Welcome, ladies and gentlemen, to our Q1 2022 analyst and investor conference. Let me give you an overview of the highlights before I hand over to Harald Nippel, our new CFO, who will guide you through our financials. As already released with our preliminary results on April 29, we faced a number of challenges in the Q1, both familiar ones and new ones. First of all, the semiconductor crisis and its impact on the automotive industry with OEM production stops and volatile customer call-ups continued to weigh on our performance. In addition, Russia's war against Ukraine, which started at the end of February, already had a negative impact on the Q1. On the other hand, our production in Western Ukraine was impacted and even temporarily shut down. We have already resumed production, and today's volumes are approaching almost pre-war levels, but we had a negative impact on overall production looking at the quarter as a whole. On the other hand, the war also had indirect effects on sales and earnings. Ukraine is an important production location, not only for LEONI, but also for a wide range of suppliers to the European automotive industry. As such, the war is putting additional pressure on our customer supply chains, leading to an even higher volatility in call-offs. Furthermore, we felt the effects of rising inflation in the first Q1. Higher material and logistics costs, as well as energy prices, negatively impacted on our earnings. This development reinforces our commitment for our new strategy and performance program, Value Plus, in which we place a strong focus on compensating for cost inflation. Looking at this environment, we are not dissatisfied with our group turnover. While we did see a year-on-year decline of almost 7% to EUR 1.26 billion, this was mainly the result of the deconsolidation of several WCS units over the last 12 months, particularly our Business Group Industrial Solutions. However, our adjusted EBIT required a more significant decrease from EUR 29 million to -EUR 17 million as a result of lower volumes, increased volatility of call-offs, and inflationary environment. With the closing of the sale of our Business Group Industrial Solutions in January, we received a cash inflow of EUR 278 million, which significantly improved our report of free cash flow to positive EUR 105 million compared to -EUR 100 million in Q1 2021. The sale of Industrial Solutions also contributed to our reported EBIT with a positive effect of EUR 125 million, pushing this KPI to EUR 75 million compared to EUR 51 million 12 months ago. Furthermore, the sale increased our equity from EUR 229 million at year-end 2021 to now EUR 291 million, and our liquidity increased from EUR 412 million to EUR 454 million in the same period. Thanks to the outstanding commitment of our employees on the ground, who continue to work tirelessly in the face of the ongoing war, our production quotas in the wiring system divisions are approaching pre-war levels again in Ukraine. Nevertheless, it is currently impossible to assess the further course of the duration of the Ukraine war. Given the still high uncertainty about its direct and indirect impact, our forecasting ability for the current financial year remains significantly impaired. The continuing semiconductor crisis, as well as the impact out of the corona-related shutdowns in China, further contribute to these uncertainties. With this, our outlook for the financial year 2022 remains unchanged. We continue to expect lower sales, EBIT before exceptional items, and a lower free cash flow for 2022 compared to our initial guidance published on February 17. With this, I now hand over to Harald, who will take you through our financials. Thank you, Aldo, and good morning to everyone also from my side. Let us continue with our group sales on page three. We finished the Q1 with total sales of EUR 1.26 billion, a decline of 6.9% year-on-year. This development was primarily driven by deconsolidation effects from disposals of several WCS units, especially our Business Group Industrial Solutions in January this year. However, the total deconsolidation effects of -10.6% also include further disposals and closures. As you all remember, we have also sold LEONI Schweiz and LEONI Kerpen AG in the past 12 months. Our organic sales was burdened by continuing effect of the semiconductor shortage, as well as the first effects of the Russian war against the Ukraine that started end of February. The negative impact on our turnover is not only related to our production facilities in Ukraine, which were closed for around one week after the outbreak of the war. The shutdown also had a negative impact on other sites in our global production network. The deconsolidations and the organic sales decline were partially compensated by positive copper price effects of 4.6% and positive FX effects of 2.4%. Sales were down in all regions, most notably in EMEA, with a decline of 8.1%, followed by Americas with a decline of 4.2%, and Asia with 2.9% lower sales year on year. Let us now turn to page four to see how these sales figures, among other factors, affect our earnings. Before we start, with our adjusted EBIT figures, I would like to remind you of our new definitions we have introduced for the 2022 financial year onwards. With EBIT before exceptional items, we adjust reported EBIT for non-recurring effects related to the refinancing of the group, M&A transaction, restructuring measures, and the Ukraine war. All figures for adjusted EBIT from the previous year shown in this presentation have been adjusted to this definition for better comparability. Last year's definition of exceptional items was broader. Based on this definition, our adjusted EBIT before exceptional items decreased from +EUR 29 million to -EUR 17 million. With a total negative effect of EUR 31 million, inflation in material prices and salaries accounted for the largest share of this negative development. Please note that this category only includes actual salary increases. The second-largest earning factor were deconsolidation effects of negative EUR 11 million. Within this category, the most important factor is the lack of earnings contribution from our Business Group Industrial Solutions from mid-January onwards. Volume, mix, and price effects totaled minus EUR 5 million, mainly as the result of reduced customer call-offs caused by the ongoing semiconductor crisis and the Ukraine war as external factors which had a negative impact on the contribution margin. Both factors led to a more volatile demand pattern, which had a dampening effect on our efficiency and is reflected in others. Copper and FX had a positive contribution to our operating profit of EUR 2 million. Others mainly include negative non-cash, one-off effects from the Ukraine war and increased energy and logistics costs. These were offset by the absence of connector issues we had in previous years' quarter, as well as turnaround of loss-making business in our Wire & Cable Solutions. As Aldo mentioned, the sale of Industrial Solutions had a positive effect of EUR 125 million on our reported EBIT, including negative effects in connection with the war. Our reported EBIT improved to EUR 75 million, up from EUR 51 million in the Q1 of 2021. Let us now take a look at the free cash flow development on slide number five. Our free cash flow significantly increased to EUR 105 million compared to -EUR 100 million in the Q1 of 2021. As you can see in the chart, this is mainly the result of two factors. The reduction of our net working capital had a positive impact of EUR 81 million on our free cash flow. Net working capital in the Q1 saw a smaller increase in 2022 compared to 2021, as seasonal effects were better offset. On the other hand, the negative impact of the copper price on inventories and receivables and payables have dampened the cash effects. Secondly, the sale of our Business Group Industrial Solutions had a positive cash effect of EUR 278 million, which is included in others. This category was slightly dragged down by negative effects from deconsolidation. Our operating cash flow further declined from -EUR 63 million in the same quarter last year to -EUR 130 million. This is the result of lower operating earnings, stronger seasonal effects, and an increase in inventories due to higher copper prices. With EUR 34 million, our operating CapEx, excluding the impact of IFRS 16, stands almost unchanged compared to the previous year's value of EUR 37 million. I will now continue with a closer look at the development of our divisions, starting with WSD on slide number six. Our Wiring Systems Division sales rose by 1.2% to EUR 856 million, driven by positive FX effect of 2.1% and copper price-related effect of 0.5%, both offsetting 1.4% lower organic sales. This organic sales decline was, as mentioned, mainly the result of the ongoing semiconductor crisis and direct and indirect effects of the Ukraine war. We're happy about doubling our new order volume compared to previous year's level to EUR 400 million. With this development, we grew our expected project volume by end of March to EUR 21.3 billion. With EUR 6.7 billion, almost a third of this volume is related to e-mobility projects. Another EUR 1.2 billion in order intake was won at the beginning of the Q2 after the Q1 cutoff date. All in all, we see good traction with our customers in 2022. EBIT before exceptional items declined from EUR -13 million-EUR -42 million year-on-year. As a result of lower volumes and increased material, logistics, and energy costs. We are, of course, in intense discussion with our customers about passing on these inflation effects and expect the first noticeable impact from the Q2 onwards. After exceptional items of -EUR 31 million, including negative EUR 20 million from non-cash one-off effects related to the Ukraine war, WSD's reported EBIT came out at -EUR 73 million. Let me now continue with the WCS division on slide 7. Sales of the Wire & Cable Solutions division declined by 20% to EUR 406 million, with -28% deconsolidation effect at the largest impact. This was mainly due to the disposal of Industrial Solutions this January, but also several other WCS units within the past 12 months. Organic sales declined by 6.1%, while we saw a positive 11.5% increase from higher copper prices. FX effect contributed 3% to our top line. Our order intake in WCS declined from EUR 569 million to EUR 426 million, mainly driven by the sale of the WCS units. However, the book-to-bill ratio for the quarter remained above one. Compared to last year, EBIT before exceptional items decreased from EUR 41 million to EUR 23 million. This development was again mainly driven by deconsolidation effects, but also by increased material and energy prices and unfavorable mix effects. With exceptional items of EUR 123 million, almost entirely from the divestment activities, reported EBIT of WCS improved to EUR 146 million, compared to EUR 69 million in the Q1 of 2021. Let us now move to slide 8 and take a look at our key balance sheet items. The sale of Industrial Solutions increased our total equity to EUR 291 million, compared to EUR 229 million at year-end 2021, and EUR 282 million at the same quarter last year. Combined with a shortened balance sheet, this improved our equity ratio to 8.8% compared to 6.7% at year-end, and 7.8% at the end of the Q1 of 2021. Our financial leverage decreased from 5.2 at year-end 2021 to 4.2 at the end of this last quarter. This ratio is defined by net financial debt, including leasing liabilities in relation to trailing twelve months EBITDA. Therefore, please take note that the previous year's financial leverage was around 29. That was mainly influenced by significantly lower trailing EBITDA resulting from the COVID crisis. Our total assets came down by 9% compared to the end of 2021, resulting from the deconsolidation of the Business Group Industrial Solutions. I will now continue on slide 9 for a detailed look at our financial position. Our total financial debt, including leasing liabilities and before deduction of cash positions, improved to roughly EUR 1.6 billion from around EUR 1.7 billion, both at year-end 2021 and twelve months ago. Our liquidity, including undrawn credit lines and cash, improved to EUR 454 million from EUR 412 million at year-end 2021. Even more remarkably, compared to twelve months ago, our liquidity improved by over 40%. Our liquidity improved as a result of our positive free cash flow, which was used to repay our maturing Schuldschein note in the amount of EUR 45 million in March. While all credit lines remain firmly committed until at least the end of this year, we are currently in constructive discussions with our syndicate banks regarding a financing beyond 2022. We will, of course, inform you as soon as we have reached an agreement with our financing partners. With that, I will hand over back to Aldo, who will provide you with an update on our current situation in the Ukraine and summarize today's presentation. Thank you, Harald. I want to give you an update on the situation of our business in Western Ukraine. First and foremost, LEONI stands with Ukraine. We continue to believe in the future of the country and our production sites there. With the outbreak of the war, end of February, our production facilities were initially at a standstill for around one week. However, our more than 7,000 employees in Stryi and Kolomyia were and remain highly motivated to continue working, even in the extremely difficult conditions brought by the war. Thanks to the outstanding commitment of our employees, and because the focus of the war is currently mainly in the Eastern Ukraine, we were able to quickly resume production under the strictest safety conditions. Together with the duplication of production capacities in our global production network, which were initiated in the Q1 and that are progressing week by week, we are further stabilizing our production and output towards our customers. I will now turn to slide 13, and with this to my summary of the most important points from the Q1. The start into 2022 proved to be particularly challenging with the ongoing semiconductor crisis, cost inflation, and Ukraine war weighing on our operational performance. While our sales were burdened by macroeconomic as well as deconsolidation effects, the semiconductor shortage, direct and indirect effects from Ukraine war and inflation had negative effects on our earnings. We believe supply chain issues and cost inflation to continue to dominate 2022. Next to semiconductors and Ukraine war, major lockdowns in China increasingly pose further challenges. On a positive note, our Wiring Systems Division recorded a solid order intake in the Q1 and maintained a robust order backlog with a promising e-mobility share. We continue to make progress in focusing on the wiring system business. In January this year, we have reached an important milestone with the closing of the sale of our Business Group Industrial Solutions. This will strengthen our balance sheet and liquidity, and we're well on track with the disposal of the remaining units of the Wire & Cable Solutions, including Business Group Automotive Cable Solutions. I also have two further bits of news on this process. At the end of April, we closed our sale of LEONI Fiber Optics and j-plasma to Weinert Industries as planned. Earlier this week, we signed a binding sales agreement with our long-standing joint venture partner, Hengtong Group, for j-fiber, the last remaining unit of our business unit, fiber optics. We're expecting a closing of this deal at the end of the Q3. Our flexible handling of the Ukraine war strengthens our position as a key partner for our customers. In addition, the discussion with our financing partners to secure our financing beyond 2022 are proceeding on good terms. We will also weather this storm. LEONI's operating base has been strengthened by VALUE 21, which we have completed successfully last year. We have increasingly stabilized LEONI, strengthened our competitiveness, and thus created an improved basis for the sustainable recovery of the company. I'm convinced that the follow-up program, Value Plus, which we outlined in more detail during our full-year results presentation, will be a similar success and that we will also see it clearly in the P&L as soon as the headwinds from external events subside, which currently overshadow this success. Given the ongoing high uncertainty about the direct and indirect impact of the Ukraine war, as well as the COVID-related shutdowns in China and the ongoing semiconductor crisis, our forecasting ability for the current financial year unfortunately remains significantly impaired. We continue to expect lower sales, EBIT before exceptional items, and a lower free cash flow for 2022 compared to our initial guidance published on February 17. With this, we thank you for your attention and are happy to take any questions now. Ladies and gentlemen, at this time, we will begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their touch tone telephone. If you wish to remove yourself from the question queue, you may press star followed by two. If you're using speaker equipment today, please lift the handset before making your selections. Anyone who has a question may press star followed by one at this time. One moment for the first question, please. First question comes from the line of Marc-Rene Tonn from Warburg Research. Please go ahead. Yes. Hello, everybody. Three questions from my side if I may. The first one would be on, let's say, the further disposals you mentioned for the Wire & Cable Solutions business. You said that you're, let's say, adhering to the target to sell the automotive cable business. Could you sort of give us your feelings about, let's say, the amount of money you could receive for that and on how we should think about, let's say, the ability of the Wiring Systems Division to work with the remaining debt which will most likely remain on your balance sheet. Particularly as we've now seen that this, due to many external factors, but let's say is a volatile business, with let's say which may be cash consuming very heavily in some quarters. Or whether, and I think you will not give a number what you have in mind, what you receive for the automotive field, but whether you think that this is all you have to do over the other measures on the financial front, would be something you would have to consider as well. Second question would be, when it comes to passing on cost inflation, and the extra costs you have from duplicating your capacities due to the situation in Ukraine, could you give us some indication? Is it, let's say, something where you have everything in one package, including logistics costs, including energy costs, including wage inflation? Or whether there is, let's say, different, or let's say willingness from customers to pay for certain stuff so that everyone would say, "Okay, material costs okay, and the relocation costs we will carry, but energy and wage inflation is something you have to take care of on your own." So any indication there would be helpful. Thirdly and lastly, just strategically, I think you mentioned already and it's good to hear that you are able to produce in Ukraine again at a decent level, at least. On the other hand, I think you have to duplicate your capacities to be prepared in any, let's say, worsening of the situation. How will you, let's say, work with these, let's say, higher capacities overall following this duplication in the future? Is there any risk of scarce capacity costs or let's say any underutilization on your side in the future? Thank you. Okay. Thanks for those questions. Let me perhaps start with the last one first, and it is also then partially already an answer to your second question. About Ukraine, we are, as you outline, in the process of duplicating our capacities kind of as an insurance for further negative developments in Ukraine. At the moment, really the good news is that our Ukraine facilities are up and running, partially even in three shifts like before the war, and output is very close to the levels that we had achieved before the war. We can fully service customer demand out of the Ukrainian facilities at the moment, which is fantastic news. We hadn't expected that a few weeks ago when the war broke out. Still, duplication is important for us and for our customers. As I said, like an insurance, if things would get worse, we are progressing there. For small harnesses, we are already able to produce. For larger harnesses, we are in the process of preparing for that. It is very clear that our customers will support this effort and will carry both the investment for this that is necessary, as well as the additional parts price costs that are associated with it. We are not expecting to be left with costs out of this duplication effort, neither in investment nor in ongoing costs. When things calm down completely and everything is back to normal, then of course, we'll have to over time discuss with our customers how to then deal with this additional capacity. I think we will then step by step absorb it in our new programs that we will then put into production together with our customers. That is not something of today or tomorrow. That's a topic I think that we can only jointly with our customers assess once the Ukraine situation is completely clear and clean. In terms of the Ukraine duplication, it is very clear, the cost or the commitment from our customers to carry these additional costs. On the other topics that you raised, of course, it's always a discussion. Copper, of course, we have escalating clauses in our contracts, and we are working hard to also expand these indexation mechanisms to other commodities as well. For example, resins for plastic or PA 66, for example, which are a good proxy then for the rising costs that we are having on other materials in our harnesses. We are progressing on that front, also have first successes. Of course, it's always a discussion, but at the same time, it is clear every supplier is coming to the OEMs right now with the same inflationary pressures. This is not a LEONI-specific issue that they need to resolve. It is clear that it needs to be resolved, otherwise the whole supply chain in terms of the supply automotive supply basis in general will be at stake, if the OEMs are not willing to absorb those costs and also pass them on themselves. That's what's happening right now. If you look at car prices, they're not only higher now than a year ago because the rebates are gone, but also the list prices are being increased because of the inflationary pressures. The car makers are doing it to the end customers. That also means that there is room for them to also absorb the inflationary pressures that we are faced with. We are in the midst of those discussions to make sure that we can pass those on. I don't think that there's a meaningful difference there between material and energy costs. I think they are very much in the same category, where we have perhaps more extensive discussions on the salary inflation. Here, of course, there is expectation logically that we compensate it as good as we can with further productivity, which at the moment I have to say is hard. You've also seen it in the numbers for the Q1 because of the very volatile call-ups. It's hard to really optimize your factories and be highly productive if you don't know what you have to produce tomorrow. Of course, also this we put into claims. If our customers have short-term changes to their demand patterns, also here we are capturing the cost and putting it on the table and trying to find resolution to those additional costs as well. Finally, on your first question, BG AM, we are, as I said in my remarks, progressing well in this process. I must say I'm very satisfied with the interest levels and with the pricing levels that are being indicated in those discussions. I cannot really give you much more detail on that. I think you have seen it also on the additional business we've been able to find good homes for these businesses and also financially, I think get good valuations for these strong businesses. Automotive business also is a strong business. We are also here highly confident that we will find good resolution to these topics in the sales process. Your question is that all? I think it will be a very meaningful reduction in overall financial debt levels, and with good valuation also even improves the leverage a bit. That helps of course in refinancing discussions. Overall, we are progressing constructively in the overall refinancing discussions, and a successful sale of the BG AM, of course, also supports these discussions. What then exactly the overall package for the refinancing entails, that will be determined once we are finalizing our discussions with our banks here. Thank you very much. You're welcome. As a reminder, if you'd like to ask a question, please press star followed by one on your touch tone telephone. Next question is from the line of Akshat Kacker from JPM. Please go ahead. Thank you. Morning, Akshat Kacker from J.P. Morgan. Three questions from me, please. The first one on WSD profitability in the Q1. Now you reported an underlying margin of negative 5% in the Q1, and I understand you highlighted the many headwinds, low production levels, high volatility, high inflation across the PNL, et cetera. How should we think about the improvement for here, from here? Probably looking at H1 versus H2 development. Can you break even in the Q2, or can you get back to low single digit margins in the H2 to start recovering these extra costs from OEMs? Some more clarity on the development will be really helpful there. The second one is on the lower China JV earnings in the Q1. Now, production in China had a very limited impact from lockdowns in March per se. Can we just get some more color on the lower JV result please there? Finally, the third question is on working capital. In terms of the working capital drag, do you expect this to be the highest point of the year and things to improve over the coming quarters because of improvement in inventories and also seasonality? Is that a good way to think about it? Thank you. Okay. Thank you, Akshat, for those questions. The first question is of course a key one. How do we bring WSD in this difficult environment back to profitability? It of course has a lot to do with the points I've just outlined and our ability to pass on the inflation to our customers in a rapid manner. We are in the midst of those discussions. As I said, have had fair successes that will also start to pay in the Q2. I would not expect the Q2 to be balanced yet because these discussions are ongoing and will materialize, I think, during the Q2 and then will help to support earnings in the third and Q4. You will see an improvement quarter by quarter. There's still a way to go, I have to say. On the joint venture in China, we did see, unfortunately, a reduction in revenue in the Q1. The shutdowns did have an impact. In that sense, it was partly results-driven. It was partly also mix-driven that the income from the JV was lower in this Q1. The working capital, I would like to pass it on to Harald. Concerning the development of net working capital obviously is highly impacted from copper prices, as you, as you know. Looking at the copper price and seasonality and looking at the copper price, we assume flattish development. We also would assume a flat development of net working capital for the next quarters. Maybe with one exception, Q4 will also see a seasonal development. We expect a decline of net working capital as well. I think this can answer the third question. That's helpful. Thank you. There are no further questions at this time, and I would like to hand back to Aldo Kamper for closing comments. Please go ahead. Oh, okay. Well, thank you, ladies and gentlemen, for joining our results presentation for the Q1 of 2022. As we've highlighted, the start of the new financial year was challenging, with continued pressure due to the semiconductor shortage, as well as new headwinds from Ukraine war, inflation and the COVID-related shutdowns in China. We remain optimistic that despite all this external turbulence, LEONI continues to be on the right path with the implementation of our Value plus program and a strategic focus on the automotive and commercial vehicle industries. Still a lot of work to do and still a lot of uncertainty in the environment. We, like our Ukraine colleagues, have a good fighting spirit and will continue to fight for improvements here in this difficult environment and hope to report and also better outlook and better numbers in the next call for the Q2 results. Take care and all the best. Bye-bye.
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