Morning, ladies and gentlemen, welcome to the Jenoptik conference call regarding the Q1 results 2021. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to your host, Leslie Iltgen. Please go ahead. Thank you. Good morning, everyone, and welcome to our conference call on the Q1 2021 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 point you to the key highlights of the first quarter. Mr. Schumacher will cover the financials in more 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 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. Leslie, thank you very much, a very good morning from our end here as well. Glad to have you all on the call. Let's get straight to it. If you would like to follow me on page four of our presentation, we have put together a couple of highlights which we believe characterize actually the first quarter of 2021. The first real highlight from our perspective is order intake. It's absolutely clear for us that the demand in our marketplaces is very strong. It picked up in many places. We're all talking about SEMICON a lot of times, and you all know that SEMICON is a very important marketplace for us. Obviously, SEMICON is the area in which we have seen very good demand over the last months in plural, all the way through 2020, in particular at the end of last year, and that carried over into the new year. We do not see any signs of any weakness there whatsoever. Today, I wanted to bring you two other examples of marketplaces we are serving and customers we are catering to, in which we also see either ongoing good demand or actually a pickup in demand. Let me start with the orders that we have been able to book in the traffic safety equipment for our Light & Safety division. We have been communicating that we recently were able to book orders totaling approximately EUR 20 million in North America for our Light & Safety division. You will see later in the presentation that Light & Safety has shown a very strong order intake pattern in Q1. Equally, if not even more importantly, we did see the order pattern picking up and demand picking up in the automotive industry. We have been able to book new automation orders for particularly the North American automotive industry, totaling about $40 million at the end of/or during the course of Q1. That's a trend we have seen the end of last year already. You will remember that we communicated then the order intake pattern in Q4, in particular from the automotive industry, became a bit better, and we do see that rolling into Q1. All the signals that we do get from the marketplace is that the automotive industry is coming out of its crisis in many ways. Big highlight for us, order intake. We have seen strong demand in the marketplace for our solutions, not just in SEMICON, obviously in SEMICON, but that sort of goes without saying, but also in other very important markets for us. The result, orders were up by 27%, almost in Q1 as compared to the Q1 of the prior year. Second highlight for us is obviously our debenture bonds. We have put out bonds with sustainable components totaling EUR 400 million. We've placed that successfully in the capital market. The funds will give us room for maneuver when it comes to additional acquisitions and investments in our core photonics business, which we're determined to do. Hans-Dieter will later on explain a bit more in detail sort of the strengths attached to that bond. For me, let me just raise the point that we do take it serious when it comes to sustainability. We are a business that wants to become even more sustainable in our actions and in what we're doing, and we want to get measured on it, and we're happy to get measured on it. We have linked the bonds to certain KPIs, when it comes to making our business better, making our business more sustainable, making us more green in a way. We do believe that our technology helps in making the world a better place. It is our vision and our framed vision is brighter futures with the power of light. Light and photonics and optics is an important technology and an important ingredient, if you want, in making the world a bit better in terms of using less resources, in terms of making safer environments possible and making better, brighter futures, as we say. We, as I say, want to get measured by that as well. Again, Hans-Dieter will explain it in a bit more detail. On the very right-hand side of the chart, we couldn't resist but put on an image of Perseverance one more time. I'm pretty sure that you all have seen it by now, we are just very proud of it. We are very proud of the fact that the first images that Perseverance brought to the world from Mars, actually came through our HazCam, our Jenoptik camera and lens assemblies. Obviously, it's not the biggest sort of impact on our financials, but it does demonstrate what we're able to and what we're capable of when it comes to technology. Jenoptik is a technology company, and we are driving a lot of technologies. We're on cutting edge in a lot of technologies and we're just very proud of the fact that the Mars Rover Perseverance has been able to bring such beautiful images from Mars, and that has been through our, quote-unquote, "eyes," through our camera and lens assemblies. Makes us very proud. With that said, let me just summarize it one more time. If you follow me on page number six. The demand has been rising, and has been very strong, picked up in many places or remains to be strong in many places and picked up in others, which led to a strong order intake of almost EUR 270 million, which is an increase of almost 27%. We did get, obviously, tailwind from the TRIOPTICS acquisition and the consolidation effects of that. Excluding TRIOPTICS, on an organic basis, the order intake would be at almost EUR 240 million. Also organically, a very strong pickup in demand. We talked about the new orders that we were able to book in automation and integration, i.e., in the automotive industry and in the traffic safety environment, in particular in North America. Revenue is up here as well. We have obviously experienced the tailwind from the acquisition and from the consolidation effects. Also in an organic basis, we're well on the way. I will point out right now and later on in the presentation in more detail, the challenges that we do see currently are not in any way, shape, or form on the demand side, but on the execution side. There is an increasing pressure in supply chains. There is still ongoing COVID-related restrictions in traveling. We have complex products. We do not have commodities. Our products are complex, and they need to be installed, they need to be explained, and for that, we need to be able to bring our service and engineers and our deep people around the globe, which is a challenge at the moment. Let me point it out one more time. Our challenge is not on the demand side. Our challenge is currently predominantly on the execution. To turn orders into sales, is the challenge that we face. Nevertheless, I think the numbers will show it in more detail later. We are well on the way also when it comes to revenue recognition. EBITDA margins significantly improved. Here again, we did experience the support from the structural and portfolio measures that we have implemented in 2020. We do see the positive effects of that by now already, and obviously, that should even step up and pick up throughout the year. We do get the effects now, but we will see even better effects from that structural improvement of our business that we implemented in 2020. We talked about the bonds already. Let me just at this point already point out that based on the very strong order intake, based on a record high order book, based on the pickup in demand in our marketplaces, we at this point confirm that we will be able to produce sustainable and profitable growth throughout the year. We confirm our targets for the year. Again, I will explain a bit more detail, the risks and the opportunities that we see. Opportunities are from the market demand perspective and from the demand side. Risks we do still see around the execution, as I say, based on challenges in supply chain and based on still ongoing COVID restrictions, in particular in parts of Europe. With that said, let me turn the page over to Hans-Dieter, and he will take you to the numbers and through the numbers in more detail. Hans-Dieter. Thank you very much, Stefan. A very warm welcome from my side as well to all of you. Let's have a look at page number seven, where we have shown you the order intake and order backlog figures. It's clear the order intake was already shown and explained a little bit by Stefan. Both KPIs markedly exceeded the prior year figures and are creating a good basis for further business development throughout 2021. In terms of order intake, as already mentioned, all divisions supported the strong growth. Let me give you two additional remarks concerning order intake. One is concerning Light & Production. In Q1 prior year, we booked a relatively big order at order intake, which we had to correct in Q2. The prior year figure after Q1 is influenced by this. It would have been, if we would have adjusted it already, it would have been even a better and a stronger development, which will shown up in Q2 then, and in the comparison of the first six months. The other remark is concerning VINCORION. VINCORION is very much behind prior year. They had a good start in 2020, not much influenced by COVID-19. Now they are obviously heavily influenced by COVID-19, especially in the aircraft industry, in the aviation business. This caused this development. Stefan will explain it to you later on when he goes with us through the divisional development. The book-to-bill ratio grew to 1.52, which is a very strong book-to-bill ratio compared to 1.29 prior year. Let me highlight a little bit more the order backlog. With EUR 561.3 million, 20, 22% above prior year, also influenced by the acquisition of TRIOPTICS, but still without TRIOPTICS, a remarkable organic increase. Our intention is to put all efforts into the conversation into revenues. We assume today that we'll be able to convert around 74%, 75% into revenue in this year. This is the reason why we think we have a good rest of the year in front of us, so to speak. Let us go please to the next slide, page number eight. The revenue development, as already explained, the contribution from Light & Optics, which grew significantly in the organic business, so to speak, meaning optics, micro-optics and biophotonics. In addition, the first consolidation of TRIOPTICS contributed as well to this positive development. Light & Production is still a little bit below prior year, but with the order intake on hand and the order backlog, and the recovery in certain areas of the business, automation integration mainly and data processing, we assume a recovery in revenue acquisition as well throughout the year. We are clearly behind prior year in Light & Safety, but this was linked to project business, as well as the delays in delivery of electronic components, both due to the pandemic, to COVID-19 probably, and Stefan will explain it to you a little bit later. There we also assume a recovery throughout the months to come. VINCORION is still handling the aviation industry crisis, you can say. In the power systems area, they are also not heavily loaded. The military business is stable. This is the development in the divisions. Stefan will explain it to you more in detail later on. On page nine, our EBITDA and EBIT figure. Let me explain it a little bit more that it is better comparable for you. In the EUR 20 million, which is an increase of 47.1% in Q1 this year, with a margin of 11.4%, there we have booked -EUR 1.8 million inventory step-up of the purchase price allocation of TRIOPTICS, which was not the case in the prior year quarter. In Q1 2020, no impact in the EBITDA is coming from acquisition. The reality would be close to EUR 22 million. On the other side, in this year, we have not booked any cost for structural and portfolio measurements, which we have done in the prior year. The EUR 3.7 million, you should add to the EUR 13.6 million, and then you can compare it to the EUR 22 million. It's around EUR 17 million, which you compare to EUR 22 million. Still a strong development in our margin. And in the EBIT, in the earnings before interest and taxes, there the purchase price allocation impacts are even more significant than in the EBITDA. In the Q1 2021 and the EUR 6.1 million, which is an increase of 142.7% compared to last year Q1 figure of EUR 2.5, there it included EUR 5.5 million purchase price allocation impact, whereas in the EUR 2.5 million of prior year has only been included EUR 1.7 million. It's an increase of EUR 3.8 million. The EBIT like-for-like would have shown even a better development. All in all, we are quite happy with a solid start in the Q1, also from the profit line, because we will show you on the next slide where you see our P&L more in detail, even black figures at the earnings per share and the earnings after taxes with EUR 3.8 million or the earnings per share, which is EUR 0.07. All in all, as we think a solid start, not every division supported a strong development, as already mentioned. Overall, we are quite satisfied and looking forward to the development of the rest of the year. On the cost side, in the functional cost, you see a figure on the same level like last year. Don't forget, the functional costs of the acquisition of TRIOPTICS are fully included. Not in the prior year quarter one, but in this quarter. This is also a hint I'd like to give to you here. Nothing more to say on this page from my end here. Page number 11, our free cash flow before interest in taxes. In our case, it's the result of operating free cash flow minus the cash flow from investing activities. You see a strong development in the free cash flow, which is EUR 15.7 million compared to EUR 14.4 million. For us, the start in the year is always linked with working capital increase, either in trade receivables or in inventories. Our people are buying materials and starting to work on it, and it's mainly not possible to recognize sales and profit, which we will do in the months to come. We are quite happy with the start concerning this. Let me say here some words to the debenture bonds. Totaling EUR 400 million we have successfully placed. At the end of March, we had already a payout of EUR 130 million, which we then used directly in the beginning of April, to repay the means we took out of the term loan. We did not take the EUR 130 million to show EUR 200 million in cash. In between the one or two working days was the end of March procedure. You will see a clearer picture in Q2, but we started already immediately. It's just a timing issue concerning this. We are very happy that we have been able to place the ESG criteria. We focused on the green electricity. We have a target for our main production sites worldwide to increase this share, which has been in 2019 at 63.1%, over the years to come until 2025 to 75%. We have the diversity on the management side, KPI. Our diversity rate, which means average percentage of women and of employees of international origin in managerial positions. We want to increase this until 25%- 33%. We are at 27.8% already. Also very important for our sustainability targets at Jenoptik is the sustainability in our supply chain. We want to increase the transparency in our supply chain in order to guarantee the protection of human rights and the environment. Therefore, we agreed on a so-called CSR rate with our financing community, which means Corporate Social Responsibility rate, where we agreed on the average percentage of all suppliers of production materials with an annual purchasing volume of more than EUR 200,000, for which we want to have a complete CSR self-assessment available. There we agreed to increase this from today until 2025 to 50%. If we are successful in these three KPIs we have agreed, then we can save five basis points. Just to let you know this. We are very happy that the interest in the finance community was so huge. We had a lot of talks about these criteria, and it was very well accepted in the capital market. I would like to hand over again to our CEO, Stefan, who will go with us through the divisional development in the first quarter, and then we come back later to your questions. Thank you. Stefan. Okay. Thanks, Hans-Dieter. Let me take you straight into Light & Optics, obviously our biggest division. As you know, Light & Optics, we cater optical components and modules predominantly to customers in the semiconductor manufacturing equipment space and in the life science and healthcare environments. Light & Optics is also the division in which we have integrated our very important TRIOPTICS acquisition. I think it goes without saying that the semiconductor environment helped us big time in terms of order intake. The demand for Light & Optics has been very strong in the first quarter, a trend that we have seen throughout the whole of last year already, in particular at the end of the last year. It's very important for us also to point out that the demand in biophotonics has also picked up significantly. Those of you who follow us more closely do know that and will remember that we had to report some challenges in the life science and biophotonics industry of, on our end at least, due to certain particular COVID effects. That seems to be over. Biophotonics business is up big time when it comes to order intake. The order intake of the division has increased by 78.5%, which is a very big number. The order intake is now at EUR 132.7 million, almost EUR 133 million. Yes, it has been helped by TRIOPTICS. TRIOPTICS contributed significantly to the order intake in the first quarter. TRIOPTICS had a very good first quarter when it comes to order intake. Nevertheless, even if you would take out TRIOPTICS on an organic basis, for light, the order intake of the division would be up by 32%. Even organically, a very strong order intake pick up for Light & Optics. You do see that the order backlog also raised significantly. The order backlog is up by 22.3%. You also see that the book-to-bill is very high. Which, if you have a book-to-bill now by of 1.4, which might be a good sign, but actually it is a sign of the fact that, yes, we have a large step up in sales. Revenue grew by almost 36%, again, helped by the TRIOPTICS acquisition and the consolidation effect. Revenue without TRIOPTICS would also be up by 6%. I pointed out already, book-to-bill is very high. Our order backlog in the division is growing significantly. It does indicate that, in particular in Light & Optics, we have our hands full in executing the order intake and turning the order intake into sales. We have ongoing pressure in the supply chain. Getting electronic components is a challenge. We're managing our supply chain very tightly and very carefully, but it is a challenge. We did have in Light & Optics, a very, very strong Q4. You might remember that, which on a positive note, turns into a very strong free cash flow in Light & Optics in this quarter. Our free cash flow at almost EUR 16 million in the first quarter. It does mean that it's basically, we do see almost like a double whammy in revenue recognition or in execution of the orders. There is a tight supply chain and of course, our own stock has been depleted significantly due to the fact that we shipped everything that was possible in Q4 last year. On top of that, we do see ongoing COVID restrictions. Our products are not, as I said earlier, we do not produce commodities here. Our products are challenging. They need to be installed by service engineers often, they need to be explained. As much as we try to use online medias and communicate via God knows what, all these video conferences and all these kind of things, we would like to get our technical people to Asia or to America as soon as we possibly can to help our customers there. In particular to also install large machines at times. It is a challenge. Again, our challenge is not on the demand side. Our challenge is on the execution side. We have a very strong demand, very strong order intake. We do grow. We do grow organically. We do grow by the acquisition. As I say, we could grow even faster if we wouldn't have those restrictions. Eventually, orders will turn into sales, go through that phase. We do see that the EBITDA margin is essentially flat versus prior year. That does include, though, significant PPA effects in the EBITDA number. You all are used to have PPA effects in EBIT, but here I need to point out that due to a certain inventory step-up, we do see an EBITDA impact or negative impact in the EBITDA by these PPA effects of EUR 1.8 million resulting from the acquisition of TRIOPTICS. If we would correct for that, sort of, without TRIOPTICS, the profitability of the division would have increased significantly to almost 24% in terms of EBITDA of sales. I would like to point out that those inventory step-up effects, the PPA effects, negatively impacting the EBITDA of Light & Optics, are now completely flushed through P&L in the first quarter. We will not see those effects in Q2, Q3, and Q4. All in all, very happy with how it goes at Jenoptik. We are happy enough that we can keep all our factories open. We run a very tight scheme when it comes to restricting access to our factories, isolating the shifts from each other. We have made longer breaks between the shifts so that people don't see each other, to not spread COVID in the factories. We do what we can. Up until now, successfully, we did have certain cases of COVID in our optics factory, in particular in Jena, we have been able to isolate them very, very quickly. Of course, it is a challenge. We can manage at this point, and we do hope that obviously the COVID restrictions will ease throughout the year, and that will enable us to turn orders into sales more quickly going forward. That said, let me go to Light & Production. Light & Production is the division, as you all know, that had significant challenges in choppy waters in 2020 due to the fact that Light & Production, to a large extent, is geared towards the automotive industry. Great to see that the order intake pattern, in particular from the automotive industry, has picked up, actually quite significantly. Those of you, again, who follow us a bit longer will remember that at the end of Q1 last year, Q1 2020, we reported certain larger order intakes from North America, from the automotive industry for Light & Production, which we had to take out of our books in Q2 because they got canceled. Nevertheless, despite that effect, Light & Production has seen order intake growing by almost 7% in the first quarter. If you remember that the order intake in the second quarter of Light & Production was almost zero due to this particular effect. Without giving any guidance on Q2 here, I would be very surprised if we don't see a pretty strong pickup in the order intake for Light & Production in the first half. On the sales side, we still have our challenges. On the sales side, Light & Production is still down by -5.8%, but given the strong order intake, we expect that to become much better throughout the rest of the year. I think what's very positive is that the division is almost at breakeven now in profitability. Here again, you will remember that last year, Light & Production had a very tough time when it comes to volume. Despite the fact that we have still miles to make in terms of revenue recognition and volume, our restructuring efforts actually bear fruit here. We do see, again, the profitability almost at breakeven from an EBITDA perspective. With an uptake in volume throughout the rest of the year, we're very comfortable that Light & Production will post profits in the quarters to come. Light & Safety is almost always a bit of a funny one. As you all know, Light & Safety, where we cater to public customers, Light & Safety is a project business, as always, in project businesses, it is pretty lumpy. Overall, we're very, very happy with how the business is on the way and how the business performs at the moment. Order intake is up big time, that's obviously due to the fact that we could book these big orders out of the North American marketplace in particular, which I mentioned earlier. Order intake almost doubled in the first quarter of 2021. On the other hand, revenue recognition is down. Now, in Light & Safety, obviously the sales follows these big orders to some extent, we do have underlying recurring revenue business in terms of services and in terms of software business. The challenges that we do see in the revenue recognition is also based on certain challenges and problems in the supply chain. There is certain suppliers that can't supply their key product for us fast enough at the moment, and we're hopeful that that's going to change in the next few weeks and months, so that also the sales side will follow the order intake pattern to some extent at least, and we will see good growth in this business in 2021. With the pickup of sales in Q2, Q3, we believe that we also will see the EBITDA margins in this business that you are used to from previous years. All in all, very happy with how it goes in terms of Light & Safety. Again, lumpy business. Comes in swings and roundabouts. Lumpy business comes with lumpy order intake patterns and to some extent, at least, also some lumpiness in the sales and the revenue recognition. VINCORION on page number 16, on the other hand, is in really choppy waters, in particular in the aviation industry. Obviously, the defense business, very stable, as you know, but the exposure to aviation is a challenge. Now, we all hear that flight patterns, in particular North America, pick up again, and the flight frequency picks up again. I can testify that having Airbus and Boeing as a customer is no fun at the moment. As the colleagues of VINCORION keep saying, "Aircrafts that don't fly don't need maintenance." Obviously, that's not good for us. VINCORION is under pressure, both in order intake, as you can see, as well as in revenue recognition. We do compare Q1 with a Q1 last year that was still very strong for VINCORION. Q1 has not been characterized by COVID as much in 2020. COVID really for VINCORION hit in Q2, in particular Q3, Q4, because of the timescales in that business pattern. Nevertheless, it does show that VINCORION suffers from COVID restrictions and in particular in its aviation business. It's great to see that the business managed to stay profitable despite the decline in sales, and actually could improve profitability a bit, which is due to the cost reduction measures that we have implemented throughout 2020. We do hope, obviously, that the aviation industry somewhat stabilizes in the remainder of the year. I will say that VINCORION is in choppy waters, in particular from the aviation industry. However, overall, I think we are, again, back if you take it all together, we do see a very clear pattern, a pattern in our business that actually has been emerging at the end of last year already, in particular Q4 and as well into Q1. We do see very strong order intake. We do see an ongoing very strong demand on the SEMICON side. We do see a big pickup in the biophotonics arena, which we expected. We do see a pickup in the automotive industry, probably even faster than we expected. We do see ongoing challenges in aviation. Overall, and if you integrate all our businesses, very strong demand side challenges in the execution based on the various factors that I referred to. If you look ahead, we do confirm our guidance at this point. We do see, as I say, the opportunities around the very strong markets, great order intake, very strong order book. On the other hand, we do see the risks and challenges around the ongoing COVID restrictions and the logistics challenges, the supply chain challenges. Conversion of orders into sales is still a challenge, and we have, as you all know, relatively long lead times in our business. The question for us is how much of the strong order intake we can convert into sales in the next two or three quarters to make it all into this year or to get it all into this year. Nevertheless, we do believe that revenue will grow in the low double-digit percentage range. Obviously, that does include lift up from TRIOPTICS. We do believe that the EBITDA margin should be in a corridor between 16% and 17%, and we do talk reported EBITDA here. We do have the basis for a very good 2021. Even more so, if you follow me on page 19, I think we have the basis for a very good long-term perspective. A lot of things have been said already. If anything, then COVID has acted as a catalyst to the digitization of our world. The more we all go digital, the better for us. At times, I like to say that almost no single mobile telephone on this planet hasn't seen, or almost all mobile telephones on this planet, at some point in time, have seen a product or a piece of optics, at least, from our Jenoptik group. The more digitization, the better for us. Healthcare is an important point. It's not just COVID, but the whole idea about point-of-care diagnostics and all of those things do drive up the demand for photonic solutions also in the healthcare market. We do have the challenge to produce smarter, to produce in a more sustainable way, to produce our product on planet Earth with less resources, with more resource efficiency. That does require even more smart manufacturing, even more optics and photonic solutions, which helps us. Mobility. There's an increasing demand for alternative engine vehicles, electric vehicles, which again is driving up the demand for our products. It's to us very clear that we're not only going to see a very good 2021, but we do believe that the midterm perspective for the group is actually pretty bright. We'll see how we get into 2022. Obviously our strategic targets, which we originally have guided for 2022, we will already achieve in 2021, and then we'll see what other targets we can find for the years to come. That said, let me stop here and we're more than happy to receive a lot of questions from you. Thank you very much. Thank you. Ladies and gentlemen, if you would like to ask a question, please press nine and the star key on your telephone keypad. In case you wish to cancel your question, please press nine and the star key again. Please press nine and the star key now to state your question. The first question comes from Craig Abbott. Please go ahead. Hi, good morning, everyone. Three or four questions. Two of them are related to the same topic. From my side, please. First of all, in Light & Safety, given the supply disruptions of the key components you talked about, I just wondered if you could shed some light on how you see that situation developing in the coming quarters, i.e., do you feel like you have now sufficient component supply to be able to meet delivery on your orders? I know you mentioned several times execution is where you see the risk at the moment. If you could give us a little bit more color on how that situation is developing, and the risk for the coming quarters. Secondly, in Light & Optics, you very kindly gave us the organic development in the orders. I just wondered, when you're looking at the TRIOPTICS business year-on-year, I know it wasn't consolidating Jenoptik, but how that business developed year-on-year, both in terms of their order intake and their profitability. The final question from my side is, VINCORION, you made clear aviation is so difficult. On the other hand, defense spending, pretty robust. I wondered if you could give us an update on the order pipeline you're seeing in VINCORION for the coming quarters. Thank you. Thank you, Craig. Thanks for your questions, and good morning to you. Good morning to Frankfurt. Let me start with TRIOPTICS, please. Let's just say that TRIOPTICS, I mentioned a very good order intake. TRIOPTICS has its challenges in sales in Q1. They do have a good sales contribution. Contribution of their sales figure to Light & Optics. We do not disclose that, as you know, but let's just say it's a bit north of 18%. Sorry, EUR 18 million. Sorry, million. A bit north of EUR 18 million. It performed fairly well, could do much better. The order intake is much better. The book-to-bill rate of TRIOPTICS is around 1.3, so very strong order intake. They do have, in particular, the challenge that their machines are fairly challenging to install and to explain, and TRIOPTICS is in particular under pressure in getting people to the customers. Overall, strong performance by TRIOPTICS on the demand side, challenges in the execution. Pretty much the same story that we told throughout the presentation. It's pretty much the same for TRIOPTICS. That's a COVID-related problem, right? I.e., that they just simply can't fly the people to the location, right? Is it a problem that they don't have enough people? Yeah, no, it's exactly that. I can't disclose the locations, but it's almost impossible to get there at the moment for larger installations, larger customers, and that's a challenge to get the people there. We do help. We do try to help with our Jenoptik people, because we have service engineers in Asia, in the U.S., and places. We do try to help as much as we can. Those are challenging products, challenging to explain, challenging to install. Essentially, that's what it is. Let me just be clear, their revenue contribution is significant. I'm just saying they could do even better if we wouldn't have those execution challenges, yeah? That's why I was also a bit careful in our last call. In the last earnings call, I think I was a bit careful when I was asked around TRIOPTICS. I was a bit careful in saying how they perform. That's exactly, or that has been the reason. We did see that already since quite a while. Their order intake being strong, but challenges on the execution side due to COVID. Of course, we all hope that it's going to ease throughout the summer. Hey, who knows? On the Light & Safety disruption side, I don't know. We are managing the situation with a particular supplier that has problems. We're managing the situation. We're not out of the woods there. I can't tell whether it's going to be sort of over and done and dusted in Q2, or whether it takes a bit longer. I would hope that we will be able to fix that issue in Q2, but I can't really promise that. At this moment, we are limited in the supply, but it's not as if we have stopped production or anything like that. We can produce it, but it's just not fast enough. I think that's the challenge that we have with this particular supplier. Hoping to fix it in Q2, but can't promise it. On VINCORION, on the order pipeline. The issue with VINCORION order pipeline is always it's longer, the timelines. As you know, the timelines are very long. There are some important political decisions to be made in terms of certain defense products out of Germany for the European defense market, which is an ongoing discussion in Berlin. We all hope that these decisions will be made hopefully before the elections, because after the elections, the new government has to be installed and all of that. There is pipeline, but whether we can be able to convert it into order intake in the next quarter, in quarter two, I can't really tell. Depends on development out of our control. Is that answering the question? Yes. Thank you. All right. Okay. Thank you, Craig. The next question comes from Malte Schaumann. Please go ahead. Yep. Good morning. My first question is on the gross margin. Even if I strip out the PPA effect from TRIOPTICS, I think that 31% lowest quarterly gross margin in 10 years. Maybe you can shed some additional color on if it was product mix input costs, what else might have affected the gross margin? Sure. Malte, you mentioned one point, TRIOPTICS that has been in effect, obviously. There is another effect, though, coming out of the Light & Production arena. If you think about the composition of the sales in Light & Production, we have these two pillars. We have the metrology piece, which we produce almost like standard product, if you want. We have the production tools piece, the automation integration part, which is a project-based business and includes a lot of third-party items. Remember, we do this production street for those of you who are not familiar or that familiar with it. Malte, I know you do know it, but the rest of the audience, maybe not that much. We do basically produce entire production streets, including robots from third parties and other things. The bill of material is very high. Obviously that converts into a relatively low gross margin, yet very high EBITDA margins. That's why, in particular in Light & Production, the more we shift the business towards the actually highly profitable automation integration business, the more the composition of the P&L changes towards lesser gross margin, more functional costs. Sorry, lesser functional cost, lesser gross margin, lesser functional costs resulting into higher EBITDA margins. Okay. Nothing in particular that should raise some concerns or whatever? No, I don't think so. Yeah. Okay, good. On the order pipeline, you seem to be quite optimistic. It doesn't seem that there were maybe, whatever, too many one-off projects, catch-up effects, whatever, that contributed to the strong orders. Maybe some more general comments, how you see products evolving in the pipeline. Q2, the first half is almost over. If that added to your confidence level and how are things moving in your pipeline? Yeah. Obviously we do not guide on Q2 at this point in time, what I think we can say is that in April, the principal pattern of the business followed the principal pattern of the business in Q1. Again, very good demand, order pattern, very strong, without any numbers here. Yeah, in principle, following. Same issues. Very strong order intake, sales on, and the challenges that we talk about. We did have a bunch of good orders and large orders in Q1. I mentioned two in the beginning of the presentation, in particular in Light & Safety. There was a big tender, second batch of a large deal in North America we already have been awarded to the batch one in last year. We now got the batch two. Also in the automotive industry. I would like to point out one more time that we had this order in Q1 from the North American automotive industry, Q1 2020, which we did have to take out in Q2. If you go back to the page in your notebook where you have Q2 2020 on Light & Production, you will find that it was very low from an order intake perspective. That gives me confidence that the comparator basically for Light & Production is fairly easy in Q2 on the order intake side. Not a particular pattern. Light & Safety did have large order intake. It's always challenging to predict, but overall, no, I don't think so. I think in particular for us, very important, as you know, is SEMICON, biophotonics, and the whole issue around our Light & Optics business. It's almost crazy what's going on in the SEMICON industry again. The question is not if we can get more orders. The question is, can we actually fulfill them? We don't want to annoy the customers, obviously. If we could produce more, we could certainly take more orders. Your ability to step up your production capacity in the micro-optics production has been kind of limited or takes quite a while before people are really able to produce these. What's your capacity utilization look like? Is demand really exceeding your capacity by a big margin in that area? Yes. We have people working weekends already. Yeah, as you say, we can't pick them off the trees here. These are really skilled engineers and they're hard to get. As I say, we have them working Saturdays and all the weekends and stuff and we did agree to invest, by the way in Dresden. I was looking to Hans -Dieter here to the colleagues here. We have agreed to purchase property, and we will invest into further capacity. There are people in the room nodding and people in the room shaking their heads. I'm not quite sure what. We will publish more details. Very good. We will publish more details in months to come. I am concerned of you how. It is, exactly. The EUV is going through the roof. As you say, and we have published that we purchased already the equipment for lithography. It's not something that we can't flip a switch, and so it's not going to help us significantly in Q2, Q3, Q4 of this year. I do think that this is really sustainable. The digitization of this world, it's just going on like big time. If anything, then it will be with us for years. Yeah. Right. My last question, quick one on what's the visibility when external challenges like limited key supplies can be overcome? I'm not quite sure if I understand the question. What do you mean by visibility? What's your visibility when your suppliers are able to provide you with the sufficient amount of equipment you need? Yeah. Well, at the end of the day, that's a question of where the shortage is coming from. Right. We are limited predominantly in electronic modules and components, and in some specific parts. From my point of view, I think some macroeconomic professors can explain that better than I can. I think that in many ways, the sharp pickup in demand and the sharp pickup in the, almost like in a world economy, has not been foreseen. It's hard to answer the question, but it's not as if we can fix one particular problem. Yes, we hopefully are able to fix the problems that we have in Light & Safety. That would be helpful. That's more of a technical issue, which should help us. Overall, in broader schemes, shall we say, the shortage in electronic components and all of that, it's hard to foresee when that's going to ease. I don't really know. Yeah. Okay, thanks. Thank you. The next question comes from Uwe Schupp. Please go ahead. Yes. Good morning or good afternoon, gentlemen. Two questions, if I may. First, just a clarification really more on the consolidation impact from TRIOPTICS. Did you say on the Light & Optics impact that it was a 36% organic growth, i.e., without TRIOPTICS, and about a 6% for revenue? 36% for the intake and 6% for revenue. Was that the numbers you were indicating? Yes. The last one. Okay. Just trying to square up those numbers. Stefan, in your earlier remarks, you said, or in answer to an earlier question, you indicated that TRIOPTICS had revenue of just above EUR 18 million, with a book-to-bill of 1.3. That would point us to order intake of the area of maybe EUR 30, I beg your pardon, EUR 23 or maybe EUR 24 million. No. A bit more than that, but yeah. If you indicated earlier, if I got you correctly, then you said 36% organic order growth for Light & Optics in Q1. That would then highlight or more point towards the EUR 32 million or maybe EUR 31 million order intake for TRIOPTICS. Probably misunderstood you somewhere. I'm just trying to understand where? Yeah. You can also come back if that's easier. We're checking. Yeah. Sorry. Yeah. Our calculation is correct. Okay. The order intake of TRIOPTICS is I hope somebody has heard that. The order intake of TRIOPTICS is somewhere between EUR 25 million and EUR 30 million. Somewhere between. And then. Pretty much between EUR 25 million and EUR 30 million, there is also an effect of acquisition, which has been. Transferred from. From Light & Production From Light & Production division into Light & Optics division, which brings also some million order intake with it. Yeah. That's right. Maybe a EUR 5 million impact, roughly? Not that much. Not far away. Not far away from it, yeah. Yeah. Right. Okay, got it. No, that's very helpful. By the sounds of it, a very strong order pattern indeed for TRIOPTICS, which obviously is encouraging. Yeah. Okay. The second question I had was on the level of factoring, and if you did any in the quarter, because I saw that nicely the DSOs came actually down year-over-year. Was that related to factoring at all or not? No, not all. First of all, we always repay the factoring throughout the month of the Q1, and at the Q1 end, we started again the factoring program. It was on the same level as last year, so no impact coming in the comparison of the quarter. No special impact. It's anyway limited to EUR 20 million or EUR 25 million in a year. We do not more than EUR 25 million. It was the same amount as in Q1 yearly. Yeah. No impact coming from there in the comparison. We do see a good free cash flow coming in in Q1 from all the revenue recognition that we've done in Q4 last year. The payment now. The payment now, yeah. Right. Got it. Okay, that's very clear. Then just the last one. I saw that the R&D and also the CapEx were down quite meaningfully year-over-year, despite the first time consolidation of TRIOPTICS. I was just wondering for how long you think you can keep going there with those relatively low numbers or whether it's just a phasing impact and there will be more normal numbers going forward. Thank you. Later one, really. It was not in particularly sort of managed that way in any way, shape, or form. It was just a phasing, maybe. Nothing in particular. It should normalize throughout the year, actually. Excellent. Very helpful. Thank you very much. Thank you, Uwe. Thanks. The next question comes from Richard Schramm. Please go ahead. Yes. Hello. I have two questions, please. A quick one, just if I got it right, this PPA effect in Q1, did you say that this will not occur in the following quarters, or did I misunderstand something? No, that's correct, Richard. No further impact. We fully booked it in Q1. On the EBITDA. On the EBITDA. Not on the EBIT. Obviously, on the EBITDA level. Okay. Yeah. All right. Then I would be interested in also this problems with execution you mentioned. It's quite obvious that order backlogs are then piling up, but we can expect that customers will not accept a stretch of delivery times to infinity. They sooner or later want an answer when they can expect equipment, or they might turn to competitors. How do you see the situation? Have you already lost some market share in one or the other area? How can you cope with this situation? Thanks. I don't think that we've lost any market share. In particular, I think that the competitors have the same problems. They wouldn't be able to go to somebody else. In many places, like in particular now, micro-optics arena and segment, there isn't. Well, I shouldn't say there isn't competition, but you know what I mean. Maybe we're a sole supplier in particular to our customer in the Netherlands and for these products, at least. Yeah, we cope with the situation by trying to calm down the customer. Look, I'd say in some of the areas, we're a sole supplier and the technological barriers to entry for other people are very, very high. In particular, obviously, in our micro-optics, and the SEMICON arena, it's very, as you know, hard to see that anybody can sort of enter that space, at least from what we can tell at the moment. In the other areas, I would say predominantly, the supply challenges are not just for us, they're for everybody. I don't think we have lost market share at this moment. Okay. Then another question concerning Light & Production, and here, especially the metrology segment, which was I think the main source of trouble in the last year. Can you shed a bit light on how much you have been able to reduce capacity here? What your current capacity load is? Are you still having short time work, or is there now a more balanced picture? What is about the demand side in this area? Thanks. Yeah. It is getting better. We do see better order intake also for the metrology. We still have challenges there. It's not as if we are at 100% capacity utilization. We are currently in discussion with the workers councils. We are executing our programs, in terms of reduction of staff and personnel. At this moment, it's going according to plan. Profitability is better than last year. Still, there still is room for improvement. Yep. You just mentioned that you are still discussing with employees council, so the measures are not fully fixed yet? Because I thought they were fixed, and it would just be a matter of execution now. Yeah. The way it works is, in Germany, we do discuss the total amounts, sort of the pots, if you want, in the first place with the unions disclose that. At this moment, we actually book their goals, and pull it through a P&L, which has been done in Q4. It's about, it's a sad thing to say, but who exactly, the people, the persons, the names, that's what we're doing at the moment. This is what's going on at the moment. Okay. Yeah, understood. Thanks a lot. The next question comes from Peter Rothenaicher. Please go ahead. Yes. Hello, gentlemen. Coming back to restructuring. Did I understand it correctly that in the first quarter this year, you have not booked any additional charges for restructuring? Correct. Yeah. On the other hand, what is your guess today, for the rest of the year, which might be the risk for additional restructuring measures? I think key target might be metrology and VINCORION. I don't think that we will see more in metrology because we booked quite a lot in Q4. VINCORION might be an issue depending on how it goes in terms of the aviation industry. Don't foresee anything more in metrology. Maybe something in VINCORION. Obviously, we have to see how the market develops here. Yeah. For clarification with PPA, you mentioned this effect on EBITDA of EUR 1.8 million, which will not come again. For the EBIT PPA, does this include this EUR 5.5 million, also the EUR 1.8 million, which are not going through the depreciation? Yes, Peter, in the EUR 5.5 million, the EUR 1.8 is included. The whole year amount will be close to the prior year. It's around EUR 15 million in the EBIT. We have announced it last year, so it's a similar amount in the prior year because we have done a lot of bookings in the end of the last year when we acquired TRIOPTICS already. We will now close the gap more and more, but in the first six months we will be always more burdened in this year than in the prior year. To speak. At the final end, in the EBIT, you will see roughly around EUR 15 million impact. Yeah. Including this 1.8? Including this EUR 1.8. In the EBITDA, it's not coming anymore. Yeah. Okay. Okay. With all these supply chain problems, do you see here also some impact on pricing? We all hear from more or less all industrial company, they are seeing some risk in the second half of the year from the higher material prices. We said also then, component pricing. Do you see here some risk? On the other hand, what is your situation in passing over these higher costs to customers? Yeah. I don't think there's much to see in Q2, because we have typically quite long contracts, both on our supply side as well as with our customers. You ask second half, I think, I don't have a crystal ball, but I would expect some pressure there. I do think that something will flush into our P&L, but it's hard to see at the moment. Yeah, I would agree. It is to be expected that at least in the second half, we will see some effect here. In terms of to what extent we're able to pass it on to our customers, well, here as well, depends. With very big customers of ours, we have very long contracts, so price roadmaps and everything. It's a bit too early to tell. I don't want to speculate here too much. It's a bit too early to tell. If you specifically ask for H2, and I would think there would be some impact there. Okay. There are no clauses here to pass automatically over these increases, for example, for higher cost for electronics and so on? In some parts, yes. In some parts, no. It's a mixture. We have some open books and some closed book contracts. Yeah. It depends. It depends. Yeah. Okay. Last question. You have now secured some liquidity with the debenture bond for possible acquisitions. Perhaps can you comment, are you relatively close here to do some acquisitions, or is this really a midterm target and midterm prospect you are playing now? We didn't secure the bonds for specific acquisition targets. Also, we don't have acquired 100% of TRIOPTICS yet. There will be cash outflow. How much remains to be seen because there are earn-out and profitability bonus and malus clauses and earn-out clauses in the contract with the previous owners of TRIOPTICS, but there will be some cash outflow from that. Other than that, we're in the typical process. We didn't secure the funds for specific targets. Targets. Okay. We cannot expect now in the next one or two months here to get a message of another significant acquisition? No. Look, Peter, we didn't secure the funds for specific targets, so if some target can use it, and if it doesn't happen, it doesn't happen. Okay. With your remark on TRIOPTICS with the bonus -malus, how is your view on the development on profitability? Are you confident that your expectations will be fulfilled, or do you see here some problems or some development which is perhaps somewhat less positive than expected? Yeah, I think that's an interesting question because, at the end of the day, what you're asking is, are you confident that you have to pay? Which is, of course, a double-edged sword. Are we confident that we will have to pay the full amount of the second tranche? Well, it does depend, again, on how the year develops from an execution perspective. I'm very confident that TRIOPTICS will be well within their plans when it comes to order intake. Am I confident that they will be well within their business plans when it comes to sales and thus profit? We'll have to see how the situation develops. We have to see how the COVID-19 restrictions, how long they carry over. I think that's the biggest issue there. That translates into whether or not we are going to have to pay because the agreements are such that we have to pay if certain sales and profits targets are achieved within 2021. I should leave it there, I suppose. Say the other way around, if some execution of sales and earnings swaps into 2022, it would not be that bad for you. Well, look, we want to help the customer. That's the first and most important thing, right? The customer needs the product, therefore, we want to serve our customers, and we're very determined to help as the group, TRIOPTICS to achieve its target. We didn't acquire the company to speculate on what they can or cannot achieve. We would be more than happy to fully pay all the funds to the previous owners, which are still in the business and are working very hard to make it happen. If, for whatever reason, some sort of sales rolls into 2022, then there is less payable from our perspective. Again, let me say that one more time. It would be unfair. That's not what we're doing. We're really determined to help them as much as we possibly can, including even bringing Jenoptik engineers, service people, whenever possible, to support in particular in Asia, where our own organization, perhaps has a strong presence in Asia. Don't get me wrong. We always said they have a very strong presence in Asia, but it's just their sales are actually in Asia. We help as much as we possibly can. We're not holding back. We pull out all the stops where we can. Yes, should there be limitations and should there be sales revenue recognition spilling over into 2022, we have less to pay based on the SPA. Okay. Anyhow, if I understand it correctly, TRIOPTICS has no structural problems. It currently is a situation with COVID, more or less. Correct. Okay. Thank you. Thank you. Thank you for your questions. We have no further ones. Let me hand back over to Leslie Iltgen for some closing remarks. Please go ahead. Thank you everybody for joining the call today. Should there be any follow-up questions after this call, then don't hesitate to contact us at the investor relations department. We'll be happy to answer any questions you may still have. Other than that, I wish you a good remainder of the day and a successful remainder of the week. Cheers and goodbye. Goodbye. Thanks. The conference is no longer being recorded.