Roland Busch

So therefore, this is the third dimension to surf verticals because each of them has a different language, different applications.

So we are having a very...

let's say, three-dimensional matrix, but there's a clear lead, and this is driven by the business lines.

You're right.

When I explain my organization, you can identify the problems or the opportunities, put it that way.

And here comes the point.

I mean, I talked about we are investing six and a half billion R&D, and obviously this goes into different businesses, and some of them have a

higher share this is a eight percent on average some of them are sitting on definitely more than 10 13 15 some others are more on three on four so capital allocation is it r&d is in capex also spendings that's done business by business each of them has a business case and we allocate capital in some cases we we obviously want to allocate more capital in in higher growth areas and i talk organic capital allocation if it comes to m&a this is something that happens on the board

I mean, we come up with proposals and we see where we want to spend more money and where we focus on in our M&A and where not.

But then here comes the point.

And this is the part of our...

one tech company program.

Actually, I started last year together with my fellow board members, maybe one of the most fundamental transformations of our organizations.

Because you're completely right, we are very much boxed.

Below these businesses, I talked like digital industries, we have software and then we have automation.

Automation are three boxes, factory automation, process automation, motion control.

Below that, you have even segments.

So I just didn't give you that complexity as well.

So we're very much boxed.

And what we want to do is we are bringing, we're taking layers out.