Marc Spieker: I mean if I got it acoustically right, you asked about interest rate sensitivity and now in our funding and German regulation put together. So our funding and within our interest rate exposure on the funding side, we closely synchronize it with our total portfolio on the regulated network side, and that includes real rate regimes where we have an automatic protection for changing rates, and that includes Germany, which is formerly a nominal rate regime. But for the 5-year regulatory period from ’24 to ’29 or ’28, for new investments, rates will be determined every year on a mark-to-market basis. And this is — if we practically look at our issuance volumes in the bond market, €4 billion to €5 billion annually and match that to the interest exposure on our asset side and the regulated Networks businesses pretty much matches out.
And that’s why we are interest rate neutral. I hope that addresses your question. Otherwise, you have one more question to ask exceptionally.
Iris Eveleigh: Okay. That’s great. So now we come to our last question for today, and this comes from you, Rob, from Morgan Stanley. So it’s your chance to make us all leave this call on a positive note.
Robert Pulleyn: No, quite a lot of pressure. Well, let me start with the positive stuff. Congratulations on such a fantastic plan. It’s really quite impressive. And also, to Marc on his new role, you’ve been a fantastic CFO in the space and really look forward to engaging with you in your new role. So I think this can be a positive angle, actually. We were wondering on asset disposals and your indication of why not go further simplify and focus the group on the core business, where the outlook is evidently improving much faster and better than ever on thought, that could retain the balance sheet headroom you’ve identified and enable a higher dividend. So if I could just end on the asset disposal question. It’s the only question left everything else has been answered.
Leonhard Birnbaum: So that’s a question whether I should spin you off.
Marc Spieker: No. I guess. The answer is very simple. We have a very clear strategy now for the last 3 years. It’s about growth, it’s about sustainability and it’s about digitalization. And of course, we will constantly monitor our portfolio against these strategic criteria. And you should expect when we look at asset disposals that this is exactly what we’re going to do. So we will constantly monitor. And if we come to the point where we come to a conclusion, as always, we will first sign something before we communicate. I guess not more to say to that. And generally, if you look at the growth potential, growth trends across the market, we are happy by and large, we don’t have a single restructuring case. I mean that’s a moment to almost kind of stand still. So it’s a very benign environment that we see, and we are very happy with the portfolio.
Leonhard Birnbaum: But I would also argue maybe Rob, becomes a little bit philosophical now. The peak of unbundling somehow is over. And it’s like if you look at it, where is the smart meter? Is it networks? Or is it customer business? Where is the wallbox? The wallbox is clearly a customer solution, but in reality, will be monetized by flexibility provides to the grid, where are flexible tariffs. You look at the U.K., where we have now IDNO, we have competitive business on the last mile, yes. So some of the customer solutions business creeping into the network business. So I’m not a friend of these simple categories, we have AOB. I think we have an evolvement and in the future integrated world being so much decentralized, being so much more complex, I’m wondering whether the most efficient system is really the one that we slice a complicated, interconnected, decentralized system into 25 different roles, which optimize themselves individually.
So I actually feel that indeed, we are not only happy with the setup. The setup also makes sense for our customers.
Iris Eveleigh: Thank you very much. Thanks, Leo. Thanks, Marc. Thanks, everyone, for joining the call. If there’s anything, and you still would like to ask us. The IR team is around to take your questions or to go a bit into certain aspects in a more depth. Thank you very much and talk to you hopefully soon. With that, we close the call.
Leonhard Birnbaum: Thank you.
