Good day to everybody. Another year that we look at. We have made our preliminary numbers public in February. Many things we'll hear today will be a confirmation of what we have already published. Some things will be new. As usual, I start with an overview of what we are going to explain to you today, Koenig & Bauer at a glance. We had, as a whole business, and not only as the printing business, but the whole machine and machine tool business, quite a challenging year. After the COVID pandemic, we first had a kind of a swing back of the pendulum and said, "Oops, do we go into sunshine sailing now?" Unfortunately, the sunshine was a bit limited, and we had a challenging year again. Despite that, our order intake and our revenue is better than the industry average, we dealt with the situation. News and highlights. I'll come later on to the so-called Spotlight initiative or program. We will talk about a new split of responsibilities between myself and Steven Kimmich. The annual report. A few words on drupa. It's the first drupa this year after an eight-year break. Since I'm also the drupa president, I'm very close to where we are. We just had a big drupa press conference this day on Monday and Tuesday in Düsseldorf. I have some insights on how the direction of the industry is going and what the drupa will likely look at. We will speak about our own technology date, which we had. One of those examples which we always give you what has happened is something which can turn to be something quite nice and exciting. It's a partnership with Mitsubishi Electric, again, in the world of battery manufacturing. The full year figures will be presented in detail by Steven Kimmich, as well as the segments. Let me just give an overview. We had a good order intake in banknote, as you know, that's normal in banknote. That banknote is not normal, order intakes have high fluctuations. We had a good fourth quarter. We'll come to that in detail. The segment Sheetfed improved sequential over the year, it had, as you all know, a very weak order intake in Q3, which is slowly turning in the right direction in Q4. The outlook for 2024, we will also reiterate what we have already said and also explain our further dividend policy with a payout ratio between 50% and 35%. Let me just give you the overview of the numbers. Last year, we aimed for an EBIT rate of about 3%. Because of all these challenges which we had, unfortunately, we didn't meet 3%. Therefore, we reset and précised our targets in November. Whatever we set there, we met about in the middle of it. We now have an EBIT of EUR 29.9 million in the last year, which is 2.3% EBIT, as compared to the about 3% which we had announced. Previous year, the number was EUR 1.9 million. Despite that these numbers as total are not satisfactory, we are on that growth path that we had envisioned, though slower than we had envisioned, we are moving in the right direction. The revenue grew by 11.9%. That is definitely way above the VDMA average, which we have in our industry. The order intake dropped slightly. Again, the numbers of VDMA for printing presses are way below where we stand. Basically, that we are a group which stands on three different feet, is in these days a more solid strategic proposal than to stand on one foot only. News and highlights, the Spotlight program. In 2018, we announced a growth initiative, and we announced investment in R&D to turn the company from a printing press manufacturer in what we called those days a technology company. We call that 2023 growth offensive, 2023 is now over, and therefore we want to switch from the area of sowing to the area of harvesting. Having said that, since the EBIT rate is not where we want it to be, we said we need to support this by a call it supporting project or program, which we call Spotlight. We called it Spotlight for a reason. Because what we did in the past is we had an enormous amount of R&D activities as well as M&A activities to reshape the company with new product and also into new markets. Now we need to put all of the effort which we have into bringing these products successfully into the market, in getting the last bugs fixed, in getting startup costs or ramp-up costs As quickly as we can reduce. Whilst we do that, we need to refocus the strength of our people, of our team on these things. We will probably then no more or slow down on real new R&D programs, which we hadn't envisaged at large scale. We will redirect our resources into what we said here. That's why we call it Spotlight. We want to shine the Spotlight onto something which creates EBIT as well as cash, as quickly as possible. It's a transformation process. This is not a comparison to a P24 or anything else which we've done. We will go through this transformation process during this year. The effects will be seen over the next years, and it's mainly also a method to achieve our midterm targets, which we have announced. If we go one page further, what you see there, it doesn't have to do with Spotlight, but we say it here, is in doing all of that, the supervisory board had enacted me as the Two things which are maybe noteworthy is there will be many exhibitors also coming from China this year, also dragging along a lot of Chinese customers. It'll really be a world show, despite it being in Germany. It'll turn more and more into a world show. On the exhibitor side, it's still Europe is the strongest origin of exhibitors, still more than China, and Germany itself being the strongest. Also that show will shift a bit to an Asian emphasis as in attention of people who come, and I can say that because I made the so-called drupa tour last week through many countries, we believe the number of participants will be very high. There are some changes. Commercial printing is in a kind of a regular decline, and there are less exhibitors and also less customers. Packaging printing is growing. All in all, I see it more international, more Asian, and more packaging and a lot of digital. I think that's what I can summarize. The press attention is high. We had 74 people in the press conference, coming from as far as New Zealand, so it's truly an international event. We hope, and that was the case in the past, that also drupa, despite it not being exactly a show where people, out of a spontaneous reaction, buy something for EUR 5 million, but it'll inspire innovation, it'll inspire a bullish view into the future. It'll hopefully inspire some people to say, "Oh, wait a minute, I think we have to upgrade our equipment." Therefore, also give an initiative to us or to the whole group of companies who exhibit there. Besides that, we had a digital web-to-print technology day at Koenig & Bauer that is already something which you could summarize under Spotlight. What we did there is we put in the middle of all of our invitation, the CI flexo machines, which are selling quite well at the moment, and also the RotaJET print presses and the digital department for digital products. That was the three products which we put in the middle of it, we invited mostly deciders of international brands. Also of converters, but also of international brands, we had an extremely high-level audience there. I think it was quite a successful event. One more thing about Mitsubishi Industry. We published that we are going into a partnership with Mitsubishi Electric. They are a world leader for Contact Image Sensors. We work a lot on authentication, but also on quality control, which is done through cameras and lenses and other devices. This part of Koenig & Bauer is led by a young colleague of ours, he put this partnership together basically, we jointly approach now especially the world of battery manufacturers for in-line inspection systems for car batteries. It's something which is a core knowhow that we have. Again, it's a core knowhow which comes from banknote. In the same way as we had said that we are in a project together with Volkswagen, again, that core knowhow came from banknote. Again, the core knowhow of precise inspection in line is a requirement which banknote production has more than the production of Kellogg's Corn Flakes boxes. The high-tech approach is also, let's say, a spinoff of the banknote knowhow. That was the exciting part, now I come to the exciting part for our analysts. That's the exciting part that Stephen will present to you, the numbers. Very good. Thank you, Andreas, and also good afternoon or good morning, good evening to all of you on the call. I'll spend the next few minutes walking you through the financial figures, which of course, are also very exciting, but perhaps in a different way. As mentioned already in the top line in EBIT figures, we can basically completely confirm our preliminary figures that we announced at the end of February. There were no unexpected surprises in the closing weeks of our books. Order intake, as already mentioned, due to a strong Q4, primarily, in the banknote business in segment Special, at EUR 1.29 billion per December 31st, down 3.1%. Again, compared to the VDMA industry average, a very strong finish to the year. As mentioned already by Andreas, also in our mind, proof that not relying on a single market and standing on several pillars in the company has again proven to be a value asset of the company. Now with EUR 1.29 billion of order intake, some tailwind moving into 2024. Revenue side, up 12%, as mentioned, EUR 1.327 billion. Also here, the typical quarterly run rate that you've seen in the past. We had a very strong Q4. EUR 435.7 million of turnover, not just driven by Special, but also in a strong Sheetfed quarter. This is the typical seasonality that we've seen in past years, and it was again, very strong in 2023. Order backlog with EUR 911 million, down 4% compared to last year. Again, due to the strong Q4 and despite, which I will show in a few slides, despite the strong Q4 in revenue, we still managed to have a book-to-bill above 1 in Q4 and maintain a strong order backlog. If we move to page 11. On the EBIT side, also, we confirm our EUR 29.9 million of profitability, that was published in February, up EUR 7.9 million compared to prior year. As already mentioned, of course, we were initially targeting 3% at the beginning of the year, but in a very difficult year, we only achieved the 2.3%. The 2.3% is still an improvement and it's the fourth year in a row with continuous improvements, looking back to 2020, 2021, 2022, 2023. We now have four years in a row with improved profitability. Looking at why or where did the EUR 29.9 million come from, we of course, had positive effects from volume and price increases that were able to compensate the inflationary effects from material energy and personnel costs. The main challenge we had in 2023 were the startup and follow-on costs for Digital & Webfed, which as you've already heard, will also be a strong point of focus in our Spotlight project that these products get launched successfully into the market at cost, and these EUR 9.3 million to eliminate them going forward. Otherwise, as also typical for us and as you've seen in the past years, on the EBIT side, a very strong Q4, with EUR 32 million of profit, and basically generating all the profit for the year in Q4. If we move into a little bit more detail on page 12 in the P&L. On the revenue side, EUR 1,327 as mentioned, led to a gross profit improvement to EUR 347.5 million. Gross profit was slightly down 26.2% compared to 26.8% in last year. Again, primarily driven by the follow-on costs and ramp-up costs in the Digital & Webfed segment. Below gross profit, R&D costs roughly flat, a slight increase in depreciation. Distribution costs slightly increased also, across all three lines, distribution, administrative, and research development. Of course, higher salaries, but also in distribution costs driven by the variable components for logistic costs and provisions. On the administrative costs, salary as well as increased depreciation due to our IT projects that are now fully being run through the P&L. If we look at our interest results below EBIT of EUR 29.9 million, of course, and we'll see this in the cash side in a second, with the higher use of our credit lines and the increase in interest rates. We had a higher interest result of EUR 16.9 million, still at the bottom line, despite also a higher income tax expense, EUR 2.8 million of positive bottom line net profit for the company. Of course, not in line with our expectations and where we expect Koenig & Bauer to be in the future. At the end of the day, a profitable year, also at the net profit level. On page 13, this is a new information today, our negative cash flow that you saw already in Q1, Q2, Q3, that continued in Q4, primarily driven by working capital, also, of course, driven to the losses in our Digital & Webfed segment at EUR -93.4 million. This will also be one of our core topics looking into 2024. This was a similar picture to what we saw in the previous quarters, driven primarily due to a decrease in customer down payments. If you look at, when I get to the balance sheet under other liabilities, you can clearly see that the customer down payment side is dropping, and the single order in Special was not able to compensate the overall group reduction in down payments. This is something that as order intake recovers in Q4, Q1, Q2, moving into post Drupa, we expect that picture to change, working very hard in the meantime on reducing working capital by other means. At the end of the day, for the last two calendar years, a negative free cash flow driven primarily by working capital and higher interest expenses. Equity ratio, however, still remains strong, 28.7%, roughly unchanged, slightly down to last year. On page 14, you see the details of the free cash flow. Here also the good news, I like to focus on the good news, the gross cash flow coming purely from operations. We were able to improve from EUR 58 million in 2022 to EUR 71 million in 2023. This is really the top line gross cash flow coming from earnings from operations, pre-networking capital change and pre-investment. We're able to continue to show improvement in that manner. Where we're not showing enough improvement is on working capital under difficult market conditions. Otherwise, I think I've mentioned all the topics. Overall, the EUR -93.4 million, something that we're looking forward to changing in future quarters. On page 15, looking into the balance sheet, there's not too many highlights to focus on. Inventories, of course, at EUR 426.8 million. It's a coincidence, but basically unchanged compared to one year ago. We still have a high order backlog, and inventories have been unable to drop in the rate at which we would have hoped, in line with the customer down payments. If you look at the other liabilities, as I already mentioned, the EUR 299 million has dropped to EUR 270 million. Within that account, there's a EUR 50 million drop in customer down payments. That's the main challenge we've had in free cash flow, and we're not able to compensate it yet on reduced inventories. This is, however, certainly a project that's up and running. Otherwise, on the balance sheet, no major highlights to point out. Intangible assets slightly up from EUR 145 million to EUR 155 million. This is driven primarily from our investments in IT, particularly our go-live for our S/4HANA that we're targeting for 2025, but otherwise no major topics to point out. Page 16, to close out the group level before I move to the segments. You see the quarterly look at our results. If you look on the top right, revenue, it was the strongest Q4 we've had in many years, EUR 435.7 million. Book-to-bill in Q4, despite the high revenue at 1.05, you see on the bottom left of this page, again, driven by the strong order intake. On page 17, you see the glance on the three segments. There's a lot of information on this slide, but I really think it gives you a good picture for the overall individual segments. Starting with Sheetfed, in the red columns, you see the drop-off in order backlog that has happened over the last five quarters from a peak of EUR 639 million in Q3 2022 to an order backlog moving into 2024 of EUR 409 million. This is a trend we have seen in previous quarters. However, in the blue columns, you see a very good news, that Sheetfed in Q3 at a very low EUR 112 million, already showed clear recovery in Q4 at EUR 152 million. We do see a pre-drupa improvement in order intake, compared to the lows we saw in Q3. Despite the EUR 409 million in the book-to-bill under one, there is some good news on the order intake front for Sheetfed, and clearly a trend moving in the right direction. That transitions into a strong Q4 to close out the year, with EUR 17.7 million of EBIT on EUR 248.4 million of revenue, a solid finish, and at EUR 30 million of profit, a very strong year for Sheetfed compared to where we have been in the past. Now with some momentum on the order intake side, where we think the worst is behind us with Q3. Special, if I move to the right, and Digital Web to the last. Special had a fantastic order intake. Maybe on that front, I can also mention that I am very happy and looking forward to taking over the Special segment responsibility for the Special segment starting on April 1st. It is going to be a fun addition to my tasks and I am looking forward to being more operational on that front. That being said, I am also very happy that before handing it over, that the Special segment had fantastic order intake. I am taking over with some clear tailwind, which makes my job easier on that front. Special had a weak last couple of years. We have talked about that in this call many times in the past, that it is the stochastic order intake in the banknote business was stochastically low for a very long time, and now we had a stochastically high order intake in Q4, which gives us some momentum moving into the next years and is great news for the company. At EUR 23 million of EBIT in 2023, a reasonable result, but certainly nowhere near in line with previous profitability that we have had in the segment. We have mentioned in the past that we had some headwind in that segment, primarily from some large orders in Sudan and in Argentina that really hit our top line and EBIT in the calendar year 2023. Also there, those negative results are mostly behind us, and we are looking forward to improvements going forward in the coming years. We look at just Sheetfed and Special, a EUR 30 million and a EUR 23 million profit. EUR 53 million of EBIT coming from those two segments, and a reasonably good picture in overall order intake, fantastic and Special, and good momentum in Sheetfed. On the Digital & Webfed front, I think it is a similar picture to what you have seen in the past. We were not able to significantly improve the results in Q4. We are still suffering under some startup and ramp-up costs that you can see in the EBIT bridge, compared to Q3. However, this is one of our core focuses in the group now, to manage the growth and get these new products into the market at cost. EUR 172 million of revenue and EUR 24 million of losses, then pulling down the overall results in the group. That rounds out the summary for the segments. A mixed picture, but in a company of our complexity and our broad portfolio, I think it is important to understand that we have two very healthy pillars that are generating EBIT and moving forward have good momentum. Digital & Webfed, however, require more focus. On page 18, looking at our outlook and forecast. We have announced now for 2024 that at the bottom line, we are expecting an EBIT of between EUR 15 million-EUR 30 million for the group, with revenues of around EUR 1.3 billion. Adjusted for the roughly EUR 10 million in drupa costs, this would be apples to apples, around EUR 25 million-EUR 40 million. This is, we would basically call it a sidewards movement compared to last year, where we ended the year at EUR 29.9 million, and expecting a similar picture for 2024 for the group. That being said, within the group, the picture will look slightly different. We are expecting that Special and Digital & Webfed will improve disproportionately, so we'll have a higher contribution, whereas Sheetfed has certainly the most headwind moving into 2024 due to the low order backlog. Our guidance for 2024 is seized as headwind in the first half of the year in the Sheetfed segment, but is based on a recovery in incoming orders in the group, which we have already started to see since the fourth quarter of 2023, therefore, it gives us confidence that our guidance is accurate, despite the headwinds at the beginning of the year. Midterm, we remain with our two-step approach. We still see ourselves also supported by the Spotlight project and the focus that we need in our new products on path to achieve EUR 1.5 billion of revenue and an EBIT margin of between 6% and 7% no later than 2026. Still see ourselves with further improvement in digital printing and our other business models on path to be a EUR 1.8 billion company and with an 8.8%-9% EBIT margin in the midterm. Unchanged with a maximum working capital ratio of 25%, and targeting a 30% contribution from service revenue for the group. As Dr. Pleßke mentioned in his opening remarks, we've announced also our dividend policy targeting to distribute between 15% and 35% of those earnings to shareholders, going forward, if minimum EBIT thresholds are met. That is all from my side. I hope that gives you a brief summary. It's a mixed picture of the financial figures within the segments, also within cash flow versus EBIT, many things are heading in the right direction. There's clearly still a lot of work to be done. That being said, I will hand back over to the operator for Q&A session and look forward to any questions or comments. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star one on the touch-tone telephone. You will hear a tone to confirm that you have entered a queue. If you wish to remove yourself from the question queue, you may press star two. Questions on the phone are requested to use only handsets and then to turn off the volume of the webcast. Anyone with a question may press star one at this time. The first question comes from Jorge Gonzalez from Hauck Aufhäuser. Please go ahead. Hello. Good afternoon. Hello, Dr. Pleßke and Dr. Kimmich. Thank you for taking my questions. If you don't mind, I will take them one by one. The first one is regarding the net financial position and the outlook for 2024. I was wondering if you have a view on how the payments from clients for the order intake that you are foreseeing for the year could help you to improve this picture of the end of 2023. That will be my first one, please. Absolutely. I think from our side, we see recovery in the market already. As mentioned in Q4, we already saw it to start, we're confident that the markets-- We have no worries about the market in general in the midterm, whether it happens in the first half or the second half of 2024, or if it happens in 2024, none of us know. The markets we're addressing, the customers we're addressing, are fundamentally healthy and fundamentally intact, which gives us the confidence that, yes, these customer down payments will return to normal levels, and we're simply in a market downturn in many parts of the globe, particularly here in Europe and in Germany. We see the effects of it with the down payment behavior of our customers. We're not giving guidance on cash flow, we're not going to give you a specific number. Do we expect the trend of it continuing to reduce? Absolutely not. We don't expect this negative cash flow to continue, because what I mentioned, we basically see the worst is behind us on the market side. We see upticks since Q3, therefore, the statement that we think the worst is behind us on that front. What I can't predict is the speed at which the market will continue to recover. Will it be pre-drupa? Will it be post-drupa? We already see, as mentioned, pre-drupa, Q4 was already showing a recovery. That trend will hopefully continue. The question is just how fast. What we are confident on is that the market will come back. Stephan, allow me a follow-up on this. You are mentioning that you already see an improvement in the trend for order intake for Sheetfed. This means that you see sequential improvement in Q1 compared to Q4? In the press release that you published with the preliminaries that was already one month ago, you were mentioning that it was likely to see some restriction in the order behavior of clients pre-drupa. This means that is not the case, that you are now more convinced that the order intake in Q1 will improve for specifically Sheetfed? No, I think the statement in the preliminary figures was that it could lead to a drop. We didn't say it will lead to a drop pre-drupa. We said it could. We're clearly not making a comment on Q1. That's something we'll do in May. I think the way to understand is that our guidance for 2024 assumes a recovery in orders, which we already saw in Q4, that it was happening. We didn't mention a recovery followed by a dip, followed by a recovery. I hope that makes sense, but I'm explicitly not going to comment on Q1. That's something we can do in May. Okay. My final question, regarding the outlook, I was wondering why you are offering us such a wide range, not in sales. In sales, you're talking about stable, I imagine that the range in EBIT is also linked to the fact now that the second part of the year is still to be seen now what happens with the order intake. Is there any explanation for this wide range in EBIT margin that can help us to better model our figures for the year? Thank you. Yeah. I think two-part answer. First of all, I would argue it's not a wide range. It's just because of the small figures that it looks like a wide range. If we were making EUR 70 million of EBIT and had a ±EUR 7.5 million range, that wouldn't be considered large for a company of our size. I would fundamentally argue that EUR 7.5 million up or down from the midpoint is not a big range for a EUR 1.3 billion company. In the past, we have had EUR 10 million ranges, so ±5, and this time we chose the ±7.5. That's basically, as you mentioned, it's because we don't know how fast and in what quarter for what products the market will recover. If it happens faster or slower and depending on the product mix, is it in time to get it into revenue in 2024? The timing of order intake is very important, and will it happen that we can generate revenue in Q4 or not until Q1 2025? These are simply things we don't know yet, therefore a little bit wider range than usual. Mainly because the visibility into Q4, is simply not clear yet. What will we bring into sales and EBIT in Q4, is a little bit more uncertain than in a normal year because we're in a market downturn. That's the answer to your question. Again, I think the real answer is I don't think the EUR 7.5 million up or down is a big spread. If I might add on that. If we have a satisfactory order intake a quarter earlier or a quarter later, has very little effect on the health of the company, but it has a high effect on the year-end results, which are on the 31st of December. If some things happen three months earlier or three months later, that could also mean that the date when we recognize turnover switches on or before the 31st of December. That's, I think, probably the summary. Okay. I understand. Maybe last one and also in this regard. The Spotlight project, is including any relevant one of cost that is included in the guidance for this year or is not the case? No. The primary goal of Spotlight is simply focusing our resources on go-to-market and stabilizing the businesses that we spent so much hard-earned money the last six years investing in, developing and getting market ready. We're convinced we are now market ready, and now we just have to push these products with all our resources into the market and focus the company on that and not on more projects and more variations and more new ideas. It's primarily about focus. At this time, we can't anticipate any kind of one-off costs or anything like that. Understood. Thank you very much. I go back to the line. The next question comes from Patrick Speck from Montega. Please go ahead. Yes. Good afternoon, gentlemen. Thank you for taking my questions as well. I would also do them one by one, if that's possible. Firstly, what's behind the surprisingly high income tax expense you had? I assume it's a one-off effect, but maybe you can elaborate a bit on that. Also, maybe tell us what tax rate is to expect for 2024. Sure. Obviously, we just published our results this morning, I assume you haven't read the, I think, 300 pages yet. I'm sure you will. On page 97 of the notes, you can see the details for the taxes. Our effective tax expenses are unchanged. I don't have everything in my head, but something like EUR 7.9 million last year and EUR 8.1 million this year. The effective tax expense is unchanged. As you mentioned, it's all one-off due to movements in deferred tax assets and balance sheet items. It's not cash out. That's the first answer to your question. Effective tax rate, I don't know what you're modeling. In the past, I think most of the models have been around between 20%-25% for effective tax rate on earnings. It depends a lot. The lower our figures, the harder it is to predict effective tax rate, frankly. The better our EBIT, the more it normalizes, because we still have to make a minimum amount of profit in our subsidiaries due to transfer pricing restrictions. That will continue. The real question is, when do we earn money in Germany and in our larger entities? It's really hard to predict what will be the tax rate in 2024, even for me, because it depends a lot on the final earnings and in what country we have to guarantee what margins for transfer pricing. As we stabilize the business, which will happen, move into higher EBITs, I expect the tax rate to stabilize also around that, max 20%-25%. Okay, thank you. I've read the part in the annual report already on that, but just to make sure. Secondly, the order you received from Federal Reserve in the banknote solutions business, is this already contributing significantly to the current year, or do you expect a higher impact for 2025? The order intake which we had in the last quarter was not entirely from one customer. It was a mix. These orders, and we had already received orders over the year, but the orders which we received at the end of the year, they will contribute in this year and thereafter. Will this be distributed more or less equally for the next three years or? I assume it's a very profitable order. I think we're not going to give you a figure on that today. It will contribute some in 2024. Yeah. The orders were just received in December, so more towards the second half of the year, because it takes time to order the material and ramp up the production. It will certainly spread into 2025 and 2026. How that distributes, that's something we're not going to publish in that detail. It will contribute over second half of 2024, predominant 2025 and 2026. Okay, fair enough. That's typical for the business, frankly. It's not just this U.S. business. Banknote orders have this character. They often take between order intake and full revenue recognition, one and a half, two and a half years. It's very typical for this type of government project. My next question is on the Spotlight program, because you mentioned you were going to focus a lot with that program. Does this have any implications for the cooperation with VW you published last year? Because this is not your focus business, I assume. It is. The first question, it doesn't have an effect, and secondly, it is part of the focus. Focus does not mean that it is focused on a certain type of printing machine. Focus means it's focused on these things which have, let's say, a very good chance to be something very profitable in the very foreseeable future. That's, I think, the general thing. There are also projects in there which are internal projects on getting IT to a certain, let's say, depth of KPIs. It's not only customer projects, but if you mentioned the Volkswagen project, it's untouched by that. It remains in the focus of the company. Okay. My last one, if I may, with working capital improving again and maybe CapEx more or less on the same level, do you expect a positive impact on your free cash flow? Because for me, it was surprisingly lower last year, because of the high working capital. With some improvements, do you expect at least a positive operating cash flow for the current year? You're not guiding on cash flow, I know, but just a rough indication. We're not guiding on cash flow. I think the short answer is EUR 29 million, or EUR 15 million-EUR 30 million of EBIT. Investments max at depreciations by the globe, and we want to see improvements in working capital. That's another massive task to finally see the improvements in inventories that we're working hard on. Those are all things that will help us to generate positive cash flow. At the end it's going to be at the low end of EUR 15 million of EBIT, minus interest, minus tax. It might be difficult. At the high end of the range, it should be positive. It depends a lot on the operating performance and working capital improvement. I don't want to give a figure. It's one of our major tasks now, is to stabilize that part, and I think if you add the components together I just mentioned, you get to your answer that it's roughly around that zero. Perhaps better, perhaps worse. Understood. Thank you. That's it from my side for now. The next question comes from Peter Rothenaicher from Baader Bank. Please go ahead. Yes. Hello, gentlemen. Firstly, I would to connect to your last answer. Was your statement reflected to operating or free cash flow? Because you mentioned also then CapEx spending, so can we expect free cash flow perhaps slightly negative or perhaps slightly positive? Again, I'm not guiding for cash flow. No, only as kind of answer. No, it was free cash flow. We are talking about bottom line free cash flow development with Alstef. Okay. Sure. Net financial position will improve or get worse. Yeah. We have a incredible target, and we are working hard to ensure that it improves. The environment is still not easy. It depends a lot on what our customer's doing, what our order's doing, how does the order mix match our inventory levels. What we can manage is investments under depreciation. That's something we can manage and influence, and we will do. What we can partly manage is customer down payments, which we're working hard on, but we cannot force our customers to order. This is something we don't have under our control. Again, that mix, how do orders match inventories? That is a huge factor in our ability to decrease or not decrease. Sure. An add on the banknote business. This order from the U.S., is there more to come from this customer, or is it this now for the time being? I think I will give you an answer which is a bit grayish, and that has a reason. We have received from that customer orders over the past years. It isn't an absolute one-off, it isn't. We had a large amount of orders given in one quarter, but that is not it. Yes, we expect that we have a good chance to get more orders from that customer in the foreseeable future. Okay. It- Yeah. On the financial results. Is it fair to assume that your financial results will come in worse in 2024 than in 2023, given the higher indebtedness and also then the full year effect of higher interest rates? For interest rates. Again, it depends on where we end. If we can hit the top end of our corridor at the EUR 30 million, which is the same figure we had this year- No, no. Financial results. Yeah. Sure. Yeah. We'll have- Interest payments, then Just pure interest payments. It's a very good question. Of course, I have a figure in my mind. I just don't want to say it. Assume roughly flat, could be more, could be less, depends a lot on will the central banks reduce interest rates this year? Because we have an EURIBOR-based financing. Will interest rates drop, yes or no? That has an important component on our interest rates, which is why I was a little bit hesitant to answer your question, because I have a personal expectation, a personal opinion, but it's as good or bad as anybody else's opinion, that we can expect to see lower interest rates in the second half of the year. If that happens, that'll, of course, support us. If it doesn't happen, it won't. Again, it may be a bad answer to your question, but I don't want to give a figure. Roughly in line with previous year. Could be more, could be less, depending on how the year develops. Perhaps can you comment on the industry environment in the Sheetfed segment? We have seen in 2023, quarter by quarter, strong fluctuations. The drupa is ahead, that's clear. From your point of view, do you see already really a market recovery in 2024? With clear indications you have prior to orders, always discussions with customers. How is the sentiment there? I believe it can be summarized that in the three big world areas, which I would call Europe, let's take NAFTA, let's take Asia. There is an expectation of growth, of a CAGR in that industry of growth. The expectation in Asia is that growth in that region will be way higher than in Europe, and the U.S. is somewhere in the middle of it. The sentiment of the customers ranges between more or less fits that. The most answer we get from the customers is they are happy to be in this market, but they don't want to place the order now because precisely at this day, there is no need to expand their production volume because at this day, their end customers don't expand their demand of packages. They expect that it's going to happen, and they will quickly react. It's something like they're withholding, to a certain extent, investments, which are going into growth because the growth this year is 2023 or early 2024 maybe is not where it is. That's one sentiment. The other sentiment, that's one thing where we see a good chance, is that there are investments which do not go into just increasing capacity, but it's investments which are triggered by new technologies. New substrates which require a different way of printing on them. These things, that's also what we've seen partly, which supported our order intake on Digital and that last year. There was a good order intake on machines like the RotaJET, which has nothing to do with volume increase. It has to do with new technologies, new applications, new materials, new everything. I think everybody is in a mixed scenario. Big groups that we have as main customers more or less do both. They withhold to a certain extent or stop or break on volume-based investments, but they release investments which are more future and technology-driven. Maybe some want to be early adopters, maybe some of them already want to expand. Smaller companies might have a different view. They are more volume-driven. They don't have these investment abilities. All in all, the expectation of the end market and the end market is packaged foods, beverages, and consumer goods. The expectation of the end market worldwide is growth. Why is that expectation a reality and not just a hope? It's because that growth is directly linked to one single number, and that one single number is the so-called growth of the middle class. Middle class being somebody who can afford packaged brand foods, beverages, and consumer products. That middle class of people who get into the income bracket to afford that is statistically growing. By the way, it's statistically growing the fastest in Asia. It is growing in the Americas, and it is not exactly growing here. The sentiment is distributed over the three continents. All in all, everybody agrees with us that fundamentally our end market is okay. The question is, when do they release further investments? Are these investments geared towards expansion of volume or just new productivity, technology or business model applications? If you look at these trends and if you overlap them, we expect some recovery, but we do not have a crystal ball which can tell us if it happens in Q2, Q3, Q4, or Q1 of the next year. We just don't. Okay. Regarding Digital & Webfed, you clearly mentioned you have to improve here the ramp-up cost and to bring down inefficiencies. Is this something you have already seen now some improvement in the recent months, or is it still something which has to happen only? Of course. We are working on that. Yes, we see some improvement. Absolutely. On the other hand, that definitely is a big spot in the Spotlight program. One spot which I'm also, let's say, putting some of my weight into. It is one of the spots, and that spot is about momentum and speed. Yeah. The last point, regarding your longer term guidance, can you put a year after your focus midterm? Is it 2028, 2029? I think we purposely don't put a year on it. Typically it's interpreted as five to six years. I think our focus right now, frankly, is to get to that intermediate step of EUR 1.5 billion and 67%. When we achieve that, I'm happy to give you a year on the step after that. Okay. Thank you. As a reminder, if you wish to register for a question, please press star followed by one. We have a question from Stefan Augustin from Baader Bank Research. Please go ahead. Yes, hello. Just a quick one. Actually, it's a clarification if I understood you right, commenting on the change in the down payments. I got the figure of EUR 50, EUR 70 million decline and I just wanted to confirm if this is a correct one or if I misunderstood you there. 50 is what I mentioned. Roughly 50. 50. Then maybe a bit on top of that. That is as a percentage change of the down payments more than obviously your order intake change. Is that simply due to, let's say, the mix effect between Special Web and Sheetfed? Or is there also a, let's say, change of behavior inside one of these segments? It's a good question. -with regards to the down payments? No, it's a good question. I think, Nelson, we're fighting hard and to ensure there is no change in behavior. Of course, the pressure to change payment terms from customers is there, but we simply work hard on ensuring our sales team maintain the standard payment terms we've always had. The technical answer to your question is a large banknote order doesn't We just talked about this, could be executed over 2 years. It doesn't automatically lead to a massive down payment for the entire 2-year upfront. There are certain delivery dates where the down payment also come in certain trenches, over the course of the product lifetime as the individual machines are then put in the order. So the answer to your question is on a mix side, that's the basic answer. There's some mix- Okay. -of those business units. Otherwise we wouldn't see this EUR 50 million drop. Yeah, sure. That's rather on the milestones then. Maybe another one where if it is somehow possible to give any kind of a qualitative statement on the first month of the orders in Sheetfed. Not so much on when we expect a, let's say, for the full year recovery or so, just what you have seen in the first month and how did that look like? I think the only thing we can say, and it's a clear statement and it's a positive one. The trend we saw from Q3 to Q4 with the market recovery has continued. Okay. That's very clear. Thank you very much. Ladies and gentlemen, that was the last question. I would now like to turn the conference back over to Dr. Andreas Pleßke for any closing remarks. Right. Thanks for covering us as a team. Thanks for your questions. The time for harvesting is now the focus of what we have, and that'll also be the focus of what we do over the next quarters when we speak with you to see how we achieve that. Thank you.