Good afternoon. Well, good afternoon, and welcome to our Capital Market Day 2022, here in Winterthur or as well online. Since our Capital Market Day 2 years ago, the world's changed a lot. As a company, we also changed in many ways. 1 is growth. 2 years ago, for the H1 year, we reported CHF 303 million order intake. This morning, we reported CHF 707 million. Knowing that in 5 months our current mid-term plan comes to an end, it's actually the perfect timing for us to come back, present our new ambitions, our new plans for you today. Before that, a couple of topics for housekeeping. First, safety. Safety first. 2 exits, 1 at the back where you entered. There is also behind the door, there is a safety exit. I checked, it's open. It works as well. There will be 2 Q&A sessions and break, 1 at about 2:00 and 1 at about 3:30. After that, for the participants here in the room, I will offer a factory tour, and you will get more details presented in the end. Last topic on page 2, there is a disclaimer which I will assume you have read, and with this, I will start right away with page 3. Today, we want to give you a clear understanding of the accelerating dynamics in our markets, about our mid-range plan objectives and our strategy to reach them. We also want to give you a clear understanding of our framework for capital allocation and in general, our financial targets. Before we go into this, let me remind you who we are, where we play. We are a leader in reciprocating compressor solutions. We are the only one in that market who have the complete range of technologies and the complete footprint globally. Our compressors are critical for our customers' processes, and they are essential for the world economy. They are involved in thousands of products of our daily lives, and you will see that in the next session, going forward, the world will need more gases and will need more reciprocating compressors. Now, the mid-range plan, I would like to put it in a perspective, in a historical perspective. Since we became independent again in 2002, there were 4 phases, with each a clear focus on the strategic side and some elements of transformation. In the phase I, it was about becoming successful again. In the phase II, after the IPO, it was about focusing on a few very profitable but small niches. The next phase was about becoming global, having the footprint in the US, in Korea, starting acquisitions in the US, in China. In that phase, we become the number 1 in our market. Now, the phase IV, which we are just finishing, I called it platform strengthening. During that phase, we created the 2 divisions that we have now. We created completely new processes, improved the governance, increased our innovation rate, and started a strong sustainability agenda. Now with the order intake momentum that you have seen from our half year, we start a new phase and you will hear from the team we are fundamentally positive about the company, about the market, about our ability to transform, and that independently of the short-term changes which might happen in the market. You will hear that today. For this transformation, we have a team who has a very complementary skills and personalities. On 1 hand, you have Rolf Brändli, Rainer Dübi. They are pillars of the company. They are here since a long time. Rainer has been leading almost every function at Burckhardt Engineering. He was in sales, now he's leading the service division. Rolf is with us since 2008 as the CFO of the company. We have 2 newcomers coming with a wealth of experiences from world-class industrial companies. Vanessa Valentin joined us in June, after having led HR at VAT, a strong growth company which might be very useful in the next 18 months. Before that, she had an international career at GE and Alstom. Andreas Brautsch joined on October 1st, and after an international career at Siemens, GE, ABB, Hitachi and now at Burckhardt. He has been already involved in the definition of the strategy with his team and also with the board starting in August, and that's why he can present it today. What you will hear from this team today are 3 main messages. We are on track to deliver the mid-range plan 2022, and we are raising the bar for 2024 to 2027, aiming for CHF 1.1 billion sales, 12% to 15% EBIT margin. We are in a highly dynamic market where we are growing strong in applications supporting the transition towards more secure and more sustainable energy sources. We have a strong value commitment to value creation with a new KPI, RONOA, that we want to reach above 25%, and we have a strong commitment to sustainable development. This is what we'll hear today, and what we mean, sorry, by raising the bar, we mean raising the bar compared to the financial year 2021 and compared to the last mid-range plan targets, which you see here in parallel. At the group level, growing the target from CHF 700 to CHF 1.1 billion, you see the raising of the EBIT margin and combining the 2, basically, you have a doubling of the EBIT compared to financial year 2021, if you take the midpoint range. You see the RONOA targets, and with this, we expect the dividend payout ratio to remain in the same range of 50% to 70%. You see the growth in the 2 divisions, systems, even stronger than services, and that comes from the strong dynamics from our markets. The 2 divisions are raising their profitability targets and it all adds up then at the group level. We'll come back to that. Let's first look at the past mid-term plan and how we've built a stronger platform for success, which will be relevant for the next mid-term plan. Overall, to summarize, we have demonstrated resilience, especially during the COVID years, and we are delivering on our targets. We are on track to reach the target. I confirmed this morning, you see on the right, the guidance for the full year. We have in the Systems Division, we were with a negative EBIT 5 years ago. Now we have clearly improved that. We are above 5%. Service Division has actually not fully reached its growth targets, but it has reached its organic growth target, which was 6% per year. Actually, not yet. It's what we expect for the financial year 2022. The organic growth target for service should be reached this year, even if the total growth has not fully been reached. We have entered a new market, service, especially in the marine business and systems in solar panel applications and hydrogen mobility and energy. While doing this, we've maintained financial discipline, and we've prepared the organization for the future with innovation and sustainability agenda. Let me explain in more detail what we mean by strengthening the platform. You have here a few examples of what we have done. For me, actually, the most important is this clear split that we've reached with the divisionalization of what is group function, where the governance is, where there we define the key processes, the key tools, global tools for the, for HR, for finance, et cetera. The 2 divisions, which are operationally quite independent. They have the means to develop. Themselves, they have the responsibility to build their own platform. Services has built a completely new regional organization, defined new processes, new technical support center, globally, et cetera. On the Systems side, also completely new customer-oriented processes, new tools, new factory in China. You will see later on a nice video of it. With this independence, Systems has grown and innovated in some new applications. We have created these 2 divisions, but what we've been very careful to do is to keep the integrated business model of the 2 divisions. On this slide on the left, you see a summary of a slide we presented at the previous Capital Markets Day, showing the responsibilities of the 2 divisions. Basically, Systems is responsible from the first contact with the customer until the compressor has been delivered and accepted by the customer. Services takes on for the following decades. You see on the right a very nice example because it's interesting to look at it because we just started in financial year 2012 of how it works in the LNGM business. In blue, you see the cumulative order intake of the Systems Division, and on top you see after 4-5 years, the service business kicking in. When you look at the last few years, actually in percentage, the service business is growing faster. Even if we would stop selling any new compressor, so if blue would remain flat, the service will grow year after year after year because these ships have a lifetime of about 25 years and will need service for the 25 years. Now it gets really interesting if you look at the profits, the profit content of the financial year 2021. Not cumulative, but just financial year 2021. If you apply the average EBIT margin of the 2 divisions, actually you realize that in 2021, about half of the profits in the order intake comes already from service. With the years it will only increase year after year after year. This is why we talk about this integrated business model, and this is why we ask you to look at value creation of the 2 division in an integrated way. That works together. They live together, these 2 divisions. Now talking about platform, we have also strengthened the platform in the past year with 4 acquisitions to improve market access, footprints, and in some market niches to improve our position. First acquisition was Arkos. It was about entering the largest service market in the world, which is the US. The second large acquisition was Shenyang Yuanda Compressor. It was about entering the largest systems market in the world, which is China. Then we have strengthened our position in the petrochemical industry for the Laby with JSW. We have acquired a very interesting high-tech repair company, Mark van Schaick, last year, which is specialized in marine business. You see at the bottom, we've integrated these companies, and Rainer Dübi later on will tell what is the latest step in the integration of Arkos in the US business. The other business are actually integrated. At the last line, you see the criteria that we have for ourselves for value creation for acquisitions we presented at the last Capital Market Day. What we want is that within 3 years, we reach the EBIT of the target, divided by the purchase price above the weighted average cost of capital. You've seen for the last 2 acquisitions, we've reached that within a few months, actually. Arkos we should reach this year, and Shenyang Yuanda Compressor, we are working on it. Next point, which is important in this platform strengthening and relevant for the next mid-range plan: innovation. You see on the left how we've accelerated our innovation, how we've invested a lot more in the innovation. While increasing profitability, we have as well increased a lot in R&D because we could see that there are new applications coming, and we wanted to be the first one there. We will keep in the next mid-range plan, we expect to keep 2.5% to 3% of sales in R&D to continue to prepare for the next wave of growth applications. You see in the middle, the type of innovations that we've done in hydrogen, marine, in services, in digital services as well. You see on the right that it's really starting to pay off. In financial year 2021, we had 10% of our order intake coming from products which we have launched in the previous 3 years. You see that this quick payback on innovation, this is restarted. This acquisition engine is restarted. Now, the last topic where we invested, where we made quite some progress, is our impact-oriented, pragmatic sustainability agenda. We have made sure that the 2 divisions work on their strategy and work on growing applications which will remain in the sustainability for sustainable world, basically. We've worked on our environments with renewable energy. We increased a lot the safety in our factories, and very important at the bottom, we've improved a lot the governance for sustainability in terms of data collection, KPIs. You have seen we've published for the first time in June our sustainability report according to GRI standards. There is still a lot to do, and we will continue. Our teams are very motivated with this new sustainability agenda. As you see on the right, we also get noticed by rating agencies. MSCI, ISS ESG, and EcoVadis have raised our ratings this year. Now to wrap up this phase, and summarize how we are future-proof with this platform which we have strengthened. First, we focus on reciprocating compressors. Everyone in the company, from waking up in the morning to going back home at night, we focus, and with our innovation culture, we can develop new businesses in niches, 1 after the other. Second, we have resilience thanks to our broad application portfolio, to our global footprints, and to our service business. Third, we have an innovative offering, which is innovative and on the cost side, benefits from our strong presence in India and in China. I didn't mention it before, but we have also, during that period, built a global support center in Pune, in India, with more than 100 engineers supporting the rest of the world. This is also new and part of the platform. Fourth, we have the best footprints, the best integrated model in the industry to support customers across their entire life cycle, from systems to services. Finally, to do this, we really have a nice culture, a respectful culture, where the people are in the center, and with this, we can attract and retain our people. That was latest shown in the survey from Handelszeitung this year, where from 1,500 companies, we came up in the top 2% in terms of appreciation by employees. That will be important when we want to grow. Closing that first part on the previous MRP, I'd like to go now into what you probably all are waiting for, which is the future. First, looking at our markets and how they're developing. They are very dynamic. Before stepping into the markets, I would like to remind about the mega trends. This is basically a slide which we presented at the last Capital Market Day 2 years ago. All the bullet points were there 2 years ago, and most of them are confirmed in the gray part in the middle. What we didn't plan, which was negative now, is of course Russia and the slowdown in China. That's the only new item, the increasing rates. That's new, since a few months. Most trends are here, and the most important are the ones at the top in the green area. All these tendencies, these trends that were already here emerging 2 years ago, for a move towards more sustainable, more secure energy sources, they are accelerating. Let's see how now. We'll see that, with the 3 applications, the 3 markets which are driving our order intake in the last 18 months, LNG, solar panel related applications, and hydrogen mobility applications. Here, we'll spend the next few slides based on this analysis of the International Energy Agency. It's because I find it very interesting because it has scenarios. It thinks in scenarios, and we have to do the same. The first scenario that they look at for the future is the red one, which is stated policies, meaning everything which is already in the pipeline, decided, financed, where we start to see order intake. The dotted line in blue, these are the announced pledges scenario. These are all the commitments from the states. From this, for instance, at the COP26 and hopefully higher in the next few weeks at the COP27. The green one is actually what the world should do to reach a net zero scenario by 2050 and remain within 1.5 degrees Celsius global warming. Our mid-range plan is basically based on the red line. Couple of elements above that when we see something really coming, but we base our midrange plan on what we see concrete, which is in the pipeline. Now what is interesting, if you look at the red lines of our top 3 applications, they are all growing until 2030 in the red scenario. Now, there are other scenarios. If we accelerate towards sustainable energies, the natural gas at some point will decrease. If it decrease, then the nice thing is that the other 2 will increase even more, especially hydrogen. You see when you go towards the green line for LNG, then on the right, the green line is kicking really nicely. This is the conclusion of the International Energy Agency that whatever the scenario in the future, at some point, there will be less need for liquid energy, basically oil. There will be at some point less need for solid energy, today, basically coal and wood. In any scenario, they plan that it will be more gases, whatever the mix, either natural gas or hydrogen. This is why with our reciprocating compressors, we are confident about the future. Whatever the scenario doesn't really matter for us, we are hedged in a way. Now let's go into these 3 applications, starting with LNG. Here, very clear in the short term, until 2025, the International Energy Agency is very positive, especially because of what's happening with Russia and Europe. The stopping of the import from pipelines from Russia has to be compensated by LNG. If you look at the 2 bars, it's even more than that. There are many countries who need energy quickly, and LNG is the quickest way to bring electricity in an island in Indonesia or in China or wherever. You see here on the right the various applications where we are present. The first 2 LNG import terminals, LNG carriers for high pressure ME-GI technology. They are very mature, and here we are the clear leaders. Then LNG carriers for low pressure, here we are not present. There is no compressors in there, or no reciprocating compressors, but we have a product in the pipeline that could come in the next 2 years. LNG fuel ships, you'll hear later on from Andreas Brautsch how we have very well progressed here, already sold more than 100 compressors in ships that don't use heavy oil anymore as fuel. They use now LNG because it's with less emissions, and we are present here. Overall, CHF 200-500 million market depending on scenario. Let's go to solar panel related applications. On the left, again, from the International Energy Agency, you see the huge potential, the huge needs for solar panels, whatever the scenario. The bar completely on the left, this is the electricity produced today. T his is basically the installed capacity of solar panels today. Look at the multiples of that that we need, that will in any case be done until 2030. The more you go towards green, the more you will have. Where are we involved here? You see on the right a scheme of a typical solar panel. We are involved with our compressors in 3 different sub-applications in 4 different layers. The first layer is the EVA, which is a chemical molecule contained in this thin, very hard, transparent film, which is used as encapsulants. To produce that molecule, you need a chemical reaction at more than 3,000 bar. You need the hyper compressor, and we are clearly the leaders there. The solar cell needs polysilicon. To produce polysilicon, you need reciprocating compressors, and we are the clear leaders there with our SYCC factory in China. Finally, the backsheet, this is a general polymer, needs compressors, especially Laby compressors, where we are also the leaders. These 3 applications are very mature and represent maybe CHF 200-400 million revenues or markets in the different scenarios. Let's move to hydrogen. Hydrogen presents many opportunities along the value chain, looking first at production and conversion, transport and storage, and usage. If we start from the left, after the production of a molecule of hydrogen, today, it happens mostly from steam methane reformers, but the new capacity which is installed is mostly electrolyzers. Fo r the compressors, it really doesn't matter. Once this molecule is produced, there are basically 2 ways. Either it gets converted into liquid hydrogen. Ammonia can be also in the future, sustainable aviation fuel. Then it's a liquid, and then when it's transported, you can transport it on ships, you can transport it on trailers, and it requires further compressors. T his is for the liquid path. Then you have the gas path. This, the H2 after the production, it remains as gas. Then you need to compress it, either to transport it in a trailer again, in a pipeline, in a train, or you need to store it. Every time you need compressors. Moving to uses. There are some uses which require a pressure higher than what you can deliver with the transport, meaning you need again to compress the gas. That's the especially for fuel stations, there you need to reach 700 bar or even more. For that, you need again to compress. The interesting thing is we talk a lot about electrolyzers in sustainable energy development, but here you see every molecule of hydrogen which is produced by an electrolyzer needs to be compressed 1, 2, or 3x before it is consumed. This is why Hydrogen Mobility & Energy is, for us, a very important market. Basically, from 0 revenue order intake in financial year 2019, we plan this year between CHF 80 million and CHF 100 million, and we already have more than half of that in our H1 year. Now, diving 1 step more into the applications. First, on the production side, you see here the amounts of additional hydrogen on the graph that are expected, again, in the different scenarios. When I listen to what has been said in the past few weeks with Europe committing for 10 million more tons of hydrogen produced locally + 10 million tons of imports, the US talking about 10 million tons. Actually, only with Europe and the US, we're already in the 30 million ton scenario, and it's without talking about South America, which is investing a lot in the capacity for potentially sustainable aviation fuel or green ammonia. Now from this, let's say 30. If only 5 million ton will be liquefied, which is today our largest application in hydrogen, that would mean for us to build that capacity over time, a market of CHF 1-2 billion cumulative with the different year over this period. Very important application for us, and we are the leaders in this application with our very large compressors. You will see one of these compressors in the factory later on today. If I move to the middle, the transport and storage, then the need for compressors depends on the type of transportation. Is it pipeline, shipping, trucking, and the distance where you have to compress. You see from the tick bar, there is always a need or mostly a need for compressors. Here, I would like to focus on 2 applications which are especially relevant for us. The first one is trailer filling applications. Here you can imagine, and we have such project in the North Sea, a very large wind park bringing electricity onshore to an electrolyzer, producing hydrogen in large quantities. This hydrogen goes partially in the pipeline and partially in trailers. The trucks, which just like with oil, come 1 after the other and are filled with hydrogen at high pressure, and then they are distributing that towards fuel stations, for instance. Here, we are talking about the high tech of reciprocating compression because on the 1 hand, we compress hydrogen. It's a very small molecule, so when you try to compress it tries to go away. Very difficult to keep contained. You talk about high capacity because the trucks come one after the other. You talk about high pressure to put as much hydrogen in a truck as possible, and this hydrogen will go into fuel cells in cars and in trucks. For this, it has to remain very pure, so we cannot lubricate the piston in the compressor. Then that's the most difficult you can imagine for reciprocating compressor is exactly that application. This is why we are the leaders with our technology. This is why Shell is subsidizing a part of our new test bed, which we are building here, because they have identified that if somebody can do it, then it will be Burckhardt. This is where we have sold a number of these compressors to larger companies. Today, they are testing these compressors because 1 year ago, everybody was telling it's not possible. We have now compressors. They are purchasing them. They are testing them. For us, it will become very interesting when it starts to go into series. There is a couple of years to wait before they test everything, and then to distribute all the hydrogens we've discussed before, they will need these compressors. Moving to the usage. Here, the application which is really interesting for us are the large refueling stations. The world is moving towards larger fuel stations because there are more and more vehicles that you need to feed. Basically, these are the same compressors of a trailer filling. Large fuel stations, so you need a lot of capacity. It's high pressure, and it's for fuel cells, so it has to remain pure hydrogen. These are basically the 3 applications and we could expect CHF 600 million-CHF 1 billion market per year at the horizon 2027. All these scenarios, what is the difference between the 3 scenarios? It's basically clear commitments, money put on the table, incentives. Here we see a clear dynamic in the past 3 months. At the start of the summer, it started with Europe putting together the REPowerEU, which has quite some investments in hydrogen. I think then they thought that U.S. was going too fast. Last week, Frans Timmermans said, "Hey, out of this, we put EUR 3 billion now cash on the table now so that it gets started." You have later in the summer, the US with the Inflation Reduction Act has made a real big, big move, and actually is attracting investments from Europe towards the US. You see the $ billions which they are invested, and you see on the right, where they spend the money. The ticks are the levers which will be favorable for our markets. We talked about hydrogen, but you see there are other topics. Solar panels will also be driven by this Inflation Reduction Act. 1 topic we've not yet discussed because we keep it as an upside, carbon capture and storage. It's a gas, again, needs to be compressed, and that, and et cetera. Here there is a strong dynamic in the markets. Now when we try to put some order of magnitude with this, with at the top, the traditional applications, then in orange, the ones which are in the direction of, secure energy sources, sustainable energy sources growing fast, and then at the bottom, the ones which are more emerging. What you see here again, that it could be that some of our traditional market, and here I talk especially about high speed, where which is for us actually negligible, might decrease, but other markets will replace. All these question marks that you see for the midterm potential, basically for the end of our mid-range plan, these are upsides. We cannot tell when they come exactly, but people are working on them. If they are confirmed because the business plan worked, because the technology is developed, because the supply chain is here, then it will kick in potentially at the second part of the mid-range plan. Now if we put it all together to summarize, and to finish with the systems market, this is how we expect the market to develop. First, you see what happened with COVID. We had a drop in 2020. Since then, it's growing very fast, you see, until 2022. First, because of the recovery of the traditional markets, and by the way, the colors, color code is the same as on the previous slide. The traditional markets are recovered very strongly, and now you see kicking in these new markets. The orange one, the one where we are already very strong, and the one, the bolder one, who are coming on top where we have to increase our market share, for instance, fuel stations, et cetera. You see after 2024, at first we expect a drop of the market in the next 18 months. I mean, this order intake of CHF 700 million per half year. We will not do that every half year. Now we expect that it will slow down a bit. Then we expect the traditional markets to kind of flatten. They will be, on the one hand, driven positively by GDP growth. They will be, on the other hand, step-by-step replaced by these new applications. Then you see these new application growing and growing according to the scenarios that we presented before. On top, the blue area, this is this upside, the question marks of the previous slide. Very difficult to quantify, but there is something out there. If not for this mid-range plan, then for the next one. Now moving to the service market, which is also interesting and also has some transformational aspects. We talk about here about the accessible service market, which is the market where we remove countries under sanctions. We remove maintenance that the customers are doing themselves, and we remove spare parts and services done by other OEMs, where they are completely entrenched, and we have no chance to get in. What you see are 3 levels. Number 1, every year, some compressors are going out of service. That decreases the market, but it's more than compensated by number 2, which are the new compressors coming online. You remember the LNGM example, 4-5 years after a new compressor comes online, then there is service kicking in. When you look at the development of the systems market over the past few years, of course, number 2 is larger than number 1. N ow what is really interesting is number 3, which also has these transformational elements. There are 4 topics in there. First aspect, this is not fully new. It's here since 10, 15 years. Our customers, step by step, are reducing their maintenance crews. Their maintenance crews, which are very experienced, the baby boomers, basically, they're going into pension, replaced by much younger people with less technical skills, meaning our customers require more support from people like us. You need to bring the technical skills. It cannot be a mom and pop shop providing service. It needs the OEM knowledge. Number 2, this is the service part of the sustainability. Our customers are investing a lot in reducing their emissions in their own Scope 1 and Scope 2, and in their Scope 1 and Scope 2 compressors are a big consumer 'cause they are driven by very powerful electric motors. There is about 10% of the electricity in the world which is used in motors driving compressors. T here are a lot of old compressors because they live on average 25 years, which are not very efficient anymore, which the setup is not so efficient. Here, with an upgrade, our customers can reduce energy consumption, can reduce gas leakages in their compressors. This is a real new market for service. There are these new segments like marine, hydrogen mobility, energy. Most customers in there do not have the large maintenance crews that a refinery or petrochemical complex can have. Meaning, they need more support from their service providers, so that grows the market. Finally, digital services. Rainer Dübi will tell more later on about our services, remote support, prediction of failures with artificial intelligence, and we start to monetize these services in the next mid-term plan. Overall, we expect the markets to grow, let's say by 2.5% to 3% per year. In this market, we expect to grow by 9% a year, because we are really well-positioned too. On number 2, because we have gained market share with systems in the past few years, and on number 3, because there you need the capabilities and as an OEM. Now wrapping up this part about the market, you see, in both divisions, there are transforming aspects in this market. There is strong dynamics in the systems markets with the energy transition. We are growing. In any scenario, the world will need more gases. There is an upside potential, and here we'll keep you up to date when we see it coming. You can also look regularly at this in International Energy Agency and see how this red line is moving. There are additional opportunities in service also related to sustainability. In this market, we have defined a strategy and ambitions. What we also have defined with the larger group of managements is the purpose of the company. Why do we have the right to exist as a company? Why were we still here in 30, 50 years from now? We have worked on our purpose. Here we have developed a new purpose, which makes sense for our employees and all stakeholders, including the shareholders. We create leading compression solutions for a sustainable energy future. Here, every word carries meaning. We, because we are a team, create. It's about innovation. Leading, because we want to remain the leaders in this market. We will remain focused on our compression solutions, like today, systems and services. It's about sustainable energy future, security, sustainability. With this, we want to do something good for the world. We want to do something good for our employees and for our shareholders. On the shorter term, midterm, we have set ourselves objectives. We want, in a nutshell, to double our EBIT while transforming. We've defined business objectives, and I will focus on two. We expect about 40% of our revenues coming from applications which I mentioned before, supporting the energy transition. We also work on our Scope 1 and 2, and we have set ourselves a goal of reducing greenhouse gas emission intensity by more than 50% during this mid-range plan. We have set ourselves an incentive around that. Financials growing to CHF 1.1 billion, 12% to 15% EBIT margin, and this new target of ROA above 25%. Again, with this, we expect the payout ratio to remain between 50% and 70%. Now, when we compare these targets to the financial year 2021, it means a strong CAGR for sales of 9% per year and an even stronger for EBIT of 13.4% per year. If you calculate the midpoint of the range given by the range of profitability, you come to 150, which is clearly more than doubling the value of 70 that we had in the previous mid-range in the previous financial year. To reach these targets, we have a strategy. This strategy at all levels in the company, in the divisions, in the regions, in the functions, has 4 building blocks. It's about strengthening the core business. Here, the division president will say more about their focus points. It's about operational excellence. Here, it's always a topic for us, and I'd like to mention the fact that with the growth, of course, we will grow SG&A less fast than sales. We will get in both division a leverage on the SG&A. It's about transforming, building new growth avenues. 2 key topics for the 2 divisions, and the division president will say more. Again, Hydrogen Mobility and Energy and digitalization, both internally and for customers. At the bottom, we will continue to work on that platform that we have strengthened in the past in MRP and enhancing these business foundations. These topics, it's mostly an acceleration of some of the topics we were working in the previous mid-range plan. Now, if you think about the implementation of that strategy, you have to think about basically 2 phase, which come from, on the one hand, the very high backlog which we have accumulated now. On the other hand, from the dynamics in the markets, as I described them right before. In the phase I, it's more about delivering the backlog, continuing to grow services, and especially in services, to put the seeds for this growth on digitalization and emission reduction services, and further building the platform. The phase II, starting in 2025, will be more transformational because the markets I showed before will accelerate in the direction of sustainable markets. In the Systems Division, you will see more and more modularized products. We worked, and I mentioned that in a previous Capital Market Day, on variance management, modularization of products. We start to launch this product in the next 12 months, and it will really start to kick in in the second part of the mid-range plan. We will be also able to capture the upside in the phase II if it's coming. In services, this emission reduction services will increase at that time, and we will have a bit more focus on add-on M&A. Just to be clear on M&A, the CHF 1.1 billion is with or without M&A. It's in the rounding. The service division plans to grow more than 8% per year organically. This additional 1% will come from M&A, but it's really not a big part of our plan. Now 2 topics I would like to highlight as part of this strategy because they are part of the transformational aspects. 1 is the digitalization. With the larger group, we have built a vision for digitalization, both for our customers and for ourselves internally. We've done that for systems, for services, and you see at the bottom the backbone that we need to build in terms of data. Every small icon that you see here is actually a use case with a business plan and with some tools, some services that we want to provide. If you look first at the top on the customer side, it's about improving customer experience, and it's about monetizing data by adding value to it. Again, here, being an OEM is very important. Again, Rainer Dübi will show more about these services later on. About internal digitalization here, I mentioned before the 2 divisions have defined completely new processes. Now it's about digitalization of these processes, connecting the processes across divisions, and with this, improving efficiency and accelerating delivery of our compressors. Finally, to do this, we need to work on the backbone, making sure that we have the full transparency and fluidity from, in terms of data, from the first contact that we have with the customer to the delivery of the compressor, the testing data of the compressor, the commissioning data of the compressor, and then the operating data of these compressors for the next 30 years. Once we have this full transparency, then we can add value to the customers and we can develop better compressors. Last topic I would like to mention, because we will continue to work on it, as said, there is more to do. Sustainability, we will continue to work on our impact-oriented sustainability agenda. On the left, you see the 8 material topics which we communicated before. The 1 thing which is new are the KPIs which the teams have defined for each of these material topics. There are KPIs. There are targets for 2027, and you see on the right some of these targets that we share with you today. I mentioned already the first two, and I would like to focus on the fourth one, which is an announcement from us today. We aspire to become Net Zero by 2035, and we will come with our financial year reports with a clear roadmap how we reach this. To implement this strategy, we will need the best from our people. Vanessa Valentin will now tell us more on how we do this. Vanessa? Thank you, Fabrice. Good afternoon to everyone in the room and also online. As Fabrice has mentioned, I joined Burckhardt Compression a few months ago, so I'm delighted to join the team at such a pivotal moment in our development. You will hear Andreas and Rainer both later talk to you about what makes us so unique as a business. Clearly, the key ingredient to our success in the past as well as the future is our people. Today, I have 3 key messages for you. First, we have a diverse, highly skilled, and very engaged workforce ready to serve our customers worldwide. I have been able to meet 50 of our top leaders from across more than 15 countries personally in the past few months, and I've been very impressed with the skills, the experience, and the diversity they bring to the table. More importantly, with what openness they work together as 1 team to tackle the challenges that we face. From the production here in Switzerland to the service workshop in Kilgore, Texas, this strong partnership is something that shines through with all our employees and all the employees I have had the pleasure to meet so far. Second, my team and myself will support the MRP ambition in a number of ways. Very pragmatically with the scalable and targeted FTE increase, which we'll see later. Thirdly, more holistically in the business transformation, making sure we continue to invest in and develop our people and culture. Let me start by talking a little bit more about our 3,000 talented colleagues. The diversity of our talent base stems from a number of factors, the geographic distribution that we have, nationalities, as well as the demographic profiles. Our employees are highly skilled, as you see in the middle, in areas of engineering, R&D, in project management, sales and service delivery, be it in the centers or in the field, as well as operations, in particular, our manufacturing capabilities. The closer our employees work with our customers directly, the more geographically they are dispersed. We have engineering, project management, sales and services in 14-20 countries. R&D and manufacturing concentrated in our hubs in 4-6 countries to make sure that we can leverage on locations and skills. Our employees, as Fabrice has also mentioned earlier, provide us with very positive and encouraging feedback, be it in our internal engagement survey, which we conduct regularly, but also externally, where we've been able to feature as one of the top employers of our industry. We continue to invest in our future talents. We currently have 160 apprentices and trainees across the world in our programs, and we have built, for example, a bespoke apprentice program also in India, based on our model here in Switzerland, which now serves as a talent pipeline for operations there. This of course is a strong basis for us to build on and to scale up on. You will hear Andreas also talk about scalability. I wanna share with you a little bit more what we mean by that. What we've just seen, I wanna give you on that basis a little bit more detail of how we wanna build the organization further. Firstly, we're targeting a 6% annual FTE increase, which you can see is well below our projected sales growth of 9%. Now, this is an average. In reality, we're looking to increase further our operational capacity, in particular, in China, India and the US, where we target over the range of the mid-range plan between 40% and 60% increase in workforce. On G&A, we have an established infrastructure which we've built and which we are now able to leverage as we grow and transform further. This includes our global management structure, our essential services, divisional services, and our global training capability. In that area, we'll be able to grow significantly less. Finally, as also the vision, the divisions we'll talk to you about, of course, we want to retain optionality and flexibility for different growth scenarios. We will do so by maintaining external FTEs in the range of 8% to 9% throughout the mid-range plan. Let's look at the objectives overall. From an HR perspective, to support the key business objectives, we will continue to nurture and further develop our leadership and our culture. We have spent a significant amount of time with our leaders from across the world reflecting on the successfulness of our culture, but also how it will evolve as we transform in this mid-range plan. We will continue to drive our trusted values of partnership and performance, but we will also add elements around that capture the passion of our people and the responsibility that we carry as we work towards a sustainable energy future. We will also drive a number of focused organizational development initiatives around talent attraction, retention, and development. I will share more on this on the next page. Finally, we have designed a new long-term incentive program effective next year to foster the share ownership of our top managers across the globe. The GROW Program is designed to strengthen further the alignment of our managers with shareholders by linking the award value with the share price evolution, and it also strengthens the pay for performance link, measuring a balanced mix between top and bottom line performance. To strengthen our commitment to ESG, it also contains an ESG component, and we will measure ourselves on a 50% GHG, greenhouse gas emission intensity reduction by 2027. In summary, as I have shown you, we have people that are purpose-driven, that are highly skilled, and that are engaged to deliver the next mid-range plan with us by continuing to invest and improve on talent attraction, retention, and development. On attraction, with a mixture of local action and also global initiatives focusing on increasing our visibility in the candidate market, we've improved our processes and social media presence. Doing so have been able to increase our hiring threefold last year and are on track of adding another 70% in our hiring this year. On retention, we target a number of local actions. On retention, we're targeting a number of local actions focused on internal and external pay equity, and especially on locally driven engagement actions, which are developed by the teams. We have been very successful with this approach in China. We have increased engagement significantly and where we've been able through that to maintain our attrition rate at below 5%. Finally, on development, we will continue to build on our dedicated training and development academy, which caters for our internal learning needs, but also for our customers. We will leverage this to focus more on talent and leadership development to make sure that our talents and our leaders, of course, are ready for the MRP ambitions that we outline here. This is the end of my voice and brings me to the end of my presentation. Thank you. Welcome to the second part of the Capital Markets Day. My name is Andreas Brautsch. I'm for a few months now in the company. I'm apparently very excited of being here. I don't wanna introduce myself very much. We can do this if you want afterwards, but I wanna talk much more about the Systems Division and also linking back to what Fabrice mentioned. Key points that I wanted you to take away from our team, but also for you. If I can be honest, this is also something that very much impressed me by Burckhardt Compression and also by the Systems Division team. Number 1 is the unmatched scale and the technological leadership. Being the lead in recip compressions, having the global footprint. We will talk about it later on in a few more minutes. Apparently, this is point number 2, our customers recognize this. The customers recognize this because we are, and Fabrice, you mentioned this with Rolf this morning, we are on track to even overachieve the mid-range plan 2022, and you will see afterwards, we plan to raise the bar for the next mid-range plan 2027. The third point, this is really the exciting part, and we're gonna bring a couple of examples for this. The last few years, the team has positioned itself as the first mover in the so-called new segments. Fabrice mentioned it, hydrogen, solar, clean marine fuels, and so on, and we are really now positioned to grow with this market into a very, very strong growth rate, and with that, of course, also the EBITDA will come. First, let me, for those who are not that familiar yet with this, what is the Systems Division? The Systems Division. We start at the top left corner of this slide. The team made it very well through the COVID days. If you look at the numbers, I mean, at the peak days of COVID, with an order intake of CHF 361 million, a strong recovery to now CHF 651 million of last fiscal year, fiscal year 2021. This morning you saw the half-year numbers for 2022. Second point, this is the global presence. We have very strong global footprint in all key markets. In Europe, the factory Winterthur, you will see it afterwards. In China, 76 people in SYCC in Shenyang. Afterwards, we're gonna show you a few more details about the ability of this team. It's now fairly integrated, and we have upside potential also to use this footprint globally. India, in Pune, Fabrice also mentioned the Global Support Center, the GSC, we're gonna use as an international engineering hub. Then there's East Asia, Korea and North America with the Arkos acquisition. Rainer will talk about it afterwards. In this session, we wanna talk about how we can use this also for the systems commercial successes. Our customers, we had last fiscal year more than 100 individual customers. Also if you look at the logos, these are blue chip customers. These are not just small companies, they are very solid companies. This gives us of course a very good ability to hedge certain risks in certain segments. Overall, this is the competitive positioning across all segments. You see that in all segments we are in a leadership position. Normally in the top 3, but in very important segments, also in the number 1 position. This is also recognized when we match key success factors that our customers look for and our competitive edge. If you can just go through a few of those. Of course, our customers look for global references in all applications. I mean, Burckhardt has more than 100 years of experience in recip compressors, reliable solutions, and what is very impressive is also the bandwidth of our solutions. On 1 side, we basically have standardized products. Fabrice mentioned it early on, but also the really tailor-made, engineered-to-order solutions that some of our customers really depend on, and they also enjoy. That's also the second point, having the iterations with our experts. That we basically shape ecosystems and iterate technical solutions with them. The technological solutions and the leadership there is very important. Also, again, in these new segments like dry-running technologies in hydrogen or highest pressure solutions. Fabrice mentioned the 900 bar solutions for Shell, and I think we will also see the test bed later on. The project execution is also something the team is very proud of, because in a nutshell, I mean, the Systems Division is almost an EPC. We engineer, we procure, we install, we basically hand over a complete solution to our customers. hand it over to Rainer, and the service team takes over for the entire life cycle, for the next 40 years of operation, making sure the customer has for the complete life cycle, the full support of the Burckhardt team. Overall, this is a mapping of the key success factors and how the systems division, shoulder to shoulder with the service team, can satisfy our customer needs. Now, moving into the next period, the mid-range plan 2027. Fabrice mentioned it. We aim, in a nutshell, very strong sales growth, namely 9% CAGR, which is equivalent to CHF 620 million in 2027, and a doubling of the EBIT. That's of course a very, very strong commitment. The range of the EBIT is 5% to 8%, and you will see afterwards the absolute number is, as a matter of fact, doubling compared to the last mid-range plan. The objectives behind, and we will talk about this afterwards in a few more details. Market leader in all regions, not only in the traditional segments, but also, and that's the second point, finding good balance between the traditional segment and these new fast-growing segments, hydrogen, marine, and so on and so on. All of this would mean nothing if we don't work on our backbone of operational excellence, so safe factories, smart and lean factories with a high productivity. Of course, this is also mirrored with the outside world, with the supply chain. Especially these days, the supply chain is a lot under pressure. For that we have invested, and you will see afterwards how, for example, strategic procurement helps us to hedging that risk. Here more the numbers, but I believe Rolf is afterwards going through this in a lot more details. On the left side, you see the sales development that we commit to from CHF 373 million to 629% CAGR. Here you see the doubling of the EBIT that we commit to the mid-range point of CHF 40 million for 2027. Now, how we wanna get there. The plan that Fabrice outlined is mirrored for every division, and this is the plan, the 4 strategic levers for the systems division. The same 4 points. Number 1 is strengthening the core business, and this is really important that we don't jump blindly just on the new markets. We also would like to absolutely increase the market share in our core segments. We are very strong in Europe, we are very strong in China, but we still have room to grow. For example, in China, when it comes to using that footprint for export, we show the example in a few minutes. In the US, where we will invest, we're gonna invest next to the Arkos footprint, we also would like to make sure that we can win, for example, in hydrogen applications in the US market. Second point is operational excellence. We will improve the productivity of our factories. Of course, with the growth that we have, we need to be more productive, and we need to add capacity. I will show afterwards how we wanna manage that. We wanna invest in digital tools in order to be smarter every day and to make sure that also the product competitiveness follows in terms of value engineering, in terms of lead time reduction, in terms of modularization, that was mentioned earlier today. The third pillar, and this has been really the new segment. I have to say, being still like an outsider, it's very impressive how Burckhardt positioned itself as a first mover in these SES segments. The complete ecosystem has been addressed very early, and the technical solution for compressors has been mapped with key partners and key customers, so that we use the years in order to find an appropriate and a value-adding solution. We build first references, I will name a few afterwards, and now we can grow with the market and enjoy already a very good positioning there. Again, the business foundation has to be there. Vanessa mentioned it. We will include, we will grow in our diverse and inclusive workforce. We will work on the IT architecture and data management. This is most of all a continuation of the work of the past years. This is not just something that we do ad hoc, it's a continuation. I wanna emphasize here also what Fabrice mentioned, we stand behind our commitment to increase the share of the renewable energy consumption to 75% by 2027. As I mentioned before, and you saw it this morning, we have a growing order backlog. Before we talk about growing beyond that, we need to spend the next 2 years, and Fabrice had it in his slide on the 2 phases of the MRP, on getting the capacity in order to get this order backlog through our factories, through our engineering teams. 3 items have been addressed here. Number 1 is the factory capacity. We have room to very quickly increase the capacity of factories like in India, like in Korea, like in the U.S., and we have outlined trigger points. We watch the order intake in our forecast, in our actuals, and as a matter of those trigger points, we're gonna pull these factory capacity increases week by week, month by month. The resource ramp-up is the second point. Vanessa talked about it. We are on the way of ramping up the resources internally, but we also would like to do this a lot externally to be flexible in terms of an insourcing, outsourcing strategy, in case one day the load is really going down again. We don't wanna become a company that is hiring and firing people on the spot. Third point, supply chain. We talked about it. We have a strategic procurement team in place for a couple of years now, and this team is mapping the supply strategy globally, for all parts that we source. Now, China. China was a point that was mentioned a few times before, and maybe before we talk about the details of how we wanna use this footprint, maybe let's show a video about 2 minutes of the installation of SYCC as we have had it. Thank you very much. This is basically the place where we all wait to go to very soon. Y ou can see, we have a foundry in China. We have a top-notch world workshop there. We have 760 people. This team has a very, very strong market share in the domestic Chinese market, and how we would like to use it or have used it to grow is to also employ and use this for export market. What happened is we have dedicated processing teams in place to basically make sure the designs that we have, for example, in Winterthur, can also be used and built in China. We've invested in a test infrastructure, so a global design team can engineer solutions. The team in China can machine it, can produce it, can test it, assemble it, and then we can export those compressors, those compressor solutions globally. The track record we have so far is 25 projects delivered, which is about 30 compressors and about 27 in execution right now. We see that this is a very viable solution in market segments where the market price is fairly low. We have a cost advantage when we produce in China, and we would like to use this as a growth route for the Systems Division. Talking about China and the new factory, SYCC, this is a summary of the key initiatives that we had in the last MRP, and the message of that slide basically should be that it's a seamless continuation. For example, SYCC, the new factory, was an initiative in the growth readiness platform. This is fully operational now, so we tick the box here, but we wanna do more in terms of making it an Indian factory expansion. This is basically a continuation of all these initiatives. In terms of competitive products, we wanna continue the journey of value engineering, modularization, but also standardizing products. This is very important of having this feature in our plan. Operational excellence is also important. You will see afterwards in the Winterthur factory, the so-called Cellular Machining, which is nothing else than a robot in our factory, and we're gonna drive such initiatives in making sure that we are more productive year by year, managing the load that we can get out of existing capacity. Now coming to the last category, that's very exciting. This is about shaping new ecosystems. This example is about the hydrogen ecosystem, and again, this is the 3 categories that Fabrice mentioned before, the hydrogen production, the hydrogen transport and storage, and the hydrogen usage. For all of these 3 segments, the company has positioned itself. We've iterated with partners and customers winning solutions, and we've built reference orders for those. For example, for hydrogen production, it's the large liquid hydrogen project in execution in the U.S. and South Korea, namely the Chulplat project, which is about to be delivered in 2022-2023. It's actually a joint project development with this customer. It's actually a very exciting setup. For transport and storage, we have there this technology partnership with Shell. Fabrice mentioned it before, and maybe we can see afterwards the test bed. Reference orders are underway, and also here we are well positioned. Hydrogen usage, the example that we can mention here is with HRS. HRS is building hydrogen fuel stations all over Europe. I believe very strongly in France, and this is where we have a framework agreement in place for the first 19 compressors to be delivered in the next month until Q2, end of Q2, next fiscal year. This is what I meant. These are tangible examples where the company's positioned, and if these markets kick in, we are there to grow with the market. Second example of how we're well positioned for future segment is the liquefied natural gas for marine applications. Here we wanna mention 2 different items. Number 1 is the LNG carriers. This market is about CHF 250 million-CHF 300 million until 2027, and we talk here about a small number of large installations. What makes it a winning solution here is an oil-free application, so that our customers can have a low cost life cycle here with easy processing of the gas. Where we are here, we have the new ME-GI dry-running system that has been launched. First compressors have been completed test run, and we're executing as we speak. Main demand is, of course, in Korea, in Korean yards. A market that is developing right now, and we have about 100 orders won is for liquefied natural gas-fueled ships, for merchant ships and cruise ships. This is basically the replacement of pretty dirty fuels like asphalt and heavy oils with clean gas. I believe nobody doubts that this will be a trend going ahead that humans can't burn asphalts on cruise ships any longer going ahead. This market is slightly different. This is a large number of smaller compressors. Here we need our standardized solutions. Market size about CHF 100 million-CHF 150 million. Here we have our marine high pressure solution in place. Like I mentioned, 100+ orders in place. Again, the focus is China and Korea. We have first couple of compressors in operation. With that, I mean, in a nutshell, really emphasizing the points, Systems Division is at an unmatched scale. We have a really global footprint, technological leadership. Our customers recognize that. That's point number 2. You can see this with the financial performance in the MRP 2022, where we are on track to actually overachieve it. I think we have a very ambitious but very realistic target for the MRP 2027. Not only by growing in the traditional segments, like in the U.S., like in China for exports, but also in the new segments where we wanna have a 40-60% range in hydrogen, in LNG. With that, I would like to move on, handing over to Rainer for the service division. Thank you. Thank you, Andreas. My name is Rainer Dübi, and I welcome you to the service part. In the next 20 minutes, I will guide you through what is inside there in the service inside. What I would like to take you with you is the market leader in an attractive and growing end market with unmatched footprints and technologies, what we are offering here. Raising the bar to 70% to CHF 480 million until 2027. Leading the digital solutions and bring the service for the customer to their sustainability journey. What is there behind? I would like to explain you in the next 20 minutes. Going back a little bit in what we have achieved in 2017, we had grown our business also during the pandemic situation from CHF 210 million to CHF 278 million. This we have done on a larger scale on the engineered solutions, the revamp and upgrades, and monitoring and other services, whereas we have grown as well on the absolute figure, our service business, our service spare parts business. For sure, in the revamp and upgrade, there are also parts inside, but these are in the larger projects inside with rebuild and doing that. We have also been able to increase our share on OBC by 30% now, so that we have 10% more than we started with the last MRP period. This we did with our global footprint. The global footprint is based on installed base from our Systems organization. In APAC, we have the largest new installed base, which we are covering there, with the largest employee base. We have 320 employees in APAC. Also America, we are very strong on the service side with 270s. Europe, we are on a good level, a good coverage on this, more or less mature market what we have there. MEA and APAC is still something which we are moving there and going forward. In total, we are talking here of 80% of our market share on the accessible market. How we seeing from the customer side our service provider? This we are checking with our annually Voice of the Customer survey. With the feedback, we are seeing now 88% of our customers seeing us as service provider, not anymore as an after-sales organization of an OEM, really recognize that. How we do that? Yes, what are the challenge there? The key success factor, first of all, be fast, there and local available. There we are fighting against the other OEMs which are there, and trying also to get this market. We can offer that with our footprint, with what we offering there. It's really a great opportunity to be there and helping our customer, especially during the pandemic situation, that we can still offer our services. The next 2 in-depth understanding of the customer operation and problems, what they have, and reliable and profound solution, technical competencies. We do with our experience as an OEM. We offer that. We understand what the customer are talking about. We're not only copying a part and bringing that to the customer, so we can play there the game against a local service provider. We have shown that we are flexible in state-of-the-art service solutions. We can adapt quite fast to the requirements of the customer because we have all the ingredients to do that. We have the workforce, but we have also the technical capabilities. The solution to increase the reliability is really something which we have the parts available, the best sealing technology, the best valves, but also the best solution, and we will come to that, how we offering that. When we go to the targets what we have, we are going to be the leading full service provider with a track record, a safety track record there inside. The increase of the coverage, it's essential that we are covering our own installed base, that we increase that we run that. We see the systems division under Andreas is growing and growing, and we have to maintain this equipment, yes. Also the OBC we do there with our local presence. We are going into the long-term service agreement, have a connection to our customers more on this level, and the energy transition and digital services we are tackling with our offering. Yes, the global supply network with the state-of-the-art IT platform will be something which we are going to develop and implement there and also have it running. With this, we are achieving CHF 480 million and an EBIT range of 22% to 25%. When you look at the figures, yes, that's impressive, huh? 9.5% CAGR, 70% increase from 2021, but it's achievable. It's done. We even growing faster on the EBIT. We will double our EBIT from 2021 with higher growth because we don't see any platform extension. We run the same business over the same platform. Yes, we need more people. We will come to that. N ot on the structure, on the G&A, so that we can run the same organization level. How we develop there? Yeah, we have to strengthen our core business. The full service provider is something for the whole gas compression system. We have to improve our coverage on the installed base, OBC and BC. We are running that. We are profiting there again from the system business, which is going really large. We have to follow there, and we will do that. The increase in the U.S. and the APAC, because APAC the most installed equipment is there. In the U.S., we have the first entrance with the HME. Many years we tried to enter this market with our process gas compressor. Now we have entered the market with a combined approach, and this is bringing us really forward. Expanding the marine offering, I will come with the example also later on. Operational excellence is really the topic that we have here. Improving the efficiency. We have rolled out our new process, how we want to work together with STREAM, our philosophy. This we will also implement now inside our tools and everything, so that we have the full utilization there. Increase the overall spare parts and also globalize the spare parts manufacturing. Because we see there more demands, and we have to base on the new product, which are coming out of China, India, to the global market, and Switzerland. This we have to serve everywhere in the world in the same quality and same performance. Yes, the leverage of the SG&A, as Fabrice and Andreas Brautsch have already talked about, that's for sure also the volume effect what we see here. On the transition side, we see the development of the network and the organization to serve also new growing market like the HME. That's a completely new aspect for us. It's not a maintenance crew there anymore on these compressors. We have to take over this duty or have to look for partners which are doing that together with us for our customer there. Also new marine application. You have heard before, 100 orders on small compressors. Yes, we are familiar with the LPGM business on the marine market, but this is a new topic which we have also tackled, and maybe the ship goes other routes, and we have to adapt our offerings there. We can do that. We have shown that in the last 5 years. The growth service offering in the environmental to reduce the Scope 3 for us and Scope 1 or 2 on the customer side is a really excellent topic. Yes, the operation excellence, I will come to that, what we can offer there. Develop new business models and offering the digital solution. How we do that? With the platform. Yes, we have to foster our safety culture and our service culture, expand the regional execution and also the capability of the digital business, and run the business with a state-of-the-art IT platform which we'll implement. When I'm coming to expanding the regional, I'm starting here. The global functions will have the guidance to operate and run the business on the components part, on the technical support, on the PROGNOST monitoring solution, digital solution to provide to the region. The global governance is there, is for sure 1 topic which we strengthen there. We have the region which has the development on people and service capability. That's for all this business what we are growing, it's essential that we are growing also on time of people on the field and doing that. We have different aspects in all the region to tackle there. Hydrogen is in APAC, in Europe, and in the U.S., a hot topic. In MEA at the moment, not really. There may be the marine business is going up there also in APAC and in Europe is a bigger business, less in the Americas at the moment. Whereas, sales is in Americas and also sales enhancement is there also something to do. When we're talking about manufacturing, it's in the U.S. and in APAC, a hot topic to integrate there also local manufacturing. Parts and components. When we look now at U.S., it's very important that we understand what we have achieved with the HME. This entrance of the market was really something which we have achieved now together with the best product from systems, dry-running technology to liquefy hydrogen, but also on the service side to offer there a service solution to run these compressors then in a certain way. That's the time now also which we are combining the forces there. We have used now the time to get Arkos profitable, but now it's a time also to offer this complete solution under 1 roof. This is BCUS. We will have 2 divisions there inside. 1 is the BCUS service organization, and 1 is the existing BCUS systems organization. Will be under 1 head, BCUS. We are aiming there to reach more than CHF 150 million sales until 2027, especially in this new energy application. What we have done with Arkos to enable that, we have made them profitable. On the midstream, we enhanced the service offering and also increased the spare parts inside there to run a repair and profitable capabilities in this business there. We also offered new products on the midstream together with SES, which are bringing to the market the high-speed products with a unmatched performance and also reliability track record. We have further grown the downstream business, and we will expand the downstream business in the service organization there. We have established a local material supply and will expand that and capture the hydrogen market together with SES. Yes, we have to show that in the next 2, 3 years that we also do that on service side, but are convinced to do that. Lead to environmental services, and also offer improvement on the midstream and downstream opportunities. There we have great offers, and you will see that on the shop tour then later on, which we are offering there engine rebuilds and engine improvement package, but also compressor improvement package. When we're coming now to the marine offering, it was several times discussed. What we do besides spare parts and intervention is also dry docks. Dry docks is a special application in the marine application, where the ship is going to a harbor, and in a short time they have to refurbishing all in after 2.5 or 5 years. This here was an example of Raw Spirit, which is in 13 days, we had to do all the work on deck with 2 shifts, with a dry dock there, and had to make this in a tailor-made mold. On time, we delivered the ship back to the customer with a better track record and with 0 accidents. Let us have a video which is showing all these aspects. I'm most proud this was done out of Singapore, an organization with 12 people. They organized themselves with a global support, yes, but they managed everything. Really great to see that really running. When we're coming to addressing operational excellence sustainability topic on our customer side, we have here on the left side a study from McKinsey from 2022 for the petrochemical market. It's similar to all our other segments which we are in. All these other applications. Operational production aims for an EBIT increase of 5% to 10% in the next years. They want to do that with throughput increase, great entry for us with revamp and upgrade projects. For the cost reduction, feedstock selection. Reliability maintenance, they want to reduce 100% unplanned downtime. That's the most important entry point for us because we can offer solutions to help them see when a compressor needs maintenance and not have an unpredicted maintenance interval or having this interval-based maintenance intervals. The supply chain, 2% to 5%, yes, there we can offer long-term service agreements and going into that. What we can offer already today is compressor health check. We are going to site. We are checking the compressor installation. We are finding the bad actors, saying what we can do on the saving energy. We also [offer] the sealing technology, the components, the best valves, what we have in our hand, we can offer them to increase their efficiency on the compressor. We are going to implement Condition-Based Maintenance also with our customer together, that we look into the compressor, having there a view inside and understanding what is needed now to do. The smart parts and logistic application that we can offer them with our tools, also availability records and everything. The predictive, we are coming to that. It's really a new joiner that we can also predict the maintenance interval and we do that. This new technology, what we are developing with our strong partner, Microsoft and PTC and others together, is the digital solution to help us to do offer that. 1 is the solution configuration for our customers so that we can put something together and we can select it. The MyFleet is not only an e-shop, the MyFleet is the portal which the customer is contacting with us. He sees his whole fleet there inside. He sees the performance of the compressor. He sees also spare parts orders. He can also interact with us. He sees all his tasks which are open. It's a really large platform which we can look into that. The UP! Remote Support we have talked about already. It's fast connection to our technical experts with the pad, with the Google Glasses when they are coming XProof, but with the pad, we can already provide that, and this is great. Now coming to a new aspect, the UP! Detect. What is it about, huh? Here you see an example on a marine vessel. This right side, this dashboard is on a cloud. It's real. T he customer is really seeing the compressor and what is there inside the compressor, what is there, a part which is not functioning correctly and what we have to do. What was the business challenge here? Unexpected compressor shutdown we have to reduce, huh? Unplanned maintenance should be reduced, yes, but also as well, the interval-based maintenance, they want to reduce because they don't want to get the ship out of operation every 2. Every year and do a maintenance on the compressor. They said, "Can we not extend that with new technologies?" Yes, we can. This is the predictive. We have a monitoring system, which we already have, the PROGNOST system. With the AI, we can also identify really now what is the running time of a packing or a valve, and we can inform the customer, "In 2 weeks or in 3 weeks or in 1 month, you have to do something on this part. When you not do it, you will have later on, maybe 2, 3 weeks later, a failure." This happens on the ship, yes. The customer is believing in us, and he's saying, "Yeah, we can do even more. We can optimize the system now. Optimize means for the ships, we can reduce the flow to the liquefaction or to the engine which is driving the ship and adjust that if it's required. This we can do with our compressor. Here we have a statement from Harald Müller, which is from Best on Water B.V. LNG. He's stating UP! Predict, "We can now plan and maintain work in a more cost-effective manner and avoid any unforeseen shutdowns." He will roll out that to his fleet. That's a great endorsement. With this, we are coming to the closing session, and I think I have shown you we love to provide service that matters hands-on. We are a market leader in attractive and growing market, unmatched unique technology and footprint. We're raising the bar to 480, 70% more until 2027, and we are the leading digital solution provider for new digital solutions and also for the sustainability journey of our customer. Thank you. With that, now we are coming to Rolf, which will present you the financial plan. Thank you very much, Rainer Dübi, and welcome to this 2022 Capital Market Day also from my side. What are the 3 key messages and takeaways from our financial plan? First, Fabrice Billard has mentioned that earlier, we are raising the bar for 2027. All our financial targets will be clearly above both 2021 fiscal year and the past Midrange Plan. Second, we have a resilient balance sheet with financial headroom to execute our Midrange Plan. Third, we have a disciplined and continued disciplined approach to capital allocation and a strong commitment to value creation. Now, if you look back at our current terminating or finalizing Midrange Plan, we have planned for a sales split of 50-50% between the 2 divisions. As you can see, this is clearly changing with CHF 620 million on the system side in sales and CHF 480 million on the services side. Now, both divisions, for both divisions, we have planned an increase in profitability, compared to the last Midrange Plan. As such, we can then also for the overall group, put out a more narrow band with a different sales split, increased EBIT range of 12% to 15%. Now, what is worth to be mentioned within that, we have between 2.5% and 3% of research and development expenses, while in our last Midrange Plan, that was in the range of 1.5% to 2%. Not only are we increasing profitability, but we also will further invest into future applications and markets. While ROA has already been in the focus in the last Midrange Plan, we have set out a target now of above 25% that we want to achieve with a clear focus on value creation, and at the same time to keep the payout ratio for dividends in a range of 50% to 70%. Now, in the current macroeconomic and political environment, there are several challenges, and they will most likely follow us for the next couple of years. I mean, we cannot influence these challenges, nor can we predict how exactly they will further develop. What we can share, however, here with you, is what we have considered in our mid-range plan in terms of those challenges and what kind of actions we have in place to mitigate on them. Starting with inflation. Inflation is not considered in our MRP. The growth you see here is real growth. We have therefore also not considered any kind of inflation on the cost side. It's on a ceteris paribus assumption. We would have cost saving measures in place that we continue, of course, and as we did in the past, we can continue also to pass on increasing costs to our customers. Secondly, the exchange rate, also something not predictable. Ceteris paribus, we have a natural hedge procedure in place for the euro versus the Swiss franc, and we continue also on a transactional hedge structure for other currencies. Interest rates, we mentioned that. We have considered somewhat higher interest rates on a corporate level. Interest rates are on the rise, so something is considered. At the same time, we will further optimize our net financial position and the debt structure of the company. Sanctions. We currently have Russian sanctions on Iran in place. We have not considered any further sanctions in the mid-range plan, nor the lifting of the existing sanctions. Our global footprint, with supply chain and everything, will help us there also to mitigate on that, because we do not depend on a specific country or region that much. The general global political macroeconomic environment also is not. We have not considered anything major to change there. Same topic, the global footprint helps us there to mitigate on that. Now important is when we look at the overall group, the sales on a group level is expected to increase 70%. On an EBIT level, we have considered 90% to 135% increase. We are not guiding on a year-by-year increase on that, but what we have seen from this exceptionally high order intake in the last year and over the past 6 months as well, that we will see a very strong momentum in a very early phase of our mid-range plan. That comes obviously then at a different mix with a much higher percentage of systems business as compared to the service business, with an according dilutive effect on the EBIT margin. Now in the H2 of the mid-range plan, the transitional from the more traditional to new markets, together with this constant at CAGR of 9%+ growth on the service side, will then lead to a more favorable product mix that will allow us also for the guidance we have given on an overall group level. As you have seen from the example from Fabrice before, of course this higher growth in absolute figures on the systems side will later on, with a time lag between 3 and 4 years, also materialize on the services side. In the systems division, total growth close to 70%, 66 to be specific, close to 50% and 137% in EBIT. Now, if you look at the key drivers on the sales side, it's clearly the exceptional high order intake that we have seen before. We see new opportunities from the energy transition. We have also penetration into areas where we have less coverage, like the U.S. Fabrice mentioned that very strong focus in our next mid-term plan in East Asia. We can leverage our existing footprint, for example, also in Shenyang in China, where we can export more outside of China. Last but not least, generally speaking, our regional presence and the technological leadership are key drivers beyond the sales. On the EBIT side, drivers, operational leverage, scale effects. We have SG&A expenses that we can scale up also with the higher volume operational excellence. At the same time, I mentioned it earlier, we want to continue to invest in research and development for several applications for hydrogen in the marine area, but also in digitalization, we want to further invest. On the services side, 73% growth on the top line sales with 82% to 105% growth on an EBIT level. Also here, at the midpoint of this guidance, between 22% and 25%, we would then double the EBIT in absolute terms. Key levers for sales growth on installed base with a certain time lag, but also in other brand compressor business, where we will further increase our share. We have marine offerings, increased presence in the US also for the service business in Asia-Pacific and in some other selected markets. Hydrogen Mobility & Energy will help us to further increase sales on the services side, where we can also benefit from the energy transition services. This Scope 3 topic on the ESG side will also open up some opportunities for us. Last but not least, we have, as part of our strategy, also bolt-on acquisitions in mind for the services business. On an EBIT side, the 22% to 25%, we mentioned that. Drivers, operational leverage, also there from the existing regional geographic footprint that we have in place and built up on the services side. SG&A expenses that we can leverage with some scale effects, operational excellence, and also there specifically digitalization that will help us. With new digital products also for customers. What are the drivers for free cash flow throughout our next mid-range plan? Most importantly, obviously, that we reach the EBIT. As per our MRP objectives, we have a slightly higher depreciation in mind and amortization towards the H2 of the mid-range plan from some specific investments that we will do to make our mid-range plan happen, such as factory expansion and investments into digitalization. Working capital management is an important driver of free cash flow. We have made some progress on the receivables, specifically from China. Make no mistake, the situation is still challenging in China. We will also have to work on that in our next mid-range plan. In general, we can say, we're on track also to improve our DSO overall for the entire group. Work in progress to be financed with customer advance payments. We can still execute or negotiate favorable payment terms in the market for our systems business with attractive prepayments. As we speak, we have more than CHF 50 million more money from our customers than we have invested in our work in progress. Maybe we cannot keep it at that level, but we want to at least have a balanced financing of our projects. On the CapEx side, I mentioned it, we have some maintenance CapEx, but no major CapEx to execute our mid-range plan, except for some specific projects that need to be where we need to have some investments. On the interest expense side, we considered something on top. Last but not least, on the taxes side, we are considering tax rate of not more than 25%. This target that we have set out for the return on net operating assets of more than 25%. Similar drivers behind the EBIT performance, the focus on net operating assets, on net working capital, DSO, DPO, these are all topics we have in our mid-range plan. I spoke about the advanced payments, a disciplined CapEx approach as we had already implemented in our current mid-range plan, where we clearly said we want to have, for any kind of investments, unless it's by law, we want to have, a higher return on that investment than our weighted average cost of capital. When it comes to M&A, we have, same as in the past, stringent and selective approach to acquisitions. First, we want to clearly also in the future focus on reciprocating compressors. There might be some adjacent business to that, but a core part of that, of any kind of target has to be on the recip side. We can strengthen our local presence here and there, some white spots maybe, adding on capabilities or even on the product range. Then on the financial rationale, the most important to be mentioned is what was outlined by Fabrice earlier, that within latest 3 years, we want to reach an EBIT over the acquisition price, what we paid for that acquisition, that is higher than our weighted average cost of capital. Last but not least, there are some further very important criteria also for M&A. Whenever we look at a target, we want to make sure that we have committed key people in that company, maybe a former owner that follows us for a couple of years, ability to integrate. Last but not least, that we have a similar culture in place that we have also at Burckhardt Compression. Now, on the system side, organic growth is clearly our core approach for growth, while on the services side, it's part of our MRP strategy to execute some of those bolt-on acquisitions. We can do or can reach the targets with or without, but we're sure we can make some targets happen when it comes to M&A on the services side. We have been once back in 2015, net cash positive. We have spent a lot of that cash in 2016 and 2017 for important strategic acquisitions, Shenyang, Arkos, later on JSW, and then also Mark van Schaick. Some with staggered payments. More recently, you see that on the free cash flow, the gray bars on top of this graph. In the last 2 fiscal years, we had a strong cash in from advanced payments or in excess of the work in progress. Overall, our net debt position is further improving, and that leaves us a lot of headroom for financing if and when needed. With 0.6 and let's say a maximum of 2.5 times net debt over EBITDA, we have enough space on our strong balance sheet, where we ultimately also are aiming for a long-term equity ratio of 30% or above. In terms of dividends, obviously, the final decision on that is with the AGM, but we see that also down the road as an important part of our capital allocation strategy. We have seen an increase in earnings per share also on the dividend that we paid out, and that leaves us with our strategy, same as in the current mid-range plan, to pay out 50% to 70% of the profits to our shareholders while also keeping an eye at the healthy equity ratio. Wrapping it up, that's the last slide from this financial plan presentation. Again, a disciplined and balanced approach to capital allocation with the focus on the return on net operating assets. On the one hand, organic growth for CapEx, maintenance CapEx, and a couple of specific projects for the mid-range plan. Renewal considerations for any kind of CapEx investments. On the M&A side, bolt-on acquisitions, and a selective approach with a key focus on the services division. That does not mean we would not look at some opportunities also on the system side, if it would make sense, strategically, in terms of the other criteria that I have outlined before. The dividend payout, where we are committed to redistributing part of the profit to shareholders at the payout ratio 50% to 70%. Last but not least, a focus on our debt structure, a stable balance sheet with this long-term aim of a 30%+ equity ratio. With this, I would like to thank you for your attention and hand back to Fabrice for the conclusions. Thank you very much, Rolf. Thank you to the team for the presentations. I'd like now to conclude in 2 slides. First, I would like again to bring back the historical perspective about the company, because every phase in our development has really 2 aspects. Some aspect of continuity and some transformational aspects. Today, with the team you heard, we are actually standing on the shoulders of our predecessors, and it's nice to see that some of them are here in the room. From that place, we are fundamentally positive about the company, about our markets, about our ability to transform again, like our predecessors have done in the past, and to absorb any downturn that could be in the short term. We will reach our targets, independently of this. As we said, we have 3 messages for you today. First, we are on track to deliver our mid-range plan 2022 targets. We are raising the bar for 2027. We are aiming for this CHF 1.1 billion, this 12% to 15% EBIT margin. We are in these highly dynamic markets, where we are growing fast, like the image of the ecosystem, that we build these ecosystems together with our customers to be in there as these new applications develop. We have a strong value commitment to value creation. You heard it from Rolf, our new framework or the continuity in the framework for capital allocation with this new target of 25%. Again, this commitment for strong sustainable development with our new purpose. That's as it's all, and that's for which we can, which will be our North Star for the future, doing something good for the company, for our employees, and for all stakeholders. Thank you for your attention.