Ladies and gentlemen, welcome to the Annual Media and Analysts Conference Call and Live Webcast. I am George, the conference call operator. I would like to remind you that all participants will be in listen-only mode, and the conference is being recorded. The presentation will be followed by Q&A session. You can register for questions at any time by pressing star and one. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcasting. At this time, it's my pleasure to hand over to Alexander Hagemann, CEO. Please go ahead. Good afternoon. Thank you very much, George. Yes, good afternoon, ladies and gentlemen. I'm very happy that you are here in large numbers. So that is very pleasing and shows a certain interest in the company that all of you have. So it's a big pleasure for us, that's Peter Neumann, our CFO, and myself, to present the highlights of 2023 to you. First of all, for those who are new to us, like usual, I spend just a couple of minutes on introducing the Cicor Group. And the most important thing is that what you find from Cicor is high-end electronics, developed, manufactured by Cicor, and with a total focus on three markets. These three markets are the medical, industrial, aerospace, and defense markets. The fastest growth, and we'll come to that later, we had this year in the medical sector. It's now 29% of our sales. We have very strong business in areas like surgical robots, smart drug delivery systems. We have also very high growth and expect further very high growth in the aerospace and defense sector, where we support safety, reliability, communication on many different platforms for our customers. These are the two areas that are a specific focus because here we cannot only differentiate ourselves because of strong regulation, very high quality requirements. This is also where we have this very close synergy with our AS division, where we are manufacturing high-end substrates. Still, the largest area, growing a little bit slower than the others, especially at the moment, is the industrial sector. Still 39% of business, where we are driving electronification, miniaturization, and automation. Cicor, as a company, we are growing for quite a few years now, quite strong. You will see the numbers a little bit later. We are on a growth trajectory, very important for us. It's a combination of external and internal growth. But even more important than top-line growth is margin expansion. And what you will see, and Peter will explain more in detail, is that we have achieved the highest EBITDA margin ever, the highest core EBIT margin ever in the in for many, many years. What we are doing is that we are very close with our customers, and we are very close with our customers for a very, very long time. It's all around the customer, and it's all around the products that they want to have developed, where we support them, that they need to be brought into manufacturing. This is what we do for them, manufactured, and really, we are with the products until the end of their life cycle. So being a strategic partner to our customers over the life cycle of a product, this is what we do. We are doing that with an expanding footprint, and I mean expanding, because we have the ambition to be market leader in our target markets in Europe. Here we are very strong, Switzerland, Germany, and the U.K., where we have just we've adjusted the process of acquiring two new sites. Now let me switch over to the highlights of 2023. Yes, the financial numbers were extremely pleasing for us, and you will see definitely then the details from Peter. Also, in the present environment, a positive book-to-bill rate. So book-to-bill ratio over 1 is critically important to us. It has come down in the second half from 1.1 to 1.03. However, we still see a positive book-to-bill ratio, which is exceptional because of the very high bookings in previous years during the times of the material supply crisis. Now, most industries are working down their order books. We don't. We have still an order book of about one year. Our market focus, extremely important, and you will hear that again and again during these presentations. You will also hear more about what we are doing in M&A. What is important to us is that we are acquiring the businesses and then we help them to outperform. That's what happened also in the past year, that the acquired businesses have not only achieved our expectations, they have overachieved and outpaced our, our most optimistic expectation, I have to say, as far as top line growth and margin expansion goes. We have done other important things during the year, like the strategic partnership with Clayens. I'll say a few words about that later, and at the beginning of the year, the expansion of our factory in Vietnam. We will continue to grow in 2024. That's our clear expectation, and we'll come to that later. Now, I've mentioned already our target markets, industrial, medical, aerospace, and defense. If you look at the growth rate of Cicor overall, which is 24.5%, then our strategic markets, there we have grown 28%, with the highest contribution out from the medical market, with a growth of 43%, and that is in Swiss francs. 43% top line growth in the medical market. Very, very important for us. Again, the other two markets have also seen very good growth, albeit at a lower rate. The non-strategic markets have also grown, but at a much smaller rate, at a rate of 9%. Now, if we go by region, Switzerland still is and remains a very important market for us. We have seen growth in Switzerland, but slower growth than the rest, and that is fueled by M&A, mostly by the consolidation of our division and the businesses that we had acquired at the beginning of the year from Phoenix Mecano. So that has led to an increase of the European share. The Asian share has gone down from 14% to 11%, which means the total number has been pretty much stable. Why didn't we see growth? The reason is that there is an important customer who did destocking already in 2023, so that's a customer who's coming back to normal in 2024. So destocking after the component crisis has been resolved is something that is not starting this year. You see here one example, it started last year already. If we look at the two divisions, of course, you will see the detailed results later when Peter presents them. EMS Division, 90% of sales, and growing, has made very, very important steps forward, both operationally and strategically. Operationally, what is most important for us right now, winning new customers. We are in a situation where many customers are seeing a slowdown in demand, and we are compensating that by winning new customers. I've said it a few times, we are winning new customers, at a rate that is about five times more than some customers or some business that are lost. Also, our progress in operational excellence and working capital efficiency is very important, has made a big contribution to the numbers that you will see later in detail, especially the EBITDA margin of the EMS division, but also the very pleasing free cash flow that we are able to report. We have just closed in January on STS Defence. I will go into detail a little bit about that company, and I mentioned the partnership with Clayens. Clayens is one of the world's leading manufacturers of engineered polymer components, and together, between Cicor and Clayens, we are able to be a true one-stop shop, for example, for smart drug delivery devices. One of the largest, and as we believe, in the next year's fastest-growing segments of the medical industry. The Advanced Substrates division, although it's only 10% of sales, still plays a very important role. I mentioned that in the beginning when I was telling you about our ambitions and our success in aerospace, defense, and medical. Because specifically for these applications, the AS division manufactures substrates that are highly differentiating. That division is a true technology powerhouse, and it supports the growth of the company overall. Going into the operational detail, you have seen little change to the previous year in the division. That is the result of an excellent progress in not only operations, also on the margin side of our PCB production, whereas the thin-film substrate sites were suffering, especially from shortage of personnel, so they couldn't deliver all the orders, and some is shifted into 2024. Now, as I've said, I'd like to give some update on, M&A, what we are doing here. And, some of you know this picture already. M&A is one of the three pillars of our strategy. The first one is the focus on our three core markets, and we repeat it again and again. We are really extremely disciplined here. Then it is the building of strategic customer relationships. I have mentioned how we are partnering with our customers throughout the life cycle of the product, and the third is M&A. And let me go in detail, why M&A is such an important pillar and why we can show to you that value can be created through M&A. We are seeing a market that is large, that is extremely fragmented, that does not have a clear market leader. So you see the top 10 companies represent only 40% of the total market. These are 2023 numbers that we are having from the industry. So a very fragmented market, where however, there is a very clear rationale for consolidation for many good reasons. We are in a very large market. Last year, the European EMS market was EUR 57 billion. It's a forecasted growth rate of 6.8% annually. We saw last year somewhat bigger growth. This year we have to expect somewhat lower growth and a normalization than 2025. Worldwide, the core segments that we are serving, so medical, aerospace, defense, and high industrial, so that is the high mix, low volume segment of the market that we like most because it's the most sticky customer relationships and most profitable. They represent in Europe a relatively high portion of the market, 40%. So it is really a large growing market that is fitting exactly to what we can do. As I mentioned, this is a market with really high customer loyalty. Customers just don't want to switch suppliers. There are high entry barriers, especially in mission-critical applications. And that is also one of the reasons for consolidation. There are very clear economies of scale. We are showing, also in our numbers, that better utilization of factories, of equipment, drives productivity in a very clear way. So we have a long-term positive market development, and we expect that, years from now, we'll see a more and more consolidated market. We have announced 2.5 years ago that we would complement our organic growth strategy with acquisitions, and we have delivered. We have started to deliver end of November 2021 with our first acquisition, as most of you know. Six months later, we have acquired our first German target. Then half a year later, it was our second German business. Two months later, a carve out of a well, comparably small but strategically important business, thin-film business of AFT Microwave. Nine months later, we have closed on the acquisition of STS Defence. And 1 month later, we have signed and closed the acquisition of Evolution MedTec. Now, TT Electronics is the latest news. We signed that transaction last week and expect to close by the end of the month. Let me go into these three transactions and why they are so important for us. I mentioned already that out of our three target segments, especially aerospace, defense, and medical, hold the biggest promise for differentiation of Cicor throughout the whole supply chain where we have very strong contributions. And thus, it is also the opportunity to expand profit margins further. STS Defence Limited is a very high tech test engineering manufacturing provider for mostly the U.K. aerospace defense industry. It is a company that realized GBP 27.5 million of sales in the fiscal year that ended in the middle of 2023, and they have strong operating margins ahead of the average of Cicor. And as we mentioned at the time, the integration of STS Defence leads to an expansion of the overall Cicor operating margins. Now, STS Defence Limited is extremely focused on engineering, so the offering that we can now make to our customers is the development of complete systems and the manufacturing, something which is very unique in the U.K., and the U.K. is the third largest manufacturing base worldwide for defense products. So it is the number one market in Europe to serve. So then we finalized the acquisition of Evolution MedTec. This is 25 people, but these 25 people in Bucharest do amazing things. They develop wearable devices, Class III, so highest security medical devices, implants. They are having an enormous ability-... And that's why we were extremely glad when we were approached by the owner of the company, whom we know for a very, very long time, and he, he offered his business to us. These end-to-end engineering services together with the engineering power of STS double our R&D capacity. So now through these two transactions, we have doubled our R&D capacity with a strong focus on medical, in the case of Evolution MedTec, and aerospace defense in the case of STS Defence, aerospace defense. So we are building extremely strong platforms that start with product development and lead over to manufacturing products. Now, why is also the carve out of the three manufacturing sites from TT Electronics so relevant for us? The first, it's 500 persons, it's GBP 21 million of business. Sorry, that's the price we paid. It's 70 million GBP, British pounds, of business, and growing. Why does that fit so perfectly well into Cicor? It fits because we really need capacity for our existing aerospace defense customers in the U.K. The sites that we acquire from TT Electronics, they are profitable. Not as profitable as Cicor, but they are profitable, and they offer enormous, enormous potential for growth. That is true for all three sites, the two U.K. sites and the China sites that we are acquiring. That is the reason why we can now announce that the manufacturing capacity that we offer at Cicor is growing from 500 million CHF to 700 million CHF. So that transaction also makes us the market leader in EMS service in the U.K. and the aerospace defense market leader in Europe. So what you see here, I won't go into the details, is we are focused and we are disciplined in our M&A approach. Our M&A approach is all about driving synergies, managing risks, and creating value. So far, so good. It has worked very well, as you will see in the financial results that, Peter, you will present now. Thanks a lot. Let me lead you now through some financial results. Overall, the results speak for themselves. If we start with a long-term view, you can see that the growth strategy that we announced in 2021 is coming alive, and you start to see this in the numbers going up. You can see nicely visually here on the long-term chart that Cicor is breaking revenue and profitability records, and also, I think especially, we are consistently building margin in terms of EBITDA progression. One point also, as we have seen a lot of post-closing events, STS, Evolution MedTec, and the TT Electronics IoT carve-out have no impact on our 2023 results. So none of those you will see in our financials. Let's dive into the 2023 details. First, very solid order intake, book-to-bill of 1.03, and we have close to one year of orders on hand. Overall, order book is at record levels. Revenue, we have grown on a reported basis, 24.5%, at constant FX, 27.5. So the Swiss franc has gotten stronger over the year against most currencies, hence you see a negative impact there of 3%. What I like, especially on the top line, is the balance contribution of an organic growth of above 11% and the M&A contribution. So this balance is very important, and we want to continue going forward. On the profitability... Sorry, go back. On the profitability, strong progression as we have been delivering economies of scale and, the focus in our core segment is paying out. We are looking into our business from two divisions. The EMS division is by far the largest division, with now close to 90%. It has broken a new record with close to CHF 350 million revenue and EBITDA margin of 12.5%. The AS division is a critical key competitive differentiator, contributing in terms of technology to our core segments. What is really pleasing on the AS segment is how it has been coming back to growth in the second half and, delivered a very, very strong, margin progression in the second half. For perspective, second half AS was plus 554 basis points versus year ago. So really back on track with this business. If we dive into the detailed P&L, you can see the material margin, but we have a small improvement as we are executing our you know our focus on the core segments and our pricing activities. Now, the biggest improvement was coming from operating expenses, 100 basis points. Clearly, there you can see our excellence program as well as the economies of scale as we're growing our business. If you go further down, depreciation, amortization, clearly, we use our assets more efficiently. The next line, you will see what we strip out in our core results, so the amortization of M&A goodwill intangibles, where we're really amortizing well in line with the plan, and it's mainly the Axis acquisition. couple of words on the financial results, and on the financial results, the key change from 2022 to 2023 is driven by the negative FX. So we see a CHF 3 million higher negative FX effect in 2023 because of the strong Swiss franc. And taxes, taxes went up for two reasons. Obviously, our absolute profitability is much higher. Our absolute profit is significantly higher, and secondly, there have been some external changes, external tax effects, mainly in the U.K., but also in Romania. Good. If you go to some details, here you see on the sales side the breakdown. The first number is acquisition. So this is the acquisition of the EMS business of Phoenix Mecano that we started consolidating as of January 2023, and also four months of SMT, giving us CHF 51 million more. You see the negative FX impact of 3% as mentioned, and you see the organic growth drivers, mainly from EMS, but as mentioned, while AS is negative overall for the year, it had a very low first half, but the second half is already back into the growth mode. Balance sheet is really important because we are well-financed. We have a very strong balance sheet, and we have very moderate leverage. If you look into details, you see that we have optimized operating net working capital, and we have been driving efficiency in our treasury activities. What you can see is despite the business 24.5% larger in terms of revenue, we have managed to slightly reduce the total size of our balance sheet. And you can also see that we're very lowly leveraged, with a leverage below one, and have only CHF 43.5 million of net debt. Clearly, we are ready for the next round of acquisitions, and the announcements over the last couple of months shows that we're executing along our ambitious growth plan. Cash flow, cash is king, we all know. What you see here is that because of the efficiencies we've been driving, we have been returning and really delivering strong free cash flow. The core number is the free cash flow, excluding acquisitions. We have been delivering CHF 26.3 million of free cash flow. The other impressive number is the free cash flow absolute is CHF 4 million. So with our operational cash generation, we have more than paid even for Phoenix Mecano, the EMS business and AS, and delivered a positive free cash flow, including these effects. So really strong performance, and that we continue to drive going forward. Operating net working capital, we talked with in a lot of previous discussions. We have invested in 2022 to protect our customer base and increased our inventories as the supply chain normalize. As we are driving operational excellence, we have been able to reduce it as percentage of revenue from 35% to 30%. You can see that if you take out the acquisitions of Phoenix Mecano and the AFT business, we have even reduced the absolute operating net working capital. So really, really strong results, and we're getting much closer to a 25%-30% that we see as our, our goal going forward. CapEx in line with the midterm guidance, we have delivered 3%. We had no major capacity increase, and we will continue working along this line at a CapEx of around 3%, as we announced in our midterm goals. Return on invested capital, this is an important measure. We use it a lot as internal gearing KPI. It really rallies the teams around growth, profitability, and capital efficiencies, and the mix was coming nicely together in 2023. We have been growing revenue by 24.5%. We have been driving profitability 130 basis points, and we have basically grown our invested capital significantly below the core EBIT number, driving in the end that we're close to our 15% guidance as per the midterm guidance. For everyone here, the key figures per share. This is important because, as you'll recall, we have issued a mandatory convertible bond. Hence, we look at earnings per share and all numbers, core earnings per share, and including fully diluted the mandatory convertible bond. To note, as of January this year, all holders of the bond can optionally convert, and we have seen obviously first shareholders converting into shares. But here on the fully diluted basis, core earnings per share, we have shown for this year again, that we can show a growth of 14%. A word on acquisitions. The acquisitions we closed in 2023 were the Phoenix Mecano EMS business that we bought and the AFT Microwave. You see here the details, two points that I think are important to mention. One is, these acquisitions came with a fairly low goodwill. You see it here of CHF 1.1 million. Basically, we have bought them for close to asset value, that's one. The second one is, you see here the direct costs related to acquisitions. We have, because of our pipeline of acquisitions, really developed a playbook to execute acquisitions with moderate costs. So for the two acquisitions, we have paid less than CHF 600,000 of transaction costs. To wrap up, 2023 was an excellent year. We continued growth, balanced organic, inorganic, we expanded EBITDA margins, and we have shown that we can deliver sustainable free cash flow, all that is important as we go forward, into this year now. Thank you, Peter. So what we are seeing is that after a record year, 2022, 2023 was not a recovery year, no, 2023 was building on another record year in 2022, where we had grown already 30%. These are the three relevant numbers: 25, 40, and 53. 25% top line growth, 40% EBITDA growth, and 53% core EBIT growth. I think this is how we understand that we can leverage the business. That is the result of four important pillars: organic growth by using our USPs in our three target markets, M&A-driven growth in a very disciplined and focused manner that is accretive from the day of closing, operational excellence supporting not only better performance of our existing businesses, but also driving the synergies from the newly acquired business, and Peter has mentioned it, capital efficiency. Minimize the balance sheet to drive the returns that we have on our invested capital. We will continue in that way. If we are to do an outlook in 2024, we are seeing a strong order backlog. We are seeing, as I mentioned, many new projects entering serious production. We see on the positive side also, of course, the effect of the acquired companies that we've just presented, three companies that are all consolidated within the first quarter, even if some will only be consolidated from the end of the first quarter onwards. But we also need to be very clear that we have also headwinds. We have headwinds from the appreciation of the Swiss franc, and even if it's right, if it appears quite stable right now, a lot of that appreciation has happened towards the end of last year. So we will have to work at our organic growth against the appreciation for most of the year. And we have a dampening effect, and as demand declines from some customers related to smart building and other industrial sectors. Now, if we include everything, if we include the consolidation of new businesses, our expectation on currency, our expectation on the overall economy and customer demand, put it together with our order book, we are seeing a sales expectation of CHF 460 million-CHF 500 million. Pro forma, it would be more, but as some of the acquisitions are only consolidated towards the end of Q1, we will be limited, most likely, to a number slightly below CHF 500 million, and an EBITDA margin in the target range of 10%-13%. And let me remind you again, the acquisition of STS Defence will lead to an increase in operating margin of the group, whereas the acquisition of the three entities from TT Electronics will have a somewhat dilutive effect in the beginning, at least. So overall, you can see that, likely, there will not be a major shift in the operating margin that we see. We have announced our midterm targets, and we have published them December last year. We don't change them for now. We leave them unchanged until we really see the full effects of the integrated, newly integrated businesses. So for now, we leave the numbers there. You see that as far as profitability is concerned, we are right there. As far as organic growth is concerned, we have overachieved our midterm targets last year. This year will be more challenging in organic growth. And we are very close in the other targets where we see ROIC almost there, our net debt significantly below the 2.75 CapEx, we are right in the range. So and with what we do now, you can also see that the revenue is getting, revenue target is getting into a good range. So what do we see in Cicor? We see strong markets, driven by megatrends, robust markets, and I'm here, I'm talking about those three target markets that we see, medical, aerospace, defense, and industrial. You see the effects of our buy and build strategy. You can see it really fully in 2023 numbers, and in the meantime, we have experience in doing these transactions, in growing the company organically. So, we have a strong and most importantly, stable team right now. So thank you very much, and with that, I'd like to open the forum for questions. We will now begin the question and answer session. Anyone who wishes to ask a question, may press star and one on the touch tone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press star and two. Anyone who has a question or a comment, may press star and one at this time. Our first question comes from Reto Huber with Research Partners. Please go ahead. Yes, good afternoon, gentlemen, and thank, thank you for taking my question. I have three of them. First one is, I mean, yes, your, your order book is full, and I was wondering how was it developing, year to date, maybe by end market? Can you already see a pickup, organically, from the aerospace and defense sector? Then secondly, the integration or acquisition of TT Electronics. I mean, this is aerospace and defense mainly, as I understand it. And then you have one production plant in China, and I was wondering, isn't that a little bit sensitive, and are you planning to, to sell that part of it? And then third one, the tax rate, can you give us please, a guidance for this year for the tax rate? Okay, let me, let me answer the first two questions. The third one I will, hand over to Peter. So how did we start into the year? Of course, the year is only two months right now, so this is very early. But we see continued strong development in aerospace defense. I think that is just a mega trend that is there to stay on for a few years. The other areas are exactly what I said, you know, it is a mixed picture. It's a picture where we're saying some areas, like everything that's building related, with some headwinds, medical industry, more stable. Now, on the TT acquisition, one of the three sites is entirely aerospace defense. That's one of the three sites with roughly 40% of total revenue of what we acquired. The other two sites, in one in U.K. and the one in China, have nothing to do with aerospace defense. It's pure civilian applications, and of course, we need to keep that totally separate, you know, from everything. You have normally very well-protected IT systems, shielded from the rest of the company, wherever you have security relevant things. So China is not an issue as it's only medical and industrial products. And for the tax outlook- Yeah, look, it's a very good question, on the tax rate. Obviously, you can see some of in the disclosures, in the detailed tax disclosures, but in a simple word, if you strip out, some, let's say, past and one-time effects of the external tax rate changes, for example, that are impacting our tax assets and different tax asset and liabilities, then we would have been in 2023 at the same effective tax rate as in 2022. So that's one, so it's around 27.5%. And, look, on your guidance, I mean, we definitely want to be, in this range or further improve over time. Okay, very good. Thank you very much. Thank you, Mr. Huber. Our next question comes from Patrick Steiner from Kepler Cheuvreux. Please go ahead. Thank you very much. Good afternoon, gentlemen. It's Patrick Steiner from Kepler Cheuvreux. Two questions from my side. Firstly, in the press release, especially, you mentioned the temporarily lower demand from customers in the smart building area and other industrial sectors. I mean, you answered this partially already, but I was just curious if you give us-- could give us more information about the specific industries you see weakness in, and also about what kind of magnitude we're talking about, and when do you expect this to, to change or recover? What are you seeing there? That's the first one. And the second one, I mean, when talking about TT Electronics, it seems to me that you're implying that the acquired capacities of TT Electronics are substantially underutilized, and that the acquisition and the demand coming from your customers can change that. I was curious if that's true, and also how this would affect the operating margin of the target company. Thank you. Yeah. Two very interesting questions. On the first one, it is true that we really see delays in customer orders, mostly in everything that's building-related, but also some areas that are more towards normal manufacturing equipment. But the building-related issue is the biggest. How big that is, it's difficult to quantify because it's a number that is moving. It's not the same month after month, but we clearly have seen in the last quarter in this market, book-to-bill rate well below one, maybe in that segment, clearly below one. When can we expect that it's recovering? As I mentioned, we have one very large customer who had already reduced his inventory a lot last year in 2023. So that's included in the numbers and helps us with a somewhat lower base from which we are coming. And everything we are seeing indicates that, in the second half, we should see a pickup, also in these markets. Because it is not only demand-driven, but it's also driven by the inventory cycle that, customers are reducing their inventory. Now, your statement on TT is absolutely right. The beautiful part of that transaction is that we are acquiring a business that is 100% smack on in our strategic focus, that is profitable, albeit not at the levels that we are used to, and being heavily underutilized, and that's beautiful. So we are buying the business for a significantly lower cost than what we would have to pay to install the capacity. So if you wish, we are buying the capacity and get the business for free. So that's the, that's the beauty of this transaction, and that is what will drive this. However, however, we have already identified in our integration plan very considerable cost synergies, and also the business is started into this year positively. So we expect that even on a standalone basis, the margin would already increase. So it's a beautiful perspective. This is why we are so confident, and, and that made us announce it, that the business should be close to our average operating margins rather soon. All right. Thank you very much. That sounds very promising, actually. Could you maybe give us some kind of bridge from the current operating margin and what should be how large is the driver of increasing utilization? And on the other hand, also on cutting costs, and where would you like to... I mean, you mentioned you want to get close to the group operating margin, but how much basically potential do you see from both increasing utilization? Where is it currently, where do you want to get it, and also from what kind of cost savings and in what kind of magnitude can you- What we- Realize? What I can say, please allow me not to talk about too many details, but what I can say is, Cicor is a very lean company. We are driving our business processes in a lean way, and this is, for example, that corporate services from Cicor are much lower cost than corporate services in the present environment. We also clearly have synergies in some areas that we are exploiting, but please allow me not to go too much into detail. Let me only say that, now we are exactly at what we stated in our press release. It's. We are talking about mid-single digit EBITDA margin. And, I'm quite confident that we will bring this to a high single digit number already on an annualized level in the last quarter of this year. Well, thank you, Mr. Frank. Thank you. Thank you. Thank you, too. Thank you very much. Our next question comes from Bernd Laux with ZKB. Please go ahead. Thank you. Good afternoon, gentlemen. Good afternoon. Thanks for taking my questions. The first one is, do you intend to deliberately give up a portion of the acquired business of, TT Electronics? The second question is, regarding the larger acquisitions of the most recent time. You've now put together capacity available for sales up to a level of CHF 700 million. Do I believe it's right that you'll be busy integrating those companies for the next, say, 9 months, so that we should not expect any further larger M&A deals before the end of this year? The third question, also regarding the acquisitions: If I put together your existing end of 2023 net debt position, plus the indication for purchasing prices paid, is it fair to assume that your net debt to EBITDA ratio will be slightly under 2x by the end of this year? And the last question, you made significant progress in terms of net working capital reduction in the previous year. Do you expect further improvement this year, or will that be overshadowed by the integration of the new entities? And I suppose they are not as efficient in handling net working capital as Cicor is. Thank you very much. Thank you for your question, Mr. Laux. Let me answer the first 2 questions, and the 3 and 4, I'll hand over to Peter. We see no reason why we would have to give up some of the TT business, because what they have done over the last 2 years is already managing prices, managing the customer portfolio in a way that we see a pretty healthy business. We see actually a business, quite interestingly, that has done a turnaround, that is really on a very positive trajectory. And therefore, you might ask, why are they selling this business now? And the answer can only be that, and we had the same situation, by the way, with the Mecano businesses. It's the best ownership strategy. It's the best owner strategy. So TT didn't feel that they are the best owner of the business moving forward. We don't believe that we have to give up some of the business. How busy will we be with the integration? So integration is already happening, already now. Of course, there's no gun jumping, but we are already aligning all the work streams. And honestly, we have very capable teams in the different countries. We have a very capable operations team in Asia, helping us to integrate the - and by the way, also an extremely strong local manager from TT, who's the local MD, helping us to integrate that business. We have a very strong team from Axis Electronics and STS in the U.K., that is helping us to integrate these two new sites. So from a corporate perspective, so like the people that are sitting here, I would not exclude another transaction this year. There's nothing that we have to announce, absolutely not. But I would not exclude that because, honestly, as these are businesses from TT that we know really, really well. It is, it is what we are doing for a living, and that's what we are breathing, eating, drinking. It's that type of business, and we really understand what needs to be done. Therefore, I don't see that as too complex of an integration. So for the next two questions, net and EBITDA and net working capital. Look, on the leverage, including acquisitions, yes, you're right. I mean, we have a strong overall cash performance, so I think it is fair to assume that our leverage is then clearly more in the range of 1.5-2, but clearly below 2. So that is just the math of the current number. If you take the guidance, if you take what we disclose in the purchase prices or market multiples are, you get into this range. And in operating net working capital, very strong team, that we have really now very disciplined processes. The supply chain situation is easing, so I would expect that we continue to optimize, but I wouldn't expect such a jump like from 35 to 30 now, from 30 to 25. But clearly, we will go in this range over the coming 2, 3 years. Thank you very much. You're welcome, Sir Laux. Thank you. Our next question comes from Lukas Spang with Tigris Capital. Please go ahead. Yes. Hi, good afternoon, gentlemen. I would ask my questions one by one, if that is okay for you? Sure. Regarding the order book and the order situation, concerning also the lowered book-to-bill ratio of 1.03, is there any cancellations you have seen in the orders or in the order book in the last weeks or month? Or is that more or less fully due to normal order situation? We don't see any cancellations, so we don't have any cancellation. We do see some push outs, where the customer says, "Okay, what I ordered for January, can you please deliver in February or so?" So that's what we see, but absolutely no cancellation. And the new orders, I also have to say, are of course sometimes driven by very large orders. Large orders are very typical for aerospace defense, where you can book a CHF 20 million order, for example, and that will change the number for a quarter. And if you don't have such a big order, then you will see a book-to-bill rate, which is lower. But no cancellation, just some push outs that we see and customers that are revising their forecasts downwards. Again, that is really in the mostly in building-related activities. Mm-hmm. And then concerning growth in this year, you also mentioned in your presentation that organic growth will be some more challenging this year. Mm-hmm. Can you give us a feeling of how will be organic growth, and also, what is your expectation in terms of the inorganic effect also from the acquisitions last year to... Yeah, to have a more clear picture concerning the revenue guidance? So if you are looking into what we, what we guided, I really would like to refrain now from going too much into detail here. Why? Because each of the numbers that we are compiling is a bandwidth. It's an upper and lower scenario, and then we are combining these scenarios, and then we are deriving the bandwidth that we see. So, and therefore, it is difficult to say. What you can say is clearly that, of course, the STS Defence, GBP 27 million, that will be not in for the full year. We only closed on that end of January. You see that the GBP 70 million coming from TT will be only there for, I don't know, eight or nine months. So that's the contribution. Then you also see an organic growth contribution against an appreciation of the Swiss franc. But I would rather expect that the organic growth is at the lower end of our mid-term target, or maybe even somewhat below that. Whereas last year we had organic growth above the guidance, our midterm targets. So therefore, mid-single digit organic growth, that's something which looks realistic for the year to me. But before, FX depreciation? Yes, yes, yes. Before FX. Yeah. Yeah. Okay. Thanks. That's from my side. Very good. Thank you. As a reminder, if you wish to register for a question, you may press star and one. Ladies and gentlemen, there are no more questions on the phone. So thank you very much for your interest, for your questions that we have. Again, it was an extremely pleasing, also an extremely busy year. I'm extremely glad about the team that I have that is delivering these results. We should not forget that. The teams on all levels, which are just doing an amazing job, and that is one of the aspects that makes it so much fun to run Cicor as a business. And we stay very busy, as you have seen with the announcement that we've made, but this is simply delivering on the strategy that we have announced, and we expect to continue doing that. So thank you all very much. Many of you we will see virtually or in person throughout the year. Thank you very much. Have a great day. Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.