Okay, great. Welcome everybody to another Zoom call of Ringmetall. This time, SE for the first time. You might have noticed that we changed our legal status. Today we're going to have a short presentation on the very basic figures, preliminary figures that we have on H1 2021. It's been a fantastic quarter. I try not to use the word record quarter, but it actually is. We're very delighted how our company developed in the past three months, and hopefully this will continue for the rest of the year. I'm going to pass on to Christoph Petri, our CEO now. Good morning, everyone. Thank you for joining our Q2 call for our preliminary figures. As Ingo said, we are all very happy and delighted to introduce you to our extraordinarily good figures. I would start immediately already with the revenues of Q2 or of the half year. Please bear in mind, just as a small disclaimer, it's not the final figures yet. It's the preliminaries. The final figures we will publish on the 16th of September, with a full report then. Even for the Q&A later on, I might not be able to comment on each and every detailed figure yet. You all know that usually our preliminaries don't change significantly. Maybe EUR 100,000 up and down on the revenues, but not more. Group revenues are significantly up, close to 26%. We are at EUR 78.3 million in the meantime now, while actually the total output was even higher, close to EUR 80 million. The main drivers were, of course, a significant upbeat in steel prices, but also a significant volume effect and a more favorable U.S. dollar, which we have seen. Despite this revenue increase, we were actually able to keep our gross margin very stable. We were relatively stable, which is the main driver then in the end for a significant upbeat in the EBITDA in our operational profitability, which is up 74%, and we are now at EUR 11.3 million for the half year. The EBITDA margin is at 14.3%, and now in the meantime, more or less within the original guidance which we have given in the year 2016, which showed an EBITDA margin of 12.5%-15%. We are close to the 15% already. This is in the end an effect of the great work on the shop floor and further investments which we have done into automation. Within industrial, I think we can go to the next page, Ingo. Thank you. Within industrial packaging, the main growth engine are, as mentioned, the raw material increases. It's not only steel, I have to say. It's also the plastic prices which affect our Inliner revenues. The raw material price effect is 15.3%. Also, and this is important to say, it's the organic growth effect, which especially comes from the ring business. This is close to 10%. I have to say in that respect that the increase in ring volumes is definitely more than 10%, because our Inliner business is only stable. Therefore the increase in ring business is really extraordinarily good. Also within industrial handling, we see that there is a significant and very pleasant upbeat now as well, a volume increase by 11.9%. In that respect, I would like to mention that the steel price effect in industrial handling will come only in the second half of 2021. Usually, we have longer term agreements with the customers, and therefore steel price increases will come into effect in the second half of this year. Yes. Industrial packaging, again, extraordinarily good performance, and especially as mentioned within the ring business. We have seen an upbeat throughout the regions. Very strong were the U.S., and also Italy, but to a certain extent then also Germany. In Germany, what we have seen is that especially our lid business actually was improving predominantly. We have seen nearly a double in turnover or in output within the lid business. That gave an extraordinarily good push. The Inliner business was actually comparably weak, compared to our other segments. We have only seen a stable performance of the round bottom liners and form inliners, nearly no business within the beer tank liners. This is significantly down also compared to the prior year. This is especially due to the lockdown situation, which we have seen in the beginning of the year. It now, since, I would say, June, slowly picks up again. This together led to only a stable or even a slight downturn in revenues in the Inliner business. The Bag-in-Box Systems, however, improved. We have shifted some of our work into the first half of the year. Usually, the big season is the third quarter for the Bag-in-Box Systems, and we were able to shift already some of our business into Q1 and Q2. This will help us to have most probably a record year in the Bag-in-Box Systems this year as well. In Industrial Handling, I've mentioned already, we had a very good Q1 and Q2 especially. The business not only stabilized but improved significantly. The EBITDA margin of 13.3% is now more or less on group level. There's more to come in the second half of this year. I've mentioned already, steel price increases will come into effect, and we see an upbeat nearly from each industry, that is the forklift industry and the tractor industry. They are both really pushing the business significantly. This all in all then leads to a significant increase in our guidance. The first half of 2021 is already very good. Also, the second half of 2021, we expect to be extraordinarily good. This is the reason why we are increasing our guidance significantly to EUR 150 million-EUR 160 million in group revenues. The EBITDA, we even increased from EUR 17 million-EUR 19 million for the year 2021. Again, it's always the same. This is based on the current material prices. This is based on current exchange rate situations, and is now including the business of HOSTO, where I am today, by the way. Just for your information, I'm in Neunkirchen at the HOSTO plant looking for the situation here, how the whole integration process proceeds. We are very happy with our acquisition of HOSTO. Business is running very well, and we are now looking a little bit closer into the integration process, and also into identifying the synergies and shifting some production volumes from one plant to the other to have some synergies in transportation costs. This is the situation from our side for now, and I would now be open for Q&A. Everybody who's interested in asking a question, please just unmute yourself, and feel free to ask or raise your hand in the chat and ask something in the chat. I can then pose the question for you. Hi, everyone. I would just kick it off, if that's okay. First of all, Christoph, could you quantify how free cash flow looked like in the first half? Do you already have that number? No, unfortunately, this is the number we don't have yet, but most likely, if you look at our operative cash flow, at least in the past, it was pretty much on the EBITDA level. That's what I expect for the operational cash flow for the first half year as well. The free cash flow, we have invested in the first half of 2021 already in the Inliner business. We were upgrading our beer tank liner machine again, and we were upgrading some other units and some other machines there. I would expect that free cash flow should be anywhere in the region, I guess around the EUR 7 million-8 million, but that's only a guess, Christian. I cannot tell you the exact figure. Sure. Then the second question, you were talking about efficiency gains at all the plants, more automation. Can you quantify the impact from efficiency gains in the first half compared to last year's first half? Well, this is actually nearly impossible, to be very honest. Because last year, we have seen a very challenging Q2. We have seen a lot of movements within volumes, and therefore it's not really possible to quantify it. We have certain areas where we can quantify something, and this is, for example, scrap rates. For example, productivity, that is rings per paid man-hour and all of these things. That's something what we can quantify. That's figures we don't publish, to be honest, but this is something where we can quantify something. There are other things which is just nearly impossible to quantify. I see. In the end, if you look overall, the main drivers, less scrap rate, higher productivity, higher rings per paid man-hour, less quality complaints. Those are the drivers where we can really put, let's say, a price tag on. That's figures we don't want to publish because this is really very sensitive data, and something what at least our competitors and even our customers should not know about. Right. A third one, you were also mentioning in your last slide that M&A, another acquisition might be possible. I understand that it might be delayed and might happen in 2022 because of corona. What exactly are you looking at? Is it another player in the ring business in Europe or North America or an expansion in the Inliner product portfolio? We are currently more focusing on the Inliner portfolio, to be honest, for two reasons. One reason is, with the acquisition of Hosto, I would say more or less we have now, let's say, finalized the acquisition process, at least in mainland Europe. There is nothing more we can do or we should do. Looking to the United States, I would say pretty much the same situation. There is maybe one more competitor we could have a look at, but that's not the case for now, especially since we are still restricted from traveling to the United States. The Inliner business, we are looking at a few potential acquisitions. However, we are not in the position to be at a, let's say, a final stage yet. This is due, again, to travel restrictions, but also, let's say, due to the market in general. Everyone was suffering or was afraid to suffer last year, and now this year, everything is nearly booming. Price expectations might go through the roof, and we don't want to buy at a peak. We are actually quite easy on that to say, "Let's wait and see how things develop." We don't want to feel under pressure regarding any acquisitions. Maybe just one last one. This year is going to be fantastic. You're benefiting a lot from the steel price effect and the fact that you have locked in prices quite early. What are your expectations for next year, if you can already make some really basic ones? Is it going to be a big drag on growth, or would you be able to compensate that by more flexible contracts? How do you expect this to go on in the next one or two years? I would divide it a little bit into the different segments we have. Looking first on the ring business, I cannot predict how steel prices will develop. I think we can all read in the newspapers more about it, and I'm not in a position to have accurate or more accurate data than the journalists maybe. Therefore, I would always refer to public information. What is quite clear, we have done our homework in the past and looking at the profitability of the group, I don't expect that profitability should go down to the levels which we have seen in 2019 and 2020 again, because we are now at a different stage and on a different level. If steel prices come down and volumes as well come down, maybe we see, of course, a small decrease in profitability. Basically, I would not expect to come down to the levels which we have seen before. We are really at a new level now, and basically, we have done the homework in the ring business. Looking at the Inliner business, I would expect actually that business continues to be strong, and it should increase even, because we have seen that there is always a certain delay in that area. We have seen it last year as well. While we have seen the biggest downturn in Q2 in the general industry, our Inliner business was still booming, and we have seen the downturn then in Q3 and Q4. We always see a certain delay, and I expect the business to pick up again or even further than in next year, depending a little bit on potential lockdown situations. Again, we are significantly down in beer tank liners. Don't forget, this is roughly 20% of our business. Then industrial handling as well. That's depending on the general situation of the economy and especially within the forklift industry. I do not expect that there's a significant downturn. I would even expect that business is continuing to be strong. Okay, great. That would be it for me for now. Thank you. Good morning. Maybe I can add on Klaus Brunner from Pareto. Thanks for taking my question, Christoph. First thing is, if I look at the first half figures and compare them with what you gave after the first quarter, the second quarter must have been extraordinarily good. Is that the kind of profitability level that you expect to maintain over the rest of the year? Is the first half raise, which is already quite good, is that the kind of tempo that you would expect to go forward? My second question would deal with the acquisitions a little bit more. Number one is, what is your war chest and what are you prepared to pay for potential targets? Thank you. The first question, absolutely right. Q2 was extraordinarily good. What you have to keep in mind for the rest of the year is, now in Q3, we are in the holiday season, especially in Southern Europe. We are fully closed in our plants in Italy, Turkey, and Spain. We have even closed, for the first time ever, our plant of industrial handling for, I think, a week now due to holiday seasons. Therefore, the Q3 is usually much slower in revenues already and in output than Q2. Q2 is usually our really strong quarter. Therefore, the run rate which we have seen in Q2, we will not be able to maintain for the rest of the year. I would rather say that we are more on the level of the combined Q1 and Q2. That's what I would calculate with. However, what you should keep in mind at least is steel prices are on another level. In Q1, they were about to increase. They are further increasing now and we are on another level. Revenue-wise, we are definitely not going down for Q3 and Q4. That's our expectation. Regarding the acquisitions, I would say our situation or our position is pretty much unchanged if I look into our willingness to pay certain purchase prices. First of all, M&A is a significant part of our strategy, and we are still really focusing on further acquisitions. Very important is we don't feel obliged or forced to do acquisitions. If we don't have a right target or if a target is not priced well, we don't do the acquisition. We like to take the opportunities which are on the market and purchase price or values we feel comfortable with multiples somewhere between six and 8x EBITDA. It depends a little bit on the growth rate of the company. We have seen some companies which have a growth rate in double digits. Maybe for these companies, we would be willing to pay an 8 times EBITDA multiple. In a very extraordinary situation, maybe 8.5, but for sure, not more than this. We would always like to see, in the end, an impact on our own multiple and our own valuation. We don't want to see a multiple dilution with an acquisition. Looking into the size of the targets, we have done some smaller acquisitions in the past, and the experience we've gained with this is that pretty much the work we have to do is maybe even higher or even more work than doing a bigger acquisition. Because in the smaller acquisitions which we have done, we don't have a professional leadership team. There is a lot of management capacity from our core business, which is occupied then with the acquisitions. Looking at bigger targets, we could expect a more professional leadership team and management team, which could be implemented into the group. Therefore, yes, we are currently looking maybe at a little bit bigger acquisitions for the future, which doesn't necessarily mean that the next acquisition will definitely be a bigger acquisition. I would say the tendency goes more into this direction. Thank you very much. One addition, if I may. Do you find targets at these prices right now? I'm hearing that prices are pretty high at the moment in the M&A field, particularly given that private equity is going around with big money and looking for anything that's not up on the trees, if you count by three. Thank you. Yeah, that's exactly the situation which we experience as well. Usually, we would base prices on the past, on the prior year. No one obviously is willing to accept that currently. Fortunately, we are not interfering with private equity currently, but we see that price expectations from the seller side is very high, and that is basically the reason why we hold our foot still and wait and see how the situation develops. Thank you. Great. Are there any further questions? If you're interested in raising another question, please just unmute yourself or raise your hand in the chat, or place your question in the chat, and I'll place it for you. Hi, this is Peter at Pareto Capital. Great. Just a quick question on industrial handling. Could you go into a bit more detail of how that turned around and so rapidly? Is it just the Jungheinrich plants that just magically got better? I think you mentioned land or I guess the agricultural bit. Is there a particular client or something going on there that changed so drastically? Could you just a little bit more color there? Do you see that as being sustainable going forward? Well, I wouldn't say that it changed drastically. It was in a development which we have seen throughout the year, and it really got better from month to month, and the outlook got better from month to month. Pretty much, first thing is we have invested into a new machine generation there, and have upgraded the machine park significantly. The new machine is in place since, I think it is February, and really running on a serial production level since I think it is around April. This already gave an improvement, but from the customer side, on the top line, we see that really throughout each and every customer, business is picking up. If we look at the OEM business, especially with Jungleheinrech, business is going very strong and the forecast is really strong as well. Also looking at the restraining systems which we have, which we supply usually to dealers, this is picking up. Also in the agricultural business, we have customers like Deutz, and we have especially John Deere. They are all running very well and the demand is very strong. There is not 1 customer and not 1 plant which is asking for supply or for increased supply. It is really throughout the whole industry. Great. We have two questions here in the chat. The first one, both come from Cansu Tatar from Warburg. The first one is, what is the positive effect from steel prices on EBITDA level? I think that's pretty hard to explain for us and basically impossible, but I'm also curious what you have in mind on that in H1. Which steel price scenario have you factored into your new full year guidance? Let's start with this one, maybe. Yes. For the full year guidance, we have based everything on the current steel price, which is the steel price of July. I think it is July, August. That's the steel price which we have taken into account. We have seen that we will see some further increases in the end of Q3. In October, we will see some further increases. This has been taken into account as well. Everything is based on the situation which we were able to foresee at the end of July, beginning of August. That's the cutoff for the guidance. Regarding the impact on EBITDA from steel price increases, to be very honest, this is absolutely impossible to quantify that. To be frank as well, there is not that much of an effect because we are usually only able to pass on the price increases. What we have done this year, which is different to the years before, we have pulled out of most of our contracts, where we were fixed to the index. This applies at least for all European plants. Not for the United States. In the United States, the index really showed pretty much the same development as the real purchasing prices have shown. In Europe, the index was delayed significantly. Now, in the meantime, it is on the same level, but the development was different. We have pulled out of contracts and we were able to pass on price increases, let's say, earlier than we were able in the past. That's pretty much the difference. Okay. The second question is regarding the beer tank Inliner business. You mentioned a recovery since June, what have you reflected in your full year 2021 guidance from this product group? Usually, we are at annual revenue of 3.5, maybe close to EUR 4 million in revenues with the beer tank liners. We believe that we will be able to generate revenues within the full year of maybe around EUR 1 million. That's, I think, the run rate we were calculating with. There should be an effect in the second half of this year, but we are definitely not back to the levels which we have seen in the past. This will still take some time. For us, it's a matter of time only. It's not that the market in general is gone, but it's obvious people don't go to festivals, people don't drink as much beer as they have done in the past in bars or restaurants and so on. We are suffering from that still. We see a slight improvement now. Maybe to elaborate a bit on that from my side. We still have a very cautious view on 2021 here, and we do not want to see a Q4 going into the complete opposite direction and then have to correct our guidance. That's why the guidance includes everything we see so far to the current date. That means until the end of Q3. Whatever happens in Q4, that is not included in the guidance, and we've also stated that in the ad hoc release from yesterday. Of course, if everything runs as smoothly as it did so far in the year, this gives still a chance for an upside. So far, we just keep it from the view we hold on the level of end of September. That's the guidance that we're currently talking about. That's why also the beer tank inliner recovery is not really factored in, only to a very small extent. Are there any further questions? Please unmute yourself or raise your hand or ask a question in the chat. Well, it looks like this is not the case. Of course, whenever you might have another question, please just call me or Christoph directly. We'll always be there to have another conversation with you. Far, thank you for participating in this call. I hope you like the figures that we presented yesterday. I'm going to pass on to Christoph for the final words of today. Thank you, Ingo. Yes. Well, thank you everyone for joining our call. Again, on the 16th of September, we will publish the final figures. I think, Ingo, we have planned some road show events as well. Yes coming up. Right next Monday, we'll be mostly in the Scandinavian area with a little bit of France. Whenever somebody is interested in a conversation, please just notify. Okay. Yeah, thank you from my side. All the best. Have a great day and we'll see you next time. Thanks. Bye bye. Thanks, guys. Bye bye.