Welcome to the conference call regarding the publication of Gerresheimer AG's annual results 2020. Now I hand over to Ms. Carolin Nadilo, head of investor relations at Gerresheimer AG. Hello, everybody, and a warm welcome from my side. Thank you for joining us today to review our fourth quarter and annual results for the financial year 2020. With me today are Dietmar Siemssen, our CEO, as well as Dr. Bernd Metzner, our CFO. We will start a little bit different today by showing a short video highlighting our financial results 2020. Afterwards, we will, as usual, show our set of slides to accompany the management notes, followed by the Q&A session. Please note this call is being webcast live and will be filed on our website too. Before we start, I have to remind you that the presentations and discussions are conducted subject to the disclaimer. We will not read the disclaimer. We propose taking it as read into the records for the purpose of this conference call. Now it's my pleasure to start our short video and then turn the call over to Dietmar. Thank you. I was almost to say thank you, Carolin. Good afternoon, ladies and gentlemen. Good morning to those of you joining us from overseas, welcome to our Q4 and fiscal year 2020 conference call. I'm pleased to have you on this call today, I hope everybody's healthy. Innovation in all areas of the company. I hope you like the video. I could now, of course, say nothing to add, which would be extremely efficient, too many things happened in 2020 to not give you more details on that exciting year. We definitely look back to an intense and challenging year, globally affected by COVID-19. A year which hardly can be compared to the past. The Gerresheimer team has delivered an outstanding performance in successfully managing the challenges of the pandemic. All plants worldwide are running and ensuring reliable deliveries to our customers. We added new capacities for the COVID-19 vials and, unaffected by the crisis, we continuously focused on opportunities coming up and accelerating on future growth potentials. This lays the foundation for our future success. We are transforming our Gerresheimer into a growth company as innovation leader and solution provider, and you will hear this more often from us in the next 30 minutes. With this, I would like to come to the key takeaways for 2020. Looking back at the financial year 2020 and the fourth quarter in particular, it is important for me to underline that Gerresheimer is on a growth track. We have reached our top-line guidance on group level at the lower end of the mid-single-digit range. Our core business, which comprises the division Plastics and Devices, as well as Primary Packaging Glass, achieved an organic growth rate of 3.8%, despite COVID-19. More important than this pure figure is that wide areas of the core business have shown solid growth in the center of the provided range, or even better. A confirmation that the implemented measures are showing effects. The headwinds we took, especially in cosmetics, have been partially compensated. This gives clear evidence for the future. With regards to the adjusted EBITDA margin mounting to 21.9%, we even outperformed our guidance. The fourth quarter itself has been the best quarter in Gerresheimer's history, with strong growth contribution from our core businesses. We see this as a starting point where investments into innovation starts paying off and where we clearly see that the transformation of our company turns in. All in all, a good result in challenging times. Therefore, I am very happy to announce an increase in our dividend proposal, which is now EUR 1.25, the tenth dividend increase in a row. Ladies and gentlemen, in 2020, we made another big step forward in the transformation process for our Gerresheimer. Notwithstanding the pandemic, we pushed forward this transformation and the implementation of our strategy process that we started in 2019 with high dynamics. Our roadmap has been unaffected. We took important decisions and reached several milestones, bringing our Gerresheimer step by step to another level. Knowing that the transformation is not yet fully reflected in our numbers, we are, though, convinced this is about to come. We have just started. At the beginning of our financial year 2020, I told you about three key priorities. One, the guarantee of business continuity. Facing COVID-19 as a global pandemic brought up the most important and relevant focus, secure business continuity. We are and we will be the reliable partner for the pharma and healthcare industry, and we will deliver our products with highest reliability, highest quality, and in time for our customers and patients worldwide. What we clearly see, our global footprint pays off. All our plants, 37 production sites in 14 countries, maintained full production. This was not as easy as it sounds, considering the temporary, very challenging situations we were facing in countries as India, Mexico, or Brazil. Our global pandemic plans and measures worked out well without any meaningful interruptions, neither in supply chain nor in production. A very good result, which gave us a lot of credit, actually, and recognition by our customers. Worth mentioning, out of, we can easily say more than 10,000 working days in our 37 plants worldwide, we had only five days of interruption in total. Second was deliver according to plan. We reached the guided targets ranged as announced prior to the pandemic. We stick to our guidance without any adjustments. No doubt, I personally would have rather seen the result in the center of the range, but we made it. We made it in despite of the headwinds, focused and all hands on deck. We definitely prepared for the day after tomorrow. Besides fighting the challenges of the pandemic and delivering to our goals, we had full focus on exploring and realizing new business and growth opportunities for the time after the pandemic. The team did very well. We secured important new contracts with new customers, and we won new lead contracts with existing customers. We established new relationships with several of the top biologic companies around the globe. We increased our customer orientation, focusing on the customer needs in order to accompany them alongside the full journey of their product life cycles. The future Gerresheimer will be, even more than today, the go-to partner for our customers innovating for a better life. The Gerresheimer team is on a mission, transforming our Gerresheimer into a growth company as innovation leader and solution provider. This is the core of our strategy process, Formula G. As partner of choice for the pharma and biotech, as well as the healthcare industry in general, we are providing our customers with the right product solutions alongside their value chain. For this, we focus on the customer needs and demand for innovation solutions. Another fundamental driver of our long-term sustainable, profitable growth is based on megatrends, global megatrends in pharma and healthcare. We see nine key megatrends that are relevant in leading for Gerresheimer. The focus on healthcare has been further strengthened due to the COVID pandemic. The demand for global players with global and also regional footprint throughout the whole pharma value chain is accretive. We are also seeing a broader access to healthcare in emerging markets, and the focus on vaccinations will expand clearly beyond the current COVID vaccine discussion. Demand will be driven by increase in chronic diseases and a continuously aging population. More self-medication and individual customized drugs require safe, accurate, and easy application systems for the patients. That's where Gerresheimer comes into place. We see challenges, but also opportunities in higher and tighter regulations. A dominant factor of future healthcare systems are the increasing costs that are and will further become globally one of the biggest challenges in the coming years. We see our role and responsibility in finding solutions to fight this trend. Furthermore, the increasing importance of biologics and biosimilar drugs is relevant for us and provides potentials. Biotech is a highly promising market for Gerresheimer. We see strong growth potential in the market for injectables in general. While the market for small molecules will remain strong, we see even larger growth potentials for biotech-based drug products, implicating an over-proportional growth in large molecules compared to the small molecules. That means the fast-growing biologics, the biological sector, will offer significant growth opportunities, and we will make sure that Gerresheimer, with its unique broad product portfolio, will be part of this strong biotech market development. Let's come to the company development. We developed a very strong vision. Where do we want our company to be in 2028? How will it look like? We will be leading in health and well-being delivery solutions, is the vision we developed. To achieve this vision, we have defined five strategic directions and very ambitious goals. First, growth. Growth is key. We will bring Gerresheimer on a path for sustainable, profitable growth, and we want to speed up our annual growth rates from mid-single digit into a high single-digit organic revenue growth. Innovation. Innovation is, for me, one of the key drivers of our future success. Excellence. We want to be excellent in everything we do. This includes, of course, the product excellence, but it goes beyond. The internal processes as well as, for example, things like the customer touchpoints are relevant for this. Leadership. We take our team with us on our journey into the future, and that requires the right mindset. A mindset for growth and a willingness to win. The cultural change in the company is a core element of the strategy and is fully ongoing. Not to forget, sustainability. It was clear to us, if you create a strategy in 2019 or 2020, sustainability has to be a core element of it. We set ourselves ambitious goals, defining key priorities and targets for sustainability, clearly beyond the need to fulfill requirements, or let me call it checking the box. As you can see, sustainability is the fifth pillar of our strategy process, Formula G. Therefore, it is much more than a common sustainability approach. We set the whole company according to these ambitious sustainability targets, clearly supporting our customers, achieving their own sustainability targets and turning into new and additional growth opportunities. Gerresheimer today is strong and very competitive in its existing markets and has attractive and leading market positions. These businesses remain very solid, which has been proven during the current pandemic. In order to significantly outperform market growth, we are now focusing also on markets with over proportional growth rates, and we are upgrading our capabilities to grow into these segments. Further global expansion is an important element within this direction. We serve our customers globally. With our 37 plants in 14 countries, we produce close to our customers. We are increasing our service offering in North America with a new facility for plastic packaging solutions. We are already strong and well-positioned in the business for plastic vials for prescription drugs. We are now expanding our footprint in the primary plastic packaging for pharma and healthcare. In South America, we successfully ramped up a new facility in Anápolis. We are expanding our glass capacity in molded glass in India, and we are building a new production facility for plastic packaging in the west of India. Our new plant for medical devices in Skopje, North Macedonia, is steadily ramping up. Within the global expansion, we are also setting up local R&D capabilities. Regional innovation centers are bundling the local competencies into a worldwide network. We expand and grow our global network of competencies and innovation centers. Adding to the existing centers like Smart Device Center in Olten and our competence center in China, is the new Gx Glass Innovation and Technology Center in Vineland that we opened in the U.S. in 2019. On top of 2018, sorry. On top of that, we decided to install another center for molded glass in Lohr in 2021. India and China are further extensions that are planned in the outer years. Gerresheimer has a strong focus on new innovation and products. We see two core segments: high-value products and smart digital solution. Moving up the value chain is the first group. Examples like Elite glass and ready-to-fill products are already well known to you. We integrate production steps from our customers, which are not their core business. As for example, the washing and sterilization steps, or we deliver a product solution that enables the customer to improve their production filling efficiency. We benefit from our broad experience and competencies, for example, from our ready-to-fill syringe business. Our product solutions of the future are becoming smarter, more digital, with connected solutions. Our micro pumps are clearly one of these products, but we have extended our approach into areas as respiratory and other devices. Our smart inhaler, Respimetrix, that measures the inhalation airflow and monitors the accuracy and efficiency of the administration. This device is fully in line with the global mega trends towards more self-medication and individual medicines. It supports relevant topics as compliance, correct application, and other important monitoring data. We see promising market potential, and it underlines our approach of being innovation leader and solution provider. As my explanations outlined, high-value solutions are key growth drivers. Already in 2021, we see them contributing to our growth. This, plus the growth in our underlying mature markets and our global expansion, is the base for our guidance for 2021, mid-single digit growth. With this, I hand over to Bernd to lead us through some of the financials. Thank you. Thank you, Dietmar. Welcome to everybody also from my side. Before we go into the analysis of our figures, some introducing words. As already mentioned by Dietmar, we are proud that our Gerresheimer achieved a quarter of historic records in Q4 2020. On the back of this development, we reached also our 2020 guidance range. We accelerated our growth in 2020, even in a difficult market environment. In our core business, we achieved revenue growth of 3.8%. To put it in perspective, this level of growth was not reached in the last five years, and we accomplished it despite headwinds from COVID-19, as you know. Now, let's dive into the P&L analysis of Q4. Reported revenues in Q4 2020 came in at EUR 403 million. This includes a negative currency impact amounting to approximately EUR 12 million. Organically, we achieved revenue growth of approximately 7.3% for our core business in Q4 2020. Let's turn to the earnings. We achieved a strong adjusted EBITDA of EUR 100 million, reflecting an organic improvement of 6.5% in our core business compared to last year's quarter. The adjusted EBITDA margin increased to 24.8%. The one-off costs in Q4 2020 increased by approximately EUR 2 million. This increase is mainly related to our COVID-19 bonus accrual for all our workforce worldwide as a big thank you for guaranteeing business continuity in times of the global pandemic. Below EBITDA in Q4 2019, both depreciation and amortization, as well as taxes, have been materially distorted by extraordinary effects at Sensile. These effects are mainly triggered by the impairment at Sensile in 2019 and related tax impacts. Depreciation and amortization dropped by EUR 119 million to EUR 40 million in Q4 2020. Last year's figure includes impairment losses at Sensile totaling EUR 117 million. The taxes in Q4 2020 amounted to EUR 19 million, translating into a tax rate of around 38%. This relative high tax rate is not representative going forward and triggered by adjustments from temporary restricted loss carry-forwards of foreign subsidiaries. The adjusted net income surged almost 50% to EUR 42 million in Q4 2020. The comparison to previous year is distorted by extraordinary negative effects at Sensile in the last year. Let's have a closer look into the divisions. We are very happy and pleased with the development in our core business during Q4. Plastics and Devices. This division grew organically 6.0% in Q4. The negative currency effects, mainly from U.S. dollar and Brazilian real, impacted the reported revenues by a high single-digit million EUR amount. In Plastics and Devices, we saw significant revenue contribution in medical plastic systems and our syringes business. Both businesses achieved double-digit organic growth rates in Q4. While the plastic packaging business unit reached high single-digit growth, Centor in the U.S. was stable as planned. The adjusted EBITDA increased to EUR 73 million, which leads to a margin of 33.3%. The P&D division had a positive impact of EUR 1 million due to the first-time application of IFRS 16. Adjusted for this and the fixed effects, the EBITDA margin would have amounted to 32.2%, arriving at the same high level achieved in Q4 2019. Turning to the division Primary Packaging Glass. PPG had an impressive fourth quarter. Organic revenues surged by 9.1 percentage points over the last year's quarter, Q4 2019. A key driver was tubular glass with organic growth in the mid-teens percentage range. This included first significant sales contributions from high-value solutions such as Elite glass and also from the first supply of injection vials for COVID-19 vaccines. In Q4, cosmetic revenues attained prior year's level, which shows that cosmetic can recover quickly once the lockdowns are somewhat lifted, as this was the case in September, October last year. A clear encouraging signal for the time after the pandemic. The negative currency effects, mainly from the U.S. dollar, impacted the report and revenues by a low mid-single digit million EUR amount. The adjusted EBITDA increased to EUR 38 million in Q4 2020 and reached a margin of 21.2%. This is being supported by efficiency gains and further insurance compensation in the magnitude of a low single-digit million EUR amount. The insurance compensation is caused by damages linked to the furnace leakage in the U.S. in 2019. It is associated to lost business representing revenues of almost EUR 2 million in Q4 2020. Turning to Advanced Technologies. The revenue contribution of GAT, Advanced Technology in Q4 2020 was in line with our expectation and benefited from settlement agreements with regards to the cancellation of projects in the Sensile business last year, 2019. The impact from the settlements led to a positive revenue contribution of EUR 5 million. With regards to the adjusted EBITDA, it was overall neutral. The underlying performance in Q4 was in line with our expectations. Three topics I would again like to highlight for Advanced Technologies. First, Advanced Technologies is an innovation driver by developing intelligent drug delivery systems and steered as a long-term investment case. Please remember, all the potential benefits of this division are excluded from our guidance. Sensile is financially a very promising call option for us. Second, as you know, end of last year, we changed our revenue model. Instead of getting reimbursed for the development costs from pharma co, we prefer to get a higher portion of the revenues from our pharma co partners instead. In other words, since 2019, we evolved from a contract developer for pharma co to a revenue-sharing partner of pharma co. Third, the development of our micro pumps for chronic heart failure treatment with SQ Innovation is on track with first sales contribution expected from 2022 onwards. In addition to our strong revenue and adjusted EBITDA performance in Q4 2020, I would like to highlight our free cash flow contribution of EUR 60 million, which reached the high prior year's level. This strong cash delivery was supported by excellent earnings quality and the reduction of our net working capital by EUR 45 million. Worth noting, we decided to forgo expensive cash discount agreements in the magnitude of EUR 10 million-EUR 15 million and replaced it with much cheaper factoring. The position, others, includes a positive impact from hedging. The change of 11 million compared to previous year is, however, mainly linked to the non-cash-related derecognition of contingent purchase price liabilities with regard to the acquisition of Sensile in the amount of EUR 11 million in Q4 2019. On this slide, we show our financial year 2020 figures in comparison to the actual and underlying development of financial year 2019, which was severely impacted by non-recurring extraordinary items in the relation to Sensile. Here you can see that on the back of the strong fourth quarter, we achieved to meet our guidance range for 2020. Organic sales growth for the group amounted to 2.6%. Our core business grew organically 3.8%. This growth rate, in my view, reflects more adequately the underlying performance of the group in 2020 due to the distortions at Sensile in 2019. Without cosmetic growth would have even surpassed 5%. This is an encouraging growth dynamic with regard to our mid to long-term ambitions. The underlying organic adjusted EBITDA growth of 1.7% for the group and 7.9% in the core business. It was somewhat better than expected. As a result, the adjusted EBITDA margin increased by 80 basis points to almost 22% and was also above the guidance of 21%. The adjusted net income amounted to EUR 124 million and declined slightly by 4% compared to the underlying figure in Q4 2019. The drop was mainly caused by a higher tax rate in 2020, which amounted to around 30% in 2020, compared to 26% in 2019. 2020 was distorted by a non-cash relevant one-off devaluation on tax assets, as mentioned before. 2020 was somehow an outlier year as far as taxes were concerned. As you know, we are guiding for a tax rate level of 25% in the midterm. No doubt that we will achieve this. Also, thanks to a strong cash conversion, we managed to almost double our free cash flow from EUR 34 million in 2019 to EUR 65 million in the financial year 2020. In Q4, we reduced our net financial debt to EUR 923 million. This resulted in an improved financial leverage of around 3.0 times compared to 3.2 times in Q3 2020. The financial covenant for our revolving credit facility stands unchanged at 3.75 times. This covenant gives us solid financial headroom and will remain in place until mid-2022. We have not only reduced our financial leverage, but we also managed to improve our maturity profile. On October 1st, 2020, we signed a promissory loan agreement amounting to EUR 325 million. This issuance was significantly oversubscribed by three to four times, which reflects the confidence in our business model and in the long-term success of Gerresheimer. We have refinanced the promissory loans maturing in November 2020 and strongly reduced our drawing in our revolving credit facility agreement. Without doubt, given the global COVID-19 pandemic, the fiscal year 2020 passed under truly extraordinary circumstances. We excelled and delivered to our promises. What are the key takeaways from a financial point of view for 2020? Five topics come to my mind. First of all, we proved to have a very robust business. We managed to meet our initially set guidance range despite COVID-19, which also underlines our high forecast accuracy. We had also to deal with COVID-19 challenges, especially in our cosmetic business. We managed to deliver. It's worth highlighting that we accomplished to secure a bridge financing in April 2020 in the middle of the storm and uncertainties of the COVID-19 pandemic. This demonstrates the high level of confidence of the credit market in our business model. In October 2020, we achieved the next milestone in our refinancing and issued a new promissory loan amounting to EUR 325 million. Our issuance had been three to four times oversubscribed. We managed to improve our financing conditions. Really remarkable. Another outstanding achievement from a financial perspective was the strong cash flow development in 2020. Fifth and last, but not least, in December, we held our virtual capital markets day where we presented our new transformative Gerresheimer. There we elaborated on our growth strategy, as Dietmar already mentioned. We also introduced our new guidance, which is now even more focused on our core business, with a particular emphasis on revenue growth. The new guidance KPI, earnings per share, is a consequent development of our strategy implementation, which will be reflected in an increasing shareholder value and return. With this, I now hand back to Dietmar. Yeah, thank you, Bernd. It's always a tremendous amount of figures you are delivering. Let's smooth this up a little bit. Yeah. Ladies and gentlemen, we are transforming our Gerresheimer. The change into the future is fully present. We set very ambitious goals, targets, and we are now implementing the necessary steps to deliver. The financial year 2021 will be the year of transition and delivery, continuously and reliably. From 2022 on, we plan to bring the company into high single-digit revenue growth levels. We have started our growth engine. Gerresheimer is on track, and further acceleration is what keeps us going. The focus for 2021. The key message and focus for 2021 in a few words. First, we will deliver according to plan. COVID-19 is not over yet, and we will still see COVID-19 effects throughout 2021. We will consequently secure business continuity in all our plans serving our customers. The cosmetic business will not fully recover until global lockdowns are easing, but we expect that the supplies of COVID-19 vials will compensate this. We will continue to fill the pipeline in all areas of the business. Third, the most important point to me, we will maintain or even accelerate the dynamic in the company, the drive, and also the momentum. We push Gerresheimer to the next level, transforming our company into growth company as innovation leader and solution provider. With this, I hand over and back to Carolin, and I'm looking forward to your questions. Thank you. Thank you for your presentation, Dietmar and Bernd. Let's enter into our Q&A session. The lines are now open for your questions. To register for a question, please press zero one on your telephone keypad. In case you would like to cancel your question, please press zero two. The first question comes from Scott Bardo of Berenberg. Please go ahead, Scott. Thanks, Carolin. Good afternoon. Yeah, a few questions, please. In fiscal 2020, I think you achieved just a tad below the low end of your 3%-7% mid-single digit growth range. As you guide for 2021, for a similar range, can you help us understand a little bit, what needs to happen to reach either end of those ranges? Which end of that range you think is more likely in fiscal 2021? I guess following on from that, is your EBITDA margin progression in 2021 purely growth dependent or are there some other factors there between the 20%, 22% and 23% range you highlight? Second question, please. Dietmar, I wonder if you could give us a bit of an update, please, on the progress of your Czech facility for your new asthma inhalation device in Europe, and also help us understand the build-out of your ready-to-fill syringe capacities and how committed they are by customers currently. Thank you. Thank you, Scott. The guidance, no doubt, 2020, as I said in my presentation, our goal was to hit the guidance just in the center of the range we provided. The cosmetic effect, we took a certain hit and, with the corrections, we hit the lower bandwidth, which is a fact. In 2021, there's no doubt we are clearly aiming at least for the middle of the center of the guidance again. Here, there are various effects again. Yes, the COVID is still present. The cosmetic is still down. On the other side, we will have more tailwind coming with the COVID vials, and that will support us. That gives us evidence into the year. As we are not before the year, it's actually, we are already in at least the first quarter, there's also a couple of things that gives us evidence that we will hit the guidance in this regard. For the margin, I don't know whether you want to say something, Bernd. Basically, Scott, to take this question regarding the margin, it's under the assumption that we go really in the middle of the mid-single digit growth, as Dietmar mentioned, and it's really somehow a balanced risk and opportunities view. We should also be in the middle of the 22%-23% range. Why we are a little bit careful on this topic is regarding the EBITDA margin because we don't know exactly how the energy prices are developing into the year, and therefore, a little bit better to be on the safe side. Therefore, we want to have a little bit bigger room on this topic. All in all, we are cooler than last year, honestly spoken, as a matter of fact. To the second question, Skopje. Skopje has certain delays, maybe three, some of the areas even six months. Why is this? Because some of the machines could not be delivered due to COVID, which is in the end, we should not forget this, sales neutral. We are here talking about relocations from clients that are taking place a little bit later than expected, and this is actually pretty neutral, has no sales impact. To the syringe expectations, as we always said, we are ramping up the production in Bünde. At present, the ready-to-fill line is installed and is ramping up since mid of 2020. The RTF six is supposed to come into place beginning of late summer of 2021, also on schedule, and these additional volumes will definitely be used. What you said, how much is covered from your customers. This is not our problem. I would have been able to sell significantly more syringes in 2020 as 2019, if I would have had the capacity, and this will not change in 2021. I hope this answers your questions. Very good. Thank you. I'll jump back in the queue. Next question comes from Dr. Daniel Grigat from Stifel. Please go ahead. Good afternoon. Thank you for taking my question. I would just like to get back to the question on the full year 2021 guidance. I would ask you, could you please be more specific on the dynamic through the quarters that you expect for 2021? For instance, in particular in Q1, you have a rather soft base with the Centor adjustments, for instance, you had last year. On the other hand, there was no COVID effect, and obviously in the second half, you have a rather higher base. That'd be interesting to get more color on that. Secondly, please, a question on Sensile Medical, in particular on SQ Innovation. What is the status there, and how confident do you feel about this project? Thank you very much. Thanks a lot, Daniel. I take your first question regarding how we basically started now into Q1 and looking also at the first half of the year and how is our expectation. In the end, we really started good into the year. As you know, and we said we guided for the full year missing a little growth, and this is something what we basically can confirm our guidance. Under this perspective, we started pretty good under the year, but you need to know that we have a certain correlation always with the lockdown. What we see is Q2, Q3 last year, just to remind ourselves, when the severity of the lockdown was high, also our cosmetic business was impacted, and this is something what we see as well in Q1. Nonetheless, we had a good start into this year. We will present the numbers in April, in two months from now. I will probably take the Sensile questions, the SQ Innovation. I think you were referring to the project SQ Innovation. Yeah, the project is now running. Actually, the clinical studies are ongoing right now, which is what takes place at the moment. We have plans to see first sales in 2022, and at the moment the project is on track. I don't see a reason why at the moment this wouldn't come. We are setting up production capabilities at sub-suppliers partly, and I'm still optimistic that we will see the first sales in 2022. There's no change on that. All right. Thank you very much. That was very helpful. Now we have Daniel Redondo from Commerzbank. Hi, Daniel. Hi, and thanks for taking my questions. Two, if I may. The first one is actually referring to your slide 13 in your presentation. Can you maybe shed a bit more light on the revenue you expect to come from high-value solutions in 2021? What are they and what products in your view have the highest potential also to help achieve high single-digit growth as of 2022? That is my first question. The second one is on the vials being sold to coronavirus vaccine manufacturers. Can you update us again on the overall amount you currently would expect to ship during 2021? Thank you. Yeah. Bernd, you want to elaborate it because it's your favorite question, the first one. I take the second one with the vials. Just to take up, Daniel, hope I covered your question in an appropriate way. Basically, you are asking where is the high-value solutions as this kind of growth is coming from. Yes. As we said, around two to three percentage points. If you look at it's actually innovation in the area of biologicals, I have to say. We really start getting traction for Elite products. We have seen this already in Q4 with a contribution of EUR 4 million, as mentioned, RTF, Elite RTF vials, other contributions, especially also RTF COP syringes are benefiting. Obviously also the biological vials is something where we really see a growth compared to 2020 of around EUR 15 million. That are basically the key elements where this kind of product growth is actually coming from. I take the second one, which is probably referring to the COVID vials. We have added capacity in the last, let it be some 18 months of around 500 million units a year. That fits very well into our plannings because we are still referring to this one billion of vials that we always spoke about that we believe we will ship in the next two years. That fits to the 500,000. We have started some shipments already now in the fourth quarter, not too much, but we have started to ship them. We have to see how this distributes over time, but we are still expecting this in the ballpark of 500,000 units a year in the COVID vials. It's quite interesting and it's highly dynamic. You clearly see that at the moment there's out of a sudden a discussion of a second vaccination that you need in order to protect yourself. Maybe there's a virus, and the mutation of the virus is interesting, and it might require a secondary vaccination or even an annual or biannual vaccination. This is something we are monitoring closely and then react as we see the market to be relevant for us. Thank you. Are there any further questions in the line? We have a follow-up from Scott Bardo. Please go ahead, Scott. Thanks. Just a couple of small clarification questions, please. Probably a little bit more orientated at you, Bernd. I think in the fiscal 2020, you had some EUR 12 million in insurance compensation for your warehouses and furnaces and so forth. I just want to understand, did this in any way benefit your margin for 2020? What would be sort of a clean number of your margin for 2020? Perhaps help us understand the mechanistics of how that washes out in 2021. That would be helpful, please. The second question, I appreciate that the group has broader ambitions to scale up and to prepare for accelerated growth. The CapEx in the fourth quarter a little bit soft. Can you help us understand where you are with your CapEx build out and ongoing plans to optimize free cash flow generation? Thank you. Scott, I would take your first question. Maybe, regarding these insurance payments, it is quite difficult to give you a very robust number given the complexity. In the end, if I would make the calculation, I would assume EUR 5 million would be something I would put into my Excel spreadsheet as a support for my margin. Having this said, you should know that we get this compensation for incurred losses in the end of the day in our business. Actually, we lost revenues and two-third of this lost revenues, what we could demonstrate was compensated. Therefore, I think in this sense, and also what we also need to be aware of, due to this furnace leakage at that time, we had a lot of costs associated with it, quality costs, fixed costs, which we couldn't use this capacity and so on and so forth. Dilution there. All in all, I would basically assume maybe you have a positive bottom-line effect, maybe EUR 4 million, EUR 5, something like this. It's really an estimate. I hope I can be helpful. Could be helpful for you. That's helpful. Thank you. Yeah. I take the CapEx question, Scott. I wouldn't over evaluate this couple of million EUR that the amount that in the end of the year, I wouldn't say that's soft, the CapEx. There's a couple of investments that shifted over from 2020 into 2021. It's not a surprise. You heard me earlier discuss about some of the machines that are come in later for Skopje, for example. That is not a surprise because in the COVID-19 time, none of the machine makers can come in. They can't install the machines, so there are some certain delays in. There's a big one we should not forget. We postponed the furnace renewal of the Lohr facility from 2020 into 2021. This is actually ongoing in spite of COVID now as we talk. They are at the moment building up the new furnace. This is some of the delays. For 2021, it's not a surprise. You have the classic area of growth that are very for the CapEx. You have some additional CapEx for COVID-19 vials. You have some bigger portion for one side, the syringe strategy and some big orders we brought in last year for devices where we'll start to invest because it needs and requires extension of our facilities in, for example, Horšovský Týn and Pfreimd. I hope that answers your question. That does indeed. Thank you. Maybe just one bigger picture follow-up, if I may. I think you outlined at your capital markets event in December, the successful win of a new OEM auto-injector contract, which I think is a nice addition to your customer set in this area. Can you help us understand whether you believe Gerresheimer is more of an attractive partner for this sort of business than it was before? Whether more of this sort of business can come and maybe actually going further, is it this sort of business that you want as a direction for the growth of the business, or are you more trying to prioritize your own innovative products? It is definitely business that we want, Scott. It is not the only business we want. There is a couple of other business as well, but it is definitely the business that we want. It is the big orders. There is no doubt we are increasingly attractive to our customers. We recognize a clear win of reputation with our strategy on the one side, sustainability, customer focus, innovation, but also a certain tailwind. We should not ignore this, that we receive with our reliable deliveries in the COVID times, where the access we have into the top management layers of some of the customers has significantly improved, actually. That makes quite the difference. I think Bernd is eager to say something as well. Scott, it's really also financially attractive, this contract manufacturing agreements what we have. We are always calculating, obviously, an appropriate IRR. As you know, our hurdle is 15%. For this particular project we just mentioned, the capital markets day, it was almost 20% IRR. This comes as relatively risk-free, if you want. Conceptually, you have here and there take-or-pay concept. It's a very attractive business also from the pure financial and financial risk management point of view. A green light also from the CFO. Very good. Thanks very much, gents. To add this, I clearly see a significant potential in here. We have become a different layer of partner with the push on innovations, our capabilities, not only on the pump, but other own IP devices. We are also for the contract manufacturing, a more attractive partner with concentration of competence on our side, and that really helps. We are, and I hopefully am able to talk about this over the loop of the next month on the way to the next contract in that ballpark. Very good. Thank you. Now we have a follow-up from Daniel Redondo from Commerzbank. Yeah. Thanks for taking my follow-ups. Two, if I may. One is potentially relating also to the last topic. You highlighted that in Q4, in your Plastics division, medical plastic products really had a strong performance. Can you potentially detail what product in particular, performed so well? Maybe it was a group of products? Second question is on Centor. Where are you with your plans for maybe expanding the business model also beyond the North American market? Thank you. The first one is relatively easy. The very strong drivers we saw in the medical device areas are coming from the syringes on the one side, which is also not a total surprise because you heard it earlier, the ready-to-fill line five is steadily contributing now into the sales, and that led to double-digit growth rates here for the syringes. The next one is also not a total surprise. We always spoke about the extension we do in Horšovský Týn, with the European inhaler, which is, actually, I think I can say it, one of the key customers, a British pharma company. As we launch this Start of Production in June, I think the steady contribution of this inhaler helped us here also to deliver significant strength. For Centor, actually, we never had the intention to internationalize or globalize the business. We see certain potentials to grow the business, bring this from a relatively clearly flattish behavior into certain growth, and that's definitely something we are working on, and we see the potentials. It's too early, honestly spoken, that I'm able to talk about this in that format here. Thank you. Now we have Thomas Schiesser from Equities. Thank you for taking my question. Actually, it's on sustainability, if I may. What is your view on green hydrogen as an energy for your furnaces? Are you already in some deeper discussions, within those groups of developing those new energy sources? Thank you. The brutal, fast, and quick answer is yes, very interesting to, yes, we are seriously thinking about this and looking into this. Additional question. What is the timeframe of implementing those new energy sources in your opinion? It's no doubt at the moment the furnace replacement in Lohr is ongoing at the moment, so it's only present for the next one, but the next facilities that will come in the following years is actually Tettau and Momignies, where it fits very nicely because that's the cosmetic facilities where we anyhow can really do something with the sustainability topics. We are at the moment seriously looking into how far is technology, what can we make, what is feasible and what is the best way to upgrade your furnaces and your ovens in the direction of sustainability. The technology you just mentioned is definitely something that is highly interesting. Thank you. As there are no further questions, we would like to thank you for joining us today, and all the best. Stay healthy. See you soon. Thank you. Thank you. Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect.