At the beginning of the year, we had expected an economic recovery, starting in the second quarter. This assumption did not materialize. Now, we anticipate a high single-digit decline in revenue for the full year, and while we haven't quantified the expected earnings decline, it is likely to attenuate compared to the first half of the year.

We do not expect a significant recovery in the second half of the year. However, we anticipate seeing growth impulses again next year. This is particularly expected in North America and Asia. Additionally, a significant portion of the current demand weakness is due to inventory effects, which will eventually come to an end.

This is due to supply chain issues following the pandemic. In 2021, we, like many others, had to make significant efforts to secure required raw materials. This led to increased safety stocks throughout the industry. Then, the economy turned around. The extent of stockpiling and its consequences are much larger than in a typical cycle.

The biggest challenge is undoubtedly the real estate market in China, which has been a major driver of economic dynamics in recent years. It affects the construction industry and some of our customer industries as well, such as colors, facade design, or equipping properties with household appliances. This is one of the main reasons why China has not shown the expected turnaround so far. Nevertheless, I am confident that we will see growth impulses from China in the coming years. China is a large market and still has a lot of catching up to do. We see several growth opportunities in China, especially in the field of electric mobility.

We consider ourselves well-positioned in China. Our markets are global, and we aim to be present in all essential markets.

Certainly. That said, we are almost a local player with local value creation in China. Therefore, we have a good foundation to adapt to possible geopolitical developments.

We have been successful with that kind of distribution in recent years. However, there have already been shifts towards regions outside of Europe. Our goal is to be present worldwide. We build resources where we need them. With our current setup, we can operate competitively, but our obvious goal is to establish structures close to the customer. Consequently, we have primarily invested outside of Europe in recent years. This will continue to be an important topic for us.

When we look at how the industry has developed over the past year and a half, we have to take the warning seriously. For the industry as a whole, cost structures, especially energy costs, are already a significant factor, regardless of the fact that Altana is much less affected by this. It must be noted that there are significantly better location conditions in other regions, and global companies take these into account when making investment decisions.

We have always said that we need a significant expansion of renewable energy. An energy supply that also considers the energy transition. This is the key point. First, we need a secure and sufficient supply of renewable energy. Second, it must be affordable and provide an incentive to move away from fossil fuels. In our opinion, not enough emphasis is placed on the incentive function. In this regard, a bridge electricity price, or however you want to call it, would be a useful instrument.

We should not forget that we are talking about value chains. Value chains extend beyond industry boundaries. The chemical industry is at the beginning of many value chains. It is essential to consider that we are a resource-poor country and an importer of many raw materials. The industries that add value to these materials are important because these chains cannot be arbitrarily divided. Therefore, it is a dangerous path for a country like Germany, which relies on industrial value creation, to think that it can function without certain parts of the value chain.

We must consider that we have an industry that must transition to climate neutrality, and we must acknowledge that in Germany, we can only be successful in the long run if we can offer innovations that are superior to others. Therefore, we need an environment where education and innovation provide the foundation for further prosperity. In summary, I believe this is even more critical than the discussion about cost levels and specific industrial segments. This should be the key to further prosperity for our society.

History has shown that we have always been able to do so throughout the cycles. We can and want to fuel future growth through innovation. When conducting our innovation activities, we look beyond the current situation. Our current innovation spending will not help us in the second half of this year, but will lead to growth in the more distant future. Hence, innovation activities require a certain long-term perspective. We can afford it because we have the capital and are financially strong. Altana has the means to further develop a business with a focus on long-term success.

It is certainly a positive aspect. Since our delisting from the stock exchange, we can pursue our strategy even more consistently.

The most important thing for our shareholder is the long-term success of the company. Whatever is necessary to ensure success, will be done. We are in close agreement about this.

First of all, in our opinion, Von Roll is an attractive, innovative company. Thus, it is an opportunity for us to further develop Elantas and Von Roll into an even more powerful company for the energy and mobility transition.

The added value comes from the combination, and Elantas is, according to our analysis, the better owner. Nevertheless, we have not exhausted our resources with this acquisition. There is certainly more potential. However, more is only possible if we find interesting opportunities. I am convinced that we will succeed in the coming years.

That is our expectation, and we are actively looking for options. When the time comes, we will let you know.

There is a continuous need for optimization. Nonetheless, we have always been attentive to ensure that our activities provide added value. The current situation is no exception, and we are mindful of costs and working capital. There are, of course, project delays on the timeline as well. But in the past, we have always ensured that we operate in clean structures.

That is certainly an advantage. We operate in specialty markets and have a very agile, flexible organizational structure. That helps us in these times as well.