Ladies and gentlemen, a warm welcome this early morning on this year's Analysts and Investors Conference call on our fiscal year results 2023, in which we again, I think for the 10th consecutive year, beat our guidance again. Ladies and gentlemen, before I go to the details of the figures, please, I would like to hand over to my colleague Mario Schirru on my right-hand side, who will guide you through our acquisitions of 2023. Thank you, Christoph. Good morning also from my side. Yes, this year has been a very successful year on the acquisitions side. We initially had set a target for the year to buy capacities for a total amount of production of 750 GWh. We managed to exceed this goal by 33%, buying a total of 548 MW of projects with a total output or expected output of 1 TWh. It's a good split of wind and PV in our view. It's a very good split between ready-to-build projects and operational projects. So we are more than happy with what we have been able to achieve. A very small portion of it, but also an exciting project, is the battery, the first battery project that we have acquired this year that will be operational by the end of the next year. In looking at the portfolio, we recorded an amount in production of 7%. This is mainly due to the full-year effect of our wind park in Lithuania. The park has been acquired in November 2022 and didn't really contribute in 2022 on the total output. This, of course, changed. Besides that, the PV production was stable and will grow next year, given the project that will be connected over the year, but we will talk about that later. Well, ladies and gentlemen, if we then look into this energy production of +7%, which is +221 GWh, then we have to admit that in the existing portfolio, there's a slightly different view. In the existing portfolio, that means these parks, which we already owned last year, the previous year, 2022, and 2023, we see that we had a power production which is 60 GWh below the previous year. And that is -2%. These -2% can be split into two components. One half approximately of that is just weather-related. So in 2023, weather was not as good as 2023. Sorry, both were pretty much on standard, but 2023 was slightly worse. The other half of that deviation are technically reasoned lower production. That was either curtailments due to congestion in the grid or there was some flawed products, and so some guarantee cases of the module or turbine manufacturers or blade manufacturers, or we had an insurance case or something was broken, the insurance company had to pay for. These technically reasoned shortfalls of the power production are usually approximately two-thirds of them compensated by one of these named sources, either the grid operator, insurance companies or component manufacturer. That is important if we talk about the further questions. Because the shortfall of the energy production is reflected in reduced revenues as well. So we see the revenues decreased by 3% from EUR 463 million net revenues to EUR 449.1 million revenues in 2023. Here we see, first of all, a big price effect. So the shortfall of this power production is mostly price-related, but to some extent, volume-related as well. A small power portion is half of the portion of the slow-up volume production is weather, as I pointed out, and the other one, technical reasons, but they are compensated on other income on the way down to the EBITDA. Still, the shortfall in revenues of EUR 12.6 million is accompanied by a shortfall in EBITDA of EUR 31 million. Why is it in EBITDA harder if there is some compensation for the technical shortfall? The reason for that is that within the revenues, the price-wise shortfall, as we will see on the next slide, is somewhat compensated by more revenues in our service segments, which have lower EBITDA margin and therefore do not contribute in the same extent to the EBITDA line as they did to the revenues line. But since in 2022, we had more extraordinary depreciation due to the sharp increase of interest rates. Now in 2023, we did not have these extraordinary depreciation, and therefore the shortfall in the EBITDA of EUR 31 million boils down to a shortfall in EBIT of only EUR 4 million. And since this is accompanied by slightly lower interest expenses and lower tax payments, this is fully compensated in the earnings per share, which will reach exactly the EUR 0.60. The EUR 0.60. So here you see again the resilience of our business model, that we have some compensational effects even if there is a shortfall somewhere in the top line. It is usually fully compensated down to the EPS, to the bottom line. Ladies and gentlemen, here we have in a graph shown the different steps. Firstly, we have the EUR 463 million of net revenues minus EUR 72 million, which is mostly price-related, sorry, price-related shortfall of revenues, but to a minor extent, technical shortfall. Then we have an increase of the revenues of asset management and the third-party revenue, Stern Business, with lower margins, and then the new acquisitions, which then lead to the EUR 449.1 million of net revenues in 2023. If we then compare the different figures with our guidance, then you can see that we fulfilled all figures which were guided in 2023 and exceeded revenues, EBITDA, and EBIT and exactly reached the EPS. But there's one shortfall, and these are the operating cash flows. In the operating cash flow, there is some deviation against 2023 guidance in our actual figures because there is some impact delayed by delayed tax-free payments and some delayed, and now we come back to the technical deficiencies. Technical deficiencies that we have compensational payments from guarantors, insurance companies, and grid operators, which are somewhat delayed. They are already including the EBITDA, but unfortunately not paid yet. So within the shortfall of our operating cash flow, there is only EUR 10 million real deviation from the guidance, which was not correctly guessed tax payments for the year 2022 and 2023, but the other components are all delayed to 2024 or shown in other baskets. And this is shown here. So the tax delay, there's a wrong tax assumption for 2022 at EUR 12 million. Then we had a disposal of parks, of two parks, which ran out of their feed-in tariffs to the former developer, which was done last year. That was strategically reasonable. We sold them down, but that cash was not shown in the operating cash flow, but in the investment cash flow. So the cash is there, but it is shown in a different basket. The remaining part of EUR 20 million are the different types of advanced tax payments 2023, capital gain tax and sales tax receivables, which we all expect in 2024. Some of them, specifically the sales tax receivables, are already in within Q1. We have some receivables from compensational payments, which are the guarantors and component manufacturers. If we have a look then at the segmentation report, then we see a decline in the revenues of solar farms, of wind farms, and an increase in the revenues of PV services and asset management. This goes in line with our forecast of our Accelerated Growth 2027, where we forecasted an increase in the portion of the revenues of our service entities. Here we see that the solar farms now reduce their portion within the revenues from 67%-64% and the wind farms from 26%-22%, while PV service and asset management increased their importance from a total of 8%-18% significantly. But the margins within our solar and wind farm business are very stable and certainly above the 75%, which you already had in the past. If we have a look now into the PV segment, then we see that the revenues are reduced to lower power prices by in total approximately EUR 10 million, and we have a lower production here of approximately EUR 22 million revenue effect. It is that the strongest price reduction, which we have seen in the last year and the biggest impact we had on our P&L in PV was in the Netherlands, Spain, and Germany. As you might recall, we have a very high portion of price fixed mechanism, but in 2022, we enjoyed in this floor price system of the feed-in tariffs in the Netherlands and Germany power prices, which were fairly exceeding the feed-in tariffs, and therefore we enjoyed higher revenues, but couldn't repeat that in that extent in 2023. In the wind business, we have almost the same issue, but here mostly in wind in Germany because we don't have wind farms in the Netherlands. Here, the same feed-in tariff or the floor price mechanism is existing. So here we have a revenues decline in the existing portfolio from much lower power prices of EUR 30 million, and that couldn't be compensated by our new park in Lithuania or by the curtailment compensation as we had. Here we have a positive contribution from the disposal of Boreas parks. In our PV segment, we see the strongest growth of in total EUR 12.7 million-EUR 55 million, so an uplift of EUR 43 million. The reason for that, no, EUR 42 million, yes. The reason for that is that we fully have now reflected the Stern acquisition in our 12-month figures, and at the same time, Stern was growing rapidly. But that strong growth comes along with other expenses, with material expenses and personal expenses, and in total, they realized an 11% EBITDA margin. That EBITDA margin might be reasoned by that strong growth. On the other side, by a new Italian accounting rule, which doesn't allow to go for a percentage of completion method, and therefore the translation to IFRS did not happen perfectly, so we see that there is some small potential for further profit here, but we will have certainly an eye on the EBITDA margin in that growing business in the future. In the asset management business, we have enjoyed in these difficult times for such asset management business in this higher interest rate environment by the disposal of participation of one of our customers in last year. And here we had one-off profit of EUR 5 million of service fees from that disposal. But since there came along some depreciation of some asset along with that, this was eliminated in the EBIT, so here we have a more flatish development. In the headquarters, we have an improvement of the cost from EUR 13.4 million to now EUR 9.4 million, but that is not due to a shrinking number of employees. No, we are growing here according to our growth of our business. We had one-off payments in 2022, specifically the severance package for my former colleague, Dierk Paskert, in 2022, which certainly was not repeated now. If we have a look into the balance sheet, we have, with our growth of our business, a steady growth of our balance sheet total. You might recall that last year our equity ratio suffered somewhat compared to 2021 due to the high power prices in the market because IFRS forces us to account for the negative value of negative payments to our off-takers in a high power price environment compared to the fixed PPA price. Although we know that we get the price from the money from the market at the same time when we pay it to our off-taker, that created a huge negative effect in our equity in 2022 and reduced our equity ratio artificially. With the decrease of power prices to a broader extent, now these negative values of these PPAs, which are accounted for in our equity, are reduced, and therefore we enjoy a sufficient increase of our equity ratio up to 33% now. Well, ladies and gentlemen, we'd like to have a look on the guidance. Well, as every year, the guidance is based on standard weather. We have unchanged interest rate levels as we see them today, and we utilize the power price curve as of the valuation date of March 10th. What is new this year? There's no further revenues coming ahead, so this is a nightmare which we can forget. Unfortunately, compared or fortunately for the business, for the overall business and economy, but for us, it is quite challenging to see that after a huge decline of power prices from 2022 to 2023, in the extent between 70% or 74% in Netherlands, Dutch PV, or Swedish PV, or down to 52% in Spain PV, we now see further declines from these much lower levels by between 24% to -42%. Only in Finland and wind, a slight positive price development again. Based on these much lower power prices, we forecast revenues, and now again, net and gross revenues are the same. So net revenues compared to previous years, net revenues of EUR 460 million on the same level. So we believe that we will have with these power prices, although they are much lower than the past, the same revenues which we can realize, but the reason for that is the growth of core capacities. We will connect approximately 299 MW of parks to the grid. Only a few of them will contribute for the full year. Some of them will be connected in the midst of and a major part at the end of next year of this year, so it will contribute only somewhat, but fully compensate that shortfall of power prices. But as we pointed out, we will have an increase again of our service business, which do not come along with such high EBITDA margins, and these additional revenue contributions from these new capacities come along with additional costs, so having more than 75% EBITDA margin. So still, they do not contribute in the same extent to the EBITDA as they do to the revenues. And therefore, although we will reach the same revenue level as in 2023, we will have slightly lower EBITDA in 2024. The same applies to the EBIT because in both cases, no extraordinary depreciation, but the operating cash flow will recover. We had some delays from 2023 to 2024, and therefore we will have an increase in the cash flow pressure. Ladies and gentlemen, with that, Encavis remains on its solid mid-term growth path due to its Accelerated Growth Strategy 2027 and despite this uncertain and current market environment. But we have to admit that this guidance is pretty conservative, not because we are conservative, but because all potential additions of higher power prices are not there anymore. Power prices are so low that we have only a very, very small open market position in this guidance of approximately EUR 20 million. So therefore, this only can disappear if power prices in the average of the year will be zero. This is very conservative. Now let's have a look into the segment. Here we see again that the net revenues of solar and wind (solar will decline slightly, wind will increase slightly) will decrease the portion of their revenue contribution in the group down to 59% in solar and 23% in wind. And again, we see a slight increase of the portion of the revenue contribution of the services by three percentage points. The operating margins of solar and wind farms continue to be above 75%, stable in PV services, and slightly declining in asset management, which contributed last year again from this one-off effect. Ladies and gentlemen, with our growth strategy and even with our accelerated ambitions, we will stick to our disciplined and selective investment criteria, which you knew from the past. As you might recall, in the past, we had a goal to increase our capacities from currently 2.2 GW, which will be approximately 3 GW then at midst of 2025 with the new additions to these parks, and wanted to grow them to 5.8 GW parks being connected to the grid in 2027. With the new partnership with KKR and Viessmann, which we're intending, we will be able to unlock our future growth, and therefore I have now new ambitions for 2027 in the amount of 7 GWs. Ladies and gentlemen, thank you very much for your audience. Thank you very much for dialing in, and now we are available for your questions. Ladies and gentlemen, at this time, we will begin the question-and-answer session. Anyone who wishes to ask a question, you may click the Q&A button on the left side of your screen and then raise your hand to ask all your questions or type a text question. If you're connected via phone, please press star followed by one on your telephone keypad. If you wish to remove yourself from the question queue, you may press star followed by two, or please press the lower your hand button. Anyone who has a question may click the Q&A and raise your hand button or press star followed by one at this time. The first question is from Jan Bauer. Please go ahead. Good morning. Can you hear me? Yes, we can. Good morning. Perfect. Just one follow-up question. Do you have a capacity addition target for 2024? As you might know, last year, we changed the form of capacity targets from capacities to energy production, power production. Last year, we had the goal of 750 GWh, and this year, we have the intention to add 1,000 GWh to our capacities. We usually use GWh instead of capacities because it depends very much whether we buy solar or wind. Wind contributes approximately twice as much power production compared to the same solar capacity, and it usually costs us twice as much. So therefore, I think the best thing is to go ahead with the 1,000 GWh for this year. Okay. I agree with you. Can we expect that the additions to the portfolio will be as much back-end loaded as we've seen it in the last two years? Certainly. It is not that we buy only COD parks this year. This would be extremely costly and therefore highly attractive in the market anyhow. It is that we will buy lots of these parks under our strategic development partnerships, so therefore, they need some time to become ready to build them and to be constructed and connected to the grid. Yes, it will be back-end loaded. Okay. Thank you. You're welcome. For any further question, please click the Q&A button on the left side of your screen or star one on your telephone keypad. The next question is from Charles Swabey. Please go ahead. Hi. Good morning, everyone. In terms of financial guidance for 2027, is that based off connected capacity of 5.8 GW, or is that of the new target of 7 GW? Thank you. The new ambition is 7 GW. Okay. And just in terms of the financial guidance you gave last year in terms of EBITDA, is that based off the 7 GW, or is that based off the 5.8 GW? That was based on the 5.8. Okay. Brilliant. Thank you. You're welcome. We have a text question from Teresa Schinwald. Could you give us an update on investment CapEx for wind and solar, the most recent developments? Also, did the accelerated cutting of interest rates in CE change your interest in the region? What is your current take on the more emerging markets in Europe? First of all, on the CapEx, we see, I would say, quite flat development in the sense that modules are at their record low. So there has been a sort of decline in the last months, but at the same time, the HV components are costly, and the effect of modules in the total CapEx is not the biggest anymore. So I would say the development is quite flat, both in wind and solar. On the second one, on the interest rate, I guess, if I got the question right, is how we are basically what is changing on the market. To be honest, we don't see significant changes in the moment. We have seen the appetite for investors to increase again slightly, so we see a little bit more competition on the acquisition side. Good thing. We are, I think, in a very good setup with the strategic development partners where we have the agreements already in place. So basically, there is no real effect on this part of the pipeline given by the interest rates. The last question, also very interesting in terms of the emerging markets. Yeah, that's, as always, something we closely monitor in the sense that we see that in Eastern Europe, the appetite for power and green power also grows like in all the other countries. At the same time, I mean, you know us. We are very conservative. We are careful investors. We look for the long-term operation of our assets. So for us, sort of the overall stability is crucial. It's not only the attractiveness of the power market given us in a certain phase, but it's really the long-term outlook. And in this regard, I think it's very important to differentiate between different countries. Again, we felt comfortable last year to enter the Baltics with the first acquisition of Lithuania in 2022, but it's not a straightforward thing. We have to look at different situations one by one. The next question is from Anis Zgaya. Please go ahead. Yes. Good morning. Do you hear me? Yes, we do. Yeah. Good morning. Thank you for taking my question. I have one question on exposure to market prices. I think you say the total of EUR 20 million in income in total. Is that the case, EUR 20 million of total exposure? Yes, it is. And the exposure in the past years was considerably higher. The reason for that is that, as you might recall, we do have in the Netherlands and Germany feed-in tariff structures, which are floor prices where you enjoy higher market prices if they are exceeding the individual feed-in tariff. This does not happen currently. The power prices are considerably below the feed-in tariffs. So therefore, these EUR 20 million are just our open market positions, which we do have for technical reasons in our PPA parks in Spain, Finland, Denmark. Okay. Thank you. Thank you very much. You're welcome. For any further questions, please click the Q&A button or star one on your telephone keypad. The next question is from Martin Tessier. Please go ahead. Hi. Can you hear me? Yes, we can. Hi. Thanks for taking my question. Could you give us the share of acquisitions last year that were made from your strategic development partners and the share from acquisitions on the secondary market? And second question, could you tell us when will you see the first expiry of historical high feed-in tariffs, especially in Germany? Should we expect the first contracts to expire in 2024 or beyond? Thank you. Yeah. So on the first question, the split, I'm going to refer to the capacity in megawatts, not to the production. So I think this is relevant. So we acquired 292 MW from our development partnerships out of the 576, so it's a 51% share. We acquired 167 MW of, I would say, opportunistic transactions, so accounting for 29% PV. And we acquired 105 MW, so 18% of new wind projects, also opportunistically. As you know, we do not have strategic development partnerships in place on wind, and so this is the overall balance. And now regarding the feed-in tariffs, so the first German feed-in tariff park, which will go on out of feed-in tariff, will be in 2026, which is a 5-MW park in Bavaria. That obviously is not significant for the whole group. And then the first bigger portion of German parks running out of feed-in tariff will be then 2028, 2029. So it will last somewhat, but then there will be the first material parks running out of feed-in tariff. There are no more questions at this time. Well, if that is the case, then thank you very much for dialing in. Thank you very much for participating in this call and for your questions. And well, then we will talk, I think, at the end of May next time with the release of our quarterly figures. Thank you very much, and I will...