We had been really surprised by the announcement of a cost-cutting programme, which is expected to give Fresenius a nice profitability push by the end of 2023. This is earlier than FMC’s. However, we do not really believe in a coincidence as Fresenius’ management should be the master of the ceremonies but, interestingly, it could be able to achieve this. The Q4 figures have beaten our cautious expectations as we had taken some provisions into account. Updated consensus was unavailable.