Good morning, ladies and gentlemen, and welcome to the conference call regarding the financial results 2020. Let me now turn the floor over to your host, Leslie Iltgen. Good morning, everybody. Welcome to our conference call on the full year 2020 results. My name is Leslie Iltgen, Head of Investor Relations and Corporate Communications at Jenoptik. With us today are our CEO, Dr. Stefan Traeger, and our CFO, Hans-Dieter Schumacher. Dr. Traeger will give a brief update on the business and point you to the key highlights of our full year results and the key developments in the divisions and, of course, an outlook on full year 2021. Mr. Schumacher will cover the key group financials in depth. As always, both will be happy to answer any questions you may have in our Q&A session at the end of this call. Let me remind you that this call will be recorded. A replay will be available on our investor relations website after this call. Before I hand over, please also kindly pay attention to our usual disclaimer that you will find in the presentation. It is now my pleasure to hand over to our CEO, Stefan Traeger. Please go ahead. Thank you, Leslie. A very good morning from my end here, from our end at lovely sunny Jena. Leslie, since this is our first call, our first earnings call together actually, let me just use the opportunity and say great to have you on board. Great to have you with Jenoptik. Thanks a lot. Pleasure and welcome. Hey, how to describe a year like no other, really? Of course, COVID-19 has dominated 2020 for us in many ways. It's challenged us, it's taught us a lot. We had to learn a lot. You know what? We decided that today we're not going to talk about COVID-19. Well, at least we're going to talk about COVID-19 and the pandemic as little as possible, at least. Maybe we all are growing a bit tired of talking about it. We decided that today we will talk about our strength as a company. We'll talk about our innovation power and how we can make the world a better place with more light, actually. Despite all the challenges that we have, that society faces today and in this world, let me just say that Jenoptik, and I strongly believe that, is a very strong company, and we believe a great investment into the future. Let's kick off with some highlights of 2020, and if you follow me to page four of our presentation, we would like to remind all of us on what I believe to be maybe the biggest milestone in the company's recent history. Within 2020, we've managed to pull off the biggest acquisition of Jenoptik, say, in recent history, essentially in the last decades. With Trioptics being added in a new star within the Jenoptik family, we have entered the field of test and measurement optics for mobile devices. We all look ever more into all sorts of cameras. We carry with us mobile phones and tablets, and demand for laptops grows ever bigger. We all use video conference to the Nth degree, and the quality of the optics in those mobile devices is essentially one of the key selling feature. I was saying earlier last year, the quality of an image that we take with our mobile phones is mind-blowing. It's as good as the quality of an image that you used to take a few years back with professional cameras. Image quality becomes one of the most important selling features for mobile devices, and Trioptics provides the gold standard when it comes to test and measure the quality of those optics during the production process. Trioptics has more to offer. There's a big future, we believe, in AR, VR, augmented and virtual reality, and all of that requires ever smaller optical sensors, ever smaller optical devices with ever higher quality. Again, quality needs to be improved, needs to be tested, needs to be measured during production process, and Trioptics is the gold standard when it comes to machines for test and measurement of those optics for mobile devices. We believe that Trioptics will positively contribute to the group earnings in years to come. It already did in 2020. We do believe that we will see significant long-term top-line synergies from the acquisition. As I already alluded to, and as I guess you all know by now, Trioptics is way above group average and fleet average when it comes to profitability in its business. As I say, Trioptics, to me, probably the biggest event and most important highlight of the last year. However, there have been plenty more, and in the next few pages, we'll show you a bunch of other things that we've been particularly proud of in terms of achievements 2020. If you follow me to page five, I'd like to remind you that we communicated the successful winning of a very large order for production equipment for electric vehicles. As a result of our new strategy of combining our laser processing devices with automated and integrated production tools for, in this case, particularly the automotive industry. Essentially, that does mean that there is a new strategy in Light & Production. We're now able to report the successful entry of Jenoptik into electro-mobility and alternative engine vehicle production. As I say, I think that's a very important milestone in development of our company. On page six, we are proudly showing you another interesting image. There I say, "Jenoptik explores new worlds." We are very proud of the fact that the first images that Perseverance has transmitted from Mars has been through our optics. The eyes of Perseverance are from Jenoptik. Jenoptik is providing the camera lenses and the eyes, essentially, of the Mars rover. Yes, it might not be the most important financial contribution to the company's development. I think it does show our innovation power. It does show what we are able to do. The conditions that Perseverance face up there on Mars are severe, obviously. The optics on Perseverance are produced in really clean room standards and have to sustain harsh conditions. Our experience in the semiconductor manufacturing world help us a ton when it comes to developing and producing optics in such challenging environment as even the surface of Mars, dare I say. Allow me to say, it's not just a marketing gimmick for us. Yes, it's not necessarily the most important financial contribution to success of Jenoptik, the fact that every image and that all those images from Mars are seen through our optics. It does not only actually show and demonstrate our innovation power. It also helps us to really always continuing to be on the forefront and in cutting edge of development. I mean, at the end of the day, I heard once a phrase that Perseverance is probably the most autonomous vehicle in the solar system, or it's definitely the most autonomous vehicle in the solar system. To be challenged by participating in developments like that helps us as a company to stand on our toes, to stay on our toes, and to stay highly innovative. We are proud of the fact, as I say, that the first images from Perseverance have been brought to us through Jenoptik HazCams, in other words, through Jenoptik optics assemblies. Now let's go to page number seven. We're not only looking backwards today, but we wanted to give you just a glimpse, really, of other things we're working on when it comes to innovation. We brought you the picture, an image of what depicts basically a photonic integrated circuit. Well, you know that we are very active and, must believe, quite successful when it comes to devices, machines for the production of electronic circuits. Chips, as we used to call it. Chips based on silicon. There's a lot of discussion these days on the shortage of chips and on the investment that go into chips. I mean, if you have followed the news from Intel from yesterday, you know that a lot of investment is going into chips. Maybe you have seen the latest communications also from Apple about their new chip generations and what silicon chips are able to do these days. However, there's a bunch of people thinking about what's next. What's after silicon chips? What comes next? What happens should Moore's law ever break down? There's a lot of investment going into research these days when it comes to the quantum world, to quantum communication, quantum computing and the like. In Germany, in Europe, and in the entire world, as a matter of fact, there's a lot of funding going on currently in terms of quantum research, in particular on European platforms. We participate. We want to shape that. We want to participate in that development. I can't tell you today how much revenue this is going to contribute to the earnings of Jenoptik in five or 10 years from now. Nobody knows. To me, it's very important that we're participating, driving those new technologies beyond of what we do today. We're really proud of what we've achieved in 2020 when it comes to M&A activities, when it comes to how we shape the portfolio of Jenoptik, when it comes to continuation in our innovation. Yes, even when it comes to not just conquering Mars, but also pushing into the quantum world. Nevertheless, let's talk about financials as well. Because at the end of the day, what really matters is, how much profit do we make with all of that? If you follow me on page nine, we put together a couple of key takeaways in terms of financials and economic success Jenoptik in what has been admittedly difficult macroeconomic environment. It's important throughout the whole year that we have seen quite mixed impact, actually, of the pandemic to our portfolio, and we'll go more in depth into the details throughout the presentation today. I did say throughout the whole year that we see almost like a bifurcation, actually, in our marketplaces. Some of our businesses have had even tailwinds. The pandemic acted almost like as a catalyst to the digitalization of our world. Other businesses have been in choppy waters and have had challenging market conditions. If you take it all together, though, integrated over the entire portfolio, including the effect of the consolidation of Trioptics in the fourth quarter, revenue of the group has declined by -8.3% versus prior year. That's not nice. We would rather want to sit here explaining growth in double-digit figures. I would say that overall, and again, given the difficult macroeconomic environment, we're okay with that. We can manage. The adjusted EBITDA clearly exceeded our own forecast and what one could call prior year. We have adjusted our margins for quite a number of one-time effects. You do see further down in the next bullet point, actually, that we invested more than EUR 19 million in 2020 to make our business better, to improve our portfolio, to improve our efficiency, our productivity, and we wanted to make that transparent. We always said throughout the year that we will report in 2020 both an adjusted and a reported EBITDA figure to be very transparent. Those particular effects, which will have positive effects onto our profitability in 2021 already and definitely in 2022. Nevertheless, we're proud of the fact that despite those difficult economic environment, we managed to produce an adjusted EBITDA before PPA effects resulting from the Trioptics acquisition of 17.6% of sales. We talked about our structural portfolio measures already. Nevertheless, and despite the fact that we've invested significantly into those efforts to make our business better, we still have a very solid financial and balance sheet structure. We have just yesterday placed an important milestone in the financing of our company. We'll talk about that more throughout the presentation. In summary, Jenoptik is strong. We have a strong balance sheet, we have a strong liquidity position. We are well-poised for further growth and investment into the future. We do propose to the AGM a dividend payment of EUR 0.25 per share, which is more than last year, but not quite at the pre-COVID levels. We believe that We hope at least that we, with this proposal, we find the right balance in light of the ongoing economic uncertainties, the right balance between, on the one hand, our desire to invest into further growth, and on the other hand, to let our shareholders participate on the financial success of our company. For 2021, we do expect significant growth and further profit expansion, and we're very confident when it comes to this running fiscal year. Of course, we will talk about that at the end of the presentation. Of course, there are uncertainties out there. We have to mention that. Overall, and by and large, we are a strong company and, yeah, as Dieter mentioned earlier today already to me. He was right, actually. Sometime throughout the last year, I said that I don't even have enough fantasy to think about negative profit numbers for Jenoptik. Maybe that was a brave statement actually at the time, but with hindsight, I'll stand behind that. We are a profitable company all the way through the bottom of the P&L, all the way to earnings per share. I think with that said, I'll hand over, Hans-Dieter, to you, and to take us through the numbers in detail. Hans-Dieter. Thank you so much, Stefan. Thank you. A very warm welcome from my side here as well, from our beautiful town in Jena. Hope you are all doing well. Let's go on the next page. It's page number 10 with the order intake and the order backlog figures. You see here, all in all, we reached EUR 739.4 million order intake last year. It's a slightly less figure than in the year 2019, -6.7%. Obviously, if you have followed us the last year from quarter- to- quarter, obviously, we must have had a strong Q4. That's true. With EUR 228.5 million, it clearly exceeds all the prior quarters in the year 2020. It leads us to a more comfortable feeling that we can go with this development on a strong base in 2021. A strong order intake, of course, including roughly around about EUR 27 million from Trioptics acquisition because we booked the main impacts in quarter four from last year. Stefan already mentioned that we had a decline in some project postponement or order intake because of some project postponement and order cancellations due to the COVID-19 pandemic. The good news behind, and you will see later on in our profitable figures and margins, all kind of margins from gross profit throughout, even to the earnings per share. You see that we had a huge improvement there because of the product mix impact, because our semiconductor business and our safety business, Light & Safety and Light & Optics, and there the heavy business, have been very strong, and that helped to reach the high profitable level Jenoptik reached last year. On the order backlog side, you see that we have just reached nearly the prior year with EUR 460.1 million. It's only EUR 4 million below last year with EUR 464.7 million. It's one percentage point, so it's nearly the same level. It's including the order backlogs of INTEROB and Trioptics with EUR 47.5 million. We assume that we will convert 78.5% of the EUR 460 million into revenue in 2021. This gives us also a good feeling for the 2021 development. If you then follow me, please, on the next page. On page number 11, you see the revenue split quarterly. Here you see also a + 2.5% increase in revenue and sales in the Q4 standalone compared to the prior Q4 in 2019. Obviously, it's including the positive contribution of Trioptics in Q4. Trioptics in Q4, it's mainly Trioptics because INTEROB consolidated already since February. All in all, both have helped us with EUR 47.2 million within the EUR 767 million. In Q4 figure, it's around about EUR 28 million coming from Trioptics alone. I mentioned already, we had a strong and good business with the semiconductor equipment industry and the public sector, which helped us in the profit line. The revenue decrease in Light & Production division, it's not only driven by COVID-19. Maybe COVID-19 pandemic has accelerated a little bit. The industry has gone through a structuring anyhow with the electrification. COVID-19 also accelerated it a little bit. We had other businesses in the aviation business as well as in the biophotonic areas. Nobody went to the doctors to have the eye treatment in the last year. These three areas have been influenced by the COVID-19 pandemic, clearly. We have overcompensated it with a strong, nearly. In profitability, you will see it's nearly the same level in absolute figures like in the prior year. It's driven by semiconductor and public sector business, which helped a lot. If you then go with me on the next slide page, you see the revenue by market and the revenue by region. Let me just highlight two markets. It's the automotive mechanical engineering business. You see that our share of total revenue decreased from 35%- 30%, which is already mentioned from us. Very important, the semiconductor equipment, which increased its share from 20%- 22%. This is very important for Jenoptik. On the right side, I'd like to highlight our Asia Pacific figure, where we have seen a growth. You all remember that China, especially China, has been the first economic place in the world who recovered first from COVID-19 pandemic. We see here a growth in our books. In Europe, it's nearly flat. It's constant. No decrease, which is very helpful. Obviously, it's influenced by the semiconductor business because you know all our Dutch customer is in this figure here. In Americas, let me say some words to the America development, which is clearly below prior year with EUR 195.5 million compared to EUR 238.3 million. It's driven by two impacts. One is the automotive business, which we have in Canada and northern part of the U.S. in Detroit area, which has obviously declined. Our optic business in the southern part of the U.S. has been influenced by COVID-19, where we have a business there in the entertainment business, entertainment parks and cinemas. Obviously, COVID-19 pandemic did not allow people to go to entertainment parks or to cinemas anymore. This is why our business has been poor also there. This will recover if you have, again, open spaces for the people worldwide after having gotten a vaccine. Yeah. The foreign revenue is stable at 72% of total revenues. If we then go please to the earnings figures, so page 13. Here you see then the comparable, the adjusted EBITDA figure, you see it here, and it's EUR 130.7 million. It's adjusted by our structural and portfolio measures of EUR 19.1 million. If you take this out, and in the prior year, we have already put EUR 4 million, so the net impact is EUR 15 million comparable, because we want to compare apple with apple, so to speak. You see a 17% EBITDA margin and nearly the same absolute EBITDA figure like in 2019 with much more sales. This is what I mentioned already. If you take out of the EUR 130.7 million also the purchase price allocation effects from the inventory step up at Jenoptik, the EBITDA is EUR 4.6 million in the last year. To answer your question, in 2021, you will see EUR 1.8 million for the whole year, and we have booked it in Q1 already. It's done. It's through for the rest of the year. That's all from the inventory side and from the EBITDA impact. If you take this out, we would have also even reached 17.6%, which Stefan already mentioned. This is a very strong development, and we see the Q4 figure alone with EUR 56.8 million compared to EUR 45.6 million. It's clear that Trioptics, with its very high and profitable contribution before PPA, contributed in the Q4 figures already. The not adjusted EBITDA, let me highlight this also. As reported with EUR 111.6 million and equaling to 14.6% is also a very strong result we all reached together in a COVID-19 year. Not so bad. If you look at EBIT figure, EBIT is adjusted at EUR 78.8 million, which is equaling to 10.3% compared to prior year. Why is it a little bit more down compared to the EBITDA figure? This is because of the purchase price allocation impacts which we have booked here. All in all, it's EUR 14.9 million, because there you see the huge impact which has been shown by Trioptics below the EBITDA. It's including the EUR 4.6 million inventory step up I mentioned already. It's a much bigger figure from Trioptics. In total, it's EUR 8.3 million in the EBIT alone. This is the reason why the EBIT figure is a little bit lower than the EBITDA figure. The non-adjusted EBIT, let me highlight this. As reported, it's EUR 59.3 million equaling to 7.7% margin, which lets our CEO make the statement that she cannot imagine to see red figures. It's really we have shown, even reported a very good development if you take into account what happened last year. If you then go with me to the P&L figures on the next page number 14, you see what I already mentioned, the product mix impact our gross margin even was a little bit higher for 34.2% compared to 34.1% in last year. I have explained it already. If you look at the functional costs, which are EUR 2 million, roughly EUR 2 million below prior year, you could ask the question, why is it only EUR 2 million? Because we have taken out a lot of traveling costs because we did not travel as much as in the prior years. We saved a lot of traveling costs. We have saved already also personal costs, roughly around about worldwide EUR 10 million coming there of roughly around about EUR 3 million coming from Kurzarbeit in Germany. The rest has been mainly contributed in U.S. and Canada because in the businesses which have heavily been influenced, like the automotive business, like Light & Production, we had to take this measurement into account. We did not see it here as a whole amount because we had counter effects with the acquisitions, Trioptics and INTEROB. Obviously, we got hundreds of colleagues new into the group, and therefore the functional costs have been increased by the first consolidation impact of these acquisitions. All in all, we have been happy to manage the costs in the year without taking too aggressive into the organization, because we have been working on some very interesting projects in R&D and sales, where we think it will pay off in 2021. All in all, we are quite happy with the development. The EBITDA and the EBIT I have already talked about. The earnings before taxes reached EUR 53.2 million. Including, obviously, the portfolio measurements and the earnings after taxes with a tax rate of 19.7%, driven by the acquisition of Trioptics and very good development outside of Germany. We have 19.7% tax rate realized. Finally, we ended up with an earnings per share of EUR 0.73 per share, which is a very good outcome from our point of view, and we are very happy that we managed to show these strong black figures to the last earning figure. If you then look with me shortly into the free cash flow statement on page 15, which we are showing here. You see that obviously, because we had lower operating income, our cash flow from operating activities has been roughly EUR 20 million below prior year. On the investment side, we have not very much taken out of our investment. We have invested EUR 40 million compared to EUR 44 million. All in all, our free cash flow before interest and taxes has reached EUR 62.3 million. We are very proud. This was one of our main targets in the beginning of the pandemic, to collect cash and to keep the cash in the company, to save the cash. We have shown this result here. We are quite happy. The adjusted figure is a little bit higher, EUR 67.2 million. Our equity ratio has come down to 51.5%. It's still a very strong figure. What is the reason behind? Obviously, we have the full balance impact of the first consolidation of the huge Trioptics group, which pulled up our balance sheet by EUR 400 million to EUR 1.4 billion-EUR 1.5 billion. On the P&L side, we have only realized a quarter. This is a little bit of mismatch between P&L and balance in the last year. This will improve in this year, obviously. This is the reason why the equity ratio has come a little bit down. It's still in a region where we are very happy with. The working capital, which increased, is also coming from Trioptics. We have written it here, you can read it. Let me say now some words to our yesterday successfully placed EUR 400 million debenture bond. We are very proud that, let me say a very important point, I'm sure our CEO will say some words to it later on. For both of us, it's very important that we have done it with green components to support our sustainability efforts within our company. Also in finance department, we have been overbooked by far. Our intention was to collect EUR 200 million. We liked to take the EUR 400 million with us. We are very happy that the investors have shown this confident behavior into our group and our company. We have done it very short and very precise. We are happy that we have now the means to support our strategic development of our company from an investment side. This gives us freedom to operate, so to speak. We take half of it, roughly half of it, to refinance in the first step the financing from the acquisition of Trioptics. We will take it out of the syn loan financing, take it in the debenture bonds. This means, in other words, our syn loan is again free to take some money which we may need out of it. The other part we will use for investments in M&A or in our business development at the sites of Jenoptik worldwide. Having said this, I am sure our CEO will take over and make some statements concerning our ESG criteria we took into account in this debenture bond. I'm happy to hand over to Stefan, who will go with us through the development of our division in the last year. Stefan? Thank you, Hans-Dieter. No need to particular to dwell on the debenture bond. I think we're really proud of the fact that it's been always subscribed quite significantly, actually. Yes, we intentionally linked it to ESG criterias. Criterias about diversity in our business. We want to make Jenoptik a more diverse place. Criterias around economic and environmentally friendly, rather, ways of conducting our business. Talk about certain criterias about green energy, about vitality and exit the business and the like. For us, sustainability is not just a word, it's not just a buzzword. Everybody talks about sustainability, for us, it really does mean that we believe Sustainability shouldn't be just a marketing tool. Sustainability is something that's here to make our business better in the long run. Therefore, we use that component in the data point, but not just there, but really in our entire how we conduct business. Anyways, let's go to the individual divisions, actually. Let's go to Light & Optics first. If you follow me on page number 17. We basically are very proud of the fact that the Light & Optics continues to develop very strongly. Certainly, pushed and supported by an ongoing strong development in the semiconductor industry. There's a lot of talk about the chip shortage in the automotive industry these days. Let's face it, there is a lot of demand for chips in automotive, in cars and automobiles. In reality, there are even bigger end markets for chips. Maybe that's an issue that some of the friends at the automotive industry didn't really take into their considerations. There's a lot of investment going on in new factories. If you've just followed, and I alluded to it earlier, the communication of Intel yesterday. I think they talked about $20 billion over the next few years to be put into new factories. If you see what friends at TSMC and Qualcomm are doing, it's really amazing. Obviously, we're not selling to those chip manufacturers directly. We sell to those folks who produce machines which will be placed into these factories, for sure. That, I'm pretty sure, generates high demand and strong demand for our products for, dare I say, years to come. Really very positive here. You do see that in our figures as well. Order intake rose by 11.4% in 2020. Yes, in the first quarter, supported by the Trioptics consolidation effect. Throughout the whole year, we have seen strong demand, in particular in the semiconductor industry. Revenue declined somewhat for Light & Optics. Hans-Dieter alluded to that already. It's predominantly due to the fact that our life science and healthcare business, i.e., our biophotonics business, has been in choppy waters. We talked about that throughout the whole year 2020. It is a bit counterintuitive. There is a big pandemic out there, and we are saying healthcare and life science is in difficulties. It is due to the fact that a large part of that business of ours is actually geared towards what one could call aesthetic procedures, like removal of tattoos, removal of hairs, LASIK eye correction and the like. I use the phrase, nobody is going to the local tattoo parlor these days, let alone trying to get rid of a tattoo, apparently. That's not a structural problem. It really is just a COVID-19 effect. Once COVID-19 is lifted, I fully expect this business to come back. As a matter of fact, we do see signs of that already in recent months. Overall, very happy with the development at Light & Optics. Also, when it comes to EBITDA margins, there is, and again, Hans-Dieter alluded to that already, there is a mix effect here. We have a very profitable business in semiconductor. If anything good, then COVID-19 acted as a catalyst to the digitalization of our world. Therefore, this high margin business should continue to grow, foreseeable future at least, and should help us in the profitability of Light & Optics. Very happy with that business. Let's go to Light & Production, page 18. Obviously, Light & Production is in really challenging market condition, or has been in 2020. You might recall that in Light & Production, we basically have two parts of the business. We produce production equipment for automated production environments. That's a combination of our laser processing business or lasers to cut and weld the steel and stuff. On the other hand, robotic-based automation solutions. The other part of the equation, on the other side of the equation, we have a metrology business. The metrology business is geared towards combustion engines predominantly for historic reasons. That part, metrology part, is really under pressure, continues to be under pressure. That is actually a structural problem which we address. A big part of the one-time effects that you see between the adjusted and reported EBITDA margins is attributable to the fact that we do invest into making that business better, into making it more effective, more efficient, and preparing it for the future. Nevertheless, in the other part, in the production tools and production equipment part, we have seen quite a lot of uptake actually in the later part of the year. There was a lot of money claimed to be spent by car manufacturers to enter the age of electric mobility in 2019. Not a lot of that actually became liquid in 2020. As a matter of fact, in 2020, sort of in the summertime, it was as if hell froze over. There was basically very little, if any, movement in the pipeline. We have seen in the first quarter of 2020 order intake in that business. There was even quite some big orders, which we then had to count even cancellations in the second quarter of 2020. To some extent, that lock has been lifted. As I said earlier, part of the fact that we could report orders for fairly large tender, actually with electric mobility in the mind. There are other projects like that on the horizon and in the making. Not everything we do win, obviously, but we do see more activities when it comes to capital expenditure in the automotive industry, and I think the entire industry is saying the same thing. Since Q4 and the beginning of this year, there is certainly more demand for capital expenditure in the automotive industry. Nevertheless, it has to be said that order intake for our Light & Production business declined by almost 21% in 2020, and sales by almost 22%. Obviously, that did have an impact on the profitability of the business. EBITDA margin declined to 8.8% of sales, but it's still a profitable business for us. Let's put that into perspective. We're not losing money here. Yes, Light & Production is in challenging market conditions, it is in its transformation phase, but still, it is a profitable business. We are making money in this business. With that said, let's go to Light & Safety, page number 19. Now, Light & Safety is always a bit of a challenge, what to say. On the one hand, we're saying it's a good business. It's a strong business of ours. It's in very good market conditions. That fact remains. We have stable capital spending patterns, in particular in the public sectors and with our public sector customers. Communities continue to invest into safety on the roads and safety at public places. Obviously, that helps us. On the other hand, you do see order intake actually declining, which might be a bit of a surprise given that we, throughout the whole year, talked about this business being in good conditions. Well, fact of the matter remains that it is a very lumpy business. It's a project business in which you either win tenders or lose tenders. You don't have big tenders every quarter, so there are ups and downs. There's a lot of lumpiness in that business. Overall, though, we really want to stress that the business is in very good shape. We have seen growth of revenue by about 5% in 2020, and we have seen margins to further expand. EBITDA margins of almost 20% in 2020, which is very strong development, very strong cash flow in that business. We are very happy and continue to be very happy with how Light & Safety developed, in particular in 2020. Now, last on the list, Vincorion on page 20 of the presentation. Vincorion has been in challenging conditions, in particular in the second half. I think we alluded to that throughout the entire year last year. It was foreseeable in the first quarter, Vincorion had good market conditions and the crisis hit. It was clear that there will be an impact, in particular on the aviation part of Vincorion. Given the long-term nature of that business, we have said up until summer also that Vincorion is having good demand out there. It was clear that it's going to change, particularly in the second half, and we do see that impact and that effect. I have personally just been on a steering committee call for a project that we do together with Airbus. Not an important project, but I just wanted to point out that doing business with Airbus and Boeing and those customers, those partners, is not necessarily fun these days. In other words, the aviation part of Vincorion is in challenging market conditions. That part of the business will represent about 25% of Vincorion, and obviously, that does have an impact. You do see that order intake in 2020 for Vincorion declined by 18.4% versus prior year. Revenue as well declined by 7.9% versus prior year. It's still, as well, a very profitable business for us. We are not losing money there. As a matter of fact, it's also a business that continues to provide stable cash flows with almost EUR 10 million free cash flow. Nevertheless, it remains to be below fleet average when it comes to profitability and growth targets. That said, overall, if you take it all together, I think that, as I said in the beginning. Yes, we did see challenging conditions in 2020 in some markets. We did see good conditions in others. If you integrate over the business together and over the portfolio, yes, we have seen revenues decline in high single-digit figures. We would love to sit here saying, "Hey, we grew 10%." Overall, we can manage. I think we have a strong business. We have shown that operationally, this is a healthy company. We have shown that we can produce profits all the way down to the bottom of the P&L. We have a strong balance sheet, we have a good liquidity position. We're actually looking forward to what's going to come in 2021, also based on our innovation power. What we do guide and expect for 2021, it's a further growth year. We do expect to grow the business, obviously including the effect of the consolidation of Trioptics, in a low double-digit percentage range. We guide for EBITDA margin to be between 16% and 17%. I do realize this is a very broad corridor, and I ask for your understanding here. The end of the day, well, here in Germany, we don't even know what we're going to do next Thursday, dare I say. Just to illustrate that it's not easy at the moment to predict how markets develop. As I say, some of the markets where we are pretty certain that we will see continued and strong growth. We have other markets where we, quite frankly, have to see what the next months are going to bring. We come with a fairly broad corridor. We want to specify that and narrow the corridor in the course of the year. Let me further mention that we compare the 16%-17% EBITDA with a 14.6% prior year figure, not with the 17.6%, just to sort of put that in perspective. We believe that with that, we actually guide to have and to achieve an EBITDA margin for Jenoptik, which we originally intended to achieve in 2022 in our strategic cycle. We are fairly certain that we will achieve our strategic targets for 2022 a year earlier, despite of the fact that we are just going through the biggest economic crisis in recent history. I think that's something, let's say, to be proud of. The basis for the development, in particular, is good order intake that we have seen in the fourth quarter 2020, a well-filled project pipeline, and continued promising development in the semiconductor business that should give us tailwind throughout the whole year. When it comes to efficiency and profitability, we believe that we will see effects of the restructuring measures that we have taken already. It should impact our business already in 2021, although not to the full impact. We do believe that the full impact of our profitability improvements should be visible in 2022. Let me finally just close with a few words sort of in the mid to long term outlook, if I may. We do believe that we are very well-positioned to participate in the growth and actually drive and shape the growth of photonic markets. We believe that photonic solutions based on light, will drive growth of marketplaces and equates to about 2x the global GDP growth. We, as say, are determined to not just participate in that market growth, but actually to drive it, to shape it. Just to mention a few factors behind that. We talked about digitization. We talked about the fact that the COVID crisis acted as a catalyst to the digitization of our world. There is an ongoing demand for chips for really various applications. We do see, in particular, increasing usage of augmented and virtual reality. I said earlier today, I said that my little boys actually showed me a video of a music group in virtual reality, which is really mind-blowing. There is lots to come when it comes to virtual and augmented reality, and we, with our Trioptics acquisition, will participate in that. I even talked about quantum world. As I said earlier, I'm not quite sure if we see a lot of economic success on that in the next one to two or three years. In the midterm, I am personally convinced that quantum computing, quantum communication, the whole quantum world will be an ever more important factor in our everyday lives. When it comes to health and to ever more human beings getting access to increasing therapies, diagnostics by imaging and the like, obviously we are well-positioned there. When it comes to genome sequencing, when it comes to digital pathology, when it comes to laser-based therapy, all of those end markets and applications are there to grab for us, and we are determined to utilize that factor that we have there and the important demand that we see out there. To me, smart manufacturing is a big factor here. We do have to find ways to make the world a better place at the end of the day. We have to find ways to preserve the resources of this planet. On the other hand, we have to find ways to continue to manufacture our products and the products of our customers. With smarter ways of manufacturing, we contribute to that. That's not just, as I say, something for green activists. It's actually an economic factor. With green photonics, we can participate in that. We can drive that. We can generate growth and margin expansion based on sustainable development. When it comes to mobility, there's no question that augmented reality, that automated driving, that intelligent use of our infrastructure has to be the future. With our products, our solutions, we participate in that. We drive that. If you take it all together, we're pretty sure that Jenoptik will not just participate in the market development, which is already very interesting, but based on our innovation power, can drive and shape that future. Therefore, we believe that Jenoptik is actually a good investment into future development. With that said, let me stop here, pause here. I'm looking forward to receiving your questions, but I think, Leslie, you wanted to round it up, or we're going straight into Q&A here? I think we're going. Yeah. Thanks, Stefan. I am sure there are quite some questions, which is why I would like to ask the operator to open the line for the Q&A session. Go ahead, please. The first question comes from Craig Abbott. Please, your line is open now. Yeah. Good morning. Can you hear me? Yes, we can. We admire your telephone skills, by the way. Pressing buttons. Oh, is it? Your star. Okay. Well, it's pretty fast, yeah. Okay. Yeah. Good morning, everyone. Just two questions, please. The first one is just if maybe you could give us an update on your M&A strategy. Obviously, you raised the EUR 400 million bond yesterday, as you mentioned. I'm talking both regarding your thoughts currently looking forward with Vincorion on the one hand, but also, at least conceptually, what type of acquisition targets you might ideally be targeting. The second question is just to get a feel for on the net cost savings you're expecting from the EUR 19 million in restructuring measures you implemented, i.e., normally you have to, of course, pay a bit more than the actual savings. I mean, we're looking at a factor of 1.2, 1.5. Are any further restructuring measures expected in 2021? Thank you. Yeah. Sure. Absolutely. Let me address the second part first. In terms of cost savings, just so that we're clear here, not the entire EUR 19 million has been for restructuring. A bigger part of it, though, I think it was in total. More like 15, 16. 15 million for restructuring. I think about EUR 10 for Light & Production or thereof. Yeah, eight. Eight. The rest for other parts of the group, in particular admin and other parts of the group. About 15 of the 19 for restructuring. My sort of rule of thumb is that you see typically, yeah, you mentioned the factor there already, and you see typically half of the impact in the first year and the full impact in the second year. That would be my sort of rule of thumb. Yeah, in 1.5 years. Yeah. For full investment in EUR 1.5. 1.5 years, and half of it sort of coming in this year. In terms of M&A strategies, well, when it comes to acquisition, we continue to look for possibilities to strengthen our portfolio, in particular in the optics and photonics world. Something like Trioptics is always a good thing. I think there is a big future in image analysis, in other technologies around taking an image, analyzing an image, and then further on gaining intelligence from that image. All things around optics, photonics, image analysis, machine vision, that type of stuff, we're interested in. We're also interested in expanding our portfolio in Light & Safety where it makes sense. Those are the main sort of technological and application-wise, the major and main fields. From a regional perspective, we are interested in expanding our Light & Production business, in particular in Asia. I don't think that will be a big thing. I think for Light & Production, we are seeing more maybe technology and bolder acquisitions. I think Light & Production has to digest the acquisitions that they have done lately. Yeah. In summary, I would say continuation of the strategy that we have followed throughout the last two, three years, really. Focusing on optics, focusing on photonics. Essentially more focus. That is what we are talking about. Vincorion? Oh, Vincorion. Sorry. Yes, good point. Yeah, apologies. Vincorion. No worries. Vincorion. No, I didn't try to dodge the question. It's actually on my paper notes here, but I wrote it down, but I forgot. On Vincorion, look, we basically said throughout the whole year we have stopped the active structural selling process for, at the time, we didn't have an offer at hand which reflected the value that we believe the business has. Of course, that was pre-COVID-19 and before the aviation crisis hit. Hindsight is 20/20 vision, as we say. Yeah, you never know. We did say at the time that, despite the fact that we stopped the active and structural process, should somebody call, we'll certainly pick up the telephone. Throughout the year, I did say a number of times I had a number of telephone conversations. Nothing really concrete and tangible, nothing to a point where we would say that we have to reclassify Vincorion in our IFRS balance sheet as an asset for sale. For that, we would have to have probability more likely than not for a deal to happen, and we're not at that point at the moment. Okay. You remain theoretically open to it, and might it, if you were to address that at a later stage, would you maybe have to think about splitting out some of the civil aviation activities? The first part of the question, yes. The second part of the question, that one I actually do dodge. Okay. Got it. Yeah. Okay. Full stop. Okay. Thank you very much. Thank you. The next question comes from Richard Schramm. Please go ahead. Yes. Hello, gentlemen. Two questions, if I may. Just one following up on the Vincorion topic. More or less all companies in the aerospace sector have made quite significant capacity cuts. What about your efforts in this respect? How much have you scaled back the capacities in the aviation-related activities of Vincorion? If not, is this still work you have to do to take care of the obviously really dampened longer-term outlook in this sector here? Should this relate also then to some extra costs maybe in future here? That would be one topic you could please elaborate a bit on. Second point, the metrology business. We have heard, especially over the recent months, that more and more OEMs declared their exit of the combustion engine, and the timeframe becomes shorter and shorter in this respect. If I'm completely wrong, a lot of your business here is tied to the combustion engine. It will obviously lose its markets in the foreseeable future. How are you going to cope with this? Is there not a time for a more massive restructuring here or maybe even an exit of this business as it obviously has no clear future at the moment here? Thanks. Yeah. Thank you for those two questions, Richard. When it comes to Vincorion, in terms of capacity cuts, it's not that much production capacity, actually. The production of aviation and the other parts of the business are almost mingled together and intertwined. We have a fairly large program going in changing the setup of the business away from business unit structures, from a vertical setup to a more functional structure, horizontal setup. We are going to rightsize Vincorion. We are in the process of doing that. We actually spent money and efforts on that, which is not driven by or not started by the aviation crisis. As a matter of fact, we thought about that before COVID already, but certainly accelerated by it. I think that's the best way of putting it, accelerated and maybe cuts are a bit deeper than what we originally expected, because of the aviation crisis. You are right, we do not expect the aviation business to come back massively and quickly. I think that will take way longer. When it comes to metrology, here we are actually taking significant steps. The reduction of workforce, reduction of capacity in metrology is fairly significant in all parts of our metrology organization, in and outside of Germany. Let me just say, it is a fairly significant restructuring effort. I think though, even more importantly is actually your question for the long-term future of that business. We believe that it's our duty to have a vision there and to have at least ideas of what we can do with that business. We have to see. The way we see it is, the original strength of what used to be the Hommelwerke in Villingen- Schwenningen. The original strength of this business has been to test, to measure the quality of surfaces of machined parts. The problem that this business faces is that parts are machined in Asia these days, and not necessarily in the southwest of Germany anymore. We have to find a way to get more access for this business to the Asian customer base. That to me is the big vision. You're absolutely right. Combustion engines produced in the southwest of Germany is not necessarily the future for that business, that's for sure. We need to find a way to get more exposure to Asia. We're talking about actually transferring parts of the production from metrology to our production sites in China. Significant parts. We have to do that because if we don't produce in China, there's very little chance that we actually can get our hands on those customers there and successfully tap into the customer base that we unfortunately do not have in our camp these days in Asia. That for us is the future. Let me just stop here. I think that's important. We do have a vision for that business. It's a business that's part of our portfolio for now. We do take significant restructuring steps all the way to even moving production to Asia. I think that's what we can communicate at this point. Just for clarification, this shift in your production set up towards Asia, will this afford then in next year's additional investment, of course, quite obviously setting up new production facility and all related work with such a step here? Will this then afford another reduction in the European headcount or is this already done with the measures you implemented last year? We have accrued the costs that we foresee for the reduction in the workforce in Europe in full in 2020, since we started the discussion with the unions and the workers' council already in December 2020. We have accrued all the money that we need for the reduction of the workforce in Europe. There might be additional expenses that we need to set up facility in China. We do have a production facility in Pudong, in Shanghai. We might need additional investment into machines and parts, but that should come out of the ongoing business. No further adjustments to the EBITDA. Okay. Thank you. You are welcome. Again, a challenging but important question. The next question comes from Malte Schaumann. Your line is open now. Yep. Good morning. First question is on order intake in the fourth quarter, actually split in two. First on semiconductors. Even despite the consolidation effect of Trioptics, Q4 orders have been pretty strong. Is it all about semiconductors and then both in Trioptics, at Trioptics and in your optics business, or is there anything else? Order intake in the Light & Production businesses appear to be a bit on the weaker side. Q3 was pretty strong with EUR 56 million. In early November, my impression was that you were not too negative about the order development so far in the quarter. EUR 36 million in the fourth quarter is quite a bit below the Q3 level. Did in the end, did you lose some contracts with a postponement of order placements that made look Q4 then a bit weaker than maybe initially expected? Malte, let me start with the Light & Production. There were a bunch of tenders going, we participated in the fourth quarter. You're right, in November, we were more hopeful that we can land some of those in the fourth quarter, November, December timeframe. Unfortunately, that didn't happen, really. Let me be in all transparency here or full transparency, one tender we didn't win, basically lost the competition, and some stuff had been postponed. We do see some of those postponements coming into Q1. Just as a warning to manage expectations, remember that in March. Let me just put it that way. L&P has a very strong order intake in the beginning of the first quarter of this year, now with January, February. Again, manage expectations. In March 2020, we did take a large order into the books, which we then had to take out again and cut out, and take out of the orders book in the second quarter. Yeah. The comparison in March will be very challenging, just to manage expectations for the first quarter and that introduction. As I say, from a market perspective, at least the first eight weeks of the first quarter have been good. Okay. Light & Optics. It's been across the board really, I'd say, in the fourth quarter. I don't remember a particular effect. I would say that we did see good, even in the biophotonics world, it was sort of a bit back to normal, actually. We have a funny effect actually here. We have one of our LASIK factories, laser diode factories in Berlin, which is now having very long lead times again. There's a bit of an up and down and a roller coaster, and they see even actually a very strong demand. No, it's across the board, I would say. Yeah. Yeah. There was tailwind from the Trioptics acquisition. Other than that, across the board in the fourth quarter, and continued strong development in the first eight weeks of the new quarter. Okay. Sounds good. A second question on Trioptics. If my math is right, Trioptics should have reached something lying in the mid-70s of sales in 2020, which does not really imply growth in comparison to 2018 and 2019, although it was considered to be a high-growth business. I know you can elaborate on that. Was there kind of a postponement of projects, probably some COVID-19 impact? Take the numbers of the consolidated revenue, the EUR 815 million you would have reached, assuming the Trioptics and INTEROB would have been consolidated the 1st of January. That's the comparable number I take here. Yeah. Your calculation is correct. Look, obviously going through an acquisition is a challenge for every company. I would say the fact that Trioptics on a full year basis hasn't seen any decline on order intake and sales, I think it's helpful. It's promising. Obviously, as I say, to go through a fairly lengthy M&A process is defocusing the management and it's defocusing the business somewhat. We'll have to see. From our perspective, as we described, we have struck a deal in which we do have a significant earn-out and bonus, and Malos compensation roles in the first and the second year. We made sure that there is, on the one hand, a strong incentive of the management to continue to push hard for further growth in 2021. On the other hand, should that not transpire for whatever reason, to be on the safe side and to have lots of safety nets when it comes to the impact on the Jenoptik Group. We have to see. At the moment, we do believe that the Trioptics is a strong growth business. They have a strong order business. They have a very strong order backlog. That's why Hans-Dieter Schumacher just pointed to the order intake and the order backlog, which is very strong. They have good order intake in Q4. I just wanted to remind all of us that we do have, let's call it safety net, precautions. We have struck a deal that has a significant earn-out component or multiple significant earn-out components in the contract. Okay. The expectation is that growth returns in the current year. Yeah. That's the expectation. Yep. Yep. Okay, thanks. The next question there is Peter Rothenaicher. Please go ahead. Yes. Hello, gentlemen. I also want to come back to Trioptics. Can you give us some guidance or expectations to what could be the expected sales volume of Trioptics in 2021 and 2022? Look, Peter, you know that we do not guide on particular products and businesses, business lines of ours. That's the policy that we apply, and we stand behind that policy. We have acquired Trioptics to be a further growth engine in the business. Obviously, as I said earlier, there has been a challenge in 2020 in terms of managing both growth of the business and in parallel, a lengthy acquisition process by the management of Trioptics. We expect the management of Trioptics to now focus completely on growing the business. They do have a strong pipeline, they do have a very strong order book. On the other hand, we have to see how it develops throughout 2021 and 2022. We do expect this business to grow. That's why we acquired it as a growth engine and a business that's, in terms of profitability, way above fleet average. You will understand that we do not give specific guidelines on individual businesses. At the time you acquired Trioptics, you mentioned, I think it was 27% EBITDA margin. Is this still a level which is still correct? Again, we do not guide on particular businesses, neither in growth nor in profit numbers, but it's a business that's certainly way above fleet average when it comes to profitability. It's a business that should continue to be better than average, even for the Light & Optics business. It should help Light & Optics division to improve its margins, even in percentage of sales. I think that gives you at least a lower floor. With regard to your guidance, you mentioned you're expecting low double-digit sales growth. Low double digits could also be 20% or something like that. Do you mean low teens in growth, or should we see the possibility that this could also be in the range of 15, 17, 18% or something like that? Look, you know us by now. You know that we're maybe sometimes even on the conservative side when it comes to guidance. We do believe that there is just so much uncertainty still out there. I don't want to mention the next Thursday anymore. I shouldn't do that. There is a lot of uncertainty out there at the moment, and that's why we're really very careful. It is hard to predict at the moment. We don't know to what extent the third wave of COVID will impact us. Of course, we do all we can to keep the virus out of our own factories. We are fairly successful thus far. We have isolated cases, but by now we could isolate everybody and trace people very quickly. I do keep saying that our clean rooms are probably the safest place, actually. There are a lot of uncertainties, which is why we are so careful in how we phrase our guidance. I would leave it there in terms of low double digits. Obviously, that does mean it's got to be a bit more than, say, 9.9%. It's double digits. Other than that, we have to see. We will give you more guidance once we have clearer guidance. The question was between 15 and 20 or between 10 and 15? No, I think he did say, do we expect it within the teens? The question is, what teens is? Do you mean 13 or 15, or is 11 part of the teens? Let's not debate that. We'll stick to low double-digit sales growth for now, and we see how things develop. With regard to the EBITDA guidance, you mentioned you take as a basis the 14.69% reported EBITDAs. We had, as you mentioned EUR 19 million one-offs there of EUR 15 million restructuring expenses. As far as I understood, you do not expect that in 2021 we will see significant restructuring expenses. On the other hand, we have some positive impact from these measures. We have then the consolidation of Trioptics, which could add perhaps on the group figures, 100 basis points margin improvement. Can you please explain where should we see considerably worse margins than last year? Look, again, your calculation is interesting and obviously we also do similar models, and we dial certain numbers into our models. We will see further one-off effects in 2021 as well. We talked about Vincorion to some extent, where we will have to spend a bit more on restructuring. We also, hopefully, will have to spend money on M&A activities. That's also an impact that we have in our adjusted figures. It will not go down to zero, those one-time and one-off effects, that's for sure. We nevertheless want to be measured on reported EBITDA going forward. We always said this is a one year event that we sort of say adjusted and report it. The ledger calculation is pointing to the fact that we have a fairly large corridor. We do, yeah, see a lift up from the 14.6% and expansion of margin to somewhere between 16% and 17%. We will guide a bit more once we have more clarity, in particular, how Vincorion develops, how Light & Production develops, how our metrology business develops. I think those are the areas to watch, I'd say. With regard to semiconductor, you mentioned, and we all know this business is currently booming. What growth rates would you be able to do in the semiconductor equipment business? I think that the key issue are capacity restraints in here. Yeah. I guess that's true. It's capacity at the very moment. We would be able to sell way more laser diodes out of Berlin. We would be able to sell more, from a demand perspective. I would say that our business in the micro-optics, together with our customers in the Netherlands, is fairly predictable at the moment, as always. We can manage that. By and large, it is capacity. By capacity, we mean some extent production tools, but probably even more our engineers and experts and people. They already are back to working Saturdays. In semiconductor factories or factories for the semiconductor manufacturing world, to be more precise, we are back on weekend shifts. As we discussed a number of times throughout the years, these are not engineers that we can pick off the trees out there. That is the biggest constraint that we have. People. Experts. Are you able to do double-digit sales growth with these capacities in the current year? We will certainly be helped by the consolidation effect for Trioptics. No. Only the semiconductor. Oh, only the semiconductor. I can't really answer the question, to be honest. Not that I don't want to, but I really don't know. We are fairly I shouldn't say at the limit there, but it's getting to a point where, yeah, we are limited by the capacity. We have already started investing into further production expansion in our Dresden factory. We communicated that at the end of last year. We invest into production equipment. It's a further lithography tool for micro structured optics based on electron beam technology. We have just yesterday, actually, decided that we will also invest into further real estate in what's called Silicon Saxony. We will expand our factory there. Further communication to come. At this moment, we decided that we will definitely grab some land, expand real estate, and then we have to see what we build on that real estate and how we equip whatever we build on that real estate. Okay. My last question is on housekeeping. You mentioned PPA for 2020 was, I think, EUR 14.9 million. Can you give us here your calculations for 2021, then clearly including the full year for Trioptics? Hans-Dieter. Yeah, Peter. Welcome. Yeah, you are absolutely right. It was EUR 14.9 million in 2020. Thereof, EUR 8.3 million for Trioptics because we did acquire Prodomax. You remember we did acquire INTEROB. All in all it has been EUR 14.9 in the EBIT and EUR 4.6 in the EBITDA last year. Within your calculation for 2021, you missed the reduction of roughly EUR 2 million in the EBITDA because we will have EUR 1.8 million EBITDA PPA impact in this inventory step up from Trioptics in 2021. Yeah? Then it's gone in the EBITDA. In total it will be EUR 15.2. This is, in our calculation, the maximum amount of purchase price allocation in the next years. Yeah? From 2021 onwards, it will dilute. In 2022, we are calculating EUR 12.1. You see in which direction it's going, yeah? The highest level will be in this year, 2021, and it's EUR 15.2, which we calculated in the EBIT. In the EBITDA, as mentioned, it's EUR 1.8. Yeah. Inventory step up part two from Trioptics. Yeah? Okay. Thank you. You're welcome. Thank you, Peter. There are no further questions now. Okay. Okay. I would say thank you, everybody, for joining the call today. Should there be any follow-up questions after this call, don't hesitate to contact us, also at Investor Relations. We'll be happy to answer any questions you may still have. Other than that, have a good remainder of the day, and a successful remainder of the week as well. Cheers and bye-bye.