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An extremely challenging year is now behind us. The effects of the COVID-19-induced home improvement trend and the outbreak of war in Ukraine, as well as the sharp increase in inflation worldwide, led to strongly fluctuating volumes at Geberit during the course of the year. In turn, this placed some very high demands in terms of flexibility on Purchasing, Production, Logistics and Sales. Following an unprecedented rise, the costs of raw materials and energy reached new records in the reporting year, which put margins under enormous pressure. The higher prices for raw material and energy alone resulted in additional costs of CHF 244 million, with exchange rate developments also having an extremely negative impact on our results. Taking into account these challenging conditions and the records set in the previous year, we were nonetheless able to post good results in 2022. The comparison with pre-COVID results remains very positive, which is reference to our structural and financial strength as well as our prudent crisis management right from the start of the pandemic. This enabled us to further consolidate our position as leading supplier of sanitary products and gain market shares.