Ladies and gentlemen, I'm very happy to welcome you to our today's webcast on our financial results 2023. This is our third and most likely our last webcast on our full-year numbers as a standalone company. It was a pleasure that you have been a part of our capital market journey so far. The press release, the following presentation, and our annual report have been published today in the morning at 7:00 A.M. CET on our Investor Relations homepage. Now, before we take a look at today's agenda, I'm sure you have all taken notice of our well-known disclaimer. Today, Andreas Wolf, our CEO, and Sabine Nitzsche, our CFO, have joined the webcast to guide you through the key information in our presentation, both on a group and divisional level. In addition, we will talk about our current order backlog, our cash flow, and of course about our balance sheet. Finally, we will also discuss our guidance for 2024. Afterwards, both will be available for a Q&A opportunity. And now, without further ado, let me hand over to our CEO, Andreas Wolf. Andreas, please. Heiko, ladies and gentlemen, thank you for joining us today. We are pleased to share our results for 2023 and provide an overall company update starting on slide number four. The year 2023 was very eventful, I can say. Just to name a few topics: our company's listing in the German mid-cap index, MDAX, our announced partnerships such as onsemi, ROHM, and Infineon, which we further intensified, and of course, the public tender offer from Schaeffler. Unfortunately, the market continued to be challenging due to negative events. We saw further geopolitical conflicts and continued high inflation rates combined with increased material and labor costs, while economic data from several countries showed signs of a downturn. However, we managed to maneuver our company smoothly through the rough sea. This resulted in another successful year for Vitesco Technologies. To give you some hard facts, our sales came in at EUR 9.2 billion, and the adjusted EBIT amounted to EUR 341 million, equating to 3.7% margin. Consequently, we delivered EUR 85 million of free cash flow. This increase in profitability and the positive free cash flow allows us to pay out, for the first time in our history, a dividend of EUR 0.25 per share, provided that our shareholders approve it at our annual general meeting next month. One other important note: our transformation to electrification continues. One proof is our electrification sales, which increased to EUR 1.3 billion. Another proof are our multiple new electrification awards, which we won during the course of the year. Thus, our order intake in electrification amounted to EUR 8.3 billion. To be noted, some customers started to be more cautious with orders and the projected volumes. This means, for our order books, it is filled up with a great number of orders, including all our electrification products. Our backlog at year-end 2023 amounted to over EUR 57 billion, of which around 55% are electrified. Essentially, we continue to see a strong global sourcing for our products based on the strengths of our portfolio. This underlines once more our attractive offering in that area. But now, let's move on to the next slide for a detailed look on our order book. We continue to see a strong momentum towards electrification, which now accounts for, as said, around 55% of the total order backlog amounting to EUR 57.6 billion. In absolute numbers, this means that our orders in electrification were around EUR 32 billion at the end of last year, of which over 70% related to high-voltage applications. This strong number indicates that we are a preferred supplier with regards to our electrification offerings. The strong momentum can also be seen in the book-to-bill ratio of our electrification order intake. It stood at 6.4. Considering all areas of the group, including the steadily decreasing non-core ICE part, the group book-to-bill ratio was still very strong. To summarize, we ended 2023 at a solid level in terms of order intake. Thanks to an order backlog of around EUR 32 billion in the electrification business, we continue to be well-positioned for the future. When we initially guided for our fiscal year 2023 in March last year, we had a long year in front of us with a few uncertainties, especially with regards to the overall economic development. However, we fully achieved and in some cases exceeded our guidance for all the main financial KPIs. Our sales came in on the lower end of the guidance given the softer end of the year. Our adjusted EBIT margin of 3.7% and the consequently higher free cash flow exceeded our expectations. A final note on our CapEx: we are committed to our investments into electrification, which was reflected in our group CapEx ratio of 5.4%, well within our guided range. Let me elaborate a bit more on our numbers before I hand over to Sabine for a deeper financial insight in a minute. The EUR 9.2 billion sales which I mentioned earlier correspond to an increase of 2% compared to 2022, influenced by negative FX effects. The sales development is in line with our expectations considering the planned phase-out of non-core business, which decreased by over EUR 350 million throughout the full year. Supported by improved results within our segments, we managed to increase our Adjusted EBIT margin to 3.7%, as mentioned a few times already. This corresponds to an improvement of 120 basis points. Our CapEx increased to 5.4%, as highlighted before. One aspect I would like to remind you about: we had many product launches in 2023. Also, 2024 is an intensive year with regards to product launches, which support our significant growth in the field of electrification. Our free cash flow came in at EUR 85 million, driven by higher profitability. Even though we had higher CapEx, our strong operating cash flow resulted in a positive cash generation. A final remark on our equity ratio: with about 38%, it remains at a very solid level. Let's move on to the market view. The worldwide light vehicle production picked up in 2023. Europe saw the strongest recovery. China's light vehicle production saw a good step up as well due to different reasons such as the strong export activity and government incentives. However, I have to say that the Chinese commercial vehicle market, unfortunately, continues to be challenging. Overall, we saw an increase of 9.4% in light vehicle production. As you can see from the bar chart on the right-hand side for 2023, our reported group-level sales increased by 1.8%. But I never get tired of repeating: this figure includes, again, our declining sales of non-core ICE business and contract manufacturing, as well as negative FX effects. Organically, our electrification and core ICE sales outgrew the global light vehicle production by about three percentage points. With that, you will now receive more insights into our financials from our CFO, Sabine Nitzsche. Thank you, Andreas. A warm welcome also from my side. Let us now take a closer look at our top- and bottom-line development at group level. Since we have already pre-released preliminary figures on February 2023, I'll keep this session rather short and only focus on the most relevant aspects. Please feel free to use the Q&A session if you want to discuss additional topics or have further questions. Our organic sales growth was at 4.4%. That excludes currency-related headwinds of 1.6 percentage points, as well as consolidation effects. More impressive is our core technology sales, including both electrification and core ICE. Here, we saw an increase to over EUR 6.6 billion sales and 4.2% adjusted EBIT margin. Also, please keep in mind that we ramped down our non-core business by EUR 356 million in 2023, which also dilutes our top-line growth. To sum up, these numbers are quite positive and very much in line with our expectations. Now, let's take a look at the results for each division. We will start our Powertrain Solutions division. The main reason for declining sales was, as mentioned, the planned rampdown of our non-core activities. Inside this segment, contract manufacturing sales alone was down by about 30% year-over-year. Overall, sales came in at around EUR 6.1 billion with an adjusted EBIT margin of 7.6%. Even more impressive is our Core ICE business within the division. We managed to increase our sales to EUR 3.4 billion. On top of that, we further improved our adjusted EBIT margin to 11.5%. These numbers, again, underline our resilience and our strengths of our Core ICE portfolio. Besides many factors, our continuous cost containment supported overall profitability levels during the full year. Now, switching gears over to our Electrification Solutions division. As in the past, here we recorded the strongest growth underlying our ambitious midterm targets. We experienced a very strong top-line development, which was especially driven by our performance in China and Europe. Our organic sales growth of roughly 17% equates to an outperformance of over 7 percentage points compared to the global light vehicle production. With regards to profitability, we managed to improve our adjusted EBIT margins to minus 3.1%. This number also reflects the increased cost, which we see for our current order intakes as well as the many project ramp-ups Andreas already mentioned. To conclude the top and bottom-line development, let me provide you with more transparency on the categories Electrification, Core ICE, and non-core. As you can see, we further increased our electrification sales by about 21%. As Andreas already mentioned, this was due to further ramp-ups of new products and a better availability of critical components. We will continue to grow. I would like to mention the improved Adjusted EBIT margin by about four percentage points on a full-year basis, even though we had higher upfront costs for fuel for the new product launches. Here, I want to pause for one very important note. We have always said that the global industry growth in electrification will not be a straight line. There might be near-term bounces, but these translate into long-term opportunities for companies like us, companies which have demonstrated financial strength, earnings resiliency, and a wide product portfolio. This means that a longer combustion tail will help us to generate margin and cash. Specifically, when electrification growth is under pressure, it's likely to be offset by stronger performance in the rest of our core ICE portfolio, which I want to describe now. Core ICE, excluding electrification, experienced sales of more than EUR 5.3 billion. This results in a solid top-line development despite a weaker year-end. However, we saw an incremental increase in our adjusted EBIT margin to 7.9%, which reflects the normalization of our supply chain. And now, for the last category, you can see on the right-hand side, our non-core business is further ramping down as planned. And it also includes our contract manufacturing business. You may have noticed the EBIT margin coming in at 2.5%. Please keep in mind our long-term margin level is trending around break-even with smaller swings. To summarize, first, within the electrification area, we will continue to grow significantly and further improve profitability. Second, our very resilient core ICE business will see gradual step-ups providing attractive EBIT margins. Third, the rampdown of non-core is progressing according to plan. We will see further acceleration, especially in the area of contract manufacturing, which will decrease by over 75% until year-end. On slide 13, I want to provide some color on our cash development. As you can see, our operating cash flow came in higher compared to last year. To a large extent, this was driven by positive operational performance and improved profitability. Our investments increased, resulting in an investing cash flow of EUR -544 million. As stated on this slide, it was mainly due to higher spending prior to project ramp-ups in the area of electrification. As a result, our free cash flow for the full year of EUR 85 million came in better than anticipated. Talking now about our financing cash flow. This was characterized by utilization of long-term loans, hence coming in positive at EUR 234 million. This all resulted in a continuous solid cash situation. Having said that, let's move on to our balance sheet structure. It has not changed much compared to previous conference calls, which means we still maintain a very healthy structure. On our net working capital intensity, this increased to 5.8% of sales, mainly driven by a decrease in accounts payable. The net working capital intensity is therefore in line with our anticipated midterm range of 5%-6% of sales. The net debt to Adjusted EBITDA ratio remains stable at -0.4. Our net liquidity position of EUR 337 million underlines our still very comfortable cash situation despite the phase-out of our non-core business. On top of that, we still have unused credit lines so that our available liquidity cushion remains north of EUR 1.8 billion. To finalize with our equity ratio, it remains at very solid levels of about 38%. As you can see, we continue to have a very robust balance sheet structure and cash position despite the mentioned challenges we experienced in 2023. Before I get into the part you all are waiting for, our guidance for 2024, let me quickly summarize the past year while looking at the different quarters. We can see on this slide how our earnings have developed over each of the four quarters, especially cost increases and the geopolitical issues led to a difficult 2023, but we managed well. On top of these challenges, we suffered from higher input costs such as material and labor costs. We were able to end the year with our Q4 on a very strong basis, especially due to finally negotiated compensation payments as well as R&D reimbursements we received from our customers. Now, we have kept you waiting long enough. Therefore, on our final slide, let us come to our guidance for fiscal year 2024. I think we all hope for a more normal 2024 after having four years of totally different challenges. Unfortunately, the market uncertainties are quite big. This can be seen in the market outlook for this year on the right-hand side. Without going into the details overall, for the global light vehicle production forecast, we expect the market to be more or less flat with only minor growth in China and North America. The outlook for fiscal year 2024 does not consider any effects resulting from the integration into Schaeffler. This means for our guidance on the left-hand side, when talking about our group sales, almost EUR 1 billion will have to be compensated due to planned phase-out of non-core technologies, but also divestment-driven changes in the consolidation base. However, even with our anticipated organic growth and core ICE as well as our dynamic top-line development in electrification, our outlook at group level foresees a decrease in sales between EUR 8.3 billion-EUR 8.8 billion. The adjusted EBIT margin will presumably range between 4.5%-5%. This clearly demonstrates that we are progressing with our transformation also in a challenging environment. Furthermore, we are on track to achieve break-even within our electrification portfolio, which also drives EBIT improvements. Due to the high number of product launches in this year, especially in the second half of 2024, we expect our CapEx ratio to come in at about 7% of sales for the entire year, fully focused to invest into electrification. Here, I want to mention that this number seems a bit high, but given our sales outlook, the absolute amount trends to a similar level as in the past years. However, on a midterm basis, we still expect our CapEx to be around 6%. Coming over to our free cash flow. This is expected to be around -EUR 350 million. If we would adjust this figure for special effects, mainly related to contract manufacturing, you would see a positive number for the underlying business. However, given the change in our former favorable payment terms and the return of spinoff-related advanced payments to Continental, this figure ends up quite negative. Overall, as you can see, we keep walking the talk, and we will further improve profitability, especially regarding our electrification break-even target in 2024. With that, I have reached the end of my presentation. It was a great pleasure to guide you through our financials. Now back to you, Heiko, for the Q&A session. Thank you very much, Sabine. Thank you very much, Andreas. Ladies and gentlemen, as announced, we will now enter into our Q&A session at today's webcast. Normally, this is the point in time where I remind you to limit the number of questions, but we are very well aware that many of our loyal analysts are unfortunately restricted, so I will skip that one for today. And with that, operator, we would be ready for the first question. The first question comes from Mr. Marc-René Tonn of Warburg Research. Please go ahead. Yes, good afternoon, and thank you for taking my question. Probably a couple of questions, if I may. The first one would be on the margin guidance, 4.5%-5% this year following 3.7% last year. Seems, at least at a first glance, a rather cautious approach given that you are striving for break-even in the electrification business towards the end of the year and, let's say, a EUR 1 billion decrease in margin dilutive contract manufacturing, non-core business, and the injection business from Italy. Perhaps you could give us some indication on what is, let's say, behind this margin assumption. Particularly, perhaps in, let's say, or related to that, you alluded on the good profitability of the core ICE business in the powertrain business. I think when we look at the core ICE within electrification, the margin is mid-single digit, so not really bad, but probably not on the level where you would like it to be. Could you give us some remarks on what is behind that development and how we should think about the margin progression of that business going forward and what it needs to improve this business? And the third one would be on free cash flow. You mentioned you would expect, let's say, free cash flow positive, excluding the special items we see from the rampdown of the contract manufacturing. The question would be, can you give me some kind of, let's say, a phasing over the year on how we should think about free cash flow, very negative in the first half and then improving later on, or will it be more back-end loaded, the cash outflow? And secondly, is, let's say, this technical effect from contract manufacturing then behind us at the end of this year, or should we expect, let's say, further negative effects from the remaining, I think, about EUR 150 million you may still have in contract manufacturing sales for the full year to still play a role next year or as early as 2024, which terminates this issue? Thank you. Very good. Thank you very much. Quick questions. So I guess at least you made use of the chance to ask more than two questions, which is positive. So I would propose that maybe Sabine, you take number 1 and number 3. And number 2 on the profitability of division P and E, we leave it up to Andreas. Yeah. Okay. Then I would start with the first question, margin guidance of 4.5%-5%. And this seems to be a bit cautious given break-even of electrification, if I remember right. So I mean, first of all, I would like to say we improve our profitability further by over 1%. That's what we are saying. And yes, I agree, you may have expected more. But as Andreas and also myself showed you a little bit, the market development within this year is challenging again. And the effects will vanish throughout the year so that we took here a bit more conservative approach of our guidance. And as you know, we normally come in a bit more on the higher end of our guidance. So I would like to answer like that. Thank you. Sabine, you want to continue right away with the cash flow? No, I think yeah, I can continue with the cash flow. So it's the third question, not the second. Yeah, the free cash flow, the more negative effects we see in the first half year of 2024. Second half year will be positive again. And no more effects in 2025 from the contract manufacturing? Yes, this is what we are expecting. Okay, thanks. So and that leaves basically 30 minutes for Andreas to elaborate on the profitability. I will explain that indeed. I have an Excel sheet in front of me and go through it line by line and column by column. No, Marc-René Tonn, the basic answer to your question is that yes, we performed very well inside the core business, ICE business at Powertrain Solutions. And the target was also that we have the same operational margin at division E, also the ICE-related part. But here, and that's linked to a couple of factors, we are on our way, but not yet there. You said, yes, it's a middle margin where we are currently standing, but we don't give up. We fight for moving that margin step by step up also to a double-digit number. I think. And perhaps one follow-up, if I may. Looking at the order intake of a bit more than EUR 8 billion last year, I think slightly below what you had been targeting initially, do you see more delays in order placement, or is this more related to lower volumes, which are, let's say, the background to these expectations due to, let's say, perhaps a slower pickup of e-mobility than previously thought for, or any just, let's say, discretionary delays which have to do with, let's say, the year being ended as the 31st of December? So some of the, let's say, potential so the orders you expected for last year to then show up this year? Yeah. I mean, Marc-René, I always said that we will be in a range of EUR 8 billion-EUR 10 billion. And I referenced year 2022, and then obviously everybody thinks it will be 10. So one order more being reported in a specific year means we go up to 10. And yes, there were some delays for a couple of customers. There's also, as I said during my introduction, a little bit of cautiousness now looking to the volumes, but the overall expectation for the market is completely unchanged. So if you would have added the question, what is your expectation for 2024? Yeah, we will continue to be in the same range and projecting that into the future. And you remember those 2026 marks where we say EUR 5 billion, and then for the outer year we go into the range of EUR 10 billion will basically be unchanged. Perfect. Thank you very much. Thank you. Thank you. Thank you. you. Also from my side, the next question comes from Michael Raab of Kepler Cheuvreux. Please go ahead. Yeah, hi. Mike Raab, Kepler Cheuvreux. I'd like to follow up on the question of Marc-René as for the order intake for electromobility. Is this really just a timing issue, or are you seeing rising hesitation on part of your customers to order componentry for that type of powertrain in view of, say, consumer reluctance to adopt this type of technology? And then could you perhaps update us on the dispute or, let's say, controversy that you seem to be having with Audi that was frequently reported in the press most recently? Thank you. I mean, thank you very much for the two questions, Mike. I will basically directly go to the second part. We don't talk about customer relationships openly. Whatever happens in the press, we don't further continue to discuss here. I will come back to the order intake. I don't see a reluctance. We see that there is a lot of push if you look into the different markets because sometimes it comes out of Germany or the European market, but the real game changer of this market is China, is Asia. And there we have a boost in battery electric and plug-in hybrid vehicles. Top number 1, 3 times higher than the plug-ins are the battery electric vehicles. And with the latest data, we see that to continue. And it's at the end a question of, is the growth rate 30%, is it 25% or 27% or 28%? But it is nothing which I sometimes see also in newspapers, especially in German newspapers. It's now over. It's stopped or it's flattening out. It's not at all the case. The race is on, and we want to be part of that race. All right. Thank you. And good luck with it. Thank you. Thank you. Thank you. Dear ladies and gentlemen, if you wish to state a question, please press 9 followed by the star key on your telephone keypad. So please press 9 star now. At the moment, there seem to be no further questions. Very good. I have so many answers for questions, but I know not ask. Not ask. Yeah. But there is one good news. If there are more questions to come, we can still give 30 more seconds and see if there is more. Yes? There is a follow-up question. Excellent. Michael Raab of Kepler Cheuvreux. Please go ahead. So, Mike. Yeah, thanks again. Hi. I'd like to seize the opportunity of the additional 30 seconds for questions. So in terms of, say, componentry pricing, what are you currently seeing in the individual powertrain areas? So do you see more headwind for electro components than for combustion engines or vice versa, or is it comparable, or are you perhaps not seeing any headwind at all, and are customers willing to, say, reward you for your innovation in electromobility through better pricing? You see, Andreas, you said that you have basically an answer for everything. You should have stopped before. Right now, you have to take it. Yeah. I think the behavior is unchanged in the sense of there is no—how did you word that?—price adders for being innovative or so. It's a market-driven component supply. And whether you are playing on the ICE field, so on the more traditional part of the business, or in the electric mobility, we don't see a big difference in the pricing strategy. There are many suppliers, and therefore the market forces are working. So shooting out of the hips, I don't see a big difference in the pricing or flexibility of our customers. Okay. Thank you. Thank you very much. And there is another question incoming of Daniel Kukalj of Quirin Privatbank. Please go ahead. Yes, hi. Daniel Kukalj from Quirin Privatbank. I have two questions. How can we understand the ramp-ups in the year? In which quarter do most of them occur? And my second question is, do you see any demand for extensions for your ICE components? Thank you. I can take those two questions. Demand for extensions, yes, we see that. But that's sometimes also linked to contractual frameworks. Like we have that's only an example now. We have a contract to supply a specific engine or so until 2025. And knowing that that engine survives another two, three, four years whatsoever, we see those extensions. That's, I would say, quite normal. Extensions beyond 2035 or something like that, we are not negotiating. We are really talking about midterm extensions. I would say still quite normal. Now, ramp-up during the year, it's more back-end loaded because we have a lot of launches, especially in the second half of 2024. And you can assume that every night when I go to bed, I have in my prayer that everything runs well because that's now the proof of we are delivering what we promised to our customers. I mean, in the last rounds where we met and had those Q&A sessions, I always said, "Yes, we have a lot of orders. We have a lot of order backlog." Again, I repeated the number today with EUR 32 billion only on the electrification side. It's now the time to prove that we seamlessly can industrialize those products, and we have really full attention on those launches. This year, we had that also in 2023. Many launches happened in 2023. Again, full year, full attention on the launches this year. Okay. And any issues on the supplier side which could burden your targets? Or the business runs normal? Generally speaking, as you know, and you will hear that from other competitors or also from us, the supply situation is somehow back to normal. We see that for older components where capacity was not increased for good reasons, I understand that we still fight a little bit the reduced capacity with a reduced capacity. But all in all, and I mean, talking flight level 100 here, we are back to normal. What we will see in the outer years is how are we really able to ramp up our SiC components for the inverters of the world? We have an extremely steep ramp-up during the next years in front of us. That will be another focus area for the next years now. But so far for 2024, all in all, I'm fine. Okay. Thank you. You're welcome. Thank you, Daniel. So I -- Thank you. Sorry. Also from my side, sorry. There are no more questions in the case, so I'm returning the floor over to you. Thank you very much. So since there are no further questions, I would like to close today's session. The good news is if there are more questions coming to your mind afterwards, feel free to reach out to our AR team. We are always happy to help. With this, I would like to say thank you to Sabine and Andreas for being here with us today. Thank you very much for you guys for your interest and the good questions. Of course, thanks to the entire team for making this event happen. Thank you very much. Goodbye, and stay healthy.