Halfway through our Strategy 2020, the Half Time Report provided a stock take on our journey to 2020. Frank Appel (CEO) and Melanie Kreis (CFO) presented what we have achieved so far and provided an outlook on strategic priorities and cash flow considerations. The CEO presentation took a look at the market assumptions we made back in 2014 when unveiling our Strategy 2020 and assessed how things have developed since, for the market and for us, also regarding our financial targets for 2020. The following deep dive into the divisional agendas provided a performance recap for each division and discusses their strategic priorities within the 2020 framework. Also, we had a look at what role digitalization plays for Deutsche Post DHL Group. In the CFO part, Melanie Kreis presented a review at our recent cash flow performance, cash allocation and shareholder returns as well as an outlook for the expected development of the major drivers of future free cash flow generation.