Yes. Good morning, ladies and gentlemen, and welcome to the Zumtobel conference call on the full year results of 2020-2021. With me on the call today are Alfred Felder, our CEO, Thomas Tschol, our CFO, as well as Thomas Erath, who will join the executive board as new CFO starting with 1st of August. Alfred will walk you through the highlights of the year, while Thomas will give you Zumtobel's financial performance. At the end, Alfred will present the outlook. After the presentation, both gentlemen will be available to answer your questions. With this, I hand over to Alfred. Welcome. Good morning, ladies and gentlemen. Thank you for joining us today for our annual results. Obviously, the financial year 2021 was, despite the challenging environment what we had, especially at the beginning, a successful year for our Group, where we have demonstrated a robust position and capability to react quickly and consequently on this exceptional situation. You will see it later when Thomas presents the financials, but I would like to give you what you see here on the first page, a few inputs on the highlights from 2021. Looking at the projects what we did last year, among many, I just want to highlight four of them, which should give you an impression on our portfolio and our solutions. We implemented another highly sophisticated customized lighting solution for the Esplanade and the Allianz Arena of Bayern Munich. Here we did, next to the inside, also the whole outside, and that was just completed by the end of April. We did a major refurbishment project, first time in France with ALDI Nord. We had a couple of other projects with Amazon in different countries, which has become a key account for us, U.K., Spain, Italy, Australia. We are very proud that we have been able to win the illumination of the Apple Park campus in California. As you have seen from the publications, our aim is to become carbon neutral by 2025, and therefore now during 2021, we have implemented another step to achieve these goals, and since March 2021, all of our Austrian sites derive 100% of their electricity from hydropower. This transition to that hydropower will reduce the CO2 emissions of the group by 1,500 tons annually, in reference to the relevant environmental data for the 19/20 financial year. We also made further progress on delivering the strategy, focusing mainly on the restructuring cost management program, as well as sharpening our brand strategy and positioning our brands in the lighting, mainly Thorn and Zumtobel. If you look at the year, the COVID-19 pandemic and the resulting economic reality led to a decision of further develop the strategy from our focus into a focused where we have added two major pillars, what we drive, one, the E for the environmental, and two, the digitization, what we preponed from the original plan, started in 2021 of doing a transformation of all our processes into the digital era. It's a company-wide, group-wide program what runs currently at full speed. With that, I would just stop here and hand over to Thomas Erath, who gives you the insight on the financials for last year. Thank you very much, Alfred. Good morning, ladies and gentlemen. Also a very warm welcome from my side. Like always, I would like to start by giving you an overview on the financial highlights of our financial year 2020/21. Obviously, the first 3 quarters have been negatively affected by the impact of the COVID-19 pandemic. However, in quarter 4 we managed to beat prior year levels. In total, the group revenues came in with EUR 1,044 million, which is around EUR 87 million below last year. The lighting segment contributed EUR 794 million. The component segment generated EUR 303 million, Therefore, both below previous year levels. The revenues were particularly hit in Northern and Western Europe, especially in U.K., Sweden, and Norway. The group's adjusted EBIT came in with EUR 45 million and around EUR 8 million below previous year levels. The earnings were supported by a reduction of fixed costs and utilization of short-time work options. The gross profit before R&D was EUR 31 million below previous year. The selling and administrative costs were with EUR 24.2 million lower than previous year. The largest savings were realized in personal costs, especially due to the short-time work options, travel expenses, marketing, and the lower transfer costs, which resulted from the decline in the revenues. The 2020/21 net profit increased significantly to close to EUR 47 million compared to EUR 14.5 million in last year. The net profit includes a one-off deferred tax effect of roughly EUR 16 million. Plus the deduction, this one-off effect on net profit would be around EUR 20 million, which is roughly double or twice the value that we had last year. The group's free cash flow increased substantially to EUR 100 million, we could strengthen our balance sheet even more. The pandemic situation obviously remains uncertain, but the financials show that the strength and stability of the Zumtobel Group confirms the success of our quickly implemented effective crisis management in dealing with the effects of the COVID-19 pandemic. Let's move on now to the next chart to give you more detail on the development of each segment. On page 4, we start with the lighting segment. As usual, you can see the revenue development by quarter on the left-hand side and the adjusted EBIT development by quarter on the right side. On a full-year comparison, both revenues and adjusted EBIT are still below previous year as a result of the pandemic. Revenues declined by 6% from EUR 845 million to EUR 794 million, and the adjusted EBIT declined by roughly EUR 11 million to EUR 37 million in the last financial year. However, the first quarter showed an easing development. As you can see, revenues increased by 15% to EUR 270 million in Q4. Especially the economic recovery, as well as the low levels we saw in the fourth quarter last year, supported this development. Following the good top-line development in Q4, our adjusted EBIT increased by EUR 3 million to EUR 10 million. The adjusted EBIT margin was close to 5%. Let's move to slide number 5, to the component segment. The full year 2020/21 revenues in component segment stood at EUR 303 million. This is 11% below last year, while the adjusted EBIT amounted to EUR 23 million, which is almost flat compared to last year. The adjusted EBIT margin was 7.5%, a touch above previous year level. Q4 revenues were with EUR 84 million flat compared to Q4 last year. Please remember that the Q4 last year benefited from stock building effects in this sector since many customers significantly increased their stock levels with the beginning of the pandemic. Q4 results were good, and they were the strongest quarter in the financial year, which also reflects the economic recovery. We saw a low price pressure in the market of below 1% compared to 5%-6% in the prior year. The adjusted EBIT level, the profitability increased substantially in Q4 by close to EUR 9 million to EUR 11.7 million, which is nearly 4 times higher than the last year's Q4 result. Main drivers were positive FX impacts mainly coming from the low U.S. dollar, material cost savings supported by revaluation of inventories. The adjusted EBIT margin stood significantly high at 14%. On slide number 6, we see the result of the group. This is to say, the combined result of 4 segments. While on a year-on-year comparison, we are still below previous year levels. You can see the beat in Q4 for both revenues up by EUR 25 million to EUR 285 million and adjusted EBIT up by close to EUR 11 million to EUR 17.8 million. The adjusted EBIT margin stood at 6.2%. This is an encouraging sign since it shows us 2 things. First, we do see light at the end of the tunnel, meaning a positive trend in the market. Second, our cost-saving measures which we implemented showed clearly its positive result. I move to page number 7 to show the main building blocks of the adjusted EBIT development. Starting with the prior year, adjusted EBIT of EUR 43.9 million. The absolute gross profit of the group before R&D decreased by EUR 31 million, which is basically the result of EUR 87 million lower revenues with the prior year period, partly offset by savings in the cost of goods sold. R&D expenses increased by EUR 2 million in order to increase the effort of developing innovative products and solution, which is for us an enabler for sustainable growth in the future. In the functional area selling and administration costs, we can see additional cost saving versus prior previous year amounting to EUR 24 million. Here, especially the utilization of short-time work options supported low cost base in addition to savings like marketing, travel, and transportation. Other operating results, excluding special effects, came in with EUR 1.7 million. Consequently, this leads us to an adjusted EBIT of EUR 45.5 million in the last financial year. On slide number 8, you can see the full P&L statement. There is generally not too much there, but I would like to draw your attention to 3 items. The negative special effects decreased very significantly from EUR 18.8 million to just EUR 2 million, first. Second, the financial result improved by EUR 3 million to a minus EUR 9 million as a result of significantly lower debt and lower interest levels, as we could profit from a better margin grid due to a better ranking of our coverage. Please be aware that the income taxes of plus EUR 12 million include the positive one-off deferred tax effect of roughly EUR 60 million, which was also mainly the trigger for our latest ad hoc message on May 31st. This brings up to a net profit of EUR 45.6 million, translating in earnings per share in the amount of EUR 1.06 per share. Deducting the one-off effect, our net profit would be still twice the level of last year. Consequently, earnings per share adjusted by this one-off effect would amount to EUR 0.68. Now let's move to the very positive news on the cash flow statement. The cash flow from operating results increased from EUR 101 million to EUR 150 million following the better profitability. We had significant, again, improvement in our working capital, mainly coming from our lower inventories, and the working capital stood at EUR 152.5 million. The cash inflows from the change in operating position totaled to roughly EUR 80 million, mainly due to additions to provisions and guarantees, as well as lower receivables from research and COVID-19 government grants. Consequently, the cash flow from operating activities increased from EUR 108 million to EUR 140.7 million and due to the dynamic challenges, the cash flow from investing activities was EUR 40.7 million and the capital expenditures mainly comprised investment in tools for new products, expansion, maintenance investments, and capitalized development costs. Based on this increase of the cash flow of operating activities and the reduction in cash flow from investing activities, we came in with a free cash flow of EUR 100 million, which is substantially up on a year-on-year comparison and a proof point for the measures that we took in the last years. Let's move on to page number 10, to the balance sheet. The net debt decreased significantly to EUR 97 million as of end of April 2021. This is almost EUR 70 million below the value that we saw one year before. Our debt coverage ratio went below 1 and our equity ratio above 31%, both more than well in line with our financial covenants. To sum it up, our strong balance sheet secures our liquidity position in the current crisis, which we are still facing, and gives us the opportunity to take action in the future. Before I hand over to Alfred, who will provide you with a brief update on regional sales development and the outlook for the full year, I would like to take the opportunity to say thank you. As you know, I will resign according to plan as of end of July 2021, and Thomas Erath, who is currently CFO of Frequentis, will join the management board of the Zumtobel Group as CFO beginning of August. This is my last conference call, and would like, first, to thank you for following the Zumtobel Group and the trust that you have put in the company, and second, wish Thomas, as new CFO, together with Alfred and Werner Mogk, all the best for the future. Thank you. If we switch now to page 11, Thomas mentioned it already on the data and financials, we do see the light at the end of the tunnel, and this positive market trend is also reflected in our sales development. What you see here, and you're familiar with this curve already since many quarters and years, the first two quarters of this fiscal year, as well as the fourth quarter for last fiscal year, have been heavily impacted by the crisis with a double-digit decline. Then in quarter three, we saw already the recovery with, let me say, only the 8.8% minus and then almost a 10% growth into the quarter four compared to quarter four of last year. This development reflects two things. The 1st one is that we compare the figures with a very low previous year level, which helped. The 2nd one is the mentioned global economic recovery, which is also seen in our sector and which has impacted our figures positively. You see it on page number 12, especially the DACH region, the largest market for the Zumtobel Group, reported a 3.8% drop in revenues to EUR 347.6 million in 2021. The decline was very moderate in Switzerland, despite the crisis. Notable strong in Germany and Austria, actually managed even to generate an increase compared to the financial year before of 7.6%. The revenues in the Northern and Western Europe fell 12.1% or to EUR 257 million, where here the declines are particularly strong in U.K., Sweden, and in Norway. In Southern and Eastern Europe, the decline was 7.6% to EUR 267 million, with Italy, Czech Republic, Greece reporting the largest declines. Asia-Pacific generated a growth. Obviously, they have been able to move out of the crisis quicker than the rest of 2.7% to EUR 108 million. The rest of the world is mainly including the Middle East, also U.S. and Southern America, which basically come to a complete standstill on a low level. You see it here, the declines of the 2022. 0.4% or EUR 65 million. Looking at the revenue development, this fiscal year 2021, 2022. If we start with the revenues on page 13, we do expect an increase year-over-year between 4% and 7%, especially in those four areas highlighted for growth. On one side, we do see quite a strong recovery on the outdoor, especially in the smart street lighting, with a lot of regulatory changes towards climate neutrality. Here also it helps us that the two countries heavily impacted by COVID-19, France and U.K., which are strong sun or outdoor countries, are recovering quite quickly. The second one is the whole light management systems, where basically we are able to sell more and more end-to-end solutions to our customers, including our controls and light management system. Obviously, the bottom right, the catch-up. We do see a lot of investment installments now released. U.K. is one of those partly pushed by government projects, but also by the private sector, where we see here in Q4 as well as continuing in Q1, this fiscal year, a strong recovery. Last but not least, sustainability, as I said, is not just a word. It's basically all or a lot of our clients are now having very clear targets on their CO2 neutrality, and we are working with them and for them to install the highest efficiency in lighting to save cost and energy on the light. Furthermore, due to the capping of the CapEx spending during the COVID-19 pandemic, we also see and expect a catch-up effect starting this fiscal year. As you might know, some countries, especially here in Austria, have this so-called benefit that the government supports investments, and we see a lot of, let me say, CapEx released, what helps us in accelerating the growth. If you look at the page 14, the bridge of EBIT margin development between last year and this year. We have reported, as Thomas said, a EBIT margin of 4.2% in 2021. Please keep in mind that 2.7% out of the 4.2% came from the one-off effect, like the short-time work what we had, as well as the lower margin, marketing and travel expenses, and these effects are not present anymore. Obviously, when it comes to travel, we are not expecting to get back to the pre-COVID-19 level simply because we do more and more meetings also online. This is also the effect here. One thing I forgot to mention, this is not anymore the EBIT adjusted report. It is the EBIT, as we, after the three years now, have left the situation of restructuring. From now on, we are reporting the EBIT margin and not the EBIT adjusted margin. Considering the top-line effect of around 2%-2.5% and another 0.5%-1% effect following further efficiency measures, like product platforms what we have installed and the first contribution from our digitalization project, we do expect an EBIT margin between 4% and 5% in 2021, 2022. Looking at page number 15 and following the projected revenue development as well as the potential strategic stock increases in order to tackle possible shortages, we expect the working capital to be between 14%-14.5% by year-end. As explained, company shifted their CapEx spending due to the COVID-19, and of course, we did as well. As you see, the economic environment is recovering and getting back on track. Going forward, we plan to invest between EUR 50 million and EUR 55 million, and a part of it is dedicated to the maintenance activities, while the other part is CapEx, which was shifted due to the COVID-19. This CapEx is mainly going into the digitization as well as the new platforms and new product development, what we will release within this fiscal year. Let me summarize on page 16 the outlook for the financial year. Revenue growth between 4% and 7%. EBIT margin projected to increase to 4%-5%. We plan to keep our working capital between 14% and 14.5%. That means our CapEx spending is projected to stay as a healthy level between EUR 50 million and EUR 55 million. I think those of you who joined us regularly still might remember that in previous year we have been higher, but that was also taking into account that we had the huge investment in our large factory in Litsch, in Austria. During the crisis, we have also been working on the further development of our strategy, what we incorporated 2018 and 2019. In recent years, we have basically put a much stronger focus on customer orientation and reduction in process complexity and therefore cost. Our activities in 2021 also included the constant work on the further implementation of our Be FOCUSED strategy. While delivering on our restructuring cost management program, one key element was formed by the stronger brand strategy. It involved the systematic positioning of the Zumtobel and the Thorn brands through a streamlining of the product portfolio and the more efficient positioning of the brand organization, as well as well-organized interfaces to the key sales and R&D functions. Fundamental long-term challenges can never be neglected, even in a demanding environment. COVID-19 pandemic and the resulting economic reality led us to the decision to further develop our focus strategy as a means of utilization of new opportunities for growth and strengthen the company position mid and long-term. The result is the new Be FOCUSED strategy, where we have expanded to include increasingly important aspects, like I mentioned already, the environmental issues for the letter E and the digitalization for the letter D. Our goal is not only to create a customer-oriented solution, but also to anchor sustainability even stronger in our action. One of the major goal, what we set to ourselves, is that we plan to become climate neutral by 2025. We will work systematically, in the sense of circular economy, which is another priority, not only reducing the CO2 exposure, but also being able to use material resources as well as efficient minimization of waste emissions and energy consumption. This will represent now an integral part of our efforts in the earliest phase of product development, and subsequently in the construction and the operating supply chain. With this initiative, the Zumtobel Group can, and I believe will, take a pioneering role in the lighting industry. Digitalization for Zumtobel means innovative products with expanded functions as well as services that create new customer experiences. That will strengthen even more the customer relationships what we have and support the development of new earning models for the group. We are implementing the digital process workflows throughout our company step by step, end-to-end, from the customer acquisition to receipt of orders, product delivery, and after-sales support. For the time being, I would like to stop here and also the invitation for our capital market stage, what we plan to host on October 12th, 2021, where we will give you a comprehensive overview of our focus strategy. Since we do not know how the travel restriction is due to the COVID-19, we will develop our capital markets. They will be held in a hybrid event, meaning you may either join the event in person here in our headquarter in the Light Forum in Dornbirn, what we opened last year, or online. Thank you very much for your attention, and now Thomas and myself will be happy to take your questions. The first question comes from the line of Markus Remis with RBI. Please go ahead. Yeah, good morning, gentlemen. Congrats on the results. A couple of questions, please. Firstly, on your sales guidance, can you maybe shed some light on the volume versus price dynamics that you've baked in? Also some assumption regarding the regional dynamics would be very helpful. All right. Yeah, obviously, I think we highlighted it at the beginning. As we are over the worst in Corona, we have a couple of dark clouds on the horizons, which are related to raw material increases and partly which will, most likely, impact us after quarter two. Certain shortages of key components on the component side. Semiconductor components that go into our drivers, which automatically reflected in a situation where the customers are placing orders ahead, so that on the components level, we do see a sales development that looks promising as well as on the lighting segment. When it comes to the prices, we expect at least for the next couple of months, are quite a constant development, depending on the situation where we are in with increased raw material costs, increased transportation costs. We have been partly forced to implement price increases out in the market so that I believe that the sales, when it comes to the price dynamic, will rather be constant or slightly increasing for the time being, at least until the end of this year. In terms of volume, we are expecting a higher volume simply because of the catch-up in the different markets. Driving markets are here, as I mentioned at the beginning, U.K. and France, which are partly back at pre-COVID-19 levels in the monthly run rate, also on the volume. That's quite a significant volume increase. Also the component level prices are rather constant. We also saw this in the last year, and we believe that will continue as long as we are in a semi allocation mode. Markus, in terms of regions, the fastest recovery, what we saw, is in U.K., in France, also in Spain and in Italy. It's basically a rather constant development in the DACH region where, as I said, in Austria, we have the so-called investment premium from the government. We see a significant growth also in the next two quarters. Okay. Why is the DACH region kind of lagging behind in terms of the dynamics? Okay, I understand the basic fact, but still. With all the data, what we have, so we are relying on the statistics from Euroconstruct. Euroconstruct data shows that U.K. and France is much faster recovering with a positive impact. The latest Euroconstruct data on Germany shows still a shrinkage in investment. It's reflected a little bit in our business as well, that Germany is not growing that fast, for example, like U.K. and France is doing at the moment. How long does your current order book reach at the moment? What's the visibility? Maybe you can compare that to, say, pre-corona levels. It's an interesting development because we are now in a phase where our customers and the whole world sees the shortage of certain components, and therefore we have partly something what we call the Klopapier effect. Sorry, the German word for that one, where customers are placing long-term orders to secure their orders. The order intake of the component level is currently much higher, and also the visibility is longer than it was at pre-corona levels. The order book lasts already until the end of the calendar year, where in pre-corona level, you had the visibility of maximum 2- 3 months. Okay. Would you expect these orders to actually translate then into revenues, or do you see a high chance of cancellation? Well, obviously, that depends also, we have a non-cancellation policy. It will generate revenues. Obviously, it will then be a revenue what is distributed over a longer period. Okay. Can we stay on the raw material side and on the part shortages? What's kind of the magnitude of the cost inflation you're seeing? You indicated that after Q2, if I understand you correctly, you're a bit more worried about the supply side. Is there already some evidence that your production and your selling process is hindered by part shortages? It's like this. On the component level, the shortage is already starting now, and we believe it will have an impact in our Q2 numbers. Obviously, the teams have done everything to work around certain critical components where we partly have replacements. I think what we are currently seeing now, it will be a difficult quarter 2, and depending the time of allocation and depending how fast we are able to implement the changes, it might get better then after the summer break. Obviously, it's a very critical situation because at the same time, the order intake is over proportional high, due to the fact that the customers are also afraid of not getting the parts. It's a little bit difficult to predict exactly how this goes, but the critical quarter will definitely be the quarter 2. Okay. Last question before I get back into the line, would be on the currency exposure, as we enter into the new business year, can you remind us of the main long, short exposures U.S. dollar, British pound, Swiss franc? That would be helpful. Yes. Our main short exposure in US dollar, it is around $160 million, mainly coming from Tridonic, from the raw material purchased in US dollar. Besides that, we have a shorter, or let's say, we have rather long positions in the Swiss franc, around CHF 80 million, and in the British pound, GBP 30 million. This is not too much because we have quite a good natural hedge between sales and purchasing in Great Britain in our factories in England. These are the most important exposures that we have. Okay. That was always in local currencies, so GBP 30 million. Yeah. in CHF. Okay. Very clear. Yeah. On the dollar effect, apparently there is some tailwinds in the last quarters. When do you see that leveling out from a quarterly perspective? When is the base effect kind of kicking in when your hedging rates will go up? Roughly in 1-2 quarters. Okay. All right. Thank you. The next question comes from Michael Marschallinger with ODDO BHF. Please go ahead. Yes, good morning. Thanks for taking my question. The first one on the revenue outlook on page 13 of your presentation. It's the first time you also talk about smart lighting, light management. Can you just tell us how big are the sales right now and what growth rates do you see in smart lighting maybe also now and in the next years? On smart lighting, that includes also, maybe I need, Michael, I need to explain a little bit to you. That includes also everything what is related to city beautification, illumination around the house, especially when it comes to environmental protection, no light pollution, making sure that we are taking care of the insects and the animals here. We are currently launching a new portfolio for that application, and we do see quite a substantial demand on that 1. In parallel, we are working with different external partners on developing smart city solutions using our connectivity solution in combination with our luminaire. It's a growth field where we believe over the next year we will make some substantial progress, but it's of course not the dominating revenue driver now, most likely also not this fiscal year, but coming in the next fiscal years. Okay. Understood. Maybe also one. We already talked about geographies, about your major geographies, but just maybe quickly that coming back to rest of world was rather weak this year. Any intentions Middle East, U.S., sort of to reduce exposure maybe to rest or what are your expectations here? Yeah. Your question was U.S., right? Did I catch this correctly? Yeah, U.S. and Middle East something. Obviously, during the last years, we have streamlined the setup over there, where we have optimized our footprint, for example, in the U.S. We have been shifting from locally made products, what are highly price erosive into the high-end products from Zumtobel. We are only selling the Zumtobel products in the project business. Here we have been able to stabilize the business and go back to the growth mode. Obviously, COVID, as you still remember, under the former administration, was not managed very well. We had quite 2 quarters, extremely heavy in the impact. It is now recovering quite steadily, including the South American, where we basically do project business driven by international accounts what are partly generated in Europe. We believe with that lean and very efficient setup, we are able to manage this, and it's also necessary to have this footprint if we want to become and remain an international lighting solution provider for international accounts. Same is valid for Middle East, where we have been going back only into the key countries. We have removed our activities from not profit-making territories. Okay, understood. Thank you. As a reminder, if you wish to ask a question, please press star followed by one on your touchtone telephone. The next question comes from Charlotte Friedrichs with Berenberg. Please go ahead. Hello. Thank you for taking my question. Also, congratulations to Mr. Tschol on your achievements in the past years, and best of the luck for whatever your next projects may be. Thank you. You're welcome. Would be again on the supply chain. Could you elaborate a little bit more why you think that Q2 will be a critical quarter? Are you seeing a worsening of the situation or what's the reasoning behind that? Well, Q2 will be the first quarter where we will see the impact. Let me just start here, what happened. More or less towards the end of calendar year 2020, beginning of 2021, we saw first an increase of our costs on the logistic transportation cost from China. Obviously, then again accelerated with the Suez Canal vessel accident, but more or less what led to a quite significant increase of logistic costs, but also longer lead time from products. What has been coming from China, which is quite a lot, in terms of raw materials, semi-finished goods and finished goods on our luminaire level from Tridonic. That automatically then led to longer lead time and at the same time, an increase in demand. Obviously from January onwards, we saw a quite dramatic increase of raw material prices, copper, steel, and so on. Plastic granulates and this kind of stuff. At the same time, with the whole bounce back of the economies, a shortage on ICs and semiconductor devices which go into the drivers. Now we see that we are still having warehouses with enough components, moving forward with the demand that we have and a shortage on certain components, we see that this will impact us after, let me say, August, September timeframe. It depends heavily how fast we are out of this allocation from the market and how fast we are able to convert certain components into other components so that we are able to produce. The Q2 will be the first quarter where we will see an impact, it depends heavily how the whole economy goes. There's no crystal ball. Certain indicators share and show that after the end of summer, October, November timeframe, it will ease up a little bit, but others also show that it might last well into the Q1 calendar year 2022. Okay, perfect. Understood. Coming back to one of the previous questions, can you tell us what percentage of your revenue usually comes from street lighting, roughly? From the street lighting? Our outdoor business, let me just check it up, but we are roughly EUR 140 million of our lighting revenue for the lighting brand Thorn, who is outdoor, and the majority of it is street and tunnel illumination. Minor businesses are, let me say, everything what is with stadium, cities, beautification, around the house and smart city. The majority is street and tunnel lamp. Out of the EUR 140. Okay, perfect. Just to make sure that I understand correctly, with the one-offs that you showed on slide 14 here for your EBIT margin guidance, roughly EUR 28 million, I guess. Can you tell us what components are in there and what your assumptions are regarding, for instance, a return to travel, and so forth? Yes. The 2.7%, this means, EUR 28 million in absolute number and roughly, EUR 21 million are coming out of short-time work, and the remaining EUR 7 million from less travel and less marketing. That's for sure that the EUR 20 million is a pure one-off effect. Out of the remaining EUR 7 million, maybe there will be one third, or, let's put it differently, two thirds also will be, we will no longer have or will be a one-off effect. Sorry. To make it easy, roughly half of the remaining EUR 7 million will be a sustainable one-off. It will be a one-off effect, sorry. Half of it will come. EUR 3 million-EUR 4 million we will have in the next year due to more travel and also more marketing expenses compared to this year. Okay, understood. Perfect. Thank you very much. Thank you. The next question comes in of Laurent Stucki with Kepler Cheuvreux. Please go ahead. Good morning. This is Laurent Stucki from Kepler Cheuvreux in Geneva. Congratulations for these figures and especially for the strong free cash flow. Maybe could you give us a midterm target for the EBITDA margin by a business unit for the component and lighting business? Thank you. Regarding the EBIT midterm plan, we're working on that and what I would say, there is the Capital Markets Day in October, and there we will give you the details on that at this point of time. Maybe just one comment. I think this is also important to have this in mind when looking at page number 14, is that the pre-COVID level in term of net sales was EUR 1.18 billion. This means that getting back to the pre-COVID level will take roughly 2 years. With the next fiscal year, we are halfway. We have the structure and I would say the cost place is here, is in place, and then getting back to the pre-COVID-19 level at this EUR 1.180 million, this would mean, depending of course on the market share, the catch-up will take place, et cetera Roughly EUR 35 million in additional EBIT. Which corresponds to 3% of EBIT margin. Translating this to the pre-COVID level, we would be between 7%-8%, to make a very rough calculation. I think this is the good news here. Maybe at first sight, it could seem a little bit disappointing, why only 4%-5% next year where we had 4.2% in the last financial year. In my opinion, it is not, especially also in light of the challenges with the raw material shortages that Alfred already explained in detail. From my point of view, this is, so to say, a transition year to getting back to the pre-COVID level at a much better profitability. Regarding the EBITDA margin in the medium perspective, please maybe do that on the Capital Markets Day. Thank you. The next question is a follow-up question from the line of Markus Remis. Please go ahead. Yeah, thank you. One more related to this strategy update. I guess you will elaborate in detail at the capital markets, is there any snapshot you can give us in terms of investments needed and whether there is a step up in R&D expenses needed to deliver on these E and D targets which you have outlined here on the slide? Will you keep the known pattern in terms of R&D and investment needs? What we have done already, Markus, here in this fiscal year that we plan to continue, is a stronger investment in R&D, especially in our innovation products and platforms on one side. There is a big plan also here on the digitization, where obviously investment has been already released, and this will be continued over the next years. The details, we would like to share them during the Capital Markets Day on this here. On the environmental setup, that's also then influencing the whole investment on R&D and product development, taking into account the reuse, the circular economy, which will also require additional investments. Okay. In terms of the historical ratios, I don't know, CapEx to sales, I think it's something like 5% or so. Will that be sufficient to deliver on these midterm targets? We believe so, because obviously, maybe this was not crystal clear. With the sharpening of the brand positioning and the underpinning platform strategy what we have, we have already seen for those platforms what we have released, like a moisture-proof platform or a freestanding luminaire platform, that with the same amount of R&D, we can serve two brands differently positioned, and we have here a much more efficient setup. We believe we are not reducing the R&D, we are keeping it constant, slightly increasing, but the efficiency gain what we have only based on this platform strategy for the two brands is quite substantial. All right. Okay. Looking forward to the event then. There are no further questions at this time. I hand back to Axel Schröder for closing comments. Ladies and gentlemen, thank you very much for listening to us. Thank you very much for the interesting questions. With that, we come to an end on this call. Again, I would like to extend the invitation for the capital markets day. We obviously will go to a deep dive on the initiatives what we have started. We will also have more to share with you, and I'm looking forward to see you at least online, hopefully, on October 12th. Thank you very much for your time.