Good morning, ladies and gentlemen, welcome to the Francotyp-Postalia Holding AG conference call regarding the financial results for the financial year 2022. At this time, all participants have been placed on listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Carsten Lind, CEO of FP Group. Good morning, everybody, and welcome to the conference call where we present the financial results for the fiscal year 2022. Before going in there, an opening remark that the ESEF regulation was apparently a bit overwhelming in terms of the process to finalize the annual report. We will deliver that report within the legal, the legal time frame of April 30th, but there is a slight delay due to this regulation. It has nothing to do with numbers. It is pure process. Basically, we are now two years in the transformation that we kicked off Q1 2021. The aim was that we wanted to bring FP back on a trend of profitable growth by the work that we communicated and also for 2022, communicated that we do on the cost base by getting organic growth back into the company and also adding growth through M&A projects. When we are looking at the results, we can say that we have achieved growth and operational improvements across all the three business areas. At this point in time, contrary to 2021, which was a blank zero, at this point in time, we are actually profitable and growing. When we're looking at the overall numbers, we had 23% year-on-year growth in revenues, almost 50% growth on the EBITDA. Also, as we can see, the earnings per share and the consolidated profits also now are, let's say, in the state of being real profitable. A number of non-recurring effects are influencing here our numbers, some of those in terms of the EBITDA on the positive side. I will, of course, outside of the numbers here, present a normalized view, present the guidance and take Q&A, of course, at the end of the presentation. Some of the positive one-offs had to do with the rate change in Germany, with some with the organic growth and the effects of Azolver, of course. Also the future at FP improved EBITDA with the work on the cost base. A number of effects in the opposite direction has been the increased investment in software development capacity, which is, of course, building more products and improving our products for the future. In the individual fiscal year, it weighed down a bit on the margin. The investment in the ONE ERP is also a sizable investment here. We have some non-recurring effects on the related to the acquisitions and the M&A projects. In the normalized view here, we have backed out, let's say the very visible non-recurring elements. Actually the rate change in Germany listed here, it is actually a recurring element. However, it's not occurring every year. It's more like every two and a half years. For a fair comparison, we have neutralized the effects of that and also the effect of the rate change, the exchange rates, the currency effects, which in 2022 weighted positive. In 2021, it was negative. We have ONE ERP and a few more elements. Basically, from the as reported EUR 27.6 million, we consider normalized that we are around EUR 26 million. From the EUR 251 million as reported revenues, we consider the normalized perspective to be EUR 229 million. Basically, moving forward into 2023, we are considering that we are building from EUR 229 million turnover and EUR 26.2 million EBITDA, which is a 10% year-on-year, normalized 10% year-on-year improvement on the EBITDA. There were a few more in terms of the normalized perspective, a few more areas that arguably could be included. For example, the pakadoo acquisition we did, which we bought out of insolvency, of course, weighted negative in Q4 in 2022. Also, versus 2021, we have added more costs for developing the products for the future. Also an effect on the EBITDA margin in 2022 is the fact that when we add an M&A project into our classic business with a lower margin than our own margin until we get the work done, that of course will also hold the margin a bit lower in the year where you do the M&A project. On the free cash flow and debt, the free cash flow operating cash flow improved with just around 50%. Also, some positive improvements here on the free cash flow. Of course, as we have stated a number of times that the financing of the Azolver acquisition out of the free cash flow, of course make this less than than it would have been otherwise. Cash flow increased, debt reduced, and we have financed the Azolver acquisition and the pakadoo acquisition out of our own generated cash flows. Into the Digital Business Solutions, we have here a year-on-year growth of 34%, and basically all the three main areas, the document workflow management, the business process management and automation, and the shipping and logistics, they all contributed to that growth. At the end of 2022 and building into 2023, we are now in a better position in terms of having a real dedicated development teams behind each of the products. Also, we have focused naturally on a stronger sales and business development approach, including the partner deals, where we are white labeling or integrating some of our software as a service solutions into existing platforms in the market. For example, FP Sign is also white labeled into other technology providers. Further, the work done on self-service and, let's say the no touch approach in terms of selling some of the software as a services, FP Sign being the first product also helps us here. In the in the mailing, shipping and office, we have 23% growth, including that small organic growth. As we communicated and envisioned, contrary to what many people said or had as an impression in the beginning that this label is, it is a stable area. It is not falling off in a quick way or something. The combination of small organic growth and M&A-based growth we see as a good step forward for this classic business of FP. We think that we can continue also in the future, good developments across this area, both with the classic products, but also with some ideas and testing that we are doing of adding more products to the product portfolio of MSO. Not only some ideas in the software side, but also some ideas for hardware. Mail services had a record year to a large extent due to volumes, actually franking volumes, related to the situation with Corona last year, because in Q1 2022, a number of customers struggled with lots of people being out due to sickness, et cetera. That caused FP mail services to achieve higher volumes. However, these high volumes are not really let's say contributing to the EBITDA of the group since we are not making a margin on doing the franking work for customers. It's largely the EUR 12.7 million here largely is to be considered as pass-through. The future at FP, some important projects that we have completed at the end of during and at the end of 2022. The work done on Azolver and pakadoo in terms of the restructuring element and integration element of that. For example, the whole supply chain change that connects the Azolver countries to our factory, et cetera, that is completed and up running. We have as well on part of the digital business foundation, taken here some good steps forward. Later we, or currently and later, we are adding more of our software as a service solutions into the same framework that we have invested in. We obviously want it to be a bit further down the road on the ERP CRM. That is the top priority for the executive board and the broader management system that we get this done during this year. When we are moving forward here, as we can see, future FP, it is a living program, we have made some steps forward and improvements during the last two years. We consider that the good news here is that there is a sizable amount of improvement and projects that we will do in these five dimensions also for the coming years. There's much more to do for us. As said, a very important project this year, of course, is to get the ERP done. We are in the user acceptance test stage with the Digital Business Solutions and also with the MSO in Sweden, driven by the fact that we merge FP Sweden with Azolver Sweden. It's important that we there quickly get on to working on the same platform. As an adjustment to the, or main, let's say, making the organization a little bit more precise, is that we establish group services with the IT finance operations, HR operations, and including the nearshore center in Tallinn, with the aim of, over, year-over-year, to move into delivering those services to the business units on more, let's say, commercial terms, on market compliance terms, and maybe at a later stage, commercialize that and start delivering these services not just to FP, but also into the open market. Before we go into the guidance that we have asset growth and operational improvements across all the three areas. We envision also for 2023 that we will have again a good year in all the three areas with growth from the normalized perspective. We expect as well in 2023 to increase versus 2022 the investment in product development, both in the classic business and absolutely also in the Digital Business Solutions, in particular, well, actually across all areas in the Digital Business Solutions in terms of improving not just 2023, but also keep building the products for the future. Basically, we will continue in the mailing, shipping, and office, of course, the project of replacing across the Azolver countries, the Pitney machines with Francotyp-Postalia franking machines. We will continue also with our, let's say, tests and business development on selling more products, different products into the installed base of franking machine customers. In freesort, the focus, of course, is to execute well within the new framework laid out by Deutsche Post. The fee structure of how you earn money with the mail consolidation business model has just slightly changed. Of course, here our aim is to use that to our advantage and see if we cannot grow based on the normalized perspective by winning some new customers during 2023. Across DBS, we expect growth in all areas, and we have now quite some focus on the internationalization of the products. Some of the products are now ready for international launch, and we are driving that forward here every month with the aim of growing also outside of Germany. As said, we will build the guidance from the normalized perspective, since the tailwinds that we discussed earlier during this call, we don't envision that they come again in 2023. Basically, our guidance is a revenue of EUR 245 million-EUR 255 million, and an EBITDA of EUR 28 million-EUR 31 million. If we, which will give us a margin range of 11.4%-12.2%. If we imagine that we would be, let's say, in the midpoint of the guidance, then we would be at just under 12% margin with the EUR 29.5 million and EUR 250 million, EUR 29.5 million EBITDA and EUR 250 million revenue, we would be at 11.8%-12% on the margin. That is basically the outlook. Again, we expect, building on the normalized review that we will grow. The growth range here is actually 7%-11%, and also that we will improve our earnings. We expect 2023 to progress along the lines that we have been progressing in 2022. Basically, that was the words from our side and we are now happy to take questions should there be some. Ladies and gentlemen, if you would like to ask a question, please press nine and star on your telephone keypad. In case you wish to cancel your question, press nine star again. Please press nine star now to state your question. The first question comes from Peter Rothenaicher, Baader Bank. Please go ahead with your question. Yes. Hello, gentlemen. firstly, on Azolver, can you give us here some more information about the sales development? Has Azolver seen growth in comparison to 2021? What was the earning situation? Did you have a slight loss, particularly in the fourth quarter with the final integration of Azolver? What is here the margin development, and what do you expect here for 2023? First of all, we do not do any separate reporting on Azolver because Azolver is now integrated into FP, and I envision also that that name will at a point in time disappear. However, we had Azolver nine months on the P&L for 2022, and the development was basically in line with what we expected, a little bit less on the revenue, but quite a bit higher on the EBITDA because we managed to get the let's say, the restructurings and the adjustments done largely before the end of this year. The expectation from this acquisition was in line with 2022, and it is also a part of the improvements on the EBIT, on the EBITDA for 2023, because there we will have the full effect of the cost reductions and we will also drive hard the replacement project in the Nordics that we get FP machines out in the market, and we take the Pitney Bowes machines off the market. Lastly, the software as a service for internal logistics handling for companies that we also acquired with Azolver, this is growing, and we expect over the coming years also a good development in that software, which is now an integral part of Digital Business Solutions in FP. Okay. With regard to ERP, you mentioned in your normalized EBITDA, here's some burden of EUR 4 million in 2022. What is your expectation here for 2023? Do you think you can finalize this ERP topic in 2023? What would you then expect for 2024 as a positive effect? We expect in 2023 to spend the same amount as 2022. Exactly what that would yield in 2024 is still a bit early to go into that direction. That would come, of course, later once we in the fourth quarter get to the bottom of our budgets and outlooks for 2024, 2025 and 2026. Definitely this, EUR 4 million burdens we will not see in 2024, and then this is then definitely upside potential. I, as I said, I'm not here to comment a lot on 2024. We expect overall that there would be an upside potential. We are not advising here on the outlook for 2024. Okay. The last point on the franking business in North America with the topic of replacement of the meters, how is this developing? What do you here expect now for the current year? We expect a positive development on both top line and bottom line for the U.S. in 2023 in line with what we have communicated earlier. Could you give us here some indication what could this mean on sales upside? What the guidance that we have communicated is the sum of the outlook that we have across all businesses and the group services. This is the range with the U.S. included. Okay. Last point. All the industries have seen strong cost increases in 2022 and continuing in 2023, not only personnel costs, but also with regard to electronic components. To what extent are you able to pass on these cost increases in higher prices? Have you increased your prices for the franking machines, or do you plan to do this? Let's say over, so we have been looking at this, of course, over the broad palette of products that we are selling, both in the franking side but also in the other areas. Also, for example, freesort with increased logistics costs, et cetera. We have applied across all three business areas price increases, whether it's. Yes, also for the franking machines and inserters, which are third-party products that we sell, we have increased the price for freesort due to increased logistics costs. The part of the Digital Business Solutions that are still working with printing, we have increased there the prices due to increased paper costs. We consider ourselves to be able to cover basically 100% of the inflationary pressures for 2022. Okay. Thank you. The next question comes from Stanley Shooter, CAI. Please go ahead with your question. Yes, good morning. I got one question for the Digital Business Solution, which is, how is FP Sign developing? One question for your traditional mailing and shipping business division, could you elaborate on the internationalization? Is there any country in focus or any region or any product? Also, if you could share with us what you intend to do with the surplus cash flow, whether you're going to pay a dividend or intend to buy back shares. Thank you. Okay. we don't report out as such numbers for each of the nine products that we have in DBS. What I can say is that compared to the point of departure in 2021, FP Sign now looks like a startup that can make it. It is developing in a very good way. Okay. On the question on the internationalization in the MSO business or in the franking side, we are introducing some of our machines into countries where there were never any FP machines before. Also are largely driven by the Azolver acquisition because there are some countries covered by our two main competitors, where we on a business case basis have seen that it's meaningful actually to introduce some of our machines into different markets. Also, we are having some, let's say, some facelifts that will go out also into some of the established FP countries like the U.K., U.S., and others. In 2023, it's definitely a high investment year, and it's definitely also a year with more activity and more launches and facelifts coming out of the classic business than has been the case for several years. There was a third question on the cash flow. We have decided not. Of course, looking at the numbers, one could say there are space in these numbers for paying out a dividend. We have decided not to pay out a dividend based on 2022. We actually have currently actively a share buyback program, of course, with the aim of, let's say, influencing in a positive way the share price. We will look again later this year in terms of what would be our, let's say, reply or outlook on eventual dividends for the future in the company. We of course still have an eye, and as we communicated, doing M&A project is something that we have focused on. We also have focused on reducing our debt, and we have focused on the share buyback program and all of that, those three dimensions, of course, and high investments. Those four investments, of course, should be taken into account to say whether we should go for dividends or not. That we will come out later this year with some statements in that direction. All right. Thank you. The next question comes from Felix Ellmann, Warburg. Please go ahead with your question. Hello, good morning. I have a question regarding the three business segments. Looking at the outlook you're giving for the current year, I wonder how this divides within the three business segments. I could imagine that most of the growth is to be coming from the Digital Business Solution, which could be meaning that the others, to some extent, are declining. Could you give some more light on where the growth on the top line or even the bottom line is coming with regards to the three segments? Well, what we can say is that in our, let's say, in our budgets, we assume that we will grow across all three segments. If you are growing then in a very slow rate, let's say overall, that would mean a sharp decline in growth speed in the Digital Business Solution segment, just because it doesn't sum up then. I wonder how this works. Well, first of all, of course, building from the normalized perspective, the growth rate is higher than it was in prior years. It's now 7%-11% range. Obviously, for example, freesort with EUR 13 million one-off this year. I mean, we, when we are talking about eventual growth in freesort, it will definitely not be based on that number, which has. Oh, okay. -a non-recurring, element in it, right? Okay, got it. Yeah. That is the reason. That is the reason. Okay. That's, that's mainly the answer. Yeah. I'm fine with that. Okay, good. Thank you. At the moment, there seem to be no further questions. Ladies and gentlemen, if you would like to ask a question, please press nine and star now. Mr. Lind, there are no further questions left. All right then, thank you everybody for spending time with us this morning. We are already looking forward to the next communication, which will be in May on the first quarter earnings. Thank you very much, everyone.