The global network of Bühler organizations, led by passionate Bühler people with a strong customer focus, created an even better balance in the distribution of our business across all continents. Thanks to our strong financial position we were able to honor our obligations to the financial markets and improved our equity ratio further. This good performance was achieved against the backdrop of a tense economic environment resulting from the Covid-19 pandemic and amplified by wars, especially the one in Ukraine. That war is not only causing immense human suffering, but it has also created energy shortages, sent shock waves through the global grains and food markets, and, through this, led to sharp price increases and food security issues on a global scale. Market volatilities, disrupted supply chains, and soaring costs have left their mark on the global economy and our daily business. Nevertheless, we have learned to manage these unpredictable developments with agility and flexibility. We thank our skilled and engaged employees all over the world, for their great commitment and resilience. Their dedication was integral to our progress and success. 

Several key factors contributed to our positive business development. In 2022, we also kept our innovation efforts high, and this resulted in the successful launch of new products and services. Moreover, our efforts in enhancing our education and training offerings for our customers and partners in schools and training facilities all over the world created significant value. We engaged in new partnerships to develop a portfolio of technologies that creates unique value for our customers. We are convinced that this will continue to be an important differentiator in a very dynamic market environment in future. All of this came together at the Networking Days event we hosted in June 2022, where 1,000 leaders of global food and mobility industries came together in Uzwil. The strong resonance from this event serves as a great encouragement that collaboration can contribute to making value chains in our industries more effective and sustainable. 

Looking forward, we remain positive about the many opportunities offered by the transition of our industries. We will continue to innovate and aim at being even more customer oriented through personal relations locally, combined with an effective organization which is globally leveraged.

We would like to thank you, our customers and partners all over the world for the confidence and loyalty you have placed in Bühler. The trustful collaboration with all of you has never been more appreciated than during these turbulent times. Lastly, we also extend our deepest thanks to our shareholders, the Bühler Family, who continue to support our business in the fifth generation.

We wish you all the very best for 2023 and beyond and look forward to meeting you again soon.

Yours sincerely,