Thank you very much, operator, welcome to all of you to NORMA Group's Q1 2023 results. Together with my colleague, Annette Stieve, I will lead you briefly through the facts and figures of the first quarter, 2023, followed by a more detailed introduction to our company program, Step Up. Starting on page two, you will see that NORMA had an organic growth of 2.1% on the same level as in the previous year, with an adjusted EBIT margin of 7.2%. Net operating cash flow came in at -EUR 45 million, with an healthy equity ratio in the balance sheet of 46%. Net debt stands at EUR 414.3 million, the dividend proposal at the annual shareholder meeting of EUR 0.55 will be presented to the shareholders on Thursday this week. Looking now into more details, please find the top line development on page three. The already mentioned organic growth of 2.1% splits in one, positive pricing of 5.9%, and two, a volume decline of 3.7% in the 1st quarter, 2023. We had a mixed picture in terms of industries. In the engineering part of the business, we had a strong growth of 6.3%, while the standardized business was declining by 2.9%. Currency effects contributed positively by 1.3% to the sales development. All this led to a balanced regional split of Europe and Americas with 44% each, while Asia-Pacific stands at 12% of sales. Switching now to page four, looking in more detail to the regions, we can see that Europe delivered a strong double-digit growth of 13.2%, with good volume effect in mobility and new energy, while the standardized business had a high single-digit growth of 8.2%. All in all, organic growth in Europe stands at 11.8%. In the Americas, we saw a good growth in heavy-duty vehicles business, leading to an engineering growth of 2.4%, while we experienced a decline of 4.5%, specifically due to a weak U.S. water business, which declined by 8.1%. This decline was caused by heavy rains in the western part of the U.S. in combination with some destocking at customer level. The challenging environment, especially in China, led to an organic decline of 8.9% in the engineered business, while the standardized business declined even more by 16.7%, also due to the weak water business in Asia-Pacific. Overall, the region declined by 11.8% year-on-year. Looking at page five to the margin development, we can see that the EBIT margin stands sequentially improved at 7.2% compared to 6.4% in the fourth quarter of 2022. While as expected, still down year-on-year from the strong previous year's 10%. For more details on the numbers, I hand now over to my colleague, Annette Stieve. Thank you. Let's have a look to the development of our profit and loss margins. We start there with the material cost ratio, which decreased by 110 basic points due to lower inventories of finished goods and work in progress, while our gross profit ratio almost stood stable at 53.8%. The personal cost ratio increased by 50 basic points to 26.1%, mainly due to labor cost inflation. OpEx ratio increased by 240 basic points, mainly due to freight costs on the one hand and IT implementation costs of planned projects on the other side. Our EBITDA margin and our adjusted EBIT margin both decreased by 280 basic points to 11.7%, and respectively to an EBIT margin of 7.2% in Q1. Looking to our EPS, our earnings per shares, it's well known that our adjustments are only due to further or prior M&A activities. Our earning per share reported amounts to EUR 0.24. Our adjustment amounts to EUR 0.13, and our adjusted EPS per share is EUR 0.33. Having a look to page eight, to our dividend development, in particular in the EPS. We can see there the development of our earnings per share from adjusted and reported. The most interesting here is the dividend per share, which the dividend proposal to our AGM will amount to EUR 0.55 per share, which is then fully by with 31.3% fully in the range of our dividend policy, which is between 30%-35%. If we look on page nine to our equity ratio, net debt and debt ratio, we see on the one hand that our net debt increased by roughly 18% due to a strong cash outflow from operating activities, the disposal of non-current assets, and higher leasing liabilities. These are majorly projects like our investment in the new plant, Lithia Springs in the U.S. and in extensions of our Chinese plants, which will come. Our leverage increased to 2.7 due to higher net debt and the lower EBITDA. Our equity increased from 45.2% to 46%. Considering our net cash on page 10, we, our net cash amounts to -EUR 44.8, and it is majorly determined by, on the one hand, working capital outflow of EUR 66 million, due in particular the decrease of our factoring programs, which amounted by the end of the year to EUR 77 million, and we reduced it by roughly EUR 50 million. Our CapEx increased mainly due to new locations, on the one hand, NDS, our water, new water plant, Lithia Springs, and on the other hand, our extension of the Chinese plants. This results finally in a net operating cash flow of EUR -44.8, which is a decrease compared to the Q1 2022 of roughly EUR 16 million. My last page describes at the end our NOVA and our ROCE. There we can see that our NOVA decreased from 5.1 to -9.4. This is mainly impacted by, on the one hand, the decrease in EBIT, but one of the major effects, which is new currently, is the development of the WACC, where we see an increase from 7% for 2022, now to 9.25% in 2023. Having said that, I give over again to Miguel, who provides you with the guidance outlook. Thank you very much, Annette. Looking at page 12, we are confident to confirm the guidance for 2023. Sales will grow organically in the medium single-digit range, leading to an adjusted EBIT margin for 2023 at around 8%. Net operating cash flow will come in at around EUR 70 million, while the NORMA Value Added will be between -EUR 10 million to +EUR 10 million. Let me now introduce to you the new company program Step Up in more detail, which has been developed by the NORMA teams in the last months. The NORMA Group Step Up program is about growth and efficiency, it targets with this growth and the improvement of efficiency as well, an improved mix leading to a safe split in 2027 of 60% water management and industry applications, while mobility and new energy would be around 40% in 2027. We would get from a 2022 situation, 60% mobility and new energy to 40% and 40% of water and industry to 60% in 2027. The growth part of the program deals along the three strategic business units. You see on page 14 the different elements of this growth program. Of course, it's imperative for the group to have a product development for alternative powertrain technology and also to focus on the China and the e-mobility trends. It is very important, and we will come later to that in more detail, however, to have a more selective order intake. In industry applications and water management, we are driving growth in the different countries with specific country growth plans and focus. We want also to expand everything around make or buy, meaning here, to add to our product portfolio third-party products as well. Of course, to extend our business through digital commerce. One fundamental topic in this Step Up program is the capital allocation. We would like to increase the competition for capital. You have seen the split that we target for 2027, to get a better and more resilient business mix, and very important, to fade out and prevent of low-margin businesses. In the efficiency part of the program, we are determined in order to improve specifically, but not only in supply chain management and operations, and of course make better use of existing capacities, implement and monitor, and improve machine usage, what we call OEE, and of course, reduce inventory and also reduce backlog. This together with activities to continue on the IT level to introduce the 365 Microsoft ERP, but also having bi-weekly drumbeat of all the efficiency activities. As well important to have an ongoing SKU reduction, which is a reduction of part numbers and number of products. What are we targeting in terms of margin? For water management, we would be addressing a target margin range of between 15% and 20%. As well as for industry applications, the target margin range is again between 15% and 20%. In terms of mobility and new energy, we are targeting double-digit margins as already explained in the capital allocation part. With this targets for 2027, we will increase NORMA Group's EBIT midterm on double-digit levels. With that, we are now happy to answer all your questions. Operator, could you please start the Q&A session? Ladies and gentlemen, at this time, we will begin the question and answer session. The first question is coming from Marc-René Tonn, from Warburg Research. Please go ahead. Yes, good afternoon. Thank you for taking my question. First one would be on, let's say, the Step Up program, and perhaps what you could give us as an indication of where you are right now when talking about, let's say, the individual businesses and the margin you are aiming for. The 15%-20% for the water management and industry application, and the double-digit number for mobility and new energy. Is it the improvement which you have to do until 2027, is it very much just mobility and new energy or are there also the other two divisions or let's say business units where you have to do, let's say, major improvements in the years ahead? Secondly, perhaps you could give us some indication of the phasing of the improvement which you are expecting. We're talking about 2023 now, and the target is up for 2027. Is it, let's say, kind of a linear improvement which we should expect? Would it be very much back-end loaded that it's okay, we have to, let's say, build up the new business mix first and then the results will come as another visit. It would obviously be a bit more back-end loaded. That would be the second question. Perhaps a bit more on the short-term development for this year. I think as expected, I think you mentioned that the full year results already, that you would start a bit more on the lower end when it comes to your full year targets. Can you give us some indication here what you would expect in terms of phasing for the remainder of the year, seeing it with a very strong EMEA business in Q1? We look at growth, it's a bit below your average margin for the group. Would you expect that there's a regional mix to improve in the quarters ahead and also the business mix improving with water having been weak in Q1? That's also some outlook there, whether you would expect a bigger catch-up in H2. Lastly, what you would expect in terms of cost inflation over the year. Will this be more back-end loaded or do you see, expect a more, say, more evenly split development over the year? Thank you. Thank you. First question is about the current profitability levels of the strategic business unit. You know that we want to go for 50%-20% in industry and water in 2027, and double digit in terms of mobility and new energy. Today, indication is about already in the range for water, close to the range of industry and a low single digit for the mobility and new energy. So that was question number one. Question number two was about 2023 situation. We have been communicating already in end of March, as we presented the guidance that we would be a back-end loaded, which we confirm. We are very clear about and very committed and we see clearly the 8% for the year. Yes, we will see increases of volume, specifically in Q2 and Q3. We will see accordingly also the margins coming up specifically in Q3 and Q4. Annette to question number three. Well, I think you also considered our cash position. At the end, we know that the first quarter is for NORMA, classically, not a very strong cash quarter. That's clear. We will improve significantly in Q2 and Q3, and all our combined actions also of the Step Up program will provide that. These are all things which are deeply structured and are on the realizable way. I have no doubt about that. In terms of inflation, well, that's a bit always a view in the big glass ball. However, what we see currently is that the bulk is done. I think it's lightening up a bit. Anyhow, when we look to our major pain point, which is still Europe is still suffering a bit by the Ukraine war and so on. The more technical, the more high material our steel, for example, will be. We have a high bulk of energy in, which means if we don't pay any markups for this, we will not be provided with steel. It's going to be better, but we are not out. Thank you. Just one follow-up, if I may. On the phasing of the Step Up program, I think you're thankful for the, let's say. Do you expect this may be more, let's say, coming late, the improvements for this, let's say, double-digit margins or if it's 13%, if we, let's say, take low double digit for mobility and new energy and 15% on the lower end for the remaining 60%. Is it more something we should expect in, let's say, with this deep ramp up in 2026-2027? Or is there quite a linear development over the years? This will be quite a permanent improvement. The plans are on track. we are there on an execution roadmap where we check that every two weeks. It's has to become the DNA and every, of everybody here. That is a permanent way up to 2027, where we consider then I would say good double-digit margin. Okay, thank you. Anyone who wished to ask a question may press star followed by one on their touch-tone telephone. One moment for the next question, please. The next question is coming from Peter Rothenaicher from Baader Bank AG. Please go ahead. Yes, hello. I'd like to ask about the premium or the first restructuring programs. How strongly are you here progressing? What is here to see in terms of efficiency of the plant closures? You still mentioned that you still had to use temporary worker to work over hours. How is it going on? Is there some improvement to see in the second and third quarter? From the savings you initially expected from these programs, how is this looking today? Peter, at the end, well, first of all, just not to confuse anybody. Our prior efficiency or restructuring programs are now all baked in this new Step Up program. We are not driving three different programs. It's all baked in. Our major activities out of Get on Track, where you are focusing on our plant closures, our transfers, this is all executed and done. For sure, we are still not. Therefore, we did the restructuring. We did our homework in terms of that we at the end, dismissed our employees and all the transfer has been done. The efficiency of the plants, the last programs have been transferred by October last year. We are now working on the efficiency, productivity on the plants, in the plants in order to bring that back to the level we are used to and to the level which we see in other regions like Americas or APAC, because there's no reason why they should be behind. It's on a good path, but there's still a way to go. We see there at the end, the saving we expect out of this, mostly in the second half of the year or up from the second half of the year. Let's say it like this. Regarding the development of specific regions and businesses. On the one hand, you mentioned the North American water business was weaker. Clearly the reasons are clear with the flooding. What do you expect here for the remainder of the year? Do you see here a recovery? Is in your plan that North American water business will grow in volume versus 2022? To be very honest, I don't care so much if it grows in volume or pricing. I take both as accounting and controlling. I take both. At the end, I think the positive news is we were all prepared that the water business should drop down by, I would say, negative growth macroeconomic situations. We were very cautious. January and February at the end came even better out than we expected. We have been now, like every competitor as well, at the end, we have been touched by this heavy weather conditions. What means that most of these projects which could have not been done in March until the middle of April, there we see that we will catch that up because these are projects which are ordered, and as soon as the construction can start, it will come. On top out of flooding, out of storms, we had also storms in New Zealand, for example. Comes mostly that people want to have more storm water, more drainage in their garden to protect themselves. This we see cautiously positive. In the Asian business was, which was really weak in the first quarter, do you have here signals that the Chinese business is recovering? With regard to the water business in Asia, is this only due to weather condition or are there some structural problems? Well, China will be getting into the normal mode as we speak. That's the reason why in the forthcoming quarters we see their growth again. Also in terms of the water business, we will see an improvement in the next quarters to come in the Asian environment. This is because of one hand India, but also because of what Annette Stieve just mentioned, postponement of some projects because of the weather situation in the Australian and New Zealand part of the business. Okay. Then a last question for you, Miguel. I think you traveled a lot in recent quarters and months and visited the plants in different regions. What was your view? Where are there really some construction sites where action has to be taken? What do you think is on the positive side to see? Yeah. Thank you for the question. I'll start with where we still need to do a lot of activities. It's clearly in Europe. It was mentioned before by Annette that we will take a couple of more months to get to the right output and productivity levels. Q3 onwards, we will see a better situation there. In China, I have seen a very well-prepared team for the growth to come. Very modern installations and very competitive situation as well. This is clearly a field where we are very well prepared, also in terms of efficiency and productivity for the growth to come. The most recent visit to the Americas was also positive. Good levels of technology, but also good levels of efficiency. With Lithia Springs, we have been building a significant milestone. We have been inaugurating, ribbon-cutting last week. The new plant where we will have the expansion. You know that this is in the Atlanta area, so the expansion that we need for making our growth and market shares within StepUp, by the way, for the years to come in and around the water business. This is also well on the way. Okay. Thank you very much. The next question is coming from Nicolai Kempf from Deutsche Bank. Please go ahead. Good afternoon. It's Nicolai Kempf from Deutsche Bank. 1 question on my side. I appreciate the Step Up plan, and it looks that it's moving in the right direction. I'm just wondering, 'cause I saw the term or like the topic M&A twice, both in industrial applications as well as in water management. Given your leverage, which is currently, I said it, 2.7 times, this seems that it's gonna limit your M&A potential. Can you give more color on how you plan to resolve this? Yes. The way is very clear. We will not jeopardize the leverage levels that we have been working with in the last years. It is about to be cautious in that field, and to not get more risky on the leverage side. Very clear. Basically, if you plan to organically de-lever, and not, raise capital if there's already potential fit target. Nicolai, it's what we all told all the time. Our Christmas wish list is still priority one water target in Europe. There is nothing big on the market. We might be able to buy even two or three, but these are small targets. As soon as we free now cash flow from our side, we can finance them partially also by ourselves. That's not the big shot, we need more than one. We will do that step by step, but we will not jeopardize our efficiency program. That's clear. Okay. Clear. Thank you. There are no further questions at this time. Okay. Thank you, operator. As you all have heard and as we have communicated, I will go back to the supervisory board at the end of May. I'm very happy to have with us here the new CEO, Guido Grandi, on the phone in order to introduce himself. Can I now ask you, operator, to open the line of Guido? Thank you very much. Guido? Yes. I'm not sure if you can hear me? Now we can hear you. The floor is yours. Okay. Thank you very much, Miguel. Thank you very much for the introduction. Hello, everybody. My name is Guido Grandi. I'm 51 years old, married with two teenage kids. Originally, I studied aerospace engineering, and later on I got my MBA at Arizona State University with a concentration in supply chain management. Over the last couple of years, I worked in different management positions and different leadership positions at Ford, but also diversified companies like United Technologies and ThyssenKrupp. My latest experience I got at the WKW Group here in Germany. The last 17 years I spent in C-level positions with a kind of a diverse background, industrial service as well as automotive. Supplying different channels, so to say, OEM business of course, but also service aftermarket business and industrial business. I'm looking forward to apply these experiences now here with the team at NORMA Group. I'm really looking forward to this opportunity as I find this to be a very interesting, diversified company with obviously a lot of products and a lot of markets that address the mega trends that we're facing as a company, but also as a society. I think this is a perfect fit, and I'm really excited to work with the team. I was able to meet some of the team members over the last couple of weeks, and I'm obviously looking forward to then have a full start in June 1st, and also to grow my relationship with everybody here on the call. Thank you. Thank you, Guido, for the introduction. We are extremely happy to have you soon here at NORMA June 1st. With that, that concludes our call for today. Thank you for listening, and have a nice day.