Hello, everyone. Welcome to today's Zumtobel Group's first virtual Capital Markets Day. We are very happy that you all joined us today. My name is Eric. I am heading the investor relations department here at Zumtobel Group, and I am your moderator for today. Unfortunately, due to COVID, we could not welcome you here in our light forum in Dornbirn, where we showcase, on an area of 4,000 sq m, our full brand spectrum and our potential as an international lighting company. However, in order to give you a little bit of an impression how our light forum looks like, we prepared a short video. We hope that we see each other very soon here in Dornbirn so that you can experience everything in person. Let me now introduce to you today's speaker, the entire executive board of Zumtobel Group, our CEO, Alfred Felder, our CFO, Thomas Erath, and our COO, Bernard Motzko, will share with you their insights when it comes to Zumtobel Group's presentation and strategy until 2025. Before I hand over to the first speaker, let me shortly introduce to you today's agenda. After my introduction, I will hand over to Alfred Felder for his presentation. Afterwards, Bernard Motzko will share with you our operational footprint in 2025, while Thomas Erath will share with you our financial framework until 2025. Alfred Felder will give you a quick summary at the end before we start with our Q&A session, in which you can ask your question either via the chat function in your web browser, which you can use already and also during all presentations, and of course, also during the question-and-answer session. Or you can also ask your question via audio with your voice so that we can hear your voice here in Dornbirn. One housekeeping item, again, also regarding the presentation. The presentation and also a replay of our Capital Markets Day will be available after our Capital Markets Day this afternoon. With this, I hand over to our CEO, Alfred Felder, for his presentation. Good afternoon. Warm welcome in the name of my two colleagues here on the board, Bernard and Thomas, to our virtual Capital Markets Day, here out of the Light Forum in Dornbirn. It is a pleasure to have you all here online and a pleasure for us to give you now an outlook, how we plan to drive our business until 2025. The agenda for today is as follows. For those of you who are not so familiar with the Zumtobel Group, I will give you a quick overview first, show you what we did since we took over as a new management team in 2018, the transformation and restructuring, the repositioning of the company. Follow on the market outlook and the growth opportunities, what we have for both our businesses. In detail, an outlook on component segment and on lighting segment, followed by the key topics, what we have now on our agenda and we worked during the COVID, namely sustainability and digitalization. Before I go into my presentation, I would like to share with you also a short video on the highlights and activities, what we did during the last year. Obviously for all of us, was quite a tough one during the pandemic situation. It gives you a glimpse who we are, what we do, and what our people contribute. The Zumtobel Group stands for innovative lighting solutions for components as well as extensive service offerings. On that page here, you see how almost 6,000 people are operating. We clocked last fiscal year with the effect of corona at EUR 1.044 billion revenue, below previous year. If you look at our EBIT and net profit numbers, we have been able to manage it very well, slightly and partly substantially above previous year. Since quarter four, we see a remarkable bounce back of our numbers, with already 9.6% growth in Q4. Here on the left side, you see the growth, what we published beginning of September for Q1, almost EUR 290 million, also substantial improvement of the EBIT with EUR 20.1 million, as well as the net profit of EUR 13.4 million. 85%, roughly, of our turnover we do in Europe. We are very proud that we are operating in 90 countries with sales offices, and we are looking at a long history of 70 years out of the brand Zumtobel and over 90 years with the brand Thorn out of U.K. The business we are operating is not in all markets what we define in general lighting. It's as you see it here for the components business in the electronic segment, which is roughly EUR 8 billion out of the EUR 112 billion, or 7%, with sensors, with power electronics, as well as LED modules. In the professional illumination segment, which is the large portion of EUR 43 million or covering almost 40%, both on luminaires and on systems and solutions. That's why we also need to be very careful if we compare the Zumtobel Group with other lighting companies, that we are comparing the different business segment we are in. We are not in lamps, and we are not in consumer luminaires. Looking into our two segments, we follow a very strict global multi-brand strategy with Tridonic or the component segment firming under Tridonic under one brand, with separate segments on sales, product and portfolio, R&D and operations. We have a clear dual brand strategy of Thorn and Zumtobel. I will come to that because that has been reshuffled since the previous time, especially the last 18 months. With the portfolio, the R&D operations and logistics, including the services. We are sharing common resources on purchasing and corporate functions. The firewall here means that Tridonic is separated via a so-called firewall between components and luminaire business, simply because Tridonic does more than 80% of its business with competitors outside the Zumtobel Group. Where did we come from? As I mentioned at the beginning, towards the end of our fiscal year 2017, 2018, we, as a new management team, took over. You see here the development since 2011, 2012, and the results, what we have achieved from free cash flow, EBIT, net profit, as well as the revenues. Obviously, as you are aware, since 2013, 2014, the whole lighting industry was benefiting from the steep ramp-up of the LED technologies, where obviously every light point in a ramping up technology was getting a higher value, a higher revenue. We see it also here, we have been able to increase the revenue. Basically, after 2015, 2016, the technology started going into saturations. There was also an oversupply of LED technologies into the different markets, partly also because patents on blue LEDs, as well as phosphor conversion into white, were expiring. From Chinese manufacturers, a lot of LEDs came into the market. That resulted in a quite radical price erosion, where we obviously did not react fast enough to streamline our cost structure. We had inefficient processes, we had too high central cost structures, and therefore also, it resulted in a negative net profit in 2017, 2018 of almost EUR 50 million. You see it also, EBIT was negative as well as the free cash flow was negative, and resulting in EUR 1.2 billion revenues only. The last three years until now, or until the end of last fiscal year, we did a lot of corrective actions. We have been able to manage the free cash flow from the EUR -24 to the EUR 100 last fiscal year, the EBIT from EUR 7 million to EUR 43 million, or from EUR -7 million to the EUR 43 million, and the net profit from the EUR -47 million to EUR 48 million. This successful transformation makes us proud because on one side, we streamlined our operational footprint, and my colleague, Bernard Motzko, will give you an insight how the outlook is based on that, what we have today until 2025. We closed a plant in Usingen. We closed Guangzhou. You can say, well, we pre-anticipated COVID. That was not really the case, but we moved the production back to Europe. Same was for our plant in Tridonic in Shenzhen, where we went to a smaller size and moved some for the European re-export products into our plant in Niš. What you see here, we opened in 2018. We have closed and moved the production of the LED modules from the Austrian factory, Jennersdorf, to Serbia, and we did the reintegration of Les Andelys. We had two full-scale plants in Austria and in New Zealand, and we downsized these two assembly plants, where we importing the parts from the different factories what we have. In a nutshell, you see here, we reduced the plants from 13 to 10 during the last four years. On the other hand, we worked in all departments in reducing the cost position and get us more efficient. We simplified the layer structure, and we increased the focus in sales, product management, and R&D. We had done a significant downsizing of the central functions and the SG&A costs. In parallel, however, we focused on innovation and on the way forward. We had launched, 18 months ago, an internal program what we took and we named Fit for 2025, which basically shows now the result what we are planning to do. We came up with a clear dual brand strategy positioning for indoor, Zumtobel and Thorn. We did last year the integration of acdc outdoor into the Thorn brand outdoor. Last but not least, we fully scaled the development via platforms so that we are able to stretch in indoor the brands over the multiple tiers in our key applications: industry, retail, and office. If you look at the market, then we see that after the COVID, which obviously you see here on the gray charts, is basically recovering differently in different markets all across Europe. It's predicted that in 2021, it's roughly 3.8%, 3.9%. It's a little bit more in 2022. The same is in outdoor, where obviously, and you will see it on the next pages, it's also triggered by the EU Green Deal, by the inputs what the European Union is triggering into the market. Also here, we see a step up during the next years until 2023. We have done with our exercise, especially on the Fit for 2025 program, an analysis, how are we positioned against the mega trends and how can we benefit from the mega trends? One is obviously efficiency and in line with that, the sustainability. We are offering the most efficient solutions, but also from a components level, it goes into miniaturization of drivers, of LED modules, what then trigger again, a different design of luminaires and luminaire solutions. Last but not least, the whole connectivity. We obviously, our components business and the knowhow in the components business plays a vital role for our innovation towards the customers. Especially for the brand Zumtobel, but also for Thorn customization and creating value via customized products to the customer is a key, and it's basically DNA what we are living every day. Our European Green Deal, what came up, is offering quite a large amount of opportunities, what we categorized in four sectors. Obviously, lighting being a key ingredient in the building sector, can benefit from that, where renovating is planned to increase to 3% of public buildings, where obviously CO2 neutrality plays an important role, with a total investment amount of EUR 8 billion what the EU plans to invest. On the other hand, transportation and everything, what is attached to that, public transport, charging, hydrogen stations, or also the whole transportation sector. Here, we do offer solutions where we can benefit with a large amount invested here of almost EUR 90 billion. The third one, again, a key application on our lighting is the industry segment, where obviously the focus is on circular economy with the new alliances, with the gigafactories and batteries in all European countries. Basically offering new applications also for the lighting industry, another EUR 20 billion. Last but not least, the whole energy segment with renewable energy generation, energy storage and systems, where obviously also here, our products are able to get in. With the COVID crisis, we accelerated basically two segments where we believe we can play a stronger role into the future. These segment are the sustainability, but also the digitalization. Let me just recap what we have done and what we announced already three years ago with our strategy, what we named FOCUS. On one side, the F stands for focused markets and applications, with a clear direction on the lighting brands for Europe and selectively in other markets. That does not mean we are ignoring the markets, but we are not addressing this market with a full-scale portfolio. Because we believe in Europe, we are having the right customer access, the right portfolio, the right knowhow, and the service to get a larger portion of it. Component segment, on the other hand, is offering solutions on a worldwide base and focuses on the global market. Also, and you will hear it more in detail, in the next presentation by Bernard, the focus on operational excellence with our brand new factory in Niš. Our production is more competitive and is working on with a global network. We are closer to the customers, and we offer the customer more flexibility. The C stands for components on one side, but also for the competence in the details, namely in the components with innovative solutions on LED modules, integrated LED modules, LED drivers, sensors, but also IoT solutions. You will see it in a slide later. Tridonic is operating our software center, what we opened in 2019 in Porto, what serves the entire group on application software solutions. A big effort we took in reshaping our brands with a crystal clear positioning in indoor, what Zumtobel stands for and what Thorn stands for. We integrated acdc into Thorn outdoor. We have basically the component segment with a single brand strategy, namely Tridonic. We did not ignore the new technologies, the smart solutions and services based on digital technologies. We have increased substantially the resources for the turnkey solutions. We started first steps towards light-as-a-service offering, and we are also offering in parallel to our lighting solution, digital services for adding value to customers. The new focus, that's why we extended the two letters E and D. E for the environment, where it's the clear goal, what we set to ourself as a KPI, that by 2025, we as a company, we as a group, plan to become climate neutral. In parallel, we have started with the new projects to adapt the circular economy design rules, and we are also fostering the environment and enables our employees to grow and be a stronger part of the new setup. We propelled our efforts to make the company digital, as we learned it partly the hard way, partly the easy way during the corona crisis, how we fast can adapt to the digital tools. We will implement a fully digital end-to-end process from the first customer touch to the aftersales, so that it enables us, and especially the customers, to make it much easier and much less costly to work with us. In addition, it gives us the platform for our digital products with enhanced functionalities beyond the lighting, and obviously, it helps us also to increase our digital portfolio. With that, we have completed by the end of last fiscal year, the first phase out of the uncertainty. We have been fixing the problems, we have terminated and stopped the restructuring, we built a solid foundation. In other words, we in the board believe we have now gained the right to grow, and we are planning now to generate a sustainable growth, really, and being a leader in our industry. By proactively anticipating the changes and the challenges of our future, which obviously we have already won with the material shortage and the allocation of certain components, what keeps us busy during these terms. Out of our growth plan, we believe with all what we have in our pipeline, with all the innovations, what are currently in the ramp-up phase, we are able to grow above the market growth in the range between 4% and 5%. Obviously now, we are benefiting from the COVID catch-up, especially those countries who have been suffering a lot in our portfolio, U.K., France, Italy, but also the DACH region is recovering quite fastly. We are seeing growth in core markets in Europe, where we partly have been losing market share, where we are regaining this with the new products what we have. We also believe that we are gaining market share back in the different growth opportunities, what I show you into more details in the components as well as in the lighting segment. Thomas Erath later on will give you an overview what we have now as a firing power when it comes to inorganic growth, where we believe also beyond that, we can grow in key technologies, in key applications, but also in key markets where we have partly white spots where we are operating. The component segment is characterized that it provides all the knowhow and the technical solution, what goes into a lighting solution. You see it here as an example, in a retail shop. You see the drivers in a trunking system from Zumtobel or also from competitors. You see it also with the LED modules, the sensor technologies, and also wired and wireless control solutions, but also the entire infrastructure, which is mandatory in each building on emergency converters and batteries. Tridonic is having 300 highly skilled, qualified R&D engineers in different sites. Tridonic operates four factories, and you see here a little bit the numbers what we have. Niš, since the ramp-up, is now producing already 15.5 million pieces per year. As I said at the beginning, some of the products from Tridonic, what we produced originally in Shenzhen for the export in Europe, are produced now in Niš, closer to the customers. The portfolio is both the drivers as well as the luminaires. Shenzhen is still having a high volume for the Asian market. Spennymoor is our factory and our competence center for emergency and light sensors. Dornbirn, the advanced drivers, the high-end drivers, what we have. You see here the numbers in total of the production volume, what we do. Here we have roughly 1,100 well-trained and skilled manufacturers. Last but not least, I would mention once more, Portugal, in Porto, where we have opened the advanced software center, being able to provide solutions both for the component business as well as for the lighting business, and currently over 50 highly trained engineers working there, which is also new and shows how we're investing into the future, especially when it comes to services and software applications. Last year's numbers, obviously affected also in Tridonic by the pandemic situation, EUR 303 million turnover. Where you also see 65% is in Europe, a large portion of that in our strongest region, DACH, followed then by Northern and Western Europe, including U.K., Eastern and Southern, and the rest of the world is about 28%. On the right side, an interesting picture, the distribution among customers, that might be for some of you not a surprise, but for some of you, maybe yes. It's 2,700 active customers what Tridonic has. 17% is the turnover with the group, 18% with the top nine customers, the rest is very fragmented, what illustrates how fragmented the lighting industry still is in Europe. Tridonic's positioning in the market is very established, especially in Europe. Across all the countries, we are very close to the customers, with a local network in each country of the experts, with a deep understanding of the customer needs. Last but not least, with a local for local production, Dornbirn, Spennymoor, and Serbia. We stand for high quality. We prove for having long-lasting operation, monitored nowadays by IoT solutions. We are well-designed for an easy integration and easy to use in the luminaires, and we count on high energy efficient. What becomes more important also towards the end user is an understanding of the end user needs, of the whole integral understanding of the technology and its operating software. Obviously here, there's a benefit to have components knowhow and luminaire knowhow under one roof at the Zumtobel Group, and therefore the advanced understanding of the luminaire manufacturing process. Also, Tridonic did work on the growth path for 2025, and there are basically three pillar what will drive the growth for Tridonic in the next four years. One is a clear synergy within the existing portfolio, where especially outdoor, what has been launched late in the LED technology, is gaining momentum. We are very proud that we have been winning an award of innovation with our SIDEREA portfolio. We have the single battery emergency lighting systems compared to the central battery, which is more on the Zumtobel side. We have wireless solutions for easy deployment in every situation. On the other hand, similar to the lighting brands, also Tridonic have a couple of white spots. With its global reach, there are still underrepresented regions in Asia. We have the portfolio for it, and we believe that we can still leverage our strong customer base in Europe. Obviously also with the situation that some of the European competitors of Tridonic do not exist anymore or are in transformation. Last but not least, also similar to the lighting brands, cradle-to-cradle, the circular economy is applied for LED drivers. We are having more and more monitoring of the data of our drivers with our lumDATA portfolio. We do close to the customers with the factories, product customization, where we can develop products exactly how the customer need them. Here again, on the next slide, that is how we believe we can drive, and we plan a similar growth towards the EUR 350 million-EUR 370 million by our fiscal year 2024-2025, which means by April 2025. On the lighting segment, we have been working and repositioning a couple of established positioning applications. Obviously, we are operating in the three key and core elements in indoor with the two brands, the industry segment, the office and education segment, as well as the retail and the arts and culture segment. Especially during the COVID crisis, we learned and we adapted our portfolio, and we created a dedicated team to drive the whole health and care application where huge investment money goes in. With the integration of acdc into the Thorn brand, we have repositioned the outdoor architecture, which is unique with our acdc portfolio. Also we have newly built up sports and arena illumination, as you might have seen, and what we have reported, we have been winning key projects with great soccer teams. Like we have the floodlight for the Borussia Dortmund stadium. We have done illumination for Bayern Munich. We have done it for Mainz 05, but also Tottenham Hotspur. Even in Argentina with the Boca Juniors, we did the floodlighting solution, and numerous second and third league stadiums around Europe with a brand new portfolio. We believe that gives us additional inroads next to our roads, functional lighting, as well as our urban applications. The structure of the business is quite different to the Tridonic business. Out of the almost EUR 800 million, what we did during the COVID period, 85% is in Europe. Here again, like the Tridonic, with a strong footprint in the DACH region, followed then by Northern and Western, especially France and U.K., and then Eastern Europe. We do about 76% with indoor and the rest with outdoor, about 25%, and the rest with services and other applications. As I mentioned before, together with the marketing and the application team, we did a hard exercise to reposition our brand. This pyramid illustrates a little bit our business and the market size. When we talk about the premium tier, the high-end, the performance tier, and the value tier application on the left side, as well as on the hard side, the hard spec, where we define the spec. The soft spec, where we rebuilt the spec, OTC stands for over-the-counter business. In the business world is typically the trade business with our big trading partners. Zumtobel is clearly here the performance and the premium brand, where we, I would say back since 2016-2017, lost traction because we had too much overlap and not a very clear positioning between Zumtobel and Thorn. Thorn, good quality light for good money in the lower performance tier, entering into the value tier. Last but not least, our THORNe co, our OTC business. Easy to use, very little consulting, what goes into the electrician via our wholesalers. On the outdoor, with the integration of acdc, which is covering the premium, we plan to lift up the Thorn brand from the performance into the premium, especially when it comes to the outdoor architecture. You see it here. We are not having a value tier offering. We are operating with this brand in the performance level, as well as entering now with acdc, which is renamed then Thorn, into the premium. Here you see the summary of the bottom-up planning, how we plan to grow towards 2025. I'm saying here the inorganic growth from the EUR 800 to the range of EUR 930-965. With a big portion out of Zumtobel, with especially the new segments, health and care, but also with the industry solutions. We have just launched the new High Bay CRAFT solution for warehouses, where we see a huge momentum coming in. Zumtobel by far offers the most sophisticated and advanced light management and IoT solutions and services. We are refocusing again on these high-spec applications like in the art and culture, working with key architects. We do, as I said, in the DACH territory now since this year, first steps into offering light-as-a-service solutions. Indoor, it's partly a catch-up effect. We have been developing and we are still developing new products to complete our portfolio for our established applications in industry, education, also health, and especially in retail. Especially for regaining the market share in our established markets, which are France, U.K., Nordic, and the Middle East. Also that we are repositioning our standing in markets like Eastern Europe, where we go with the two offerings from the Zumtobel in high-end, as well as Thorn in the performance segment. Outdoor, as I said, functional street lighting, the urban and the city application, the tunnels and the sports, and also the architecture from formerly acdc. The THORN eco portfolio is similar to that what Tridonic is offering. It is a global portfolio where we are planning to extend it, where it comes with all the certificates worldwide, and we are planning to go global with this one. Here we are also using the e-commerce tools and the digital to promote and sell this portfolio because it's extremely easy to use, and it does not require a huge consultant effort. With that, I would like to come to the topics sustainability and digitization to share you what we are planning to do here and what we have to set with us as KPIs. We have defined a roadmap for carbon neutrality of our company until 2025, with clear measures and with clear reduction already starting within this fiscal year. Here, we are working together with our suppliers also to integrate them into all of our plans. We are working on an update for EcoVadis with significantly improved data what we have submitted, and we are expecting now the results soon by the end of October. We are really focusing together with our entire purchasing department on sustainability in the procurement area. We are at the beginning, but very intensive now, driving with a dedicated team, the circular economy opportunities from recycling, from the remanufacturing, the reuse, and the maintenance. We have a first product portfolio, which is the freestanding luminaire, what is basically developed based on this circular design rules, where obviously the R&D processes are adapting to it. We are using cradle-to-cradle applications for lighthouse projects. We are constantly now doing a business model analysis to engage with the partners outside in the market. This is just an overview. I don't go into all the details what this means for a company like us from sustainable sourcing, from the operations, from Dornbirn, over Spennymoor, Niš, as well as in Germany. The whole consistent application of product development following the environmental data, offering then the most efficient solutions, what are not only using the most efficient LED technology, but also the whole sensor and electronic technology, what basically have the aim to use less and less energy. The health and biodiversity as an integral part of these efforts, then basically moving on into new business models using the circular economy and using these new requirements to do additional business. We at the group believe that sustainability has three levels. On one side, it's lower costs because we have lower energy, lower water consumption, lower material consumption, and also less CO2 emissions. Number two, again, for the group, that it helps us to increase the sales and improve the margins through sustainability products and solutions. Last but not least, and most importantly for our customers, we help them to use their sustainability targets with less energy consumption, less material consumption, the most efficient and electronically driven sensor-equipped lighting solutions. If you look at the digital setup, obviously the construction industry, and you see it here from a data from McKinsey, belongs to those industries who have a very low penetration in terms of digitization, if you compare it with finance, even with oil and gas. Obviously, that opens additional possibilities for growth as well as for business opportunities for us in the lighting industry as we are part of the construction industry. There we said to ourselves, that lever we need to use. Here is one example what we did with a client in U.K., where we offered a lighting solution, but basically with using already building information modeling, where the lighting industry and also the construction industry is far behind, for a digital twin for our luminaires, and we have been able to get into this project at a much earlier stage, help the customers to do a better job, and have exactly the right solution together with the planner and the lighting designer. As I said, we are at the beginning here, but also we believe the digitalization is, for us as a group, a benefit on costs. The end-to-end process from the first customer touch until the after-sales is a huge cost saving. On the sales and on the margins through the offering next to the lighting solution products, digital products and digital solution, adding additional value to the customers. Then especially for the customers on their cost and their time, they need less time for installing. They have the better planning, they have the digital twin, and basically it saves them much more money and time in their application. With that, I would like to summarize what we did. Again, here, the overview on our strategy FOCUS. We are consequently going our path in the market with our solutions, focusing on innovation. In addition now, we are using the sustainability as well as the digital tools and projects where we spend quite a substantial amount of money to move forward and drive our path towards 2025. With that, I would like to close for the moment and would hand over to Bernard, who will give you now an update, how do we move on from that, what we have done already towards our value creation footprint 2025. Thank you very much for listening. Thank you, Alfred. Warm welcome from my side to all of you. My name is Bernard Motzko, I'm the COO of the Zumtobel Group since three and a half years already. At first, I would like to present the current operations footprint, followed by explanations about the path to excellence. Details regarding our license to operate completes the overview, finally. Our global production network has four component and six lighting plants, as you can see here in the chart. The component business is highly competitive and characterized by high volume base scale effects. These demands low labor costs to become efficient and competitive in the market. The main volume sites are in the network, Shenzhen and Niš. Shenzhen in China produces standard value applications in high quantities for Asia and partially for Europe. Niš is meanwhile the volume site for Europe and is growing year-over-year. Additional to these two sites, we have two specialized sites in Europe on the component segment. The competence center for outdoor and emergency applications is located in Spennymoor. Dornbirn, directly in the headquarter of the business, is focused on high-end solutions like human-centric light and complex technology ramp-ups. Coming now to the lighting business. Lighting production network is mainly European-centric. Only our Highland plant in U.S. is a satellite for local U.S. demands. Asia Pacific demands are fulfilled by our partner network with a staging hub in Sydney and Auckland in this region. All European lighting sites are working very close cooperation in clear strategic positioning as following. Therefore, each and every site has a specialized positioning and value creation. In Spennymoor lighting, we produce the solar luminaires predominantly for U.K. business, and after Brexit, more than important to be there. Les Andelys is specialized as competence center with product management, R&D, and production functionalities in outdoor applications. Same competence center approach is a success factor also for our Lemgo site in Germany for spot and downlights. Finally, in Dornbirn, we produce in the headquarter area, highly automated volume products like our trunking system, TECTON, which is very successful and competitive in the market. All production demands, which has a high labor cost, we have started a couple of years ago to produce in Niš in the lighting business. Our operations network, as Alfred already explained, is in a major transition towards efficiency and customer orientation. Due to significant shortfall in the business in lighting and components in the last three years. We had to adapt our network, reduce the capacity, and optimize it overall. Therefore, we closed several sites like Usingen in 2017, Guangzhou, Jennersdorf, and finally, also Barrowford in 2021. Additionally to that, we rebalanced the capacity and the cost structure of all the other Western sites by around 30%. In parallel, we ramped up our Niš site as best cost production site in Europe, close to European customers. Part of Shenzhen volume was also relocated to Niš during that time. This helps significantly to shorten the supply chain for European business and to become more agile. In current year and the following ones, we are coming back to a growth path like Alfred Felder explained. This gives us now a great opportunity to follow up our strategy and to get the benefits, increasing, doubling, more or less, the volume in Niš without restructuring efforts in other sites. We will have optimization efforts, but we do not talk about closing a site furthermore. This will result in great scale benefits overall in our network, and we will improve our cost position significantly. Now some details about our Niš ramp-up. We started to produce in Niš in 2018 and invested more than EUR 40 million in building and machineries. During the last three years, we ramped up the volume to around EUR 80 million and plan to double it up to EUR 190 million in the next three years. Additionally to the pure production capabilities, we decided in the early stage already that we need much more functionalities in this site which can be beneficial for our business. Therefore, we ramped up, and invested in engineers. We have already 42 engineers working in Niš. Therefore, we are now in the luxury situation that we are starting to develop products also in Niš for the Niš production and our customers, especially in Europe. The overall resource availability in Serbia is good. There are very competitive salary conditions there, and therefore, we are investing also in additional functionalities, so-called nearshoring functionalities, to complete the site. These are, for example, quality functionalities which we have in the site. We have a master data team purchasing for Eastern Europe or global supply chain functions are already built up in Serbia. The following video demonstrates the capabilities in detail and to get a flavor of this. As you will see, we developed Niš as real technology site. The plant will become soon the largest one in our operations network. Enjoy the video now. Coming to the next topic, having a good setup with the individual sites on the right place, we have to have also the right way of working. One trend in our Component and Lighting business shows clearly that customer orientation is key for future success. An individualized product and solution offering, and the capability to serve the market faster and more flexible are becoming more and more important. Three topics are needed to fulfill these customer needs and to create additional business. The technical and organizational capabilities to design customized solutions, the availability of a local and flexible supplier base, and third, finally, the capability to produce efficient, highly configured, and customized products. Our digital transformation program, as mentioned, as part of our To Be focused strategy, gives us the possibility to develop our processes according these demand, and to make these, in future, very cost efficient and reliable for our customers. The digital factory functionalities, for example, to manage shop floor activities and integrated end-to-end network planning and new solutions on the supplier base are giving us this advantage to manage our business efficient and agile for our customers. Especially in the last one and a half years, during the COVID situation, we recognized how important it is to take care of health and safety of our people. We managed it quite good. We had, due to consequent measures in all our sites globally, no major incidents, COVID-related, and the businesses could run efficiently all over the time. Additionally, we learned out of it, and we decided to implement also health and safety certifications in all our sites. We are already certified in Serbia, and all the other sites will follow. Additionally, in the chart you can see the LTI rate from all our sites in average, and this shows the reduction of safety incidents in the last three years. With clear measures, we are going further in future to optimize it furthermore. Therefore, responsibility for our teams, responsibility for people is key to have motivated teams on board. Additionally to these, in our FOCUS strategy, we have positioned us clearly in the direction to become carbon neutral as Zumtobel Group in 2025. To make it done, we started already years ago. Although we ramped up Niš site, we could already reduce our emissions by around 20% in the last three years. Investments in reduced power consumption for heating, for illumination, for production processes are partially done. Others are planned to be done in the upcoming months and years. Additionally, we invested, for example, in an own photovoltaics in Dornbirn and source, meanwhile, energy with less carbon emissions, like hydropower and use biomass local heating for our processes. All these will contribute to our overall target and will contribute also to our customers to fulfill their environmental targets. The same expectation we have towards our suppliers. There is a big change going ahead to make all this done. In our supplier selection and audit processes, we implemented years ago already sustainability criteria, but not so sharp like today. A higher rate of local sourcing, which you can see in the graph, upper left, where helps us to reduce the transport-related carbon emissions year-over-year. Local sourcing is not only good for higher flexibility, also for our sustainability, it's a positive trend. The first suppliers will report their carbon emissions soon. We are working with the key 100 ones to make them carbon neutral as well. Additionally to these, it's fundamentally important that we get all material declared by our suppliers, which ingredients are in these materials which we are sourcing. This is very important for our cradle-to-cradle certification on products. Alfred Felder mentioned it already, that we are on the way to certify the first luminaire and to get a cradle-to-cradle certification also for a component driver. Circular design rules are already in use for new product developments and will create sustainability effects in future, because from the beginning, we are selecting the right suppliers which are going with us on this way along. The overall picture shows our path to an optimized operational network and product supply. As explained, there is a main transition ongoing to Eastern Europe to utilize the advantages of Niš, and to adapt our Western European sites to a level which is the best fit and brings the best value for our business. With a reduced number of owned sites, from 13 down to 10, further streamlined supplier base in future, and a higher local for local content, we will position well to make our mid-term goals. Coming to the end of my explanations, I would like to sum up the three takeaways. We have built up a cost-efficient production network already, close to our customers, with potentials for further improvements. Our high flexibility of in-house production processes, combined with a local supplier base, creates additional value for our customers. Finally, we will produce carbon neutral in 2025 and help with our offering to support customers' sustainability goals. Thank you very much. Good afternoon, ladies and gentlemen. My name is Thomas Erath, I am the CFO since August of the Zumtobel Group AG. Very welcome to our Capital Markets Day. I hope you will get a lot of insights of our company during our presentations. I would like to show you two things. First, where do we come from? Where are we now? Where are we going to? How do we create value for our shareholders? Although there will be some overlap with my colleagues, with Bernard and Alfred, I would like to list what we did so far in the transition phase from 2017-2021. The actions I will share with you are not in chronological order, but they will give you an explanation on how our cost structure changed in the previous three to four years. First, in the U.K., the British people decided to leave the European Union and created, in the lighting industry, a huge downturn in the market. We as a company lost about EUR 100 million in sales in the U.K., one of our biggest market apart from DACH. There was a huge need that we restructure our production plan to the actual needs. Downsizing was necessary in Spennymoor. As well, we had a second production facility in the U.K. for acdc, which did not make sense anymore. We closed it down and moved the products to Spennymoor as well. We had also a facility in France since the acquisition of Thorn in 2001 in Les Andelys. We decided to sell this plant and to lease production capacity back so that we are more flexible to the actual demands for our products. The plan was good. Unfortunately, we had a lot of issues with our supplier that we get the right quality in the right time. We decided to take this plant back. In Germany, we had a restructuring of our sales organization as well as of our production plant. After the restructuring, we had an agreement with the labor unions that we will guarantee the workplaces for our factory in Lemgo until 2023 in exchange for a payment cut. In Dornbirn, our headquarter, with also two big operation plants, we transitioned the factories to highly automated production facilities where we produce our core products and our more complicated products. Not only that we optimize production here in Dornbirn, we also optimize logistics and close down some rented warehouses in the surroundings of Dornbirn and integrated the volume through improved space management. As also Alfred explained, we closed down our manufacturing plant in Jennersdorf and transitioned and moved the production to our biggest site currently in Niš, which is our main production strategy, that we will have our biggest factory for both lighting brands and component brands in Serbia, and this will be the core of our production. There will be high volume products, and we will still have our value and premium products here in Dornbirn. As well, we did some downsizing in China. There we have two plants. One is with the lighting brands or lighting segment. That one we downsized and changed the strategy from own production to third-party sourcing. You see here the financial performance over time. You see in 2017, 2018, the group had EUR 1.2 billion in turnover and achieved a net profit of EUR -47 million, a negative cash flow of EUR -25 million. That supervisory board decided to implement a new board. My two colleagues, Alfred and Bernard, were implemented, and Thomas Tschol as CFO, and they started with the strategy FOCUS and implemented the necessary steps and all these measures, which I showed you on this previous slide, and brought the company into a turnaround. In 2019, 2020, the company was close to having more sales than in the previous year with EUR 1.13 billion, but two months already under the influence of the pandemic. In 2021, 2022, despite COVID, the company was able to create a cash flow of EUR 100 million, I admit, with some special effects, and an EBIT of EUR 46 million. If you remember Alfred's presentation, the company had in 2016-2017, an EBIT in the same amount, EUR 46 million, not with EUR 1.044 billion in turnover, with EUR 1.3 billion. You see how much the cost structure was reduced over time that it is possible to achieve, for the circumstances, a decent result. I want also to share with you our financing arrangements and our balance sheet. The Zumtobel Group has a very solid ground of financing. We have a consortial credit agreement, a syndicated loan with six banks, and a term ending in November 2022. Out of the maximum volume of EUR 200 million, only EUR 20 million are drawn upon. We have got also loans with the European Investment Bank with a total of EUR 80 million, and in addition, uncommitted bilateral lines of round about EUR 63 million. The financial covenants for our main credit agreement with the syndicate are a debt coverage ratio, which has to be at all times less than 3.55x, and equity ratio, which must be always above EUR 23.5 million. You see on the chart how much headroom we have with these covenants. We have an equity ratio currently above 32%, and a debt coverage ratio of 0.085%. We are very happy that we have a solid financial fundament, and with this fundament, we are very confident that we have also a very bright future. What will we do? We will focus on creating value. We will allocate the capital we have in a smart way. We want to grow and we want to enable growth. We want to increase our cash generation, and of course, we also want to improve the return on investment of our shareholders. If you look at the CapEx, what we are spending on average, it's roughly in the next years, EUR 55 million. I have prepared you four sectors on what we are spending our money. As an industrial company, we need to be state-of-the-art manufacturing, and there where we have to continuously invest in new technology and in efficiency. Otherwise, we are not able to compensate the steady wage increases, and we have to be lean and efficient. 45% of the CapEx will go into renewal of machinery. Here is our line, TECTON, to be mentioned. That's the main product group of the lighting segment. We have designed this completely new and need new machinery to produce the new TECTON. In Tridonic, we will focus on automatization, flexible testing, and odd form placement. Odd form placement, most of you will not know. On a PCB, you place components, and some are so big that you can't place them with radial or axial machines, nor with SMT machines. We have to use hand. We want to get rid of the manual processes, and that's why we try with robotics to replace the manual work. The second-biggest part of our investment will be R&D. As you all know, under IFRS, if you fulfill certain criteria, you have to capitalize your R&D expenses. Also here, the biggest investment in R&D will be the TECTON platform controls and connectivity in the lighting segment, and the GEN4 platform on the component side. GEN4 is the working name for our new platform creation in Tridonic. You can imagine that about 80%-90% of all products will be based on these new platforms. The premium products will have our new ASIC in there, and these products will be more cost-efficient than the old ones and will be adapted to the needs for the future as for D4i and data caching and data analysis. Digitalization and software will be another big part of our investment. We will go from SAP R/3 to SAP S/4. We will start this with the component segment, and this will be a greenfield approach. We said we don't want to put old processes and old data into a new system, which is 20 years old or 25 years old, but want to check all processes and all data, whether we can improve the processes or whether we need the data. We will have a new and lean system in the future, also fit for the digital world. We think this will help us gain efficiency in all areas. We will also invest heavily into the digital journey of our customer on both brands, on Tridonic and Zumtobel, and as well on a manufacturing execution system for the lighting segment. Under IFRS 16, you have to capitalize some leases if they qualify for capitalization. We will have also some CapEx for sales offices and, of course, some CapEx in operational sites which belong to ourselves. There will be green investments, as in solar panels and into efforts to recuperate energy. The drivers for our organic growth will be the following. We have really a lot of tailwind with the Green Deal and the effort worldwide to reduce energy consumption. Our products will help our clients and our customers to reduce their energy bill. With this portfolio, we will grow as more and more money will go into these green investments. More and more money will go into refurbishment of old buildings. Smart cities will create a boost for our products. We have, as Alfred said, an intelligent outdoor system, SIDEREA, which will benefit of these developments. We will grow in underrepresented regions with some investment into the sales force, and we will disproportionately grow in those regions. We will also grow with offerings meeting the time spirit. More and more of our customers ask for sustainability and cradle-to-cradle certification. Governmental institutions require for tendering processes that you qualify for these criteria, and we are putting a lot of effort into these certifications, into our behavior, and into reducing our carbon footprint. In the lighting segment, the tailwind will also come from Governments, because they will invest in education or are investing in education and health and care massively. We'll benefit from the mega trends, from investment into warehouses, data centers, and as said before, but also with the component segment into green refurbishments. Outdoor lighting will benefit from the smart city approach, also with Tridonic products, but also with some Zumtobel products, and the infrastructure projects will also grow our sales. We will also grow with the value tier in countries where we had not a suitable offering so far. Also in MEA and South America, we will have some growth in the future. We don't only want to grow organically, we have also the ambition to do some M&A activities. We will invest our money wisely, we will not buy everything under all circumstances. We will focus on geographical wide spots in the lighting segment only in Europe. In the component segment, we could also imagine that we could invest in the U.S. if a suitable target is coming along. The next one are new technologies. We are always interested in new technologies. We are observing the trends, and if we find the right object, could be in urban farming or horticulture, but there are other points of interest as well. We will also take the opportunity and buy the company. We will also look at companies doing data collection and analysis as we provide the entrance for data collection in buildings, the ceiling, and the ceiling will be more and more digital. We could also imagine to invest into new business models, not only service models, but also digitalization of buildings, where we see a big trend in the future. Our acquisition capacity is between EUR 200 million and EUR 300 million. We could invest into a significant acquisition, which would increase our sales by about 20%. As said before, we are not investing at all odds. We want to look at a profitable growth which suits to the company and bring us to the next level. How do we want to increase our profitability? There will be four pillars which allow us to become more profitable. We gain more operational efficiency through digitalization. We will need less people to do the same what we do today. This is also the reason why we invest heavily into software and into a new SAP system, as well as a customer experience system. We will capture economies of scale and strict management of overhead costs will allow us to increase profitability by far more than we increase our costs. Lower manufacturing costs will be also key that we increase our result. Today, we have about 1,400 people working in lower cost countries like Serbia and China. About half of our production capabilities are in those countries, and as we grow, the share will be shifted more to those countries than to Central Europe. Last but not least, we all suffer from increased raw material prices, and we need to pass on these prices to our customers. There is no other way that everyone facing such price increases passes these costs on. It's also kind of healthy for us because in former times, we only experienced price erosions for our products, but I think these price erosions will be suspended for quite some time. What do we think where our EBIT margin will go? We strongly believe that we increase our profitability by far in comparison to the past. If you look at 2017, 2018, where the group was negative, in 2018, 2019, 2020, the group was on a very low profitability. 2019, 2020, 3.1%. 2020, 2021, at a profitability of 4.2%. We think, until 2025, we will increase this profitability to 6%-8% EBIT margin. Not EBIT adjusted, we think it will be sustainable EBIT, not EBIT adjusted. In the past, the board reported on adjusted EBIT. We want to report on real EBIT. Profits will not skyrocket. We will still have some homework to do. We need to invest into digitalization. We need to invest into innovation and our product portfolio. We need to further streamline the organization. With that, I think we will have the fundament for the next step and even further improve the profitability after this period. Coming to the cash flow. Sustainable cash flow generation is also imperative for a company, and we have generated quite some liquid funds over the last two years. Where you see we had a cash flow in 1920 of EUR 53 million, and in 2021 of EUR 100 million. Although the EUR 100 million were heavily dominated by special effects. The cash flow this year will be not in the region of EUR 100 million, but it will be positive cash flow. We will improve our cash flow year-on-year. Due to the increased sales, we'll invest some into working capital this year because of higher receivables, because of higher inventory levels due to the shortages. Nevertheless, this will be to normal levels, I guess, in the year after next year. The biggest impact on the free cash flow will be our improved profitability. Our sustainable cash flow generation will be backed by profitable growth, continuous cost optimization, then maintained working capital discipline and smart CapEx. With the excess cash, we plan to acquire companies which fit, that we provide our shareholders with continuous and reliable dividends or repay some loans. Also, share buybacks could be possible. To our dividend policy, we will continue with our dividend policy as in the past. We aim to distribute 30%-50% of our consolidated net profit to our shareholders, and the range will be determined by our debt level. If we have a high debt coverage ratio, it will be less. If we have a low debt coverage ratio, it will be more a dividend for our shareholders. The key takeaways from my presentation will be, we want to drive performance. We want to be more profitable, we want to grow. We want to enable the growth either organically or inorganically. We want also to reward our shareholder. I think, in the future, the shareholder will benefit from our efforts and will get an increase in dividends year over year. With this, I would like to end my presentation and hand over to Alfred for a summary of his presentation. Yeah. Welcome back again. I hope the presentations, what we gave to you could give you an overview of where we stand. Obviously, the key question is now how to proceed. Obviously, we believe that we have done our homework and we finally earned the right to growth. Thomas was saying it, if you just compare our fund, our numbers, which have been all-time high the last 10 years. In 2015-2016, we had a revenue which is EUR 300 million higher than we clocked last year, obviously, with a big impact on COVID, but pretty much the EBIT was the same. That means we have done our homework, we have streamlined the cost, we have streamlined the operational footprint. You have seen the outlook. We have repositioned not only our brands, but also our infrastructure, our way on going to market. We managed the corona crisis, and we are now focusing on the innovations of basically driving the lighting industry forward. Why to invest in Zumtobel? We believe we have now three pillars, what basically speak for itself. On one side, we live, we drive lighting and the applications around lighting. We are a highly innovative European lighting company. We have with our footprint now a flexible and efficient production close to the customers. Even better, we have in most of the locations, and we will also build it up in Serbia Development close to the factory, which means we are flexible, we are fast, and we can do customization. Number three, our clear focus is to become production carbon neutral by 2025. Bernard has explained the measures what are currently underway and more to come. Thomas was showing you that in the last three to four years, we gained substantial liquidity position, what give us the necessary firepower to invest into new applications, new technologies, into wide spots where we believe we can grow faster market share than organically. Last but not least, we are set for a sustainable, profitable growth on our end, but basically also helping our customers to do so. With that, we are coming to the end of the presentation session and are open and curious on your questions, and we are trying the best to answer them. Thank you very much once more for your attention listening to us. On your web phone. Write the question in the ask a question field. We will hand over to Eric for the written questions. Yeah. Thank you very much, Stuart. We will start with the first written questions. The first one is for Alfred. Your growth target is between EUR 1,200 million and EUR 1,300 million in 2025 without M&A. What could we expect from you after M&A revenue-wise? Yeah. Basically, what we have shown to you is the organic growth, what we believe will come up. Obviously, it depends heavily, as I said, what kind of M&As we are planning to do. If it's investing into innovation, into technology, it most likely will help us to drive the innovation beyond the pure lighting applications in sensor technologies in IoT. If it is to develop geographically, then obviously it depends on the size of the company, what automatically defines the additional growth. The next question is also regarding M&A, and therefore, I would also say for Alfred. The question is concerning your M&A criteria and capacity. Please explain a little bit more in detail what you meant, which regions in Europe and why. There are also two related to them. What does profitable growth mean? Which KPIs are important for you? Will the M&A activities influence your EBIT margin guidance? The second one related to this, in order to get more color on your M&A strategy and having the acquisition capacity in mind, can we expect one big transaction or are you rather looking for multiple ones? Well, there are a couple of questions. Maybe, you repeat them again. Yes if I may. I started- The first one is, what are basically the territories. Obviously, as you might know, and for those of you who have seen, we have a couple of countries where we are number one or number two, but we have also a couple of countries in Europe where we are in the number three or number four position. That are countries, typically in Southern Europe and in Northern Europe where we are weaker. If it goes into a geographical expansion, that would be the setup, what we have in that territory. The second one on the KPIs, I would hand it over to Thomas, who is more qualified to answer. Maybe you repeat the question. Yes. I will repeat the question. What does profitable growth mean? Which KPIs are important for you? Will the M&A activities influence your EBIT margin guidance? I don't think it will affect our EBIT margin guidance as we want to have a certain EBIT margin on our acquisitions, and our KPIs is return on capital employed, and we are looking also at reasonable numbers here, and also on multiples we need to pay in the market for EBIT or EBITDA. The last one regarding M&A. In order to get more color on your M&A strategy and having also the acquisition capacity in mind, can we expect one big transaction, or are you rather looking for multiple ones? Well, again, as I said before, it depends applications, technology, or geographical setups. Typically now, if you look into geographies, these are typically mid-size companies, where obviously it means more than one. If it comes to technology, it is even the same, because typically these are smaller startup type of companies. A question for Alfred and Bernard. The question is, looking at chip shortages, the raw material costs, and logistic cost situation. Currently, they are heavily impacting you. This wasn't a topic in the presentation that much. What is your view? Will costs come back, and will the chip shortage end? If yes, when? Yeah, you're absolutely right. That was not part of our presentation as we prepared the strategy towards 2025. We assume that between now and 2025, we are for sure out of that one. Obviously, in the day-to-day business, we have to manage, on one side, the material price increase, and on the other side, also the shortage. Bernard, who is closer to that, is perfect to answer this question. Let me answer this in the following way. We have, like all the other competitors and other industries also, to fight against these shortages across the different material groups, especially chip prices, and availability is also hurting us. Up to now, we are capable to manage it through. We are developing alternative solutions if certain technologies are not available in the market. Sometimes it takes time, one, two, three months, to get it to have the solution in place and the stable process again. We are working very collaborative with our supplier base across the world, increasing our inventories to be prepared for the growth to come and can manage the current situation in a very well manner. The next question I would say is also for Alfred. Zumtobel expects to grow between 4% and 5% on average to 2024, 2025. One of the drivers is COVID catch-up. Is it fair to assume that full year 2021 revenue adjusted to the COVID impact would be the full year 2019, 2020 revenue, implying a CAGR corrected for COVID impact would be between 2.5% and 4%? Well, this is now a question what I think is difficult to answer because we had COVID, whether we are now extrapolating what would it have been prior to COVID. If we just look at the Euroconstruct data prior to COVID, the growth was in the range, yeah, between 2% and 3%. Obviously, with COVID now and the prediction at least 4% growth, we would have been above the 2019/2020 revenue with the 2%- 3% growth because we are only growing by 4% now. Coming to the next question also for Alfred. Why has Zumtobel penciled in the same growth rate for components and lighting segment? One would have expected a higher growth rate at the components segment since it has a much higher exposure to growth markets. That is a very good question, and you're absolutely right. Obviously, growth market, as I have highlighted, are in regions like in the Asian markets, in the Eastern European markets. Obviously, we are not the first one there, so we need to take market share away from them, even if Thomas rightly said, we believe that the price erosion after, let me say, the easing of the tough allocation will not get back to that level what we had. I think in that market, if we want to buy market share, we have to do something on the price. Therefore, we most likely will sell much more pieces, but the revenue is then in the range, what we anticipate between 4% and 5%, similar to the lighting brands, who is mainly concentrating on the European market. With this, I would close the first chat question round, and I would like to hand over now to Stuart, that also the ones who want to ask a question via audio have the chance to join the queue and also ask their question live here in Dornbirn. I hand over to you, Stuart. Thank you, Eric. Ladies and gentlemen, at this time, we will continue with more web phone questions. Please click the Hear button to connect with HD Audio on your browser, and then press star followed by one on your web phone. After you connect, please mute your webcast player above as soon as you are connected via phone or browser. Click the Hear button, which you see on the webcast to connect with HD Audio to answer any audio questions. There are no audio questions at this time. I would like to hand over to Eric for more of your written questions. Please go ahead. Yeah. Thank you very much, Stuart. Of course, you're more than happy to join also the queue via audio. In the meantime, we continue with our written questions. The next question is regarding EBIT margin and the components segment again. What do you believe a normalized EBIT margin to be for your components business longer term? Is this something for Alfred? Thomas can answer this question. Oh, okay. Well, the EBIT margin also for our component segment will be in the target range of what we presented before, between 6% and 8%. Good. Coming back to the LED market, the next question, how large do you think is the potential for refurbishment in your core markets? How much of the installed capacity is already LED? Well, obviously, it depends also on the markets we are talking. Typically, the majority is still conventional technology in there, typically in core markets, it's still less than 50% what is already converted into LED. That is pretty much the same for indoor and on outdoor. Especially what I said with the aim of the CO2 neutrality goals, what also our customers have, we expect that there will be a larger portion for this conventional refurbished in the next couple of years with LED technology. Okay. Another question also for Alfred. You explained the lighting market and your position in it. Why are you not targeting the consumer part as well? Yeah, we are looking into that when we talk about consumer, especially the high-end applications, simply because our applications are changing. If you look at the very expensive central city locations where in former time, more or less office buildings have been built. Nowadays, with home office regulations, it might change that this is a combination between high-end lofts or hotels and offices. Obviously we, as a turnkey provider of lighting solutions, would like to take care of the entire building when it comes to lighting, and then this is also an application, what we are considering moving forward into the future. We have a question for Bernard regarding our carbon zero target. Your target is to achieve carbon zero by 2025. Could you please explain how you want to achieve this? Yes, of course. As I explained already during the presentation, we have clear plans how to reduce the carbon emissions in the upcoming years. The downsizing of the emissions is planned currently with 64% compared to the last year, to achieve these. All these measures behind are detailed out with investments in some technologies and investments in photovoltaics and sourcing for Scope 2 of green energy overall. During the next three and a half years from now, we have to rethink all our production processes, for sure, with new technologies which are consuming less energy. These are also clear targets for the products which we are going to launch in the upcoming years. Therefore, based on the secular design rules, we have also energy consumption and process discussions, how to produce, how to design the products, and not everything is detailed out till 2024, 2025, but already more than 60% are clear how to get these. The rest we will find the right solutions by product design and technology changes. The next question is regarding the pricing environment. Can we get some color on the pricing environment? You said you think price deflation should slow significantly. Why is this the case? Are you achieving positive pricing at the moment? Maybe I can start it then Thomas can help me on that one. Now we have, again, a very different situation than it was before the corona crisis. We are now in the middle of a heavy allocation situation with raw materials, partly growing and costing double-digit more with allocation on certain chip components. Obviously, these prices, what we have to pay, we need to also transpire to the market to stay competitive in the market. That's what also our other competitors are doing in a similar manner. Following the end of allocations in the past, there will be a reverse of that one. We believe that the price erosion, what we had, especially in the component segment after 2016, 2017, what was very steep, was mainly caused by the saturation of the LED technology, which is now done, and we are more or less. Following the typical semiconductor cycles with a much smaller price erosion. That, I think, will then be the bandwidth what we have to deal with. Maybe, Thomas, you can add to that what I said. Yeah. It depends, obviously, also on the market. It depends, obviously, also on how the industry develops. Do we see a consolidation in the industry? Are we still having this fragmented approach like we have it nowadays in Europe? You pay six times the price for a container from China to Europe. This goes into your product price. You have, on the lighting segment, price increases between 5% and 7% of the material, and on the component segment, above 10% of the material. These price increases, nobody can keep for himself. He has to pass it on to his customer. In the component segment, we are faster in passing these pricing changes to our customers, and in the lighting segment we are following. The issue is here, we have long-term contracts with our key customer and it takes some more time. You can't, not within two or three months, increase the prices, but after the contract is closed and a new negotiation has started with regards the volume of the contract. Okay. I would like to ask Stuart if there are someone in the queue for an audio question so that we do a break with the chat questions and coming back to the audio queue. Stuart? Hi. Currently, there are no audio questions on the call. Okay, we are going then back to the written questions again. The next question is regarding the current environment. Are you seeing consolidation picking up in the current environment? Well, I think here we have to distinguish between the components business and the lighting business. Obviously, in the components business, we see quite some transactions taking place. You might have seen, obviously, that the U.S. business of the Osram components went to Acuity. We also saw that, for example, Panasonic diversified from its components business, which in Europe affected Vossloh-Schwabe, which was former Panasonic, and it was in the U.S. Universal Lighting, what also had 80% components, what went into private equity. Obviously, now the interesting question will be what will happen to Osram in Eurasia, how it is called, so Europe and Asia. We see already some consolidation and some move here. On the luminaire segment, the market is much more fragmented with a lot of smaller companies in the market. Some of them are coming for sales, partly also, I assume, as they have been suffering very hard from the COVID and maybe even now from their location and the purchasing power, what they might not have to fulfill the needs on their customers. Obviously, there is a lot of momentum going on in the new technologies, in IoT-based space, sensor technologies, what is going on. The big, let me say, consolidation on the lighting market and the luminaire market is currently not seen, at least not in Europe. Okay, coming to the next question. Zumtobel states it has an acquisition capacity of EUR 200 million-EUR 300 million. This could add approximately 20% to group sales. To take it at par with Zumtobel, so at 100%, it implies a valuation of between EUR 1 billion and EUR 1.5 billion. This is 2x-3x Zumtobel's valuation. Why is there such an imbalance? Will the takeover multiples be 2x-3x higher than Zumtobel's own? Otherwise, would an investment in Zumtobel, in brackets, share buybacks, not be financially much more attractive? Thomas, Good. It could also be that the turnover is higher for the acquisition capacity we have, of course, but there are also more profitable companies on the market, and you can be sure that we diligently look at our targets and will not pay anything above fair market value for the company. I also said, share buyback is also a possibility. If we don't find the right target, what shall we do with the excess money? If we can't do an acquisition, we will also think of increasing our dividends and buy back some shares of our shareholders. Regarding this question, there was a follow-up question. Do you really think about a share buyback program in the near future? Well, we have to discuss this with the supervisory board. We need also to have the necessary cash flows for this. Our prime target is to grow our business and not to buy back shares. We want to grow Zumtobel. We want to go back on track into a growth mode. We want to do this also with acquisitions. Markets are quite erratic. Private equity companies are paying very high multiples. If you don't find the right target, what shall we do with the money? Give it back to the shareholders. The next question is, please break down the targets of 4%-5% top line CAGR into volume and price mix effects. You mentioned that price erosion might not recur shorter term, given priority cost inflation. How about once cost inflation subsides? Price pressure has been constantly impacting you in recent years. Well, if I may start, and then Thomas can help me. Obviously, the price erosion is, as I said, on the components level, not expected that high. What we can gain with efficiency measures, what we have, I think we have been able to share with you that especially our low-cost factories in Tridonic has two, one in the Asian territory and one in Niš. We are able to compensate that. I would not focus that much on the current price situation. We believe that this will ease out maybe at a higher level, and it's even good for us because then the market anyhow will adjust to these new price levels. Therefore, I think we will see it as a less pressure on the components level. Typically, if this starts at the components level, it makes the life easier on the luminaire level. The next question is regarding the German market. What is your plan to increase sales and market share in Germany, and when will we see first results? Maybe this is also something for you, Alfred. Yep. As I mentioned at the beginning part of the Fit for 2025, we have also done a deep dive in each of the single countries where we operate. Germany is by far the biggest lighting market in Europe. You're right, we have a relatively low market share there. Therefore, we paid special attention on that. We have now repositioned the whole setup, and we have identified a lot of applications where, especially with our redefined brand, Zumtobel, we go into, because Germany is a market that has both the high-end Zumtobel businesses as well as a strong concentration of wholesale, where we see quite some significant progress on Thorn and especially on THORNe co. We are also investing into Germany in going into the outdoor, where we see a huge potential. We expect the first results already by the end of this fiscal year in the right direction, but more than in the years to come. Please also take into account, Germany is one of those countries where we have the highest density of competitors and also partly larger competitors, not only small, family-owned, regional-based luminaire manufacturers. I will once again reach out to Stuart in order to check if there is an audio question in the queue. Otherwise, we would then go on with the written questions. Stuart? Thank you, Eric. Currently, there are no live audio questions. Good. Thank you very much, Stuart. We will continue with the written questions. The next question is, I think something for Bernard. What is the associated cost to the planned site reduction to 10 from 13? Any indications on the phasing production will be relocated to other sites, for example? This is already done in the last thre years. Incorporated in our financial numbers. Therefore, the details about all these activities, it does not make to talk about what happens two, three years ago. Some restructuring costs you saw in the P&L in the last years related to such kind of changes. Forward looking, we have a good setup with valuable production sites for the business, therefore no demands to restructure with the closure of a site forward looking. Maybe to add to this, I mentioned it in one of the slides. All in all, between 2018 and 2020, we basically have reduced the fixed cost base between EUR 60 million and EUR 70 million. That obviously includes also the relocation of products to low-cost areas. Thomas was mentioning it, that we have already the majority of our blue-collar workers in low-cost countries and factories. Therefore, this is incorporated in that EUR 60 million- EUR 70 million fixed cost. As Bernard mentioned, the restructuring cost, you will see in the P&L from 2018- 2020. We have a final written question, and I would assume that there is currently also no audio queue, therefore, and this is actually also, let's say, a good final question to Alfred. At which price level do you see the fair value of Zumtobel shares regarding the given midterm outlook? Here we count on the very professional guidance also from the analysts. Obviously, from all the discussions, what we have, is that we are undervalued now simply because we believe that we have done more than our homework. At the next quarters, we will be able to show that we are going in the growth direction. Thomas mentioned it, that we are measuring now not the EBIT adjusted, the real EBIT. Obviously any small adjustment, we have to pay out of our operational EBIT. Therefore, I believe that a fair share value should be quite significantly higher than it is right now. This, as I said, was our last question. I hope that we could answer all of your questions. If you still have questions, please reach out to us and we are trying to also answer your questions after our Capital Markets Day. Once again, I want to remind you that you will find all the presentations you saw today by all three board members will be available on our website after the Capital Markets Day, and also a replay of our Capital Markets Day will be available on our website as well. With this, I would like to hand over to our CEO, Alfred Felder, for the closing remarks. Once again, in the name of my colleagues, I would thank you very much once again for listening to us, for all the interesting questions. I hope that we were able to give you some insights where we are right now. I think it's something where we believe that we can grow on it. We have done our homework. We have a cost position what is very competitive. We have an outlook in the operational footprint, what basically is a perfect combination between automation and low-cost countries, between flexibility and volume. Same on the components as well as on the Luminaire side. We are continuing to invest and drive innovation. I think we will be the company who drives innovation in Europe and who is a reliable partner for our customers moving forward to 2025 and beyond. With that, thank you very much for your time, and have a good and great afternoon today.