The year has started with a particular élan that one would not have expected at all when listening to the media. The basic mood of the economy is positive. Energy, material and transport prices are normalising, albeit at a higher level than we have been used to in recent years. Exaggerations will be quickly corrected by the market. Inflation will decrease, but here too we will have to get used to a higher level due to the wage/price spiral. Higher prices force us to save, which is not a bad thing, because climate protection will also benefit from that behaviour change. Stocks of our materials will tend to decrease, which also speaks for stable to higher prices. At Hempel we remain pro-active and expansive. From 1 March, we will be active locally for our French customers with a subsidiary in Lyon.