Daniel

“Let me run you quickly through our earnings through the Morrisons, a bit on the cash flow and give you some highlights and background on some cost positions.”

“I'm assuming that the Q&A session will be a little bit longer. I'm just going to go through a few highlights, a few explanations with regards to financial. I think we quickly want to drop a word on the gross margin.”

“You see that the inventory increased with a cash impact of 6.8 million euros. That increase was mostly driven by stocking for fuel cell components in anticipation of higher revenues at the beginning of the year so the stocking has taken place mostly in Germany or to some extent also in the US.”