are still improving. You see the number here. We have been improving by 42% in the last 2 years, and we are continuing to improve the safety. It's also important about attractiveness because we want our people to work in a safe place. In terms of diversity, you saw the executive management, the new one before, we have 38% of women in our Executive Committee, which is, I think, a benchmark in the industry. And in the Board of Directors, it's about 54% of female in the Board of Directors. We do engage more and more also to develop the diversity in all the levels of the company, and we want to achieve 30% women among managers and engineers in 2030 and 40% in senior executive management. That means we are developing that, and we are engaging strongly on that. The young people, the youth employment is also key for us. It's a part of our responsibility but also to prepare the future. We are increasing the number of apprentice we have in our factories, 875 last year, which was much more than the year before, although we are facing, I would say, difficulties in the market, but we don't compromise on that and we will continue in the coming years. And last but not least, as an example, our Board of Directors will also have a committee being also in charge of sustainability starting in 2022. Therefore, sustainability will be present at all level of the governance, meaning the Board of Directors, Executive Committee and deployed in the complete organization with the Act for All program we have in place. Concretely as well, what does it mean for us is the way we are acting for the ones needing the most. You may have seen in the video from the beginning what we have been doing during the COVID crisis. We did create a COVID fund. And we had a similar approach as well when the war started in Ukraine. We don't have any facility in Ukraine, but we have many facilities in Poland, in Slovakia, in Hungary. And we have 300 employees coming from Ukraine who did decide to go back to their country and to fight to protect their country when the war began. And there was a huge movement of solidarity from our people in Poland, in Slovakia. We have started to collect goods, what the refugees need, collect goods within 50 to 60 location, and we are still doing that, organizing the logistics to support the refugees coming across the border or the people staying in Ukraine. And also, we have decided on company level to support some local NGOs. Therefore, Act for All, it's also acting fast, being agile and really supporting communities when something is needed, is important, like, for example, the war in Ukraine. When you come to the sustainability and the carbon neutrality, that is something we have announced last year, and I want to recap today because I think it's also something which make us unique. The carbon footprint of PO, it's about 44 million tonne of CO2 in 2019. And you know that when we talk about carbon footprint, we talk about the Scope 1 and 2. That is what we do produce as CO2. That means in our factories, our emission directly. And then the Scope 3, upstream, that is what is coming from the supply chain before, our suppliers, the logistics, and then the downstream Scope 3, which is the impact of our products in the CO2 emission of our customers. In total, 1% is Scope 1 and 2. 10% is coming upstream, and 89% is coming downstream. How to address the downstream? It is to work more and more on BEV segment, for example. That means zero emission, what we have seen before. Upstream is to embark our suppliers to regionalize the supply chain as well. And the Scope 1 and 2, that is the main focus we have in short term because that is where we have the direct impact. These are the targets of the commitment we have for the Scope 1 and 2. We want and we will be carbon-neutral in 2025. That means in our 137 factories and R&D centers you saw before, we will be carbon-neutral in 2025. We have a very engaged program. It's deployed in all the factories. It's about reducing the energy consumption, replacing and, if needed, compensating. And then we have been also communicating that we want to commit or that we commit to reduce the Scope 3 by 30% in 2030. All in all, carbon neutrality in 2050. And those objectives, they are aligned with the business ambition for 1.5 degrees. Therefore here as well, PO is benchmark. It's not a question of KPIs. It's a question again of conviction. As a responsible entrepreneur, as being responsible for the next generation, we also want to be benchmarked in this very important field, which is sustainability. It was about sustainability. We talk about that. We talk about business, about the targets we have to gain market share. And for sure, we have to translate that into numbers. What does it mean for us? What is our ambition? Or are we going to finance that in the coming years? And for that, I invite Kathleen on stage to explain you how we will make it happen.

Thank you very much, Laurent, and good afternoon to everybody. From the previous presentations, you've understood how we're approaching our growth plans and where we stand currently in terms of our projects around acquisitions. As you've understood, we're at the beginning of our journey. I'd like to now guide you through our ambition in terms of growth, then give you some color specifically on the projected acquisitions, give you a quick update on where we are with Omega before outlining our key principles in terms of our capital allocation framework. On this slide, we're expressing our ambition. In this uncertain automotive ecosystem made complicated by successive crisis, by a regulatory environment, in particular in Europe that is very prescriptive, we would like to share with you our high-level results of the modeling, which describes our work scenario for the group Plastic Omnium moving forward over the coming years. The PO Group achieved EUR 8 billion in revenue in 2021. The projected acquisitions that we've just mentioned come to approximately EUR 1 billion in additional pro forma revenue in 2021. Our growth ambition on a comparable basis, therefore, is EUR 9 billion that you can see here on the left-hand side of the screen. We aim to achieve more than EUR 15 billion in revenue by 2030 with the first step at around EUR 11 billion in 2025. There are 2 key points that I'd like to convey to you. First of all, approximately 40% of our revenue in 2030 will come from a renewed portfolio. Secondly, the historical businesses of PO will continue to grow up until 2025, generating free cash flow that will enable the group to finance its organic growth. And beyond 2025, the group ambitions to grow by at least another EUR 4 billion until 2030. The combination of our sustained growth in the BEV segment and electrification should enable the group to reduce its ICE exposure by around half in 2030. I'd just like to recall that in 2021, PO realized approximately 10% of its revenue in battery electric vehicles. We're confident in this approach. We're very confident as it's not dissimilar to what we have addressed in our ramp-up of the hydrogen business in 2015. You've already heard today from Marc that 7 years on, we have an order book and commercial leads in this new division that will enable us to achieve our targets in 2025 of EUR 300 million in revenue and EUR 3 billion in 2030. I'd like to now take a minute or 2 to zoom in on some of the key features and figures in relation to the projected acquisitions. The sum of the 3 projected acquisitions come to approximately EUR 1 billion in revenue on a pro forma basis in 2021. This is split between circa EUR 840 million for Varroc Lighting, approximately EUR 150 million for AMLS OSRAM and EUR 20 million, as Laurent mentioned, for the ACTIA Power division. The enterprise value of the 2 deals that have been signed but not closed as yet amounts to EUR 665 million. As far as the ACTIA Power division is concerned, we have entered into exclusive negotiations and are not yet at a stage where we can actually communicate on the enterprise value. The deals will be self-financed. On the back of strong liquidity, I recall at the end of 2021, we had EUR 2.7 billion in available liquidity, supported by our strong balance sheet. And for memory, at the end of 2021, our leverage came to 1.1 turns of net debt over EBITDA. Varroc Lighting is projected to be EPS-accretive within 12 to 24 months from closing. AMLS brings us cutting-edge expertise in lighting technologies, electronics and software. And it makes sense combined with Varroc Lighting to bring high technological expertise to the combination. Both Varroc Lighting and AMLS OSRAM enterprise values have been expressed, as you can see on this slide, in sales multiples as their 2021 pro forma EBIT margins don't translate into meaningful EBITDA multiples. From a benchmark point of view, the most recent transactions in 2021 went for sales multiples of between 1 to 2.6x. Hella, for example, went for a sales multiple of 1. Moving on to the drivers of profitability. As you can see, the pro forma operating margin on the projected acquisitions is in negative territory in 2021. From a financial perspective, we have moved forward, nevertheless, on these projects, after careful evaluation of our real capacity to generate value moving forward. Let me be clear here, the largest parts of the business in terms of contribution to operating margin relates to the future PO lighting division. During our presentation on the 29th of April, as we presented the Varroc -- our intention to acquire Varroc Lighting, we indicated that Varroc Lighting had suffered from the successive crisis and that the pro forma EBITDA margin for 2021 came to minus 2.8% of revenue on an annualized basis. As a point of reference, the situation pre-COVID of Varroc Lighting was significantly better, showing an EBITDA margin of 7.4% in 2019. In 2025, which corresponds to the end of the build phase that Pierre-Henri mentioned a little bit earlier, our carefully crafted action plans that are once again summarized on this slide will enable us to bring the future lighting activities to mid-single-digit operating margins. And this is consistent with what we presented during the Varroc Lighting announcement at the end of April, which is double-digit EBITDA margin within 24 to 36 months. I prefer to linger on this topic in the interest of clarity. The mid-single-digit operating margin in 2025 that you can see on this slide is perfectly consistent with the double-digit EBITDA margin announced for Varroc in a similar time frame. The growth phase of the future lighting activity should enable us to leverage, as we heard from Pierre-Henri, cross-selling, innovation and expansion into new geographies to further improve performance by 2030. The electrification part of our ambition, linked to ACTIA Power specifically, is very different from that of lighting. We're talking about a new activity in the process of growth and that we will incubate in our Clean Energy Systems business similar to what we've done with hydrogen. The operating margin contribution for this activity of approximately EUR 20 million in revenue is not as significant. One last word on this slide. We will, of course, be leveraging off our Omega program to support where it makes sense the integration topics around the lighting business in procurement, for example. And I'd like to quickly take you through an update on Omega. The Omega program was announced in 2020 with the aim of increasing efficiency and effectiveness across our principal support functions in the group. The first 2 axes in 2021 have focused on indirect procurement and our design and development activities. The objective of EUR 100 million run rate savings in 2021 has been achieved, as we announced with our earnings release, in 2021 and essentially in procurement. I personally have launched the third axis in 2022 called FIT, which aims at increasing efficiency and digitalization in finance and IT processes across the group. And these initiatives incarnate the transformation of the group on the inside. We confirm our objective to achieve EUR 200 million run rate savings for the first 2 axes in 2023. In the past few years, PO has invested approximately 5% per annum in organic CapEx. We have taken this assumption on board for our strategic model knowing that in 2021, we invested only 4.1% in CapEx. We're in a position today, and this is an important point, to be able to leverage off our mature industrial footprint in our historical businesses that will only require incremental investments moving forward. This frees up capital, capital allocation towards our organic growth initiatives around hydrogen, the software house that was mentioned earlier, innovation and the upgrade of our IT systems. As far as the future lighting division is concerned, we are also only including incremental CapEx investments as the industrial footprint of Varroc Lighting in particular is fairly new and has the capacity to almost double production volumes compared to today. Moving on to M&A. We have always been consistent in our approach to M&A. Potential targets to try and fuel 3 particular criteria. First of all, we look for geographical diversification as much as it is possible in order to reduce our exposure to Europe and grow our businesses in other geographies. Offer complementary or new technological bricks that support the future strategy of the group. And the third criteria is that the targeted potential acquisitions should create synergies with the existing businesses of the group. Our capacity to reimburse debt is a fundamental element in our strategy. We do not want to be cornered into a situation where we are incapable of continuing to invest or remunerate our shareholders. And this plan foresees therefore a ratio of net debt to EBITDA of equal 2 or below 2x. As far as financing is concerned, I'd like to recall once again that our liquidity at the end of 2021 amounted to EUR 2.7 billion, of which EUR 1.9 billion in undrawn and confirmed credit lines with an average maturity of 3.9 years. Any future financing requirements will most likely be green and supported by a sustainable financing framework for which we are currently in the process of finalizing. The framework is, for us, before anything else, a strategic tool, demonstrating materiality of our ESG strategy. As for the last point on this slide, our objective is to maintain the 3% to 4% of revenue in free cash flow that we have historically generated on average since 2015. and this is well above the benchmarks of our closest competitors. in summary, we have identified the growth and profitability drivers required to execute the transformation that we've shared with you this afternoon. We have sufficient resources to finance this transformation, and we have the ability to achieve the operational improvements that have been outlined to you. Our ambition in 2030 is to achieve at least EUR 15 billion in revenue whilst maintaining our innate financial discipline. To conclude this sequence of this afternoon and before moving to questions and answers, Laurent Favre would like to sum up the afternoon.

Thank you very much, Kathleen. We will now conclude. Yes, it works. We will now conclude without repeating, but I hope that you did see that the transformation of Plastic Omnium, again, to benefit from the changes of the market, is ongoing, will continue. We have a lot of new opportunities. We will transform the group from today 4 activities serving 2 powertrains technologies to the 5 activities, having a lot of potential with the synergies between the activities, bring a unique offer to the customers that are also differentiating the company for our customer. We will serve all the powertrain technologies, which are going to be developed in the coming years. We will develop the company as being not only focused on automotive but also on the complete mobility, what we have been already starting to do. We are outperforming in the BEV segment today already, and we will continue to outperform because we bring the right technologies to support those customers, to reduce the weight, to optimize the aerodynamics and then to optimize the range of their vehicle. That means that in 2030, 40% of our revenues will be with new business we don't have today or we don't have a significant number today that does show again or prove how fast the transformation of the company is doing, and we have the capacity to finance this growth. And we will for sure keep the very strong discipline, which is the reputation of PO, which is the reason why PO is so strong today, in order to continue to finance, in order to continue to finance this growth strategy in a very challenging market. Thank you very much for your attention. I propose you a 10-minutes break and then we come back for the Q&A session. Thank you. [Break]

Now it's the time of the Q&A session. You do see we don't have any protection. And therefore, we are confident to answer your question now, but I hope that the presentation you saw before will engage the conversation that you want to address some questions and we are more than happy to answer those questions right now. We start here in the room, and if there are some people being connected via Internet, they can for sure also ask their question, but we start, first of all, in the room. Do we have a question in the room? Traditionally, we start with Thomas Besson. Therefore, Thomas, I propose that you start the first question.

[Foreign Language] So Laurent, I have 4 questions, please. First topic on disclosures, I'd like to know if you plan to continue to give us data going forward with automotive and within automotive between industries and modules or whether you're going to break down differently your activities in terms of revenues and margins? Because you gave us some data now for each of the businesses. And I'd like to know as well if and when we are going to get a bit more information about the acquired activities probably after the closing to help us bridge your negative EBITDA to your single-digit EBIT margin. That was the first question on disclosure. The second, can you talk a bit about the evolution of relationships with your clients? A lot of your peers are complaining a lot about the ability to get compensated. How far are you prepared to go eventually to effectively make sure you're still getting correctly paid for what you do, including the volatility in production? Third, I know you don't normally disclose that precisely, but historically, the industry has been a lot more profitable for suppliers in China and in the U.S. With the situation we have today, is that still the case? Do you believe that Europe is going to make any comeback in terms of profitability as well? And last question, please. The need for restructuring, you haven't talked about that at all. I know you have a slightly optimistic scenario maybe about the volumes of ICE vehicles in 2030 versus 2025. But one of your activities, clearly, at one point, will decline. What do you assume as average restructuring cost this decade? Fourth point.

I will try to remember the 4 questions. I will pick up the ones I don't want to answer. Now I'll start with the disclosure of the numbers. I think we showed you today much more details than in the past about the ambition we want to achieve. We also started with the hydrogen business to give you some numbers about what we want, especially for hydrogen, to do in 2025, in 2030 in revenues but also in result and the investment behind as well. We would like to continue in this way. We don't see the need to give you all the information for each business, but we believe it's important for you to understand how we are developing, for example, the new acquisition. Therefore, on the new acquisition, after the closing, we will inform you about the starting point about the ambition. And we will inform you on a regular basis about how we're on track or not. Therefore, we will have a special focus on those acquisitions. And for the rest, we will keep the same, meaning industry and module, because they are 2 completely different business models. Therefore, same approach but more information on dedicated topics like hydrogen but also acquisition, how we are moving forward in terms of turning around the operation but also in terms of terms of growth. That was for the first 2 question. Regarding the OEMs, the relationship is tense, I would say. We have -- no, it can become violent sometimes as well because we cannot afford not to compensate the inflation. That is important for us in order to be able to continue to transform the company, to have the proper margin, the cash we need in order to invest in new technologies. You know that for the inflation, some of the inflation topic are covered by contract, like partially the raw material. But the others, like energy, like freight, like labor, they are not covered by contract. And it's a question of discussion or negotiation or much more sometimes in order to find a way to compensate. How far we're ready to go, we are ready to give back some business. We are doing that sometimes. We are ready to stop developing current businesses or to stop accepting to develop some modification in the running business to say as long as you don't pay the inflation, we stop the activities. But we are also ready to stop or not to support our customers for some volume increase. For example, some of them are. Therefore, we are really ready and the team here, all the CEOs of the division are challenged by myself but also challenging their respective teams in order not to compensate -- not to make any compromise on inflation recovery. Am I confident to get everything paid? It will be a difficult topic. First, it's a challenge. The challenge we are facing as well is that the inflation is still rising and we are running after. That means even if we get some good deals with the customers, as it is continuing to increase, there is always a delay, which is also a topic for us to be fixed. But again, very intense discussion, I would say, sometimes more than intense in order to find a way to compensate. At the same time, what is good is our order intake is excellent and is still excellent this year as well even if we have some very, I was mentioning very, very extreme, sometimes, situation with the customer, which does confirm as well that they are willing to consolidate the market. And therefore, it's the kind of relationship we have. And for sure, depending on the customer, it can be a bit different. And to your last question, I don't believe that we have an optimistic view on the market for the ICE. In a way, we are relaxed because we are confident that we can consolidate the market, that we can have the 30% market share I was mentioning before. A 30% market share, even if the market would be smaller than what we showed before with the IHS numbers, it will be more or less in line in 2030 with what we had last year, 15 million tanks. And with 15 million tanks, we are confident. We are not exposed massively in the balance sheet. We have no exposure in the balance sheet for the diesel in 2025, and we have very low exposure for the rest as well. Therefore, here as well, a very low exposure. We have a lot of small facilities. I was mentioning before, 40 facilities, 150 people by facility, a high number of temps. That means also adapting the capacity is not costly. It's really not an issue for us, and we are planning for the coming years for sure some restructuring, not to close but to move some capacities to the right regions where the ICE business is still growing, like what we are doing in Southeast Asia. And you know the numbers we have in nonrecurrent results, that is the ballpark number. We need to continue to adapt the footprint for the coming years. And last but not least, you know that in Herentals in Belgium, we are using the facility of the fuel system business to develop hydrogen. And now we have a production of hydrogen in Herentals. We are doing the same in Korea as well. That means to use an existing facility to produce the vessels for Hyundai. And we are starting now in the U.S. in an existing facility in the north of the U.S., which will be equipped with hydrogen capacity. Therefore, here as well, we have the possibility to transfer the people and to mitigate the impact on the people, which is important for us but also on the cost.

Michael Foundoukidis, ODDO. Maybe 2 questions. First one on the revenue bridge and the EUR 11 billion in 2025 versus EUR 9 billion in 2021. It seems that it's lower than the production assumption that you mentioned at the beginning, which is roughly 30%. It's something like 22%, and it's on the units. And if we add up inflation, it shows some significant underperformance. So could you explain what cautious approach did you have? And maybe a second one on M&A. You announced a couple of deals in the past few months. Do you think you are now where you want it to be? And maybe a specific update, I don't know if you can say anything on HBPO and the stake held by FORVIA on this? And yes, that's it.

The EUR 11 billion, which were mentioned by Kathleen, you saw that it wasn't EUR 11 billion, it was around EUR 11 billion because it depends on what we don't manage, which is the market growth. And the message we sent at the beginning of the presentation was to say, we don't believe in the IHS rebound. We hope it will happen. We have the capacity to make it happen with our massive investment because we have a footprint for that. But we prefer to have a much more conservative approach in terms of volumes, which is key for us to manage accordingly our cash, our cost structure as well to continue to work on the breakeven point, what we have been doing in the last years. And that is based on a much more conservative approach in terms of market than the IHS one because we cannot base our investment strategy, our cash strategy on something which is probably too optimistic in the current challenging environment. That is the reason why this number may be a bit low for you. But you saw as well that in each division, we are convinced that we can outperform the market in the coming years with the order book we have. And last year, it was a record order book, again, for PO. And this year, it's very good. And you saw from Martin, from Stephane, from myself, to replace Christian as well, that we will outperform the market in all the segments in the coming years. Regarding M&A, I mean you are convinced that it would -- M&A, you can digest and you can also benefit from. Therefore, now the main task for us is to build up this lighting division to develop what Pierre-Henri explained before how to build, to develop that, and that is key for us, to make the same with the electrification and also to continue in the hydrogen topic. And I think it's enough for the moment in order to move forward for PO. We have a very strong base in order again to outperform the market and to be in line, I would say, with the customer expectation. And last but not least for us, what is key is the leverage. We like to have a low debt because it give us a lot of freedom in terms of agility, investment and possibility to speed up the growth for the current business. Therefore, there is nothing expected to come in the near future. First of all, prioritizing what we have been doing or what we are doing right now for the future. And concerning the HBPO-FORVIA discussion, here as well, we have no stress. We are happy with the situation and therefore no stress from our side.

Christoph Laskawi, Deutsche Bank. Two, please, or 2 blocks essentially. The first one will be on lighting and what you are aiming to build. I get the strategic fit of the portfolio. But lighting in that sense is already a fairly established market as well with established players that have a certain market share. You are targeting to grow above the market growth, hence, taking share. Could you explain a bit in more detail what you think is your competitive edge versus the others? Is it just the portfolio fit? Or with the combination of the 2 businesses that you are seeking to buy, is there some technology angle that you have over the others, which would be, in RFQs with the customer, a clear benefit? And also if you could comment on first customer reactions after you've announced the acquisitions, if there have been any so far. And then the second block would be on hydrogen and the current environment in the sense that, do you see any impact of the inflation that we currently see on the cost curve of the development, which could derail the plans of the implementation towards the latter half of the decade? Or could it even be more an accelerator when you consider energy prices right now?

I start a bit about lighting, hand over to Pierre-Henri, and he'll do the same with hydrogen, and Marc for the lighting. Before we made the decision to go in this direction, I mean we are convinced that lighting makes sense in terms of technology for what we have been mentioning today. But we wanted to make sure that the customers are supporting this move as well, and they are strongly supporting that. They want to have another player, a strong player, and they want to have a player who is increasing the market share in the coming years because lighting is becoming more important for them and a player who also could combine lighting, exterior and module, which is unique. And therefore, there is a strong push, positive push from the customer and the strong support, as Pierre-Henri mentioned before. Why we believe as well, besides the strong push from the customer, that we will be able to gain market share is because we will be located in the right location in best-cost countries. All the factories are either in Czech Republic, in Poland, in Mexico, in Turkey and so on. That means we would be very competitive as well, and competitiveness is for sure a key in this business. But maybe Pierre-Henri will want to add some topics.

Clearly, there is -- I think there is 2 pillar of competitiveness for our offer, one that you mentioned, Laurent mentioned, which is the footprint. The footprint of former Varroc Lighting system is one of platform based in a best-cost country, Czech, Morocco, Mexico, Turkey, so which give us a competitive advantage in terms of cost, first axis. And second axis, as I mentioned before, definitely, OSRAM AMLS is bringing new techno inside the product and have a very good technology. Let's take the example of light engine where they have a standard, very cost-effective system that can be integrated in the front headlamp that will bring us competitiveness on the market in order to catch market share. So 2 axes: one, footprint; two, innovation and standardization of some subunits of the headlamp.

And again, the reaction of the customer was much more than positive. They were engaging us to do that. The second question was on hydrogen. Marc, if you may answer.

Yes. I hope I capture the question well. You said that the development costs are huge for electrification overall today, right? Of course, it is. But let's not forget that hydrogen electric is also electrification. So all the investments, which are done by carmakers, truck makers, component manufacturers, on battery electric will be also partially valid with hydrogen electric. I don't know if you had the time this morning to visit the expo we did above. You've seen probably that we are trying, for example, to introduce swappable floor modules for cars to be able, within the same platform, to swap directly between a battery pack on the floor and with a hydrogen vessel pack. So this is commonalization and synergies between development costs, which are helping both topics. I said again, hydrogen is not the competitor of battery. Battery and hydrogen are complementary towards all types of mobilities. And at the end, of course, when it will emerge in mass production, it is starting now. It will pick up in volumes in 2024. There will be a big discussion about energy again, battery, electricity, green electricity, cost of energy in total and hydrogen. I have a long theory here, and I don't have the time to develop here. I think that, for me, hydrogen is inevitable, inevitable in the sense that if you want to decarbonate the world and the industry and the mobility, you will have to go for renewable energies. And if you go for renewable, there is intermittence. And if there is intermittence, you need to store energy and electricity. And the only good way to store electricity in renewables is transforming it into hydrogen. Hydrogen will exist because it will be the way to store electricity with your solar panels fields, with your wind turbines. And when you will have the hydrogen available, the best thing to do, rather than retransforming it into electricity and put it on a network, which, by the way, does not exist and is very expensive, is to use it directly in building appliances, in industry and in mobility. So yes, there is an energy question, which is involving everything, I mean, battery, hydrogen, all types of mobilities. But I think again, hydrogen is a good way to store electricity and to redistribute it when you need it, like fuel, like petrol, like gas today.

And the best confirmation for that is the order book. Marc told you, it's EUR 800 million. And when we do see the dynamic in the market right now, the number of projects we have and probably the number, the order book we will have at the end of the year is much more than what we thought 1 year ago, assuring again that many players are engaging right now in hydrogen, in truck business but also in light commercial vehicles, much more than what we thought basically.

Akshat from JPMorgan. Two questions, please. The first one, I want to touch upon your long-term revenue targets in 2030. You highlighted there that new businesses, specifically electrification, you're targeting more than EUR 1 billion in revenues versus the EUR 20 million as of 2021. So can you just highlight the key drivers of how do you want to get to that more than EUR 1 billion revenue target probably between ACTIA Power, Verkor and the 48-volt system that you have? Just trying to understand the big levers that help you get to EUR 1 billion. And how does your know-how and product today compare with other players in the industry? That's the first one. The second one is on the group structure going forward. Now I think the highlight of the CMD today is clearly that you have a lot of business divisions that are targeting growth and are looking at exciting growth opportunities over the next decade. Is there a business case for eventually spitting out CES probably mid-decade 2025 going into 2027? Is there more value for shareholders out of that spin? Or do you rule that out as of today?

I mean to your first question, electrification, when we say we target the EUR 1 billion, it is based on what we have already today. You may have seen before on the acquisition of -- the potential acquisition of ACTIA Power and what we are doing with Verkor and the next moves we are going to do, we will start, first of all, with the EV mobility because that is where ACTIA Power is well positioned. They have already businesses with Siemens, with those kinds of customers. There are nice synergies with the business of Marc in hydrogen because we're addressing basically the same mobility. And we believe this kind of mobility based on the ACTIA Power business capabilities, battery system, complete electrification, power electronics, can bring us at maybe 40% of those EUR 1 billion. And the rest will be much more focused on battery system for the automotive business with higher volumes, but it will come in the second step. That is the rough numbers you have to keep in mind. That was for the electrification. Regarding CES, we like to have CES within the company as it is today because it is a very important pillar for our strategy, a huge contribution for the business today, but also the CES organization was the one incubating hydrogen, as I said before, is the one incubating as well electrification because it's important that in all these new businesses, you bring the PO excellence. That means the way to do things in an efficient manner as well, the customer access as well, potentially the footprint access, that is the capacity also to switch from one technology to the other as well and to be where the customers want us to be. And therefore, it is a very important part for us in our strategy to keep it as it is today. Any other question in the room? Not right now, maybe later. Do we have a question via phone? No?

There is...

If there is no question, we close.

I think there was...

They might have a question via the Web.

They're checking.

There are no questions coming through on the phones.

No.

No question? No question here. Last round here, no question as well. No, that means I hope you were satisfied if you don't have more questions. Now I really want to thank you for being here today. It was important for us to invite you here. It's a pity that for sure not everybody could join and we have some people joining via phone or other possibility because it was important to reconnect, to spend time together, to show you not only the slides but also the products. And I hope you did enjoy as well the exhibition. I wish you a very nice end of the day. And as you saw before, the transformation at PO is already ongoing and will continue to accelerate in the coming years. Thank you very much to all of you here, and thank you to the team of PO having prepared that today. Thank you.