Dear ladies and gentlemen, welcome to the conference call of Andritz AG. At our customer's request, this conference will be recorded. As a reminder, all participants will be in a listen-only mode. After the presentation, there will be an opportunity to ask questions. If any participant has difficulties hearing the conference, please press the star key followed by zero on your telephone for operator assistance. May I now hand you over to Wolfgang Leitner, who will lead you through this conference. Please go ahead, sir. Thank you very much. Welcome everybody to our Q1 conference call. I hope you are safe and healthy, probably in your home offices, and are getting ready for the loosening of the restrictions in connection with this COVID. As always, I would like to start with some more general remarks. Overall, I think we agree that the world is in the midst of an economic upturn, primarily driven by the U.S., China, and also India so far. The effect of that, we're seeing rising commodity prices for steel, copper, et cetera. We start seeing scarcity of relevant goods. For example, wood or semiconductors. We see also, and get good messages and news from companies that the order intake is picking up. On the basis of this environment and this development, we achieved, I think, good financial results in the first quarter of 2021. We booked a very good order intake of about, or even more than EUR 1.7 billion, with good developments across all four business areas, including Hydro and including Metals, which in the past showed rather low order intake figures and were lagging behind. Also very important to mention, order intake in service recovered strongly compared to the preceding quarters. On the revenue side, basically we have achieved the same level of last year's COVID Q1, which, as you will remember, was only very partially impacted by the pandemic. Despite all the restrictions and challenges with regard to travel, health, et cetera, quarantine, we've been able to proceed on our major project sites, especially in Pulp & Paper, without major delays, which resulted in good and stable revenues obviously. Service revenue remained rather subdued in Q1, but in light of the good order intake in service, we expect also revenues to pick up in the quarters to come. This good revenue generation, combined with the cost reductions we have achieved, led to a strong development of our operating result, the EBITDA, and the profitability. Again, the earnings development was solid across all four business areas, including Metals Forming, where first positive impacts from the operational measures implemented with Schuler last year are reflected in Schuler passing the break-even point. It is too early to say that we have sustainably reached turnaround in Metals Forming Schuler. However, I think things are developing in the right direction, and we will continue to work on this topic and update you on this topic. To summarize, we're very pleased with the development in Q1 and expect a continued good market environment in the coming months. Let me now go into the details and the presentation. Starting with page three. Starting with the group order intake at EUR 1.7 billion. As I said, strong recovery also in the service business compared to the earlier quarters. Revenue satisfactory at EUR 1.5 billion. Service revenue still somewhat low. Order backlog EUR 7.1 billion. EBITDA significantly up. Pulp & Paper, Hydro and Separation continue their favorable earnings and profitability performance. The turnaround of Metals Forming achieved in Q1, but remains to be stabilized, no complete release of our concerns in this regard. Profitability, EBITDA margin significantly up to 7.4%, up from 4.6% in 2020 Q1. Slide five. Order intake down 7%, down from an exceptionally high level of EUR 1.85 billion in Q1 2020 due to some very large orders in Pulp & Paper. EUR 1.73, which would give about EUR 6.8 billion or EUR 6.9 billion, if we would multiply it times four, is clearly a good order intake. You see on the right side that the remaining three business areas, Metals, Hydro and Separation, show a pickup in order intake. Geographically, Europe and North America are up to 63% share and the emerging markets down to 37%, basically reflecting the large order for Pulp & Paper in 2020 from the emerging markets. On slide six, quarterly development. If we add up the order intake of the last four quarters, which obviously have been hit completely and fully by COVID, order intake has been EUR 6.0 billion. We have seen a decline in capital compared to the high level of John, I've already covered that. Services showing a strong recovery. At the lower right-hand side, you see the development of order intake in service, down from EUR 690 million in Q1 2020 to EUR 518 million in Q2, EUR 530 million, EUR 620 million, and now EUR 700 million in Q1. A very good pick up in order intake. Service now accounts again, is 40% of our total business. The rest is 60% capital. On slide seven, revenues stable particularly, and Metals down as a consequence of lower intake last year, and the rest slightly up in Pulp & Paper, stable. If you look at the share of the service business, in the four business areas, you see Pulp & Paper, down to 41% from 51%. This is nothing negative, or nearly nothing negative from service, but reflects the pickup in capital revenues as a consequence of executing these large orders. Metals are stable at 25%. Hydro gradually increasing to 35%, and Separation 51%. Slide nine. Order backlog, down from the peak of EUR 8.1 billion, but the EUR 7.1 billion still a very good order backlog and good visibility and also good load for both our engineering departments and our factories. On Slide 10, probably the most beautiful Slide, half the EBITA is up from EUR 70 million in Q1 2020 to EUR 111 million, up 58%. Very good development in all the business areas. Continuing high profitability, even somewhat higher in Pulp & Paper, 9.7%. Metals -3.7% to +2.8%. Hydro and basically comparable for both the old metals part and Metals Forming. Hydro up from 5%- 6%, not quite where we would like to have it, but it's clearly an improvement. A very good and excellent development in Separation, more than doubled from 4.5%- 9.5%. To be honest, we are very satisfied with that and think that based on this really has been a good quarter and makes us optimistic. I would hand over to Norbert Nettesheim, our CFO, to take you through the next few slides for providing some details on the financials. Yeah. Thank you, Dr. Leitner, for handing over. Good morning to all of you who are on the call. Looking to the P&L, as Dr. Leitner said, nearly all our numbers improved. You see it on the slide, starting with EUR 111 million EBITDA, EUR 151 million EBITDA, if you adjust the depreciation, which is also significantly higher than last year. Then reduced by the other financial elements, the IFRS 3 amortization, it gets to a EUR 96.4 million EBIT, also more than EUR 40 million better than last year. The financial result is a little bit worse than in the first quarter of last year due to a one-time effect. Here we have an extraordinary dividend to be shown according to IFRS, similar to interest, to a minority shareholder. It was a Diatec issue where we took over the complete company now and we had to pay a dividend to the minority shareholders. EBIT of EUR 84, nearly doubled and with a lower tax rate compared to last year, where we still had 31%, now at a 27.5% expected for this year, leads to this EUR 61 million net income, which is clearly a doubling of our net income and has now lead us to a 4.1% net income margin, which is now certainly in the range, which is more satisfying than in the last two years. Looking to page number 12, cash flow. Nothing really exciting. Starting with EUR 61 million in net income, adjusting the tax and the interest and the non-cash relevant items, it leads to EUR 139 million gross cash flow. Based on the better operational profit and the better net income, significantly improved compared to last year. More downturn, increase in net working capital, which add up some cash, the amount of EUR 36 million, but this is a normal process in big capital business that in some periods you also have here a decrease. This adjustment of taxes and interest leads to the EUR 69.3 million operating cash flow, which is compared to the net income and cash conversion rate, again, bigger than one, and is also from our point of view, a satisfying view. This is then also the basis going to Page 13, for the development of our liquid funds. Here on the summary page, the first line has been explained by Dr. Leitner in detail. Just wanted to emphasize, still careful on the capital expenditure side with the EUR 32 million, which is a little bit lower than the average in last year. This leads then to liquid funds of EUR 1.6 billion. Here you need to have in mind that payment of the dividend is included in this number and also an out payment of more than EUR 30 million for a company which we acquired in France, which is called Laroche, and which belongs to the nonwovens division, which we have in our company. Net liquidity, EUR 365 million, still a very good base for further activities and further investments. So far from my side. I'd like to pass back then to Dr. Leitner. Yeah. Thank you very much. On Slide 15, we start with the Pulp & Paper business area. I think everything is positive there. Again, the order intake lower than EUR 1.1 billion last year's quarter, but EUR 850 million excellent order intake. Excellent profitability. Also, containment on our cost side, on the employee side. I think we have covered everything on Pulp & Paper already. On Slide 16, Metals. We see obviously the effect here on the cost reduction, restructuring measures that we have taken in the last actually years. Order intake with EUR 429 million. Reasonably good order intake or very good order intake. Substantially above the revenues of EUR 316 million. EBITDA margin from -0.7% to 5.9% on EBITA margin, 2.8% after the loss of -3.7%. We see also in the non-forming part a very good order intake, and as I said, positive profitability in both subsegments of this business area. Schuler continues to see declining costs, also declining workforce that will continue for at least one more quarter. It will probably slow down towards the end of the year for the second half of this year and then for next year, some remainders to be seen. Basically, by mid-year, we probably have seen the vast majority of these cost reductions, which then the effect should be being seen from then on in the quarterly income statements also. Yeah, I think that's it for metals. Next Slide, 17, Hydro. Good order intake without any large order being booked. There is still hope for large orders. I'm not going to be more specific on that, taking into account the experience we have made on waiting for these large orders. Revenue up 6% and profitability, EBITDA 8.8% and EBITA margin 6%. As we think, best profitability of the industry, at least outside China. Chinese companies we don't really understand. We have also published today, I think, the new order for Australia for Kidston, which is a pumped storage, a very interesting project in a mine basically. Shows that pumped storage is still active and that we most likely will see more of that in the future. You also see on the last line of the table the effect of the cost containment action measures there. Employee number is down from 7,200- 6,770. Finally, Separation. Stable order intake, good project activity going forward. Slight 5% up in revenues and profitability a lot improved thanks to very strict cost containment, cost reduction activity. EBITDA margin up from 7%- 11.7% and EBITA 4.5%- 9.5%. Very good development. We are happy with the business area. We see good opportunities for both growth and continued good profitability, and look forward to develop it further. To conclude to the outlook on Slide 20. Pulp & Paper, good project activity, both modernizations and new brownfield or greenfield mills. Obviously, the mood of our customers is good due to the high pulp prices and high demand for various board and tissue grades. Nonwoven, very active, continues to be very active. You will remember last year we doubled the order intake for Nonwoven, roughly from EUR 250 million to close to EUR 500 million for all of 2020. We see also pick up in demand for service activities. Metals Forming. Good Q1. We see a chance that this will continue in Q2. It continues to be a rather shaky market. Battery-powered cars or battery-powered mobility continues to be important. Also, not to the extent we have seen in, this was the fourth quarter, I think, last year or full year, even full year for Schuler, where one third was coming from this electromobility. I think on the good side is that also the non-electromobility activity has picked up somewhat and hopefully will stay the same. metals processing, again, very high steel prices, therefore good mood in our customers and pick up in project activity. Hydro, stable to the downside, no risk of going down further. Some mid-size large orders are on the horizon for the next very few quarters. We see with no concern and some hope for a pick-up in order intake. Separation I've covered already. Good market situation in several of Separation segments, including the environmental area, and therefore we continue to be optimistic there. Finally, Slide 21. Our guidance. We expect group revenues to be slightly below the 2020 level of EUR 6.7 billion in 2020. We expect an increase in the reported EBITDA compared to 2020, which showed EUR 392 million. Depending on the revenue development, the adjusted EBITDA for non-operating costs expenses, we expect to be approximately stable year-over-year. The baseline of adjusted EBITDA for 2020 was EUR 471 million. Currently, we do not see any very significant capacity adjustments, but we will continue to do optimizations, and we certainly would further optimize the cost situation we are in. It will be our goal and our challenge to mitigate the desire to increase the costs in light of more optimism in the market. We'll do our best to do that. We are cautiously optimistic for the remainder of this year. Thank you for your attention, and we look forward to your questions. Dear ladies and gentlemen, we will now begin our question and answer session. If you have a question for our speakers, please dial zero one on your telephone keypad now to enter the queue. Once your name has been announced, you can ask the question. If you find your question answered before it's your turn to speak, you can dial zero two to cancel your question. If you're using speaker equipment today, please lift the handset before making your selection. One moment please for the first question. The first question received is from Sven Weier of UBS. Your line is now open, sir. Please go ahead. Yes, good morning. Thanks for taking my questions. The first one is on the order intake. Dr. Leitner, basically, when I take what you said on the outlook on the pipeline, it sounded like Hydro could be improving sequentially. The Schuler business, I think on the pulp side, maybe there's at least one greenfield project still in the pipeline. I was just wondering, how do you see the chances for a record order intake this year? If I take Q1 times four, I'm already slightly under EUR 7 billion. Record was EUR 7.3 billion in 2019. With all the momentum statements you made and nothing bad happened, so to speak, that doesn't seem to be impossible in my view. That's the first one. You're starting with an unfair question. Sorry. I mean, this EUR 7.2 billion that we achieved was a year with several large projects going ahead and a very good market share of us. I think it would be too much to expect that. Yes, I would really say we are cautiously optimistic. The atmosphere is good. We all know that a good and high pulp price may facilitate the decision to proceed with the project, but it cannot create projects, because to create projects, it takes years. They are also basically on a fixed schedule because they need to wait until the plantations have grown sufficiently, et cetera. There may be some bridging, yes. No, I would not encourage you to assume a record order intake for this year. I mean, I can never exclude anything, but based on what we know now, we would be surprised if we would exceed this record order intake. The Hydro project you announced today, is that a Q2 order, or was that already booked in the first quarter? Because it sounds like a relatively sizable one. Yes. No, it will be booked in Q2. Okay. Thank you. The second point is just in terms of the earnings development, and I'm sorry if that is, again, maybe an unfair question, but look, on Metals, it seems that the turnaround is going a bit faster than we all expected. You also said that the service business revenues will catch up in the remainder of the year on the back of the strong orders, and you're now already up more than EUR 14 million year-on-year on the EBIT, and you're still guiding flat. Would you say that there the risk is more skewed to the upside, given the momentum, especially on service? Yeah. Basically, yes. Okay. You also said there are more savings to come on Schuler, right, in Q2, so it's only in H2 where things flatten. Keep in mind that we still do some short work weeks, especially in Germany, which is where we know is the majority of Schuler's employees. We need this reduction in workforce to be able to phase down and then phase out the short work weeks. We see already this effect of personnel reductions in the form of benefits from the short work weeks. On the Hydro side, the restructuring there seems to be going fine as well, going by the margin development you had. Yes. There we have some ongoing, let's say, ideas or projects, but it's moving into the right direction, yes. My final question, Dr. Leitner, is just when we look a little bit more structurally on the Schuler and the Hydro outlook. Obviously, this year in Hydro, we have maybe a bit of a bouncing from a low level, and then Schuler may be cyclical recovery, but how do you look at both businesses structurally beyond this year? On Hydro, do you see this, what you see on the pumped storage side? I guess there you probably have a good visibility in terms of project lead times. Do you think that's the beginning of a more structural recovery also in the business, and this order today is maybe representative of more? Also on Schuler, what's the scope there of something beyond just the cyclical recovery? Thank you. I mean, we continue to be favorable and optimistic on Hydro. The long-term trend with having so much coal-based electricity capacity in the world, and relating that to the discussion of electromobility and relating that to the discussion that hydrogen might be the next wave of renewable or carbon-free energy. I cannot imagine that the world will leave hydropower on the side and will not continue to develop it. I think we should see the bottom and have seen the bottom the last few years, driven by this increase in wind power and the related decrease of electricity prices. Longer term, I think everybody needs hydro, and if we would, as I said, if electromobility plus hydrogen take off as everybody's expecting, then you need more green electricity for the production of hydro. Let's not forget, hydrogen production is, I think, less than half of the efficiency of anything else, so a lot will be needed, and therefore, we continue to be optimistic. On Schuler, it's probably a philosophical question which type of cars we will drive in five years, in 10 years, in 15 years. Again, Schuler is benefiting both from conventional cars and from hybrid cars double, and from battery-powered cars also nearly to the same extent as with fossil fuel-driven cars, because the only difference is the powertrain, and Schuler, a very low percentage of revenues of Schuler has been related to this powertrain, to production of parts for the powertrain. Long term, we are not concerned, and we are very confident that Schuler is clearly the market leader. We are also optimistic that with the cost reduction we have done, with the restructure we have done, Schuler is now much more competitive than it has been over many years. I think we have good reason to be confident that we can continue to improve the profitability of Schuler. Okay. Thank you, Dr. Leitner. I go back in line. Thank you. The next question received is from Andreas Willi with JPMorgan. Your line is now open, sir. Please go ahead. Good morning, everybody, and thanks for the time. My first question is on project execution in Pulp, particularly in Latin America. You mentioned that it's progressing according to plan, but obviously the situation, particularly in Brazil, is still quite difficult. Maybe you could discuss a little bit the risks around that. Are there also extra costs you're incurring in terms of travel quarantine restrictions? What's the risk there in terms of completing large projects on plan and on cost? The second question is, you mentioned the positive sentiment around some of the customers in the Metals area, steel prices going up. What's your own situation on the sourcing side in terms of protection with hedges in the projects, but also availability of critical components, electronic semiconductors particularly, maybe in some of your automation-related businesses? Okay. COVID and then South America, order execution. We must be really grateful to our employees who are hanging in there, who continue to work, obviously under difficult circumstances. We do everything we can to support them. These sites do thousands of tests per day, sometimes, to make sure that they can contain the risk. So far, there are many challenges. I don't think I've said is everything is according exactly to plan. There are obviously certain deviations and changes, but all I can say is that it's reasonably under control, and so far the effects on these projects are limited. Obviously now we have another wave in Brazil. We are struggling with another wave in India with our offices and our factories there. We just received today an update from our company there, or one of our companies there, that yes, it's difficult, but it's under control and they are optimistic that in the second half of May it should have peaked and should be declining again. Whether it's true or not, nobody knows today. Many challenges, including transportation from China, which is a big challenge. That leads also to the second question you had. Availability of goods, challenging for metal sheets, steel sheets and plates. Delivery times of six to eight months, which used to be from inventory. We need to have an eye on price increases. Also, transportation costs from China have gone up substantially. I think what is unclear so far is whether that will continue for a year, or whether it will continue for two or three months or four months and then flatten out again. We monitor that very closely. On the cost estimate side, the new projects, we clearly take that into account and do not assume that this is a purchaser's market. It's, in several segments, becoming a seller's market. These chip constraints so far have not had any impact on us. Thank you very much. Thank you. Before we take the next question, just a reminder, if you would like to ask a question, please press zero one on your telephone keypad now. The next question is from Sebastian Rüll of Commerzbank AG. Your line is now open, sir. Please go ahead. Yes. Good morning, everybody. Thanks for taking my question. The first one would be on Metals once more and on the orders part. You had obviously very strong orders in quarter one. The question that I would have is if you could comment a bit more on the pipeline and also especially on the margin quality in the order backlog. If you may also comment on the situation on metals processing in particular. I would assume that with the very high steel prices that allow better margins for your customers, that might also allow a bit of an uptick eventually in the margin profile for you, hopefully at least. Any color on that would be much appreciated for the next time with that. Yeah. Metals Forming had, I would say, over-proportional order intake in Q1. There's still some continuing good project activity, but we cannot expect this continuation on the same level like in the first quarter, but we expect a good year on order intake for Metals Forming. Schuler is, we hope to basically continue on this level or nearly on this level. Again, visibility for second quarter is reasonably good. Thereafter, I think remains to be seen. I think, Schuler, in all respects, we're happy with Q1. We see short-term good activity, but we continue to be cautious how it really will develop. All right, okay. Thanks for that. The second question is on margins and particularly on the mixed part. I think in Metals we are seeing great volatility. You have been alluding to the situations with the B segment having carried very low margins. I think, if I remember that correctly, that should have phased out by now. To just understand really what the quality of the margin in Q1 is concerned and how it can continue from here. I think the answers that you gave to Sven's question would rather signal you are really confident that you can stabilize it at those 2%, 3% levels. Is that the right thinking or was there any sort of particular positive tailwinds from mix in the first quarter? That would be my interest here. No, there were no special effects in the first quarter. The quality of the backlog is unchanged. We have, in the case of Metals Forming, we have one or two turnkey projects that are not fully resolved and represent a certain risk. We hope to finalize that during this year. Schuler has been a good quarter. Would be definitely too early to say that this is now stabilized on this level and there is only a way upwards from here. We need one or two quarters more to feel confident that this is sustainable. Obviously, medium term, this should not be sustainable. That should be improvable. Yeah. Makes sense. The last question is on service. Orders have apparently coming back to pre-COVID levels, which is obviously quite a good development here. However, the revenue is still trailing behind about 4% down year-on-year. What are you seeing currently on the service environment in particular, and especially in Pulp & Paper, where it still seems to be a bit soft? If you could comment on that would be appreciated. Yeah, definitely we expect a pickup in revenues because we have seen the pickup in orders. As with travel restrictions, access restrictions to mills, et cetera, fade out, we would expect additional demand because there has been some pent-up demands regarding shutdowns and so on. You cannot do it indefinitely. Plus the good atmosphere on our customer side, price-wise and also volume-wise, we would expect to pick up there, yeah. Okay. Sounds good. Thank you so much. Thank you. The next question is from Daniel Lion of Erste Group Bank AG. Your line is now open. Please go ahead. Yeah, good morning. Thanks for taking my questions as well. I would like to follow up to some extent on what has been asked already, and maybe to start with the services business pickup that is not expected going forward as travel restrictions are expected to be lowered or, yeah, cut immediately or cut fully. How do you expect from current point of view, the dynamics of the services business to pick up? Do you think in second quarter will already show a substantial improvement or is it rather a backlog we book this year? How's your current view on this? No. There is no reason to expect too much of a backlog situation. As I said, one can argue whether these restrictions are loosened up sufficiently in Q2 this year, or is it Q3 or Q4. I think we expect a stabilizing of the current order intake and maybe gradually a further pickup. Do you see differences in terms of regional pickup in services? Is the U.S. already picking up now? No real strong geographic differences, I would say. Clearly South America is, COVID-wise, under pressure, whereas Europe is much more under control. China definitely is under control. China historically and traditionally is not very important for our service business. I would not see any dramatic geographic differences. Okay. Thanks. The second one, also related to profitability. Now usually first quarter profitability is definitely not about one of the strongest from a quarterly point of view in a fiscal year. Would you really expect going forward to see profitability again fall below this level we've seen now in the first quarter? Should we actually think that this should be more or less the, let's say, the floor in terms of profitability already? As we normally expect, today you cannot come in to change our guidance. The guidance is what it is. It's realistic. I've also said that based on Q1, there may be slightly more upside than downside for the full year guidance, yeah. It's Q1 behind us, so a lot can come as we go. Yeah, the guidance is what it is. Okay. Perfect. Thank you very much. Thank you. As we receive no further questions, I hand back to Mr. Leitner for closing remarks. No closing remarks other than thank you for your attention, and I look forward to seeing you or hearing you at least in July, at the end of July, where we publish our half-year results. Thank you very much, and stay healthy. Bye-bye. Bye-bye. Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect.