Bilfinger SE has continued its profitable growth trajectory. This is by no means a given, which is why we put this message front and center. At the start of 2022, there were great expectations for the global economy. Notably, the anticipated waning of the COVID-19 pandemic raised hopes for supply chain normalization and improved consumer sentiment. Yet these hopes were quickly dashed by Russia’s invasion of Ukraine. In addition to the human suffering wrought by the war, it has also created major challenges for businesses across the globe. One of the furthest-reaching effects was inflation, which in 2022 reached levels many countries had not experienced for decades. This was primarily due to rising energy and raw materials prices, putting considerable pressure not only on consumers but also on the manufacturing industry. In order to position ourselves for the future in these challenging times, Bilfinger has already set an important course in 2022. We have formed a Group Executive Management with the Exec- utive Board, segment heads and central functions in order to increase the efficiency of collabora- tion and be closer to the operating business. In addition, an efficiency program was launched to standardize work processes, simplify structures in administration and reduce costs. Further im- portant milestones in the past year were also achieved through successful new project wins and strategic contract extensions with customers. For example, Bilfinger won a multimillion order for the maintenance of Shell’s offshore facilities in the Gulf of Mexico. This includes routine mainte- nance services on nine offshore oil and gas platforms and is evidence of the expansion of our global cooperation with Shell in North America. Overall, we achieved double-digit growth in revenue and orders received in financial year 2022 and met our forecast annual targets. Orders received rose organically by 14 percent to more than €4.6 billion, while revenue likewise increased organically by 14 percent to over €4.3 billion. EBITA adjusted for special items amounted to €140 million. Free cash flow rose significantly year-on-year to €136 million as a result of operational improvements, demonstrating Bilfinger’s enhanced earn- ing power. EBITA and net profit in 2022 were impacted notably by €62 million in provisions for the efficiency program. This investment in the future reduced reported EBITA to €75 million and net profit to €28 million. The outlook for 2023 is positive in all segments.