Welcome, and thank you for joining our annual conference. Present on our side are Mads Joergensen, our CFO, and Daniel Bösiger, Head of Investor Relations, myself, Andreas Müller, CEO. Today, we will present our business results 2020, followed by the financial statements presented by our CFO, Mads Joergensen, and concluded with our business outlook. Before, we will start with a short presentation with the key highlights of our Strategy 2025, labeled Profitable Growth through Higher Customer Value. Let's turn to slide three. GF achieved a good performance in challenging times and delivered a strong free cash flow. COVID-19 lockdowns affected our end markets across the world, the global automotive market, as well as the machine tool and aerospace industry were hit the hardest. While the automotive industry recovered in the second half, the machine tool business remained on low levels. Due to the well-diversified group portfolio and the well-balanced global footprint, GF was able to partially mitigate these effects, especially in the second half of the year. Sales decreased by 14.4% in 2020 and came in at CHF 3.84 billion. Considering the divestments of the Austrian iron foundry in October 2019 and the significant adverse currency effects of more than -CHF 170 million, sales declined by 8.4% organically. The operating result before one-off items decreased to CHF 185 million compared with CHF 281 million in 2019. This corresponds to a return on sales before one-off items of 5.8%, in contrast to 7.6% the year before. Noteworthy is that we doubled the EBIT before one-off items in the second half of the year compared with the first half. GF achieved a remarkable free cash flow of CHF 230 million, CHF 80 million above the previous year. We maintained a solid liquidity level throughout the year and continued with our strategic investments. In light of the strong free cash flow, the robust balance sheet, the board of directors will propose a dividend of CHF 15 at the upcoming shareholders meeting on April 21st. Let's reflect on how the pandemic had an impact on the way we worked, slide four. GF's strong, well-balanced global footprint, as well as the shift to higher-value businesses, as highlighted in our last two strategic cycles, has helped us to weather the effects of this ongoing crisis. We could sustain a high level of productivity throughout 2020 as many of our sites were declared essential businesses. For example, our U.S.-based piping systems operations are contributing to the water and gas infrastructure systems, and our machining solutions products are key to the medical device industry. GF produces in the regions for the regions, and leveraging our local setups, we could maintain a close proximity to our customers. However, virtual exhibitions, trainings, collaborations, and roadshows became the new normal. The picture on the left shows our employees coping with the pandemic situation. The safety of our employees was, and continues to be, of utmost importance. Once again, I would like to express my heartfelt thank to all our employees worldwide. Slide five. Let's have a look at the sales development in 2020. Sales declined by CHF 536 million, mainly due to the pandemic. In the first half of the year, GF reported an organic decline of 14%. In the second half of the year, the corporation managed to reduce the organic decline to 2% only. GF Piping Systems continued its trajectory of resilience and came in with an organic growth of 0.3%. The global shutdowns impacted the car industry in the first half of the year, which left its mark on our Casting Solutions division, which reported an organic decrease of 11.9% for the year. GF Machining Solutions remained on low levels throughout the entire year, as order intake took up only in the last few months. Consequently, the division reported an organic decline of 21.6%. In the second half of 2020, GF Piping Systems and GF Casting Solutions achieved an organic growth of 3.9% and 6.4% respectively. On slide six, we highlight GF's organic sales development over the previous years' month. The chart on the left shows worldwide sales development of the corporation. The relaxation of the lockdowns and an improved sentiment resulted in more promising end markets in major economies around the world in the second half of the year. The chart on the right illustrates the sales growth development of GF in selected countries. China, represented by the dark green line, continued its growth trajectory from the second quarter onwards, while a recovery was seen in the U.S., blue line, and Germany, light green, mainly in the second half of the year. Let us now turn to slide seven. The EBIT margin before one-off items was supported by the strong performance of GF Piping Systems and came in at 5.8%, well above the 4.3% reported at mid-year. GF increased its EBIT before one-off items to CHF 121 million in the second half, compared to CHF 64 million in the first half. While our profitability was stunted by the impact of the pandemic, we rapidly took measures to mitigate these negative effects. Despite currency and lockdown headwinds, GF Piping Systems achieved an EBIT margin of 11.3%, greatly supported by its strong global setup and a well-diversified customer base. GF Casting Solutions EBIT was impacted by one-off items of CHF 19 million, caused by the relocation of its German light metal activities to Austria. Moreover, lockdown inefficiencies and plant closures in the first half of the year heavily weighted on the operating result. The annual EBIT margin before one-off items came in at - 2%. GF Machining Solutions addressed the reduction of volumes with appropriate measures in all plants and reported a 2020 EBIT margin of 2.8%, which includes a gain on the sale of an operational real estate of CHF 10 million. On Slide 8, we show the EBIT margin development over the past four semesters. Profitability before one-off items in the second half of 2020 was not only substantially above the level of the first semester, but with 7.3%, GF even achieved an EBIT margin above the comparable period in 2019. Let me continue with the three divisions. Slide 9. GF Piping Systems achieved an organic growth asset of 0.3%. The division's resilience is based on its broad customer base and a clear focus on sustainable higher-value businesses. The operating result came in at CHF 193 million, with a margin of 11.3%, compared with CHF 214 million the year before. Currency fluctuations impacted the operating result in the amount of CHF 29 million. Well-diversified end market segments and a strong global presence of the division greatly helped to mitigate the effects of the pandemic crisis. Industry, such as microelectronic, data centers, and cooling, showed growth even during these turbulent times. Towards the end of the year, GF Piping Systems expanded its global presence by taking another promising step into the large South American market. The division announced the acquisition of a leading piping systems manufacturer, FGS Brasil, based in Cajamar, Brazil. Slide 10 shows the monthly sales development at GF Piping Systems compared to the previous year. In the first semester, the division reported an organic decline of only 3%. As seen in the chart, the division has grown every single month in the second half of the year, resulting in a second-semester organic growth of close to 4%. The qualification as essential business and the robustness of major construction markets worldwide supported this result. On the right, you can see the division's new virtual setup in regards to customer events and exhibitions. The virtual expert and focus event about safe and hygiene water, labeled The Age of Water, was attended digitally by more than 1,700 customers. Let's now look at Slide 11. Sustainability is a driver for new solutions in all our business fields. The picture on the left shows the SwissShrimp facility near Basel, Switzerland. The durability of our piping systems in an environmentally friendly aquaculture for crayfish is a key success and ultimately profitability factor. GF supported the company with its expertise in responsible water treatment solutions. The picture on the right shows our innovative solution to help municipal water companies to mitigate water losses. Let me explain. Non-revenue water accounts for approximately 30% of total water supply and translates into a loss in the amount of up to $15 billion per year. The collaboration with the British startup Oxford Flow resulted in a new pressure-regulating valve for urban water infrastructures that helps mitigate water losses. One of the main levers to mitigate water losses in urban infrastructure is pressure management. Smart innovations are what make GF a key player in this field. Let us turn now to GF Casting Solutions, Slide 12. The global car industry has been in the doldrums for many months since the beginning of the year. As a result of the lockdowns, the aerospace industry had to cope with severe order reductions. As a consequence, GF Casting Solutions reported sales of only CHF 752 million, an organic drop of 11.9%. This is slightly better than the global automotive industry, which contracted by 14%. Swiftly implemented cost reduction measures could not compensate the sales decline, and the operating result came in at -CHF 15 million before one-off items, compared with a profit of CHF 22 million the year before. Noteworthy is that the division turned around the operating loss before one-off items of the first semester into an operating profit for the second half of the year. The result was further affected by the relocation of the activities of the Werdohl foundry to Austria and subsequently to Romania, with one-off items of CHF 90 million occurring in line with the budget. The China business of the division remained a strong pillar in this turbulent year and positively supported the result. The strategic transformation towards a global lightweight casting expert was completed in the year under review. The strong focus on next-generation vehicles already paid off, with a 22% growth in sales in 2020 of this segment. Slide 13 highlights the monthly organic sales development of GF Casting Solutions. Given the consequences of the strategic upheaval of the car industry since 2019, the already negative start into the year was further amplified by the COVID-19 pandemic. A good recovery of call-offs were seen in the second semester of the year, supported by a strong development in China, but also an increased demand for new energy vehicle components. Let's move to slide 14. GF Casting Solutions is recognized as a supplier with extensive R&D capabilities in the field of lightweight body and structure components. The InnoFactory in Schaffhausen, but also our research and development centers in Suzhou and Kunshan, both in China, are designing lightweight solutions tailored to the needs of our customers. Let me allow to explain where in detail GF adds superior value to its customers. A conventional plug-in hybrid electric vehicle battery housing is assembled from 160 parts. GF recently converted and developed these 160 components into one single cast. In addition, the battery housing is 30% lighter. The picture on the right shows our lab in Suzhou and our customer, Volvo. GF has been the partner of choice of Volvo to develop new lightweight components, integrating a multitude of functions in a single casting. Let's continue with slide 15, our GF Machining Solutions. The division faced strong headwinds across the year and came in with sales that were 25% below the level of previous year, organically down by 22%. The 2020 global machine tool business was hit by the general downturn in the capital goods market, which began in the second half of 2019 and further deteriorated with the COVID-19 impact. In 2020, the demand for machine tools sank to a minimum in Europe, as well as in several markets in the Americas. Most of the orders from the aerospace sector were postponed, and new orders remained at very low level. We are confident that the high attractiveness of this market segment from a long-term perspective remains. The second semester of 2020 showed signs of recovery, especially in China, with an increase in orders after the lockdown was lifted. The number of projects in Europe increased in the last quarter of 2020, leading to higher order intakes than in the previous month. As a consequence of the reduction in sales and the lockdowns, the division implemented cost-reduction measures across all American and European sites to mitigate the negative financial impact. The operating result stood at CHF 20 million at year-end, and included in the result is a gain from the sale of an operational building in Switzerland in the amount of CHF 10 million. The rebound in China, but also the strong resilience of the newly developed market segment, MedTech, supported the division's development. With its recent machine tool innovations, GF Machining Solutions addresses the needs for automation and precision in the rapidly growing e-mobility segment. On slide 16, you see the year-on-year organic development of sales, green line, and order intake, blue line. Following the lockdowns and the massive curbing of capital good spending, the division sales remain clearly below the level of the previous year. The Chinese market rebound continued throughout the year with strong sales in the ICT, Information Communication Technology, market segment. The MedTech market segment was the only growing one in the year under review. As market confidence strengthened towards the end of the year, order intake in Europe and China exceeded previous year's level. Overall, the division booked order intakes at 2019 levels in the last few months of 2020. Let's turn to slide 17. GF Machining Solutions maintained its research and development activities throughout this turbulent year and developed various new solutions in the field of laser, EDM wire cutting, and ultra-precise milling technologies. GF spent more than CHF 10 million on its digitalization developments, with many new solutions for our customers in the field of quality and efficiency. The picture on the left shows a complex laser surface design. GF launched a bi-laser source texturing machine, which is unique worldwide and confirms the leading position of GF Machining Solutions in this field. GF Machining Solutions is well recognized for its innovation power, and a strong focus on new MedTech applications, especially in the field of quality assurance, was well appreciated by our customers. With that, I will hand over to our CFO, Mads Joergensen, for a detailed look at our financials. Thank you very much, Andy. Ladies and gentlemen, welcome from my side as well. Needless to say, the past year has been a historic challenge for all. However, it was also a year where Georg Fischer showed high levels of financial resilience and agility. I will now present to you the 2020 financials. On slide 19, we see in the upper part of the table the sales per division. During the year in review, the three divisions underwent quite different developments. At group level, sales declined organically by 8.4% to CHF 3.18 billion. GF Piping Systems demonstrated high levels of resilience on the sales side. In the first half, Piping Systems was only slightly impacted by the lockdowns, and in the second half, the division saw a solid recovery. However, the adverse impact of foreign currencies took its toll on the financials, and sales ended up at CHF 1.708 billion. Nevertheless, the division managed to show a small organic growth for the year. Sales at GF Casting Solutions decreased to CHF 752 million. The division was heavily impacted by the volume drop in the global automotive industry, which took place in the first half. From the end of the second quarter, demand in the automotive industry soared significantly. The aerospace business was obviously significantly subdued, and the industrial gas turbine segment was not able to fully compensate. Overall sales in the division declined organically by 11.9%. Sales at GF Machining Solutions came in at CHF 725 million, a decrease of CHF 247 million. The drop in sales was mainly caused by the substantial drop in the capital good markets and the slump in the global aerospace industry. The service business, which has so far been relatively stable, suffered from the lockdowns as our technical staff was often not allowed on customer site. Eventually, the division ended up with a 21.6% organic sales decrease. In the lower part of the slide, you can see again the clearly strong recovery in the second half of the year. Slide 20 shows additional details on the sales development. Starting from the left, the full year effect of the divestment of the Herzogenburg, Austria iron casting facility amounted to CHF 59 million. This leads to a comparable 2019 sales of CHF 3.66 billion. Next, the effect from acquisitions was only CHF 4 million, stemming mainly from the full year effect of Global Supply, the marine piping business, which was acquired in August 2019. The currency effect in 2020 was severe, negatively impacting sales with CHF 172 million. In 2019, the effect was only a -CHF 88 million, eventually leading to organic decline of CHF 309 million. Slide 21 shows the sales development from a regional standpoint. The Americas declined organically by 11.3%, and the region accounted for 19% of total sales, compared with 20% in the previous year. The biggest drop came from GF Machining Solutions with a decline of 29%. Europe declined organically by 13.2%. The region ended up constituting 45% of our sales, down from 47% in 2019. The decline was caused mainly by the lockdowns in the automotive industry and an enhancement of the reluctance to invest in already depressed European machine tool market. These negative effects partly compensated by the strong performance of the European piping business. Asia came in as the only region with positive organic growth of 2.1%. This was mostly driven by a remarkable recovery in China. The country showed a strong rebound in all business segments in the second half of the year. Out of the 31% share of sales from Asia, China constitutes 26 percentage points, up from 22% in 2019. The sales in the rest of the world was mainly impacted adversely by the Turkish lira and subdued emerging markets. Slide 22 provides details on the foreign currency effects. On the left, you see the effects by division. Due to the nature of the local business of GF Piping Systems, it was the division with the highest impact, followed by GF Machining Solutions. Overall, currencies affected sales adversely by CHF 172 million and EBIT by CHF 42 million. This is the most severe currency effect on EBIT in the past nine years. In 2020, the Swiss franc appreciated against all important foreign currencies, which can be seen from the table on the right-hand side. Slide 23 shows the EBIT margin development. Despite the strong negative foreign currency effects and the COVID-19 effects, GF Piping Systems was able to keep the profitability at a high level. The EBIT for piping systems came in at CHF 193 million with the EBIT margin of 11.3%, 0.6 percentage points below previous year. GF Casting Solutions was, of course, impacted not only by the already challenging situation in the global automotive industry, but also by the complete operational shutdowns of the OEMs in the second quarter. The continued relocation of the casting activities of the Werdohl plant led to one-off costs of CHF 19 million, leading to the EBIT loss of CHF 34 million. Before one-offs, the EBIT came with a loss of CHF 15 million. Nevertheless, the division performed much better in the second half of the year, generating an EBIT of CHF 10 million. Overall, the Casting Solutions division, the EBIT margin before one-offs ended up at -2% compared to 2.3% in 2019. GF Machining Solutions was also challenged during the year. The EBIT dropped from CHF 57 million to CHF 20 million. However, please note that the reported EBIT contains a non-recurring profit of CHF 10 million relating to the sale of an operational building in Saleggi, Ticino. The ongoing downturn in the global machine tools business was further emphasized by the lockdowns, and GF Machining Solutions was in particular impacted by the unprecedented crisis in the aerospace industry and a high level of uncertainty in the wake of the global pandemic. Hence, the EBIT margin declined from 5.9% to 2.8%. Before one-offs, the EBIT of the corporation came in at CHF 185 million, and the EBIT margin before one-offs decreased from 7.6% to 5.8%. In the lower part of the table, you can see the recovery which took place later in the year. The EBIT in the second half was almost double that of the first half and close to the level of the EBIT in the second half of 2019. Turning to slide number 24, we here provide an update of the actual one-off effects compared to the first forecast by mid-2019. Starting in the first column in the upper table, we have the total reported one-off effects of CHF 46 million from both the relocation of the Werdohl facility and the divestment of the Herzogenburg iron casting facility. In the year under review, we have additional CHF 19 million one-off related costs, totaling CHF 65 million. In line with our first estimates in 2019, shown in the last column of the table. From a cash flow perspective, shown in the lower part of the table, you can see that the last cash out effects will be incurred in 2021. The total cash out of CHF 46 million is CHF 5 million below the first estimate of CHF 51 million due to the lower requirement for CapEx in the receiving facilities in Herzogenburg and Altenmarkt in Austria. The original estimate of CHF 35 million cash out seen in the last column assumed this disposal of the Werdohl facility. Although the process to sell the facility has been delayed due to the pandemic, we expect the net cash flow after disposal will be very close to the original estimate of CHF 35 million. On slide 25, we provide details of the estimated effects of the COVID-19 impact on sales and EBIT. In connection with the half-year result, we reported an effect on sales of CHF 330 million and on EBIT of approximately CHF 100 million. Due to the strong recovery of, among others, the automotive markets and strong efforts in growing in medical technology, cooling, and data centers, the adverse effects diminished substantially in the second half. For the whole year, we're looking at an effect of approximately CHF 500 million in sales and CHF 150 million on the EBIT side. On slide 26, you see a summary. First, CHF 40 million due to the full-year effect of the divestment of the Herzogenburg iron casting facility. Secondly, the reduction of our staff level by 560 to 14,118. Thirdly, in 2020, we incurred CHF 11 million less one-off personnel costs. Finally, the application of short-time work schemes reduced costs by CHF 43 million, hereof CHF 27 million relating to Switzerland. EBITDA decreased from CHF 374 million to CHF 299 million. Adjusting for the one-off related effects in both years, the like-for-like decrease was CHF 94 million. Depreciation came in at CHF 133 million, down from CHF 139 million in 2019. Adjusting for one-off effects in both years, depreciation actually increased slightly by CHF 12 million on a like-for-like basis. Moving to the financial result, it was improved to CHF 19 million, down from CHF 25 million in 2019. Despite the drawing of the CHF 400 million syndicated loan and a new CHF 200 million corporate bond placed in August, the total interest expense actually decreased. The main reason being the lower need for bank loans in Turkey, China, and due to lower foreign currency exchange costs. The non-operating result constitute, in the net, the loss of the previously associated company, Fondium, and gains on sale of non-operational properties in Schaffhausen. The effective tax rate increased from 15.3% to 21.7% in 2020. Due to the effects of the implementation of the Swiss Tax and Social Security Reform, the 2019 taxes were unusually low. Net profit attributable to GF shareholders decreased from CHF 173 million to CHF 116 million, leading to a decrease in earnings per share of CHF 14 to CHF 28. Slide 27 shows the asset side of the consolidated balance sheet. The biggest change on the asset side took place in cash and cash equivalents with an increase of CHF 311 million. Hereof, CHF 200 million relates to the placement of the new corporate bond, and the balance is due to strong free cash flow. The reduction of accounts receivable of CHF 47 million was attributable to the lower business volume and to good collection efforts in all three divisions. The days sales outstanding remained with 65 days at the level of 2019. Inventories decreased by CHF 113 million due to the sales decline of GF Casting and Machining Solutions, but also due to excellent inventory management. The days inventory outstanding thus decreased from 122 days to 110 days. In total, we had CHF 3.4 billion of assets at the end of 2020, up from CHF 3.3 billion in 2019. Slide 28 shows the liability and equity section of the balance sheet. The current liabilities decreased from CHF 1.012 billion by CHF 26 million to CHF 986 million, is mainly due to the lower foreign currency spot rates. The placement of a new corporate bond of CHF 200 million is the main reason for the increase in non-current liabilities. GF's equity decreased from correction, CHF 1.438 billion to CHF 1.389 billion, the equity ratio decreased from 43% to 40%. However, the decline is mainly due to the new corporate bond. If we adjust for the CHF 200 million bond, the equity ratio remains at the 43% level seen in 2019. Let us move to the cash flow statement on Slide 29. The first line, you can see that the EBITDA dropped by CHF 75 million from CHF 374 million to CHF 299 million. However, as previously mentioned, the strong efforts in managing the net working capital produced a positive effect of CHF 76 million, with the lion's share coming from the inventory. The lower taxes also helped and thus led to an overall increase in the cash flow from operations of CHF 24 million to CHF 342 million. Cash outflows from capital expenditure decreased from CHF 178 million in 2019 to CHF 137 million. Despite this lower figure, no important strategic investment project was canceled or postponed. The top three most important CapEx projects were the ramp-up of the activities at GF Linamar with CHF 31 million, hereof paid by GF, CHF 16 million. Second, the relocation project at Werdohl with CHF 11 million, and thirdly, the construction of a new piping systems process automation center in California with CHF 10 million. The CHF 19 million of the CHF 25 million cash in shown in the line other additions, disposals net, relate to the previously mentioned sale of the property in Saleggi, Ticino. Acquisition outlays in 2020 were minor. The CHF 6 million shown here mainly relates to the acquisition of a stake in Oxford Flow, a U.K.-based provider of high-tech pressure regulating valves. Secondly, it relates to the 24% increase in GF's stake in the Germany-based mold technology company, Meco Eckel. Eventually, and despite significant headwinds in 2020, GF was able to generate free cash flow before acquisitions of CHF 230 million, substantially ahead of previous year with CHF 137 million. On the last slide 30, we show the most important key figures in the summary. Despite the adverse effects of the global pandemic challenging business environment, GF was able to lower the net debt to CHF 117 million, down from CHF 232 million. Despite the lower EBITDA, we were able to achieve a net debt EBITDA ratio of 0.39x, close to beating the all-time low in 2017 of 0.37x. Moving to the return on invested capital before one-offs, which decreased to 10.3%, down from 15.3% in 2019. The decrease was almost entirely caused by the lower profitability. As a result of the solid balance sheet, the very strong cash flow, and the intact fundamentals, the board of directors will propose a dividend of CHF 15 per share. As mentioned earlier, the headcount decreased by 560 people. Hereof, 254 relates to the relocation of the Werdohl facility. On the other hand, as part of the ramp-up business, GF Linamar increased the staff by 92 to 314. Let me finally reflect on the financial results of 2020. It is beyond discussion that Georg Fischer has navigated well through the adverse effects of an unprecedented global pandemic, which by far is not over yet. 2020 will also be remembered for the exceptionally strong free cash flow, the solid balance sheet, and the record level of liquidity. Thank you very much for your attention. I will hereby hand over to Andy for a business outlook and an introduction to our new strategy. Thank you, Mads. Let me now turn to slide 32 for the outlook. GF is well-positioned to continue its recovery trend in 2021. Building on the positive momentum of the last quarter of 2020, the current year started with a good order intake and a promising rebound in key markets, especially in China. Despite the persistent uncertainty due to the COVID-19 pandemic, we expect sales growth in the mid to high single-digit, as well as an increase in profitability, barring unforeseen circumstances and provided the stringent lockdown measures across the world will be relaxed in the course of the first half of 2021. Let me now turn to our strategy, slide 33. GF weathered the COVID-19 pandemic thanks to its successful ongoing portfolio optimization and its very solid financing situation. GF Piping Systems accounts for more than half of GF sales in the course of the last strategy cycle. Several acquisitions and partnerships in all divisions, but in particular, the strategic transformation of GF Casting Solutions clearly increased the resilience of the portfolio. In line with the strategic targets, GF reduced its dependency on the European market to a share of less than 50% of sales and improved its customer-centric innovation approach. Our new strategy will embrace these success factors and will focus on profitable growth through higher customer value. Slide 34 nicely summarizes the global trends that are fueling the demand of GF solutions and products. Even so, COVID-19 may slow down urbanization. This trend will continue and therefore require intelligent solutions for water sewage treatment, water and gas distribution, and water leakage prevention. The need for fewer emissions is obvious, and it is pushing us all to move towards a more sustainable mobility. GF will focus on castings for new energy concepts and lightweight body and structure designs. The ongoing digitalization and miniaturization trends boost the demand for new technologies in the field of ultra-precision, but also energy efficiency. Developing solutions to address the needs of a more sustainable world is our passion and nicely intertwined with our business systems. Slide 35. It is hence only consequent that GF set an ambition vision for its new strategy cycle. We strive to become a leader in sustainability and innovation in our businesses, providing superior customer value. At GF, we see sustainability as a concrete opportunity to reshape our industry and drive profitable growth. On slide 36, you can see the highlights of our Strategy 2025. The left-hand side summarizes our financial ambition to achieve sales of CHF 4.4 billion organically. Including acquisitions, we want to reach sales in the range of CHF 5 billion. We have increased our profitability targets to 9%-11%, and remain committed to a value-creating return on invested capital of 20%-22% as a result of the well-balanced investments and acquisitions. Strategy 2025 will address profitable growth through intelligent and sustainable solutions, increase robustness through a resilient portfolio and operational excellence, and finally, yet importantly, we will evolve towards a more learning and performance-oriented culture. Let me turn to slide 37, which illustrates the divisional targets of our Strategy 2025. For GF Piping Systems, the return on sales target is set at 13%-15%, with an ROIC between 20%-24%. GF Casting Solutions is striving for a return on sales of 9%-11% and a return on invested capital between 18% and 22%. GF Machining Solutions targets a ROS of 8%-10% and a return on invested capital between 20% and 24%. Slide 38 is about our intended sales per region. We further strengthen our presence in Americas and China. Asia, and I said especially in China, is forecast to remain the growth market number one for all three of our divisions. Europe will remain an important market for GF. Let me turn to slide 39, which illustrates the three pillars of our sustainability commitments. We are fully convinced that sustainability needs are fostering superior business models and viable profitability. In GF strategic targets, we are committed to more than 70% of solutions with a sustainability benefit. Circular economy concepts will also be developed in all three divisions. Our own operations will responsibly use natural resources with a strong focus on optimized water and energy consumption. GF will commit to the Science Based Targets initiative and reduce its absolute CO2 footprint emissions by at least 12.5% by 2025. We will apply clean technologies in our own processes as much in our products. We will continue to ensure responsible sourcing and adherence to human rights in our supply chain. Our social commitments include, among others, viable diversity targets, accident reductions across our plants by 30%. Slide 40. What does the Strategy 2025 mean on a divisional level? We will illustrate that with a few initiatives and case studies on the following slides. Let's turn to slide 41. Our first strategic pillar is about profitable growth through intelligent solutions. Our customer-centric innovation capabilities are a key success factor for this important strategic direction. At GF Piping Systems, we will focus on non-revenue water solutions, process automation for water and chemical treatment, hygiene and sanitation, water supply in buildings, and cooling applications. The picture on the left illustrates a highly complex and automated urban water management system. GF will develop solutions such as digital enhanced pressure retaining valves to allow our customers to increase the efficiency of their water infrastructures. The picture on the right shows a water sanitation application where we will develop remote and connected solutions. Let's move to slide 42. Our Casting Solutions division will further expand its unique global design and production capabilities for lightweight components, ensuring next-generation product solutions. The division will maintain its strong focus on the body and structure segment by developing next-generation large-scale cast components, including the development of special alloys and production processes. The division is currently building a new lightweight component casting facility in Shenyang, Northern China. Slide 43. GF Machining Solutions will focus on intelligent multi-technology process integration to serve the demanding automation and precision needs of tomorrow. The example on the side shows a MedTech application for bone saw guides, where GF integrated multiple technologies, including automation, digital services, and quality assurance processes. We will further develop our application know-how and consequently increase the share of sales with integrated solutions from 10% to 25% in the upcoming five years. Increased robustness. Slide 46 shows examples of our focus on end market segments such as water treatment with closed-loop process automation technologies at GF Piping Systems. Lightweight solutions and e-vehicle components made out of magnesium and aluminum at GF Casting Solutions, and medical with specially designed machines and automation solutions at GF Machining Solutions. GF will amplify its focus on resilient segments worldwide. Slide 47 shows our acquisition objective of up to CHF 600 million, a rather ambitious target, as it is not in our hands alone and depends on the availability of attractive targets. Our acquisition focus will remain clearly on opportunities for GF Piping Systems. Slide 48. GF is producing the majority of its solutions internally. We have started a worldwide operational excellence initiative to ensure best-in-class operations. The picture on the right bottom shows one of our lean training facilities at GF Piping Systems. We will streamline production concepts and technologies and increase productivity in all our plants. Evolve culture. Let's move to slide 50. It is about our third strategic thrust, our culture at GF. At GF, it is our firm view that a good strategy is a prerequisite for any successful company, and so is a strong and positive culture. In our newly launched Strategy 2025, we will focus on cultural aspects as much as on our strategic measures. It is our people who drives our business. Slide 51. The set of values will focus on performance attributes such as speed and excellence. We strive to unleash the full potential of our teams and act as role models. Swiftly adapting to any new normal is a prerequisite to stay successful in an industrial environment. At GF, we will foster open innovation, customer centricity, and the will to change. Therefore, learning will become one of our three focus values. Last but not least, we believe that people achieve the best results as part of a team. That is why we will continue to foster teamwork. Let me conclude this presentation with our purpose on Slide 52. Becoming better every day since 1802. Looking back in time, GF has always strived to become better by innovating technologies and setting new standards, by developing people, by creating a positive impact on society, and by reducing the environmental footprint while helping customer do the same. GF will continue on this path and will build out a corporate culture that is highly motivating and inspiring to all our employees and customers. Thank you very much for your attention. We are now ready to take your questions. Anyone who wishes to ask a question or make a comment may press star and one on their touch-tone telephone. You will hear a tone to confirm that you have entered a queue. If you wish to remove yourself from the question queue, you may press star and two. Questions on the phone are requeste d to use only handsets while asking a question, and eventually turn off the volume of the webcast. Webcast viewers may submit their questions in writing via the relevant field. Anyone with a question may press star and one at this time. First question comes from Joern Iffert from UBS. Please go ahead. Good afternoon, gentlemen, and thanks for taking my questions. The first one would be, please, on your new medium-term targets. Can you give us a better flavor what you expect for the three divisions? Also would be great if you can comment on the cash conversion. What is your target for the next couple of years comparing with the past? The second question is, please, on the return on capital, in particular free cash flow return on capital in Auto or Casting Solutions. I think CapEx was higher versus the EBIT for many years in the past. This can change now, but can you tell us from when this will change and also what will be roughly the CapEx level on Casting Solutions going forward? The last question would be, please, on your outlook for 2021. I'm surprised, I have to say, to see that your medium-term targets kicking in 2021, that it's not front-end loaded, looking for higher growth near term. Let's assume you reach the higher end, adding CHF 300 million sales. Is it fair to assume it drops through on EBIT of around 30%? Many thanks. Thank you very much, Mr. Iffert. Thanks for the questions. If I may ask that you shortly repeat the first question since the audio quality was rather subdued. Yes, I'm sorry for this. It's regarding the medium-term outlook. You guide on average high single digit organic sales growth. Can you give us more color on the divisional growth rates? What is Piping doing? What is Casting doing? What's with Machining doing? Then also on the medium-term targets, what is the cash conversion you're looking for versus the last five, six years on average, if you expect improvement there? All right. Thank you very much. I will answer the first part of this question before I will hand over to our CFO. Near-term outlook. Let me start with the easiest one, which is Casting Solutions, which is currently overpassing previous years' lockdown months. You may remember we had severe drops in the month of March, April, May, and also partially in June. We're going to see here, obviously, clearly double-digit growth rates in the months to come, which is also in line with the officially published data. The Machining Solutions business is rather remaining on lower levels in the first quarter due to the fact that we are still having the order intakes from the last two quarters of 2020. Order intake has revitalized, let's call it this way, which we should see to kick in regards to sales growth from mid to end of second quarter. Piping Systems remained resilient throughout the entire year 2020 with its multitude of end markets, but also a global well-diversified structure. We see rather normalized growth rates in the first two quarters of the year 2022. I think in regards to the cash conversion, I will leave that shortly to our CFO. Thank you very much, Andy. Mr. Iffert, in terms of cash conversion there, if you look at the ratio EBITDA to cash this year, it is of course unusually high with EBITDA of CHF 299 and a cash flow before acquisitions of CHF 230. That's probably not the right way of looking at it. For the near term, we are still expecting to be able to hit definitely between the CHF 150 and CHF 200 level. Let's say in a couple of years when we come back to a CHF 400 level of an EBITDA, there potentially a cash conversion around 50% is much more realistic than what you're looking at now, of course. Many thanks for this. If I just may quickly jump in. Regarding the growth, this was very helpful per division for the near term, but I was also wondering, what is your expectations for the medium term? When I look on your organic sales growth target until 2025, which is high single digits, what is roughly the difference between Piping, Casting Solutions, and Machining Solutions for the next five years? I think it's a very good question, and let me answer it that way. Casting Solutions and Machining Solutions obviously have been hit the hardest by the pandemic, the COVID-19 effects of 2020. We're going to see some rebound effects in these two divisions, clearly above the ones which we're going to see in Piping Systems. Also, as you may have seen, we intend to open in two years a new Northern Chinese facility, so that will also facilitate the growth in our Casting Solutions. At the end of 2025, we foresee to have, once again, a ratio of more or less 50%, slightly above 50% of Piping Systems and 25% more or less equally spread between the two other divisions. Our growth aspiration, yes, is more in Casting and more in Machining Solutions. However, we have also a much higher effect in the year 2020 of the pandemic situation in these two divisions. Does that answer your question, Mr. Iffert? Yes, thank you for this. With Casting Solutions, I think it is a clear idea and is a clear concept behind that after the strategic transformation, EBIT should clearly outpace our CapEx, and that should be already due for the year 2021. May I ask here, similar, what is roughly your CapEx level you're assuming for 2021, 2022, 2023 cast? May I answer that question? You can also see in the targets, particularly in the return on invested capital target, we would like to invest more, in order to make sure that it supports our growth. That's why you should probably expect CapEx figures going closer around the CHF 200 million range going forward. What you saw last year is unusually low. Casting Solutions, is this remaining at CHF 70 million, CHF 80 million CapEx? How shall we think about it? Casting is looking at making important expansion in China. It typically is, of the CapEx, around CHF 60 million area. We would expect it to be around that area. Thanks for this. The next question comes from Martin Flückiger from Kepler Cheuvreux. Please go ahead. Hey, good afternoon, gentlemen. Thanks for taking my questions. I've got three, and the first two ones actually pertain to Piping Systems and the growth outlook here. Starting off with my first question, I was just wondering what proportion of sales in Piping Systems do the data center and microelectronic businesses, or have they reached individually in 2020? And what kind of scenario do you see in terms of growth acceleration or deceleration for these two businesses in 2021? That's my first question on Piping Systems. The next one on the same segment is, I was wondering how the water treatment business was impacted in H2 2020. Because Piping Systems too is quite a mixed bag, isn't it? In terms of business exposures to various customer markets. So the water treatment market would be my key interest here. How many significant new water infrastructure projects are you currently seeing in the divisions pipeline? That's my second question. My final and third one, at least for the time being, is regarding your production ramp up at GF Linamar. I've been reading your comments in the publications about the Mills River plant, but I was just wondering whether you could elaborate a little bit more, provide some more color on what progress has been achieved at the new GF Linamar plant in the U.S., and what are your expectations with respect to sales and incremental EBIT from this facility in 2021 and 2022? Thanks. Thank you, Mr. Flückiger. If I have understood it correctly, your second question was about the water treatment end market. Is that correct? Yeah. Your water treatment business in Piping Systems. Okay. How that's been performing in H2 particularly, and what kind of outlook in terms of new infrastructure projects are you currently seeing in your pipeline there? Okay. Thank you very much for your questions. First of all, the growth outlook of Piping Systems and growth allocation in regards to our two end segments, microelectronics and data center. It is approximately CHF 145 million in sales. The segment itself, we see a rather stable development in this segment throughout the year 2021, with slight growth impulses. That is how we're going to see this market. It is already quite a, let me say, a booming market in the year 2020. It was one of the market segments which have grown, both of them, data center and microelectronics. The growth rate for the year under review was close to 20% for our microelectronics segments. Around water treatment projects, I think you're absolutely right. First of all, we have to differentiate. We have the ones which are in relation with industrial applications, so it is chemical treatment or water treatment out of chemical facilities or industrial facilities, which is an ongoing segment, which is also highly driven and motivated by sustainability needs and sustainability initiatives. The water treatment or water distribution, water infrastructure, urban infrastructures, it is a project, which is growing in general above GDP. It is may here and there a little bit hindered. It depends on many factors. For example, if you have severe winters or if you're going to have, let me say, instability, political situation in a country, it might be hindered. For example, our Brazilian engagement, which we have started with the acquisition of this company, FGS, is purely focusing on water infrastructure projects. Water infrastructure projects is on a very high level of, with more than 4% of the installed capacity in Brazil. That going to create quite a substantial growth. We see rather a good request and a good development on this project. We believe that they can grow in the range of a normalized GDP + 1%, + 2%. The production ramp-up at our Mills River facility obviously was also affected by the COVID-19 lockdown, severe lockdowns also in the U.S., where we had to close the facility for two to three months. That came unfortunately also along, with rather favorable employment scheme programs from the government, which also lead to somehow a drain of knowledge and obviously, the hinderness to travel and to exchange know-how, that gave us also some more complexity than we anticipated. We have to say that the facility is on a good path to finalize its ramp-ups during the course of the year 2021. We have the last projects being now phased in during this year, and we see sales in the range in the year to come between CHF 80 million and CHF 100 million, and ultimately in the year 2022 to a level of CHF 120 million-CHF 140 million. Does this answer your questions? Yes. Sorry, did I understand correctly, 2021, CHF 80 million-CHF 100 million and 2022, CHF 100 million-CHF 120 million? Is that right? Yeah. Pretty much in that range. It can be a little bit more than 120. Okay, thanks. The next question comes from Alessandro Foletti from Octavian. Please go ahead. Yes, good morning. Good afternoon. Thank you for taking my questions. I have a couple on the margins. You mentioned in the presentation that the second half-year margin of 2020 was better than the second half-year margin of 2019. Maybe you can indicate what drove that, if it's mix or simply capacity utilization or other elements. Thanks a lot for your question. I will give you a first glance before I will hand over to our CFO. Overall, it is obviously driven also by a better utilization and by a full effective mitigation plans which have been implemented during the course of the year 2020. Whether it was also the higher demand, as you have seen in our Casting Solutions division, which was mainly changing, from first half from a loss to a profit in the second half. Mads, please, if you want to accomplish. We can also say that the second half was definitely also helped by our Fast Track project that we have now implemented. The total effect is probably around CHF 40 million for the full year, and the majority of that is probably hitting us also in the second half of the year. That also supported the margin. It is correct, it is before one-off effects. It is 7.3% in the second half of 2020, compared to 7.1% in 2019. Right. This margin is really the base to sort of project now estimates forward, or is there anything like positive tailwinds that will not show up anymore, I don't know, government subsidies for partial work time or, I don't know, the typical COVID savings that every company has sort of seen during 2020? Let me phrase it that way. Short-time work or when you call it typical COVID impacts may also came along with severe drop in sales. Therefore, I don't think that they have positively motivated our results. What is important to understand forward-looking is that, also now with the accomplishment of the relocation of our Werdohl facility, which came on the one hand side, obviously with one-off items, but on the other side, also with operational inefficiencies, that will be not carried over into the year to come or in our current year, 2021. This is me answering your question. Yes, thank you. Can I ask you a question more on the 2021 on the margin as well? I heard this morning in the media call that you were speaking about 8% margin for the full year as a possibility. Can you be more precise? Is this just a vague possibility? Is that only a possibility if everything goes well? Is there something that you will be likely to hit if the, let's say, sales really bounce back the way you're expecting? First of all, we have not given a clear commitment in regards to what kind of profitability level we want to achieve. It is that we are of the opinion that along with the increase in sales and with the, let me say, relocation coming to an end, we're going to see a profitability increase in the year 2021. Okay. Let's leave it there. Maybe my last question on minorities. I know it's a small element, but can you tell me where they come from? Is it all the Chinese joint venture or? The minority effects is of course, the joint ventures that we have, where we fully consolidate and there are minority stakeholders. We have a couple of companies with piping, for instance, the company GF Wavin, or a company in Austria in Traisen. Of course, also Linamar has a certain effect there. GF Linamar, as well as the company, to a degree, Meco. Those are a handful of companies that makes these effects up. Right. The fact that it was negative, like in 2019 and 2020 is more related than to Linamar that is still in ramping up or? That is correct, Mr. Foletti. Yeah, that is correct. Okay. Thanks. Gentlemen, this was the last question from the phone. Thank you very much. We will therefore continue with the questions from the webcast. The first question comes from Armin Rechberger, Zürcher Kantonalbank. The question is, the semi shortage in the automotive market, and what is the impact for Casting Solutions and Machining Solutions in H1 2021? Well, thank you, Mr. Rechberger, for this question, and I think it is obvious that there is some effect also on our customers, particularly when you look at the automotive industry, where we can see that in the first quarter, there is an effect estimated in the range of 5%-8%-10% in their own productions due to the shortage of microelectronic components. However, we have to be clear, it does not affect us in the full scale because the premium car segment or the mid segment is not that affected at that high level. We see for GF a rather minimal effect. However, it is estimated on an annual base that may the semiconductor shortage will lead to a drop of may up to 2%-2.5% on the global car production in the year under review. Still assuming that there is a substantial growth in the range of 15% on the annual base comparison, total output car production versus 2019. There are a couple of follow-up questions from Armin Rechberger. The first is, again, on the status of the ramp-up in the Mills River facility. We have already given here an answer. I think we can skip this one. The next is concerning our divestment of the iron casting facilities in Germany, to the Fondium Group. The question is, about the status of the buyer of Fondium Group, and whether GF has to write down further loans. Thank you very much for the question, Mr. Rechberger. 2020 was, of course, for the company Fondium, a big challenge as well. It was possible for the company to achieve a IDW S6 certificate in the depth of the lockdowns, which basically confirmed the going concern of the company. The second half was actually substantially better. You probably could read from the press that the European commercial vehicle market is definitely going exceptionally good. You can also see that Daimler Truck wants to go IPO on that tailwind. The situation at Fondium has operationally improved. They have also implemented a number of measures in order to curb the cost side and improve the profitability. Their liquidity situation improved to a degree where they were able to actually repay one portion of the original vendor loans that we gave them back in 2018. The situation you can say has actually stabilized now, and now it's even more improved towards the end of the year. There is a follow-up question concerning the status of the Fast Track project. As we have announced during our last year's media conference, we have initiated a Fast Track program to increase the agility and to foster lean and operational excellence programs across all our organization. That has been pretty much put in place during the course of the year 2020. It's, as Mads said, full in swing in our organization. The next question, follow-up question, is on the sale of the building in Saleggi, Ticino. Whether we have to pay now a rent for the building? The idea is, since we have two sites in that city of Saleggii and San Donà, we will consolidate our activities of our EDM operations in San Donà, and therefore we will give up on the site in Saleggi. Also concerning two divestments, whether we also sold a building in Schaffhausen. We sold non-operating property in Schaffhausen, Herblingertal, during the course of the year, and the profit from that was about CHF 4 million. That's also shown in the cash flow in the same line as the Saleggi building. Next question comes from Adrian Knoblauch, Zürcher Kantonalbank. The question is about, for your acquisition pipeline in the Strategy 2025, what net debt EBITDA level do you see as an upper or limit or a comfort level? We will ask our CFO with what he feels comfortable. I would probably answer the question in a different way. If you look at what is possible for us to acquire, it can safely be said that you could definitely have a capacity probably around CHF 700 million and also up in the CHF 900 million area. That's definitely possible with the profitability and also leveraging, of course, the EBITDA of the target that we are going to potentially acquire. Next question comes from Tobias Fahrenholz, Stifel. Also about M&A activities. In the M&A pipeline, looking at our projected CHF 600 million M&A goal on the top of the CHF 4.4 billion sales target, should we expect to see the majority of this in the piping system business? Is the focus still on mid-size deals? Thank you for this question, Mr. Fahrenholz. It is exactly correct what you said. We want to focus on our Piping Systems division. Yes, it will most likely be in the range of deals in the size small to mid. We might also going to strive for a few ones in the bigger mid-size area, it should be the lion's share of our acquisitions in our Piping Systems division. Gentlemen, we have a follow-up question on the phone from Mr. Martin Flückiger from Kepler Cheuvreux. Please go ahead. Yeah, thanks for taking my follow-up. Actually, two, please. I was just wondering, given the recently sharp increase in light metal prices and assuming that prices will remain stable from here, I know a dubious assumption, but nevertheless makes things a little bit more easier. What is the likely headwind on EBIT in Casting Solutions in 2021? How long do you think it'll take for you to raise your selling prices? What's your goal here? Is your goal to hedge your margin, or is it your goal to hedge your absolute EBIT level? That would be my first question. The next one is on customer markets in Casting and Machining Solutions. I was just wondering, what is the latest feedback you're getting from customers with respect to expected business conditions and growth expectations, in the aerospace and ICT industries? Thank you very much, Mr. Flückiger, for the question. The light metal prices in our Casting Solutions are tied to a contractual give through. Call it that way, we can increase our prices within a time lag of two to three months. Therefore, we will not have to cope with the increase of raw material prices for long. We do not expect some major headwinds in the year 2021. We have seen a steep increase, beginning last year in December and continues in January. We strongly believe that that will somehow plateau in the month to come, and therefore we do not expect a major impact. We do not really hedge our margins. The margins are contractually hedged to our right to pass on price increases, but at the same time, we would have to pass on price decreases. What is the business sentiment in our customers and when it comes to the aerospace business? We can gladly say that the project activities in that end market segment have increased. There is no standstill, as you might would assume. Obviously, there is a subdued capital expenditure spending last year, but also may to be seen in this year for a part of this year at least. However, projects have increased, and we see more confidence. It is obvious that the flight or aerospace business will come back, whether that takes two, three, or four years. That is something which is hard to judge at this point of time, but we see confidence at our customers in regards to their projects. Does this answer your question? Yes. Sorry. What are you seeing in the ICT industry? Okay, ICT. Sorry, I forgot that. Yes, you're right. ICT has been one of the strongest segments in the year under review in 2020. We see that the ICT segment constantly being in a strong position. That's a rather resilient segment at this point of time. Okay, no exploding growth? I didn't understand what you said. Sorry. Yeah. When you say stable, you mean slightly growing, but nothing unusual, yeah? No major deviations. No major deviations, slightly growing. That's what we see at this point of time. Perfect. Thanks. The next question is from Joern Iffert from UBS. Please go ahead. Yes, thanks for taking my follow-up questions. The first one would be please on the lightweight materials in the auto segment. Can you better help us to understand how the product mix will develop? I think revenues in 2020 was X. What do you expect the lightweight material revenues can be two to three years from here? This would be very helpful. Coming back to my other questions, whatever you will have in terms of total sales growth in 2021, let's assume CHF 200 million-CHF 300 million. Is it fair to assume a drop through in the EBIT line of around 30%, taking everything into account? I think I will ask the first question with, in regards to our light metals in auto revenue. It is a clear target that we're going to increase this light metal in our overall portfolio. You're most likely going to see around 80% of the product of the turnover of the division being in light metal casts, whether this is in magnesium or aluminum. We will penetrate predominantly in the body and structure, but also into the e-mobility segment with solutions for e-powerhouses or e-engine houses and battery housings. That's our target. Body and structure on the one hand side, and e-power components on the other hand. That most likely will be the share of sales or Shenyang facility, but also our GF Linamar Mills River facility is completely geared towards this body and structure components. The second questions I leave to our CFO. In terms of contribution margin from the sales growth next year, if I may differentiate a little bit, you could maybe see the 30% happening on the rebound of the Casting Machining Solutions. Growth on Piping Systems, because they come from a completely different basis, will probably more be in the area of 20%-25% for your assumptions. For the drop through in EBIT, you mean, huh? Thanks. Thanks a lot. The next question comes from Bernd Pomrehn, Bank Vontobel. It's a housekeeping question about the tax rate for 2021 and going forward. Did he get it correct that he should expect no further restructuring costs in this fiscal year 2021? Thank you for the question, Mr. Pomrehn. You are correct in looking at the 2020 tax rate of being slightly elevated. We expect it actually to go down closer to the 20%, where it's been for some years, but also going forward, we expect it to go back to that. Do we expect further restructuring costs for the 2021 year? The reported one-off effects that we have so far, that project, the relocation of Werdohl, as well as the divestiture of Herzogenburg, these projects have been completed successfully, and we do not expect to report such effect from restructuring projects going forward, at least for 2021. We have a next follow-up question from Armin Rechberger, Zürcher Kantonalbank, about the new foundry in China, whether it is an iron or a light alloy foundry, and where are the contracts from, and whether we have an exposure to the EV market there? Thank you, Mr. Rechberger, for this question. The new Shenyang facility is a pure aluminum magnesium body and structure components casting facility. We will not have an iron casting facility there. Contracts are from domestic, but also international customers, and it is more or less at this point of time, 50/50. That means 50% of the orders are for electric vehicles and 50% are for conventional combustion engine. As a reminder, if you wish to register for a question, please press star and one on your telephone. That doesn't seem to be the case, then we would like to express our sincere thanks for your attention and your time, and hope to see you in the year to come in person and to may conduct a media conference in the way we have used in the recent years. Thank you very much. Goodbye.