Good morning, ladies and gentlemen, and welcome to the Consolidated Financial Statements 2021 of Encavis AG. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Mr. Christoph Husmann. Yeah. Good morning. Thank you very much. Thank you very much for dialing in and taking the time in these turbulent times. We released yesterday our financial figures and this morning our sustainability report. For that, I hand over first to my colleague, Dierk Paskert. Dirk, it's your turn. Yeah. Thanks, everybody, and welcome also from my side. Dierk Paskert, CEO of Encavis. As most of you are interested in our financials 2021 and also prospects for 2022, I would like to welcome you today to our call by highlighting only a few achievements of our sustainability program in 2021. Sustainability is part of our DNA. As one of the major independent power producers in Europe, with currently more than 3 GW installed capacity, we play an important role in making an historic transformation happen. A transformation towards a world that is environmentally sound, socially inclusive, and better governed. Our holistic sustainability approach has basically four pillars: strategy and governance, economy, social, and environment. I will talk to you only briefly through some of the topics, and for those of you who are interested in more details, I would like to make reference to our digital sustainability report just launched on our website. In detail, which were the highlights and points of action in 2021? In strategy and governance, we improved our MSCI ESG rating with our final goal of AAA by 2021 and came one step closer in 2020, in 2021. We formed a sustainable council or sustainability council. We improved visibility of the whistleblowing system. We introduced a compliance management system with KYC audit and code of conduct. Also, we introduced a business partner code of conduct for all our partners who would like to do business with us in the future. With regard to economic responsibility, we implemented in 2021, first time, our overall digital monitoring system of all our parks. This will be the basis for further measures in 2022, which will be related to performance analysis of all our individual parks and identifying the main reasons for performance losses and define suitable measures to solve them in the future. This is an important step for our operations, that we are then able really to detect all defaults in all our individual parks and react spontaneously. With regards to social responsibility, we implemented in 2021, starting from July 2021, as part of a long-term cooperation, a support program for the charitable and aid organization, SolarPower Europe. By connecting people to PV electricity production, we bring a push to health and well-being to some of the poorest regions of this world in sub-Saharan Africa, namely in Malawi. Regarding environmental responsibility, we for the first time published our carbon footprint for Scope one, two, and three across our value chain, and we set also by that the basis for further improvements in 2022 and beyond. We are able to really realize our carbon footprint goals and measure ourselves also with regard to these goals in the future. As mentioned, these are only a few highlights of our sustainability program in 2021. Before I hand over to my dear colleague, Christoph Husmann, our CFO, please allow me to stress that reaching our financial goals, which for a long time has been the ultimate objective of this group, is not enough anymore. Only if we achieve these goals in a sustainable and safe environment, we will be fully satisfied. As this sets the basis for our license to operate from an environmental, social, and also economic perspective. Thanks. Thank you all. For those who are interested in more details, please refer to our website, where we launched our digital sustainability report. Christoph, with that having said, I would like to hand over to you, and Christoph will guide you now through our financials in 2021, and I will be also back in Q&A and answer all your questions. Thank you. Okay. Thank you very much, Dierk, for the introduction, and thank you very much for your introduction into the sustainability report. Ladies and gentlemen, good morning again. Christoph Husmann, the CFO of the group. A warm welcome from my side as well. Now let's talk about the financial result 2021 and the guidance for 2022. Well, we published last night our full year report 2021 and our KPIs, which you already know from our ad hoc news from March 15. We announced today more precise figures than we did in the ad hoc news, where we had more rough figures because we were still in the auditing process. In the end, our exact figures, which we published last night, were slightly above the figures which we announced in our ad hoc. Now, we came out of the fiscal year 2021 with EUR 333 million of revenues, EUR 256 million of EBITDA, which means a 77% EBITDA margin and a 45% EBIT margin with EUR 149 million of EBIT and EPS of EUR 0.48. All these P&L figures are all in line with a growth rate of 12%-14%, which is a result of 435 MW of capacities connected to the grid in 2021 and the full year effect of parks with a capacity of 241 MW connected to the grid in 2020. The only figure which is, again, increasing slightly higher is the operating cash flow with 18% growth rate, closing the gap to the EBITDA. As you might recall, in the past, it is that EBITDA and operating cash flow developed in a parallel, but always the operating cash flow with some kind of discount to the EBITDA. The reason for that is structurally that we were dominated by feed-in tariffs, which were the kilowatt hour production was seen on the inverter at month's end, and then a remuneration came in the following month or even two months later from the grid operator. Now, when that was at year's end, obviously there was some lag, and due to the ongoing growth of the company, there was always a negative lag. So that the cash flow was always lagging behind one or two steps. But now we have a structural change. Now we have more and more PPA parks in our portfolio. These PPAs are usually financial PPAs, so where we sell the electricity in the market on spot market price. At month-end, we see how much electricity was produced and sold to the market, and then the difference price to the agreed PPA price has to be remunerated to the offtaker in case that the market price is above the PPA price, or we receive a remuneration if the market price is below the PPA price. In this current situation with high electricity prices, our revenues are increasing, but for the PPA parks, it is that we have then the cash-in, but then the later cash-out for the compensation under the PPA. You see that effect by an increase of our trade payables by EUR 12 million in our P&L, increasing to now EUR 50 million compared to EUR 3 million last year. If we then do compare our figures with the guidance, then we see that we have a single-digit improvement of our figures for all P&L figures, not for the operating cash flow. In the operating cash flow, we have a 20% increase to EUR 252 million compared to a guidance of EUR 210 million, and this is exactly the effect I just explained to you. What was happening in the last year and why we exceeded our guidance in that way can be seen at its best when we have a look into the single quarter results. Until the end of the third quarter, we announced on our conference call and in our interim report for the third quarter that we suffered from underperforming meteorology, specifically in the existing parks in the last years, so in our park portfolio without new acquisitions. The meteorology was 13% down in our existing parks until the end of Q3. These parks carry a higher remuneration usually than the younger parks per kilowatt hour. Now here we had a lag of 200 GWh of energy production in our existing portfolio. In the revenues, due to the enormous production of our new parks in kilowatt hours, combined with the low remuneration, this could offset that negative impact on the existing portfolio by the new acquisitions in the revenues. That these new parks came in with pretty much similar fixed cost. There was a burden to the EBITDA and the EBIT. That did not grow 11% like the revenues, but 8.2% only, and the EPS suffered by -12% compared to previous year. This picture turned dramatically in Q4, because here we have a nice combination of firstly, more gigawatt hour production than the fourth quarter 2020 in the existing portfolio, again carrying the higher remuneration per kilowatt hour. In addition to that, strong production in our new parks. Within the new parks with the PPAs, as you might recall, there is some certain percentage of merchant parks, and they enjoyed the higher merchant prices at the same time. This brought us into the position to realize revenues in the fourth quarter, 27% up compared to the previous year, 39% higher EBITDA, 79% higher EBIT, and 40% higher operating cash flow. Just to say it once in my life, I like it, 1,000% more of EPS contribution compared to Q4 2020. Let's have a short look into our balance sheet. In our balance sheet, we see a growth of our total assets of 14% to now EUR 3.2 billion. Here we do see a growth in the long-term assets, which is the full consolidation of the Talayuela and the other new acquisitions which we had in the previous year, partially offset by the ongoing regular depreciation of our existing asset portfolio. The strongest growth rate we see here is in the liquid funds, which is a growth by +93% cash from hybrid convertible, which we issued last year. This high liquid position, in addition to our debt which we raised in the last year, gives us a very comfortable position this year to go for our investment, of course, for our growth rate, for our investments we want to do this year. On the equity and liability side, we see a strong increase of the equity position by 42%, reflecting the issuance of the new hybrid convertible and then a pretty flat development of the other positions. Let's have a look into the segments. With the now full year effect of La Cabrera and with the connection to the grid of Talayuela in Spain, there is a strong growth, specifically in solar. Solar now makes up 70% of our portfolio, 23% wind farms, and 6% the asset management. When we now go into the details of the respective segments as a comparison to the guidance, it is that all segments fulfilled their specific guidance. Only the wind farms, due to the lack of wind last year, did not perform properly. Let's go to the respective segments. In the PV segment, we see an 18% growth of the revenues and a 19% growth of EBITDA and EBIT. The margins could be improved slightly. These key figures are mainly driven by the Spanish parks. Please have in mind that we have 500 MW of additional capacities connected to the grid, and the difference in the revenues is 99% due to these two parks. In the existing portfolios, we have some compensational effect leading to a revenue change of almost nil. This is on one hand side, we have in total electricity production, which was 6% below 2020 in the existing portfolio. We enjoy here on some parks, increased market prices, and specifically in the U.K., which compensates for that electricity loss. In the wind segment, we do have less energy production of 8% despite our growth in acquisitions, which is therefore compensating this reduced energy production. In fact, we lose in the existing portfolio almost EUR 5 million of revenues due to this very low electricity production. With the comparison of the production and the revenues decline, you see that obviously, specifically in the wind, there is some pricing effect included, and that is mainly in the German wind portfolio, where the feed-in tariff is floor priced, so where we enjoy some of the upsides from current higher electricity prices, as well as in our Finnish portfolio, Paltusmäki, here we have a fully merchant park. This development is offset by the new acquisitions, adding EUR 5 million of additional revenues. As you might recall, at the end of the fourth quarter, we sold a majority position in our Austrian portfolio. Here we could realize EUR 5.9 million of profit. Our service department, our service segment, does not look very convincing from the figures because they are small, but small is beautiful. Here we realize a lot of synergies for our solar portfolio specifically. We had higher numbers in 2020, but here we had a result of a positive EBITDA contribution of EUR 2.9 million from the merger of our Encavis Technical Services with Stern Energy. Stern Energy is a strategic investment for us, and this integration will go on over time and will contribute more in the future to this segment. Having a look into the asset management. In the asset management, we have a substantial growth of almost 20% of EUR 3.4 million in 2021 based on record high investments for the funds in a capacity of 513 MW in 2021 compared to 320 MW in the previous year. Please note that in the revenues, you not only see the one-off payments for new investments and newly structured funds, but you see the revenues of the operations business, which is an ongoing business for the existing portfolio, for the asset management and operations management of the existing portfolio as well. The most critical part of such a funds business is not to cash in the one-offs for investments and structuring of funds, but to organize the operations and asset management in a way that this makes profit just purely out of the payments from the funds for operations and management. This is critical, but the break-even of operations asset management is by far reached. The operations itself, even if we would not have any one-offs from investments, would be profitable. The headquarters, here we have not a lot to explain. The operating EBITDA is slightly better, and we are in the end on the cost level of 2020. Although we have a strong growth of the company, headquarters manage the cost on the same level. In March 2017, we announced a dividend strategy for five years ahead, which is quite unusual in the market. We said that based on the dividend of 2016 of EUR 0.20, we will propose a EUR 0.30 dividend for the fiscal year 2021 on our annual shareholder meeting. Step by step, we realized that dividend policy in a EUR 0.02 step every year, reaching EUR 0.30 this year, which we will suggest to the annual shareholder meeting, compared to the EUR 0.48 operating EPS, it is a 63% payout ratio. In the last year, you know that we were rated by a lot of different rating agencies. First of all, the ESG ratings. Here we do have an A level MSCI rating and prime label by ISS ESG. Since 2019, we are rated by Scope Ratings with an investment grade rating due to our risk-adjusted business model, our regional diversification, and our high proportion of non-recourse financing, which makes our business model to be so bulletproof and low risk that we are, although we have a structural subordination of our financing, it is seen to be investment grade. This rating was emphasized in 2020 and 2021 again. Now, let's have a look on the future on our guidance for 2022. Well, first of all, let's talk about what is included in this guidance. First of all, the guidance, as usual, is based on standard weather assumptions. We do not forecast better or worse weather. That is not what we can do, but we can assume standard weather assumption, and as a result out of that, the kilowatt hour production. The guidance includes all latest acquisitions, and as you might recall, specifically in the fourth quarter, yet even in December, we acquired a lot of parks, and some of them were connected to the grid at year's end and some in the first weeks of this year, which are these ones here lined out. In total, 240 MW of newly acquired parks. That out of these parks, when they were connected to the grid last year, we will have a full year effect this year, despite some smaller impact on last year's figures. We will have newly acquired parks which will add to these in total amount, as I have shown here, 240 MW. The 500 MW, which we announced to be acquired this year, are not included in these figures. We have to assume that most of these parks won't be connected to the grid this year, and if they are connected to the grid this year, it will be so late in the year that they will not contribute, will have major impact on our figures. Around 96% of our guided power revenues are fixed or hedged already. Please be aware that within the EUR 380 million of revenues, EUR 20 million are from asset management. Out of the EUR 360 million power revenues, these are hedged. We did not include any impact from the war in Ukraine and the currently extremely high volatility in the power prices in our forecast. These power prices are sometimes jumping up in the average of the whole year by 30% within, for instance, eight days between March third and March 11th. Then down by 15% in average of the year until then within four days until March 15th. The volatility is extremely high, and since we do not want to impose any risk to our guidance, we exclude this high volatility. If in the course of this year, we are able to realize and participate from some of these high-power prices, we will adjust our guidance accordingly. What we did include in our guidance is that in Spain and Italy, currently, there are new laws with some limitations of power prices. What we did not include in our guidance is the last Friday agreed specific Spanish new law, which will be released in the next weeks on an even lower power price. There is some smaller risk, but this is very limited since the most part of our Spanish merchant park part is already hedged. With all that said and all these assumptions, we are guiding more than EUR 380 million of revenues for the fiscal year 2022, which is 14% more than we realized in 2021. We will have double-digit growth rates for the operating EBITDA, with EUR 285 million and EBIT of EUR 166 million. With the operating cash flow, with the spot market realization and the compensation payments to the PPA, this is pretty hard to forecast. Since we do not include the high spot market prices due to the Ukrainian war, then we did not include so much trade payables here, so the operating cash flow is only EUR 10 million or 3% above the very high-level of 2021 operating cash flow. The EPS is expected to grow to 0.51 EUR compared to 0.48 EUR in 2021, which is 6% up. We assume here an energy production of more than 3 TWh. If we compare our forecast with the analyst consensus, we do see that with the revenues, EBITDA, and with the operating cash flow, we're exceeding even the most maximum assumptions of the analyst colleagues. With the EBIT, we are very close to this maximum assumption. With the operating EPS, we are exactly on average of that consensus. If we have a look into the business segments, it is that with the new acquisitions, specifically in Denmark and in the Netherlands, the solar parks will grow in its percentage-wise importance for the whole group from 70% - 73%, now having EUR 276 million of revenues guided in 2022. We will keep up our operating EBITDA margin on above 80%, and we will reach EBITDA of more than EUR 223 million, and we keep up our operating EBIT margin on almost 50%, EUR 132 million EBIT. The technical services assumed to develop flat. Since again, it is only for realizing synergies, not for profitability reasons. In the wind parks, we assume due to the increasing importance of solar parks, a slight decrease of that position, and with keeping up our high margins. In the asset management, we had a stretch last year since there was an expected income not realized, which was compensated out of new investments. This was a stretch. Now the organization has to be developed in a way to reach that level, to get this fantastic performance of the last year done in a regular way. Therefore, we do not expect any growth here this year. Now, after finalizing our five years dividend policy, you might expect or you will expect something new for the future. Well, we will decide on our future dividend payment year on year. The dividend which we will pay in future will be competitive, and it will be appropriate in the market, and it will be based on the development and the economic success of Encavis. Please have in mind that we are currently in a position, a situation where so much is changing in the whole industry. There is such a boom of potential growth which is ahead of us. I just want to give you some ideas about it. Let's talk about REPowerEU with the quadrupling of the amount of gigawatts connected to the grid per year until 2030. Let's talk about investment opportunities on freedom energies and other growth potential, on the development of the electricity prices, on the H2 initiatives, and all these potential developments which are ahead of us and which will speed up in a dramatic way. Therefore, we decided not today to announce a dividend payment, an exact figure as we did in 2017 for the next five years, but to do it as most other companies do, decide it on an annual basis. Again, the dividend will be competitive and appropriate. Ladies and gentlemen, thank you very much for listening, and now we are available for your questions. We do have our first question. It comes from Emmanuel Chevalier. Yes. Good morning, gentlemen. Do you hear me? Yes. Yes. Good morning. Yes. Good morning. Yes, Good morning. Yes, thank you for the presentation and for taking my question. I got two from my side. First, I would like to know more about the assumption you have integrated into your 2022 guidance. I understood that guidance are based as every year on standard assumptions, and you have included the latest acquisitions already announced. I don't capture well the assumption you are taking in terms of electricity market price. Could you come back on this? I've got a question whether you have integrated tariff cuts on your solar farms in France. The second one, could you provide us a guidance for CapEx for 2022? Thank you. Okay. Thank you. Guidance on investment. Okay. First of all, let's talk about the guidance, the power prices. We said that EUR 360 million are our power price revenues or assumed power price revenues of 2022. Out of these, 4% are not price-fixed either by feed-in tariff, nor by PPA, nor by short-term hedges. It is in total approximately EUR 245 million, which is hedged. The remaining part obviously unhedged, and we assumed the pricing which we have seen at the end of December. It is that there was no impact from the Ukraine war, which was in it. Again, we had extremely high volatility here. Okay. In the last weeks. That would be pretty brave to integrate that into our assumptions. Okay. We all do not hope neither for the whole economy nor for the zone itself that this situation will hold on for a longer time, and therefore, it is pretty hard to guide the pricing. Honestly said, most of our competitors don't do either. Regarding France, you're, I think you're referring to the potential feed-in tariff cut for parks of 2010. Yeah. So far, we are in discussion, and we are absolutely confident that this won't harm us materially. We do not foresee any depreciation for our French parks. Until 2023, the feed-in tariff is secured, and the discussion is going on. Please, as a reminder, the French law definitely defines the economic viability of the parks. We do not see that with the agreed IRR for the investors that we will be harmed materially. Regarding the guidance of our investment, well, it is EUR 500 million – 500 MW. We do not know exactly the split of solar and wind, and not what specific PPA price level might be behind it, not what region it is or what the kilowatt-hour production might be. As a rough calculation, you could assume that if you will see the latest acquisition in solar, that for solar, you might assume EUR 600,000-EUR 700,000 per megawatt. For wind, it should be twice the amount, EUR 1.2 million-EUR 1.4 million. Now it is a rough guess of what might be realistic. I think, if we assume EUR 400 million-EUR 500 million investment volume and then 50% SPV financing, it is EUR 200 million-EUR 250 million of equity we have to pay for this part. Now I refer to the liquidity position, which I have shown to you in our balance sheet. We are very well prepared to finance that. Okay. Very clear. Thank you. You're welcome. We do have the next question. It comes from Peter Crampton. Good morning. Peter Crampton here from Barclays. Congratulations on the great 2021 results and 2022 guidance. Two questions, if I may. The first one is on German energy policy. Now, post kind of the recent geopolitical development, it's become very clear that Germany needs to do even more on the renewables front. I was just wondering if you're seeing any signs from government, if you are positively excited on potentially more renewable bills passing in Germany faster than expected. Then the second question was just to repeat, you know, your comments around kind of, you know, the hedged revenues wasn't entirely clear. Those EUR 345 million or not. Thank you very much. Yeah, thank you. Peter, Dierk Paskert. I would take your questions on German energy policy. Yes, you are right. That's not only just related to Germany. I think all over E.U. and also including U.K. I think we will see a push for further renewables in the future. That is quite bright, that outlook. However, the devil is in the detail, and that is permitting of projects. That is something we have to solve in all European countries. What we would expect from the German government and from other governments in Europe is that with the final permitting to construct a new plant or a new PV plant, that there is no injunctions from whatever side anymore possible, so that you can really go ahead. If we would achieve that level, like it is stressed also in the Fit for 55, then I would see that tremendous growth ahead of us. If we do not make progress on permitting, I think it will remain at the same levels as we are today. Therefore, the ball is in the camp of the politicians in all European countries, and they have to come up with adequate measures. On the hedging, probably, and the pricing again, and with regard to further growth, whether we see more upside in growth or more upside in pricing, I would say short-term perspective is definitely more upside in pricing. I mean, for instance, in Germany, we lock in and the hedge price is the feed-in tariff. As you know, in Germany, we can keep the prices above the feed-in tariff. That is definitely an upside we would see. That's depending, as Christoph already said, on the development of the prices during the year. We can't predict that already today. If prices would keep at the levels we are currently at, so then definitely there is also upside for us. That is different country by country because the feed-in tariff structures are differently constructed in the countries, and there is not one size fits all for all European countries. It's less, to a lesser extent, what you might get from outside related to our PPA positions. There is also upside in the feed-in tariff positions, at least for Germany. Perfect. Thank you for your answers. I'm going to repeat it. If you would like to ask a question. Please press nine, followed by the star key on your telephone keypad. And we do have another question coming from Igor Kim. Yes. Hi. Can you hear me? Yes, we do. Yes. Hi. Hello. I've got a couple of questions from my side. First on your 500 MWp that you're planning to add during the year. Could you give a bit of a color about these projects? Because I mean it sounds a little punchy to add like 500 MWp in the next three quarters if I correctly understand. That would be quite interesting. If you could give a color how much of that should be already connected to the grid and how much of that will be still in development that would be helpful. The second question is in Spain is it possible to give a number how much of that is merchant. I think you said that all of it is hedged. Just, is it also similar to the group level, around 5%? Or it's a different number? I mean, for the Spanish parks only. Thank you. On the pipeline. Thank you, Kim. I mean, we will have to see what the split, final split is. It will come, let's say some of that will come from our pipeline, but that depends, as I already said, on permitting. We set overall our target for 500. The part which will not come from our pipeline, from our project development partners, will be compensated by then projects which we buy on the market. Those ones will be then most likely, at least what we can foresee today, then also at least close to be connected to the grid. We would expect then also at least at year-end also first energy production. For the part which comes from our pipeline, there it is definitely the first, let's say, turnover or numbers will only result in 2023. A rough, just very rough guess, take it half by half, so half pipeline, half COD already connected to the grid. That might be one fair assumption, but that can change over the years, so don't bet on that. That is just the calculation which we have in mind currently. On the Spanish merchant positions, as you know that, the parks itself are 75% hedged with a PPA long term and 25% is open. However, we also take short-term hedges for the open positions, so we don't keep that just fully merchant. There is a hedging policy for each individual park in place. This is related to the overall hedging volume of 5% open positions. That varies actually between the parks that we do on a portfolio perspective and not just on a park-by-park perspective. It might be that the one or the other park has more or higher open positions than others, and others are closer to 100%. Therefore it's always done on a portfolio perspective. I think what I may add is what we do in the end, Mr. Kim, is that we want to utilize the currently best market for hedges is because sometimes, in markets, there is for such hedging, huge discounts, as compared to the spot market prices. We always analyze the different markets and then close the positions, specifically in these countries where the hedging price and the spot market price is at its closest to realize the best results of all for our shareholders. This approach of having a maximum 5% open position on group levels gives us that opportunity to hedge the parks in a different way, some more and some less, but an average 5% open. Secondly, a remark what Dierk Paskert said regarding our acquisitions. I think two remarks. What I said, we just want to emphasize that in our guidance we have not the 500 MW included because as Dierk pointed out correctly, we don't know when, in what current situation the parks will be acquired, how soon they will be connected to the grid and when. That's the major issue. If we can see it in the construction plan, when it will be done, but when will be the final acceptance by the authorities, and if then someone has again a three-month coffee break, then we have to wait for three months and we cannot do anything about it. We cannot connect it to the grid and not produce electricity. Therefore, we are highly dependent on the last meters in front of the goal to reach it. What I pointed out is within this year, within the first quarter, we already connected 120 MW to the grid because these were acquisitions of the last year and they will contribute to this year's guidance and they are already included. Okay. Thank you. That'd be helpful. One last follow-up from my side. On this 120 MWp that you have recently added to your capacities, could you give an approximate range in terms of a PPA? I think the last ones were pretty expensive, above EUR 60/MWh. Is that the right ballpark to assume for the last capacity that you added? Sorry, could you just repeat the number you have in mind for the pricing? I think it was around EUR 0.06 per MW what I have. No, that's at least for Denmark would be too high. We are in Danish markets. We are also in Nordic markets. We are closer to three, something above EUR 0.03 per kWh. Well, that's the pricing, long-term pricing, for PPAs. In merchant markets, you are right. For open positions, there you could go up to that level, or even beyond, but not for long-term PPA prices. That's more around EUR 0.03, might be slightly above. I think we should add here that these Danish PPAs were agreed in last year, September, October. Mm-hmm. What you are referring to, Mr. Kim, is that in the current market, you sometimes, when some companies are panicking, that they might go for EUR 40, EUR 50, sometimes even EUR 55 per MWh in a PPA, but that's today. These parts which are locked in September, October last year were in a pretty normal price range. But the IRR is still very attractive. This is reflected, by the way, in the acquisition price, these lower PPA price. Mm-hmm. This does not harm our IRR. Okay, I understand. Thank you. Welcome. Next up is Teresa Schinwald. Yeah. Good morning. Thanks for taking my question. Apologies, I might have missed some of the content as I had to drop out for a few minutes. The first one is on your policy of divesting of wind minorities. Could you update us on that, having sold now one Austrian wind park? My second question is, you mentioned current investment cost per megawatt, which as far as I can see, are current market rates. However, with all the supply chain issues and raw materials, could you shed some light on potential upside risks from your perspective? Okay. First of all, I take the first question, and then in the meantime we agree on who takes the second one. First of all, our policy regarding divestment of minorities. As you have seen, for three consecutive years, we always sold minorities or the positions in wind farms. German wind farm minority in 2019, then a wind farm, Austrian wind farm minority in 2020, and then the majority in the same wind park portfolio in 2021, because that was an extremely good offer, which we could not ignore. In this year, we do not have a minority sale included in our guidance. That does not mean that we will go on for that. In the current situation of these extremely high volatile power prices, it is you have really to meet the right window to get the best out of these, I mean, the minority sales for the shareholders. Since these processes of due diligence, of approvals by the banks and so on need some time, we have agreed that we won't desperately go for a minority sale just to show you that we will do it every year, this year as well. We want to have the market calming down and having less volatility in the energy market prices, because they, in the long term, will be reflected then in the sales price. We don't want, just by accident, realize a price which is lower than that one, which we could realize with waiting a little bit longer. As you know, we are cautious, therefore, we did not introduce a minority sale this time in our guidance. Again, this does not mean that this could be an additional income stream for this year. On the EPC pricing you are referring to, that's mostly related then to new solar parks which we have reached ready-to-build status and which we then have to construct. Yes, you are right. We have seen a significant cost increase for EPCs close to 20%-25% or in some cases even beyond that. That's true, and that's in the market. However, so far that could have been compensated by higher energy prices, which you achieve. We have a bullish PPA market, for instance, in Germany, with really very, very healthy prices. That still, the margins are absolutely okay. Even I would say we still benefit from that higher energy pricing. Above all, in Germany, we see that pricing also on the longer end. It's reflected also in the longer end PPAs. Whereas for instance in Spain, we still see that the long-term PPAs, 10 years and longer remain on the same level as before. We haven't seen that significant uptick, but Germany definitely has that uptick, and corporates are also prepared to pay higher prices than utilities. Therefore, that is definitely something we can make use of and that is compensating then also the higher EPC pricing. We also foresee that EPC prices should come down now with a big caveat on Ukraine, so nobody knows what's happening there. Also, big caveat on Shanghai and further transport problems out of China. We would foresee that EPC prices should go down over the next 12-18 months, if at least some of the prices, let's say come down to normal. That's also a little bit crystal ball. Thank you very much. The next question comes from Jan Bauer. Hello. Can you hear me? Yes, we do. Yeah. Oh, perfect. Mr. Bauer. Yeah, perfect. I have one question regarding your pipeline. What we see currently is that there are huge delays in lead times for modules and wind turbines all over Europe, as most of them are shipped from Asia. Do you see any risks regarding your pipeline outlook you gave last year to Capital Markets Day, that we might see some rescheduling for the COD of parks? The second question would be, I'm still struggling a little bit to fully understand the guidance where the sales growth come from. Could you give us an idea of how much additional sales you expect from the 120 MW you just connect to the grid? Thank you. Yeah, I take the first question on the timing. Yes, that's true, transport problems could, let's say, have a timing effect on connecting the parks to the grid. However, I mean, try to manage it currently also with regard to the permitting. We have already delays in our pipeline in permitting. What we manage currently is that we at least do place some orders already in the market in order not to have further delays. For instance, for transformers, they have the biggest lead time or lowest lead time, sorry, for which can go beyond 12 months and or 18 months. Therefore we order already transformers and knowing that at some time our let's say parts will be constructed, so even we would put them on shelves if needed, or you could easily sell them again in the market because there's desperate need for this kind of equipment. Therefore, that is not further risk for us. We try to manage it this way. A delay of let's say a construction or a connecting to the grid time is at least much higher risk than having let's say for a few months or for a few weeks some spare parts on the shelf. Therefore, that is how we manage it currently. Thank you. To understand better the energy production increase. First of all, please have in mind that we have 3 TWh at minimum energy production forecasted for the coming year. Please have in mind that we have in the fiscal year 2021, approximately 100 MWh lower production due to bad meteorology. Therefore, if we assume for the existing portfolio of 2021, standard weather this year, it should be around 2.85 TWh, approximately. Now the gap to the 3 TWh and some more because it says more than 3 TWh is then the growth which we expect from our new portfolio additions, which are not only the 120 MW. Please have in mind that last year we acquired approximately 260 MW-280 MW, and some of them were connected to the grid at the end of last year already, which did not contribute heavily to last year's gigawatt hours, but have a full year effect this year. If you assume that for the new additions, we might have approximately 8%-10% more gigawatt hours compared to previous year, I think this would be a fair approach. Okay, thank you. Just a few follow-ups, if I may. First thing, if you put some parts on shelves that would affect your working capital, I guess. Second question, could just again on the new acquisitions, I think about can you give us an idea of what the sales in million euros will look like so that we can somehow figure out what pricing might be? Sorry. Honestly said, I didn't get both questions. Could you please repeat? Yeah, sure. First thing would be, Mr. Paskert said that you might put some products on shelters. As far as- You might what? Put some products on shelf. Yeah. Shelf. No, sorry. Okay. Sorry. If you would buy some modules or inverters prior to construction, that would probably affect your working capital, I guess. Second one would be so again, regarding the new acquisitions, could you give us an idea what the sales impact in million euros would be? It would give me a better feeling of pricing. Okay. Now, I'll start with the second part of the question. A clear answer is no. Just to say it simply, but I explain it to you why I say no. We don't know whether the parks will be solar or wind. We don't know if it is solar, for instance, whether it is in Northern Europe or in Southern Europe, so the irradiation, we don't know. We don't know the pricing which we can secure today in this extremely price volatile market. And last but not least, we don't know at what moment of time the grid operator will give us the final acceptance for that park. Whether the park then, even if it is constructed, let's say in June, whether it will be connected to the grid in August or in December. Depending on the moment of time when the final acceptance is there, we can start production and then have revenues. Therefore, I don't have the slightest clue. I would need a dice to give you a qualified answer, and I don't have one here. Sorry for that. I really can't. We will take care that pricing and cash flow from the parks will have a certain level with fulfilling our minimum requirements at its best. Honestly said, we can't tell you by now. On the first question on this kind of pre-orders, I mean, don't expect us now to, let's say, build up huge stock of transformers and modules. This is just in the course of ongoing projects and might, let's say, have a timing effect of a couple of months where we order, let's say, before we really start construction, the transformers. That is something you have already to do because the lead times are so long, and lead times are longer than the construction time. Therefore, you anyway have to agree with that in your EPC contract. We might take a little bit longer lead times there in order to be safe, to have the parts really connected to the grid on a timely manner. That might also have a slight impact on working capital. With our strong operating cash flow, which we anyway have, I would not expect any significant change there, let's say for 2022. That is nothing you should worry about. Okay, perfect. Thank you. Yeah. We do have the next question coming from Martin [inaudible]. [Cassier]. [Cassier]. Okay. Yes. Hi, good morning. I think this is me, [Martin Cassier]. Two questions from me. The first one, could you give us the weather impact in 2021 in terms of EUR million? You provided some useful figures in terms of production, but I was wondering if you could provide us the figure in terms of EUR million just to get the cleaner numbers for 2021. The second question relates to the guidance for operating cash flow in 2022. In the last call on the unaudited figures, you just said that there was about EUR 15 million of cash flow that should be paid back in 2022. I was wondering if the guidance of 260 includes the EUR 15 million payment back. Thank you. Yeah. The second question is the easiest one. Yes. If, for instance, to explain that we assume that we did already pay in January the money back to the PPA offtaker, and that will be an ongoing process over the whole year if the electricity prices stay on the same level as we do have today. As we pointed out, we do not want to take the war into consideration for our guidance. We assumed a much lower electricity price, and therefore these trade payables melt down over the year. The full repayment is reflected in the operating cash flow. Secondly, the weather impact on 2021. For good reasons, we announced last year that we won't give you the weather impact in million euros again in future. Why? This is not unwillingness, but it is impossible to do so, and the reason for that is quite simple. In the very past, we had clear, pure feed-in tariff parks, and whenever there was less sun or less wind, since the remuneration per kilowatt-hour was fixed, there was absolutely no reason not to give you the gigawatt-hour deficiencies in weather production and as well as the negative gap in revenues. Today, in the first quarter of 2021, I think they were very meaningful to the market because there we had a huge lack of wind production, and then the energy prices jumped up, they increased dramatically. We have a weather impact on the kilowatt-hours, but a weather impact on the electricity price. In the end, in a perfect market, it would be zero because it would be totally leveled out in prices. This is not reality, it is a mixed picture. Some there are feed-in tariff parks, some PPA parks, some merchant parks. We have a compensation effect, which no one in the world can really isolate pricing from the kilowatt-hour production. What I can tell you too show it to you, in our existing portfolio, we have a lack of 180 GWh. Compared to the year 2020, we have a lack of 180 GWh in the existing portfolio. Compared to our plan of 2021, which assumes weather forecast, it is a lack of 140 GWh, which we had. In total, we had a lack of 9% compared to previous year in electricity production. This is a clear and easy to isolate figure, but the pricing effect, sorry, I cannot isolate, and no one can. EUR 1 million, I cannot tell you. Okay, thank you. You're welcome. Just a quick reminder, if you would like to ask your question now, please press nine followed by the star key on your telephone keypad. We do have another question coming from Roland Könen. Yes. Good morning. Can you hear me? Yes, we do. Yes. Thanks for taking my question. It's only one. Sorry to bother you with a more or less housekeeping question. You reported a tax rate nearly zero, with a lot of explanations in the appendix. Could you please make a short summary of the main effects why the tax rate is nearly zero, and what does this mean for the tax rate going forward? Maybe could you remind me of the tax rate you take for the calculation of the operating EPS? Thanks a lot. Yes, certainly. Thank you very much. You're referring to the IFRS tax rate, I guess. Of course. There is some deferred taxes. Sorry to be so specific. We have deferred taxes because of accounting differences between tax accounting and German GAAP accounting. We have deferred taxes due to the differences in accounting measures of German tax accounting to IFRS. All of these deferred taxes, which most likely will never become cash relevant, are currently in this turbulent environment positive. The reason for that is and thank you very much for reminding me on that, can be seen in our IFRS figures. As you might be aware, we always take out of our IFRS figures in the transition to the operating EPS all the non-cash relevant purely valuation effects of IFRS, which do not have to do anything with our business. This is shown on page 37 in our annual report, all these alignments. Some years we have an operating EPS, which is higher than the IFRS EPS, but this year the IFRS EPS is higher than the operating EPS. Our operating EPS is EUR 0.48 per share, the IFRS EPS is EUR 0.51 per share. The reason for that is that due to ECB decisions on interest rates and the calculation in the markets, it is that our interest swap contracts become more valuable. This positive effect can be seen in the interest payments. In operating interest, we have EUR 61 million cash out interest payments, but in our IFRS accounts, we only have EUR 45 million interest expenses. The EUR 60 million difference is that more positive valuation of our interest swaps. That has an impact on our tax rate, because now here we have a taxation issue that is a very complex calculation that leads to an overall zero tax rate. Not only this effect, but many of such IFRS valuation effects. This, you know, I'm, as you might know from previous calls, I'm quite skeptical about IFRS figures. That's the reason why we have the operating figures. The operating figures show the true creation of profits, which are cash relevant in this group. They are, from our point of view, more reliable. What we do is we do not apply our 0% tax rate on our EPS calculation. We have some tax loss carry forwards in the group as well as in many of our parks. On average, I think we are now at 16% in the operating tax rate, and this will increase slightly over the years to come. In the end, we will come to that, what we, I think, have in the most European countries and in Germany, a tax rate of around 30%. This will need some years to go there due to the tax loss carry forward, which we currently do have in place. Please be reminded that the German government currently is discussing to boost renewable energy investments by all means, and one is super depreciation, and therefore some tax savings, which would be allowed. If such a plan would be applied, this would draw down our tax rate again. Great. Many thanks for this, very detailed explanations and all the best. Yeah. You're welcome. There are no further questions. Fantastic. Thank you very much for all your participation in this call. Thank you very much for taking the time. We know that these are challenging time and turbulent times emotionally as well as business-wise for all of us. Thank you very much that you took this hour this morning and take it for us. Thank you very much for your interest in the company. If you have any further questions following this conference call, please do not hesitate to contact us and ask us. We will be happy to answer your questions. Thank you very much for your participation and stay safe and healthy. Thank you very much.