The FY23 guidance was raised as we had expected on higher Global Light Vehicle Production assumptions. Even though the >1.5% of sales net cash flow target remained unchanged, the company trimmed its year end leverage ratio expectation to the lower half of its initial guidance. Divestment-wise, the new unknown is the potential ahead of the initial €1bn plan. China and the Chinese OEMs are accounting for a growing share of the orders. We expect a slight upgrade to our forecasts.