May I now hand over to Dr. Stefan Wolf, CEO, who will lead you through this conference. Please go ahead. Yeah, thank you very much. Ladies and gentlemen, a warm welcome to our conference call on the third quarter and the first nine months of 2021. All in all, it's again the same procedure as every quarter. I will start with some headlines on the third quarter. After that, my colleague, Thomas Jessulat, our CFO, will present the financial figures on the third quarter. Then I will close with some final remarks and the outlook of the rest of the year, 2021. Of course, after that, as usual, you have the opportunity to ask questions, and we are more than pleased to answer your questions. Well, despite the significant market downturn and the increasing strains with the procurement markets, ElringKlinger maintained its strong business performance in the third quarter of 2021. The group expanded both revenues and earnings compared to the previous quarter, and even more significantly compared to the same quarter last year. That means the third quarter in 2020. Group sales went up by 5% year- on- year to EUR 401 million in the third quarter of 2021, and by 18% to more than EUR 1.2 billion in the nine-month period of 2021. Our group EBIT stood at EUR 27 million in the third quarter and at EUR 98 million after nine months in 2021. This corresponds to an EBIT margin of 6.7% in the third quarter and 8% in the first nine months. Higher commodity prices were counteracted by successful measures implemented as part of the efficiency enhancement program of the ElringKlinger Group. We also further improved in financial strength. Operating free cash flow was again within positive territory at EUR 8 million in the third quarter of 2021, and amounts to EUR 74 million in the period from January to September 2021. You had to take into consideration that based on the shortage of material, we have increased the working capital. That, of course, burdens the free cash flow that has to be taken into consideration here. Mr. Jessulat will talk about that later. The net debt ratio, which is net debt in relation to EBITDA, fell further to 1.3, down from 4.3 a year earlier. In the year to date, ElringKlinger has reduced its net financial liabilities by around EUR 100 million to now EUR 361 million. One point three as a factor is, I think, a pretty good figure. Here we have a pretty good development over the last couple of years. Well, let's turn to slide number three. When looking at the markets, we saw a consolidation the first half of the current business year. In the third quarter, we experienced a decline in global auto production output. The impact of ongoing problems with supply chains and especially the shortage of semiconductors became increasingly noticeable. While 20.5 million vehicles were produced in the third quarter 2020, only 16.5 million passenger cars and light commercial vehicles rolled off the production lines in the quarter under review, a decline of around 20% from 2020 to 2021. For instance, the Chinese market has become more sluggish since the second quarter. In fact, the third quarter saw a double-digit decline in this market. In Europe and North America, two production figures slipped into negative territory after the encouraging upturn records in the first two quarters. Production declined by around 30% in Europe and roughly 25% in North America in the third quarter compared to last year's quarter. That means the third quarter in 2020. Well, ladies and gentlemen, on the next slide, we show the increasing price level of key raw materials for ElringKlinger over the last couple of quarters. For example, the price for aluminum has almost doubled since spring 2020. A rather similar message applies to alloy surcharge, which is relevant for the manufacturing process of sealing products. That is basically based on steel, on our high-quality spring steel with alloy surcharges. At roughly 70% price increase, however, the increase is relatively modest compared to aluminum. For plastic materials like PA6,6, the price development is also quite steep, with an increase of almost 50%. A higher price level is one side. The other side is also the availability of raw materials. The markets are highly sensitive, and events that used to be minor ones in the past, as they have been compensated by the global network, can trigger today major disturbances. We have seen such adverse effects after the heavy flood in Germany in July or the winter storm in Texas this February. All in all, let me summarize that raw material markets are really tight. Availability is sometimes limited and price levels are really high, so we have an issue at the material front. Before we come to the financials of the third quarter, let me just explain an announcement of October. Actually, no part of Q3 of the Q3 report, but it's important that we want to say something about that. The profound transformation process in the automotive sector has been even accelerated as a result of the coronavirus pandemic. This trend affects ElringKlinger in the area of near engine shielding parts and heat shields fitted around the exhaust track. It too explains the more pronounced levels of competition in the field of shielding technology. Against this background, forces within the shielding technology unit are planned to be pooled and capacities to be consolidated. This includes optimizing the site structure of this business unit and implementing continuous improvement measures in order to avoid inefficiencies associated with changing conditions and to utilize capacities more effectively. The group's goal is to further improve the competitiveness of its shielding technology unit and to be in a position in which it can offer its customers high-end solutions tailored to their needs well into the future. In this context, ElringKlinger intends to gradually discontinue operations at the Langenzenn site here in Germany. The plans also include to continue research and development activities in close proximity to this site. Based on current considerations, the measures planned for this site can commence in the third quarter of 2022. Well, ladies and gentlemen, so far from my side, and let me now hand over to our CFO, Thomas Jessulat. He's gonna explain the figures. Mr. Jessulat, go ahead. Yeah. Thank you, Dr. Wolf. A warm welcome from my side as well. I would like to comment on the financial results for the third quarter starting on slide number seven. Despite many factors of uncertainty within the global automotive industry, we have seen an increase in order intake by 14.8% compared to previous year's quarter. Order intake for the third quarter of 2021, therefore, stood at EUR 486 million. On the back of this solid figure, the group's order backlog further expanded in the period under review. At the end of the first nine months, the figure has been lifted to EUR 1.3 billion, and foreign exchange movements have been favorable in the third quarter. In the third quarter of 2021, the ElringKlinger group generated revenues of EUR 400.6 million, an increase on the same quarter last year, which has already been in the light of an economic recovery. Revenue was EUR 19.5 million or 5.1% higher than in the third quarter of 2020. In the third quarter, revenue rose by EUR 6.8 million or 1.8% as a result of currency effects. Excluding these foreign exchange movements, organic revenue growth was EUR 12.6 million or 3.3%. There was no impact from M&A activities in 2021. On slide eight, you see the sales split by region in more detail. As previously mentioned by my colleague, Dr. The market environment in the third quarter of 2021 has been very challenging. We have seen a significant market drawdown in the main automotive regions of the world. The fact that we have achieved a market growth well into the positive area in both Europe and Asia confirms our strategy and the quality of our products even more. In Europe, revenues surged by 7.2% to EUR 209.5 million. In North America, where the group's revenue decreased by 12.1% to EUR 89.3 million in the period under review, the market declined by 25% compared to the previous year. The Asia Pacific region recorded strong revenue growth in the third quarter of 2021, up EUR 6.1 million or 8.7% to EUR 76.5 million. At 78.2%, in the next slide, the original equipment segment continued to represent the largest share of group revenue in the third quarter. In the E-Mobility unit, revenue increased by almost factor five compared to the same period of the previous year. Sales amounted to EUR 23.6 million in the third quarter of 2021. At EUR 47.4 million, revenue for the first nine months of 2021 almost tripled compared to the previous year's figure of EUR 17.6 million. Among the classical business units, Lightweight and Elastomer Technology also achieved growth under these difficult framework conditions in the third quarter. It grew by remarkable 7.3%. The business units Metal Sealing Systems & Drivetrain Components as well as the shielding technology recorded a slight decrease of 3.6% and 18.3%, respectively. Slide number 10 presents the earnings figures for the third quarter of 2021. Despite a challenging market environment, the group was able to improve its earnings performance on a year-on-year basis. It recorded earnings before interest and taxes of EUR 27 million. The headwind from raw materials of almost EUR 10 million has been compensated by sales growth and gains from the efficiency program. Moreover, detracting factors like impairments in the Corona year 2020 have not had an effect on the third quarter of 2021. At 6.7%, the EBIT margin in the third quarter amounted to 6.7%, including the strong first quarter of 2021. The EBIT margin for the first nine months of 2021 was at 8.1%. Net finance costs were lowered significantly in the period under review, down by EUR 6.6 million to -EUR 3.2 million. This was attributable to lower interest expenses on the back of lower net debt, as well as due to lower unrealized foreign exchange losses. As a result, net income increased from EUR 3.4 million in Q3 2020 to EUR 9 million in the quarter under review. As of September 30th, 2021 earnings per share attributable to the shareholders of ElringKlinger AG amounted to EUR 0.14 in the third quarter and EUR 0.86 in the first nine months. Let me now turn to slide 11, showing the performance of our segments. The original equipment segment as a whole further improved earnings to an EBIT of EUR 9.6 million after EUR 4.3 million in the third quarter of the previous year. The slight recovery in revenues also prompted a further extension of earnings performance of the Metal Sealing Systems & Drivetrain Components and Lightweight and Elastomer Technology units operating within the classical areas of the business. On the back of higher revenues, the future-oriented E-Mobility unit, which in addition to the fuel cell business, also includes battery technology and electric drive units, posted negative EBIT in the quarter under review, as well as in the first nine months of 2021. This was mainly due to new series ramp-ups and pre-series production. The aftermarket segment contributed EUR 55.5 million to group revenue in the third quarter 2021. At 18%, year-on-year growth was significant. The business upturn, due to a high demand on the used car market, coincided with higher costs for freight and logistics within the segment as well. Nevertheless, the bottom line result remained at a high level, which was due in part to sustained cost discipline. Therefore, the segment's earnings grew by EUR 1.5 million in the third quarter, taking EBIT to EUR 11.1 million. This corresponds to an EBIT margin of 19.9%. With revenues totaling EUR 30.7 million in the third quarter of 2021, the Engineered Plastics segment was again able to show pre-pandemic performance. Revenues proved particularly strong in the mechanical engineering sector, in the chemical industry, and also in the automotive sector. Overall, segment revenue in the quarter under review was 14.7% higher than that posted for the same period last year. In total, the segment achieved earnings before interest and taxes of EUR 6.1 million in the third quarter of 2021, which corresponds to an EBIT margin of 20%. On slide 12, you see that group's net working capital slightly increased in absolute numbers as a response to the unstable global supply chain. The ratio in percent of group revenue improved from 28.1% one year ago to 25.4% at the end of the reporting period, and is therefore within the targeted area. ElringKlinger is pursuing a disciplined investment policy, also in 2021. New equipment acquisitions are targeted particularly at the strategic fields of the future. Group's capital expenditure amounted to EUR 15.2 million in Q3 2021, related to production activities worldwide, and also included expansion investments for new ramp-ups. As of September 30th, 2021, ElringKlinger generated operating free cash flow of EUR 73.7 million in the first nine months, and this figure does not include exceptional items such as the initial installment paid by Plastic Omnium for its interest in EKPO or proceeds from the sale of the Austrian subsidiary. Operating free cash flow in the third quarter reached EUR 8.1 million in the midst of challenging framework conditions. Due to the considerable operating free cash flow in the year to date, ElringKlinger was able to further reduce its financial liabilities in the period under review. Having already scaled net financial debt back until year-end 2020 by EUR 337 million since the start of the efficiency program in 2019, the figure was reduced by further almost 100 million in the course of 2021. From a 12-month perspective, net debt fell by EUR 151 million- EUR 361 million as of September 30th, 2021. Against the backdrop of a solid earnings performance and the reduction in debt, the group saw a significant improvement in its debt ratio at the end of the first nine months. Net debt to EBITDA stood at 1.3 at the end of the reporting period, compared to 3.4 a year earlier, and 4.7 in March 2019. In total, the group managed to pay back debt despite highly challenging framework conditions within the global automotive industry, where working capital is one instrument to cope with supply chain issues and where high material prices are permanently burdening the earnings situation. Having said this, I now turn back to Dr. Wolf. Well, thank you very much, Mr. Jessulat, for your explanations. Let's go on to slide 15. I will now get back to the global situation in the automotive market. Shortages like those of semiconductors, we talked about that already, or limited availability of some raw materials, like recently, especially magnesium, have an immediate impact on global production figures. Based on these interdependencies, there is a decline of production expected for the remaining quarter of the current year. Even taking into account the fact that Q4 2020 was a quarter with high output, the expected decline for the current quarter is significant at just under 20%. This drop is expected to affect all three major automotive markets. That means Europe, China, and North America. On slide number 16, you see that the market sentiment has become more and more skeptical in the course of the year. While in February, industry experts from IHS expected an annual production volume of around 85 million units worldwide for 2021. They reduced this volume gradually in spring and summer. In the light of continuing semiconductor shortages and bottlenecks for raw materials, they made a deep cut in early fall by shortening estimates for 2021 and 2022 by around 10%. This resulted in a substantial decrease of Q4 estimates of around 17%. What can we take from this? First, the markets are continuing to suffer from a high degree of uncertainty. Second, shortages in raw material and semiconductor and chips will continue. Third, we will see a poor fourth quarter 2021 regarding global light vehicle production as well as lowered volumes for 2022. Last but not least, the fourth point, the cut for 2021 and 2022 does not have to be interpreted as a cancellation of demand volumes, but rather a shift from production volumes from 2021 and 2022 to the years 2023 and 2024, which is at least partially good news if it really materializes like that. On the back of a strong quarterly performance, ElringKlinger adjusted its guidance for 2021 with the publication of its preliminary quarterly figures on October 12th, 2021. In this context, it should be noted that the general market outlook deteriorated considerably in the final weeks of the quarter under review, with bottlenecks in the semiconductor industry, strains in the supply of raw material, and elevated commodity prices taking their toll. Uncertainty relating to the stability of sales volumes as well as demand for raw materials and their availability continues. Against this backdrop, ElringKlinger now expects sales to be several percentage points higher than the anticipated change in global light vehicle production. Just before the industry service provider, IHS, estimated a global production growth of 1.6% for 2021 compared to the previous year, and has since revised this slightly downwards to 0.3%. As regards earnings, the group expects an EBIT margin of around 6%, having taken into account the site optimization planned within the Shielding Technology unit. I talked about that before. The Group's projections for its other key performance indicators remain unchanged for 2021. The Group has also confirmed its medium-term targets. Well, so far from my side, ladies and gentlemen, thank you very much for your attention. Mr. Jessulat, my colleague, CFO of the ElringKlinger Group and myself, we are more than happy to take your questions. Thank you. We will now begin our question and answer session. If you have a question for our speakers, please dial zero and one on your telephone keypad now to enter the queue. Once your name has been announced, you can ask a question. If you find your question has been answered before it's your turn to speak, you can dial zero and two to cancel your question. If you're using speaker equipment today, please pick up your handset before making your selection. One moment please for the first question. We have the first question, it's from Christoph Laskawi, Deutsche Bank. The line is now open for you. Hi, good afternoon, and thank you for taking my question. The first one will be on the shielding business and where you essentially plan consolidation of the industrial footprint that you have, which I think makes sense to take out a high-cost footprint in Germany. It will likely also cost a slight amount for closing that plant or running it down. Is it fair to assume that you take a charge in high single digits to low double digits in Q4 on that? If you think about the other business lines that you have, could you see the same measures for other plants that you potentially have in Germany or in Europe just to realign the footprint? As the first question. The second part will be on raw mats into Q4 and 2022. In Q3, you saw a negative of EUR 10 million in the EBIT bridge. Could you give us an indication if it will be around the same size in Q4, and how you would see that trending into 2022, considering that you might have yearly contracts for several of the input raw mats and they might be rolling into 2022? Thank you. Yeah. Let me answer your first question. We'll take a charge in Q4 on the consolidation, and my expectation is that we are gonna be at the low double-digit amount for this activity. You know, when we look at the situation here that we see in shielding technology, then in regard to the other business units, we do not see this particular development in the other business units at this point in time. So this is really a specific point. We have, you know, different capabilities at different sites when it comes to the manufacturing processes. Therefore, you know, the tooling and projects are gonna be distributed across different sites, you know, in regard to the different capabilities that we have in those locations. Yeah. For your question on the raw materials, question number two, my expectation would be that we would see based on some latency between three and six months on the automatic compensation for higher raw materials that we have in some of the contracts that we will see some of the compensation coming in in Q4, so that the net effect, I think, would be around the same order of magnitude in Q4. Yeah. For 2022, I see you know a lot of uncertainty in regard to the customer side, customer demand on the one side and also the highest risk is here the raw material side. We see a lot of movements in regard to the raw material markets, and it also, in regard to those, it's hard to estimate where are we gonna be. Given our contractual situation, I would expect this to continue in not so good way going into 2022. Very clear. Thank you. The next question is by Akshat Kacker, JP Morgan. The line is now open for you. Thank you. Akshat Kacker from JP Morgan. A few from my side, please. Let me start with the first one. Obviously, a very good quarter for you in terms of top line with increasing growth and outperformance. Can you highlight the key drivers here in terms of product launches or good product mix? Because obviously what we have seen in the auto industry is almost a 20% decline in auto production in Q3 versus Q1, but your revenues seem to be almost flat. That is an amazing third quarter, if you could share some drivers there. Yeah. A little bit, you know, on the detail where we see declines, we have been seeing declines in the deliveries to assembly plants. We have not seen so much of a decline in the powertrain applications. Yeah. If this is a good explanation or not, I don't know. Overall, we have, you know, this sort of differentiation between the different delivery situations that we have or the different delivery sites. And also we have, of course, a plant in the U.K. that is currently ramping up production for a powertrain system. And we have also several other projects currently going up. It's a mix. The base business is fairly stable, as you said, you know, given the circumstances and given the reporting that we also have been seeing. Maybe I can add two things or three things. We had, again, a very strong aftermarket business, which contributes quite a bit to, you know, group sales and of course, to the margin. Also our Engineered Plastics, as Mr. Jessulat explained when he gave his explanation. Our Engineered Plastics business was really strong, was really good. So that of course are two effects that are not influenced by, let's say, slowdown of the global automotive production. Because those are businesses that are independent from that. As Mr. Jessulat said, you know, a lot of our products are related to engines, to the powertrain, and not to car models. If you supply right now seats into a specific car model, and the car manufacturers decide not to build this model for three months, then you really suffer, yeah. You have to see that every car manufacturer has a lot less engine models than car models. A lot of those engines go in different car models. We don't really care. You know, just to give you an example, if you take Daimler, they have this really, you know, they have this since a long time. It's a 220 CDI, it's a diesel engine, and they produce a lot of those engines. This engine goes into the A-Class, it goes into the B-Class, it goes into C-Class, into the E-Class. We don't really care in which, you know, car this engine is implemented as long as they built the engine. They shift right now from A-Class to E-Class, of course, because the margins are much higher in the E-Class than in the A-Class, yeah. We don't care because we sell the parts into the engine, and the engine plants are still running on a pretty good level because they need the engines for the cars they built. Very clear. Thank you. The second question is kind of coming back to Christoph's question on cost inflation. Obviously, we are seeing different elements going up here in terms of raw materials, labor, freight, and energy. This has historically been a problem for ElringKlinger in terms of either offsetting these costs or passing it on to end customers. I think this is what the share price reaction shows today as well. Your implied margin guidance for the fourth quarter is not too optimistic. What we are trying to understand, Mr. Jessulat, probably some early signals into 2022. I know it's very early and there are a lot of uncertainties, but given the volume ramp that we will see into 2022 and everything that you're seeing in terms of cost inflation, what are you currently thinking in terms of positives and negatives when it comes to the EBITDA development year-over-year? Yeah. Thank you for your question. You know, like I said, on the risk side, customers and raw material, we have to say in general that our global efficiency program has not only significantly reduced the net debt, but also improved the cost position of the group. In the areas where we have been focusing very much on this structural cost, such as personnel cost, we grew the personnel costs, you know, much lower relative to the development in sales. Yeah. On the other side, the general cost, you know, I can say that we were able to compensate, for example, with our cost reduction efforts for the higher cost for transportation and logistics. Yeah. Also what is something that we've been working now, you know, in the third year, that is, you know, pricing structures with our customers, where we had realized, you know, significant improvements over the three years. No? For example, if you just look at the gross margin for Q3 now with 23.5%, and we achieve that despite, you know, EUR 10 million higher material costs, it shows that we have within this program, we were able to significantly bring down the process cost of ElringKlinger. Yeah. Also, let me say that, you know, as we will grow further in E-Mobility, and this can be seen also in Q3, that we are making some good steps forward here. We will depart step by step from the startup loss situation. You know, right now, if I look at the year 2021, we are still, you know, in the double digit, in the low double digit, you know, negative in regard to the startup losses for the new business years. Step by step, we will get out of that and move into the revenue cycle. No? We started with a new plant here in the U.K. in 2021. We'll continue on different projects throughout 2022, and this, you know, will bring us out, you know, from, you know, the situation that we have absorbed, you know, negative results in the group and we'll have more revenues that give us good contribution margins. My general assessment would be that we have, you know, we have approached the point where we will come from the development to the revenue cycle, and we see this. From a top line perspective, as well as also based on the efforts that we have done, you know, on the bottom line. And therefore, you know, I see, of course, the material portion as probably the highest outstanding risk item really going into 2022. But on the other side, we have to say that we have seen throughout, for example, 2019, our ability to recover, you know, some of the costs and most of the costs through, you know, agreements with our customers. Now, we have demonstrated that, and therefore overall, my assessment would be that we are exposed to some risk, but we have also upside against that. Now, how this is gonna be playing out, at the end of the day, this is a little bit too early to say that, but this would be my, you know, overall answer to your question. Very comprehensive. Thank you so much. One question on the cash flow statement. If you could comment on your CapEx expectations for the full year 2021, that would be really helpful. I think we are at EUR 38 million for the first nine months. If you could also share some details around the high dividend payout to minorities. What exactly was paid out there, please? Let me say something to the minorities at first. We have minority shareholders in China. We have also minority shareholders here in Germany in the plastics business. They both, you know, parts of the business that very much generated strong cash flows throughout 2021, so that we had significant payouts in the form of dividends, you know, to us here as ElringKlinger AG. What you see there is essentially their share of the payouts. It's, you know, stemming from very cash flow strong businesses that we have in the group with, you know, minorities in there. Sorry, your first question. Could you repeat your first question? First one was on CapEx. Oh. Also a follow-up on the minority, as you just mentioned. Was this a special dividend or should we just expect a similar payout going forward? No, no. This is something that has been going on as ordinary course of business, because over the last years we had a good development, and you saw those, you know, payouts also in the last couple of years this year. In particular, we have higher amounts because we had such a good development in those businesses. Now, this is also the reason when you look at the tax rate for Q3, tax rate is fairly high. Where we had really strong results in the group, you know, those are in areas where we have also, you know, tax rates that led to this relatively high rate. Let me go back to your CapEx question. CapEx, I would expect a little bit of pickup in Q4, but overall, same ballpark in terms of percentage on total sales, what we have seen so far in the year. A little bit of pickup in Q4 would be my expectation. Understood. Thank you so much. I'll fall back in the queue. Thank you. The next question is by Marc-René Tonn, Warburg Research. The line is now open for you. Yes, thank you for taking my questions. First one would be on the outperformance. I think you basically just covered parts of it already when we think about the outperformance, which you have shown. Let's try once again there. From what you see and let's say from your order book and as a strong order intake you had, perhaps you could give us some indication whether you would, let's say, expect these outperformance to also be maintained in the quarters ahead or whether you see any risk from potential fallbacks into, say, okay, perhaps the customers may have pre-produced some engines which are now, let's say, implemented into cars once they are produced. That would be the first question. The second question, coming back to tax rate and you touched on that with the last answer. Perhaps you could give a bit more detail there, whether there had been, let's say, any specific shifts in regional profit distribution, which we should consider here. The third question would be with regard to the guidance you provided for the fourth quarter. You mentioned the low double-digit million EUR charge you will take presumably for the restructuring at the shearing business. To my understanding, this is fully included in the, let's say, revised guidance for the full year. You are, let's say, expecting approximately 6% EBIT margin, including this low double-digit EUR million charge, which you are, let's say, expected to take in Q4. Thank you. To your first question, when we look forward a little bit, then we see a good and solid order situation for Q4 and also when we look into the beginning of the next year. There is uncertainty, what we have seen also, not overall, but in regard to parts of the business where we say, you know, some of that may not be realized at the end of the day. So far, we've been doing good, but for me, there is still towards the end of the year, in particular, you know, uncertainty in regard to the demand from customers. Now, on the tax rate, you know, I can say within the program that we have executed, we have reduced the companies in our group that, you know, have recorded significant losses, no? If we look at the past, we look into the United States and we look into Switzerland in terms of, you know, businesses that gave us significant losses. We have reduced the losses through, you know, specific efforts and also the efficiency program. The program made also the already very good companies better, no? When we look at, you know, specific, very positive developments in terms of entities that contributed to higher tax rates than in the first and foremost, I have to say ElringKlinger AG has been performing, you know, very good. Most of the increase in taxes comes from the ElringKlinger AG. Second, Kunststofftechnik, like we said before. Then, you know, on place three and four is already China. Again, those are, you know, some of those companies, they are the companies with the minorities, no? We have an improved situation, and that effectively led to the point. If we look at, you know, the guidance and, you know, and how we look at that? Let me say that we have maintained in 2021 a very cautious approach, no? This was confirmed at the end, you know, in the second half, where the markets turned, you know, more difficult. Yeah? When we adjusted our outlook in October, we have, you know, considered all external and also, like your question, internal factors into that. We have, in my opinion, right now, some room in the guidance for all of those internal and external factors. Yeah? This is also the reason why if you look at that, you know, my expectation would be a flat contribution in Q4 from an earnings perspective, yeah, which is part of the guidance that we have been given. Like I said before, there is still material cost burdens, you know. It's gonna be the case in Q4 that we will have that. But my expectation is also that we have some compensation from the customers, from the contracts that we have, no? Again, this is from a net perspective, not 100% sure, but this is, you know, the way I think about that and all communicated. To us, known factors are incorporated as part of the guidance for 2021. Good. Thank you. The next question is by Henning Eggers, ODDO BHF. The line is now open for you. Hello. Yes, two questions, please. First one relates to page 16 of your presentation. We are seeing IHS data heading for close to 100 million production volumes by 2024 again. I think we all know the uncertain situation also with climate change and also rising costs in other areas for the end consumer, no? A broad question. Do you basically see a normalized long-term production volume? Would you see it at rather 100 million vehicles per year, 90 or rather probably only 80 million? This would be question one. Question two is relating to wage inflation. I mean, we might be seeing some wage inflation tendencies for the time being in the U.S. at other companies of the automotive sector. Can you confirm this also for ElringKlinger? What is your plan, should wage inflation turn around to be to turn out to be a structural issue? Is there any further restructuring measures which you could think of if wage inflation should be structural? Thank you. Well, let me answer that question. Of course, you know those numbers, they come from IHS and it's always a question, are things happening like that or not? Yeah. This is, you know, this is a global view. Things might be different in Europe because you mentioned the climate change and all those, you know, measures that are taken against that. That is something that we see mainly in Europe. Yeah. Europe has about 50 million cars worldwide. I think that the markets in the U.S., also in China and in other parts of the world are going to develop quite nicely. Of course, we're gonna see a change from, you know, the pure internal combustion engine to hybrids. The number of hybrids will increase quite remarkably in the years to come, and we will also see, you know, battery electric and fuel cell electric cars. The mix will change. The one thing that is good, you know, for us, is that we are prepared for all of that. Yeah. We are strong in the combustion engine, which goes into a hybrid car. We are strong in battery technology. We are strong in fuel cell technology. That was our strategy for many, many years, yeah, to be prepared for whatever happens in this world. Yeah. One thing you have to see, you know, if we reach in 2024, now, you know, I'm referring to page 16. If we reach EUR 98 million in 2024, we are only EUR 4 million above the level in 2018. I always refer not to 2019, but to 2018, because we had a recession already in our industry from 2018 to 2019. The one thing that is important, we have to get back to the strengths that we had in 2018, yeah. I think that those figures are not unrealistic. Yeah, it's still interesting, you know, the mix, as I mentioned before. I think this is not unrealistic. Yeah, there's always, you know, uncertainties, but it's 2024, that is another three years, yeah. I think it's pretty much what we expect, yeah, in our industry, and that's also what we, you know, our plan and our budget for the next years is based on those figures, yeah. Wage inflation, yeah, there is a little bit wage inflation in the U.S. The biggest problem in the U.S. is to get people. You know, the market is empty. When you drive through, you know, industrial regions in the U.S., you have almost at every company, you have big signs for hire. You know, we have a pretty reliable team there and a pretty stable team. Still, from time to time, we suffer, especially in production, where people are just running away and go to the next company. That is something that we see, but we still we can deal with it quite good and quite nicely. In other areas, you know, of course, we have to really fight against the wage inflation. You know, for example, here in Germany, we have the next negotiations with the IG Metall next year in September. For me, it's pretty clear, you know, as we have not reached the level of 2018 in production, in sales, and so on. There is nothing that we can, you know, give them. I think here we should pretty clear that, if, especially also in other European countries, we see more and more wage inflations. We have to think about, you know, restructuring, not only we, but also other companies, yeah, in the automotive sector. They have to think about restructuring their setup, and that means that we think about, you know, transferring production from high wage-intensive countries to countries where we have a different structure. Yeah, that's pretty clear. We have to go against that, especially also considering the fact that in our industry, we have the highest wages compared to all other industries. Yeah, okay. Thank you. I think very helpful comments. Am I getting you right? You are really also heading for attractive growth rates of light vehicle production in the next three years, right? Yeah, of course. Okay. You have to see, we have let's say the interest I would say in such situation that our product mix changes, and you know we have more and more lightweight parts. We have battery electric parts. We have fuel cell electrical parts. On the other hand, we still have our reliable you know classical business that also increases because we see here a consolidation. There are more and more let's say competitors that are getting out of business. You know, they're not doing their business anymore. The overall structure for ElringKlinger is pretty good. You know, we are one of the very few automotive suppliers that are basically through this transformation already because we do fuel cell technologies since 20 years and battery technologies since 15 years. The structure of the company, and especially also the product mix and the product structure is pretty good here at ElringKlinger. Okay, thank you. Very helpful. The next question is by Jürgen Pieper, Metzler Capital Markets. The line is now open for you. Yes. Hi, gentlemen. Good afternoon. I have two questions. The first on the current quarter. Just recently, we talk about last week or the last few days, some OEMs stated that the production seems to turn to the positive compared to the third quarter. For example, Volkswagen, I think, will take up the production by 15%-20% in the fourth quarter compared to the third quarter, obviously from a very depressed level. Nevertheless, it's some statements that could indicate that we have seen the worst in terms of the mainly, well, especially the chip problem. Do you see indications if you look at your October, with all cautiousness we of course share and know? Secondly, after this extreme year 2021, or actually after these two extreme years, do you make any structural changes on your procurement side? In terms of duration of contracts, in terms of sourcing, maybe you go for a higher number of sources for some raw materials, or is there even some substitution possible for aluminum, for example, to a certain extent? Do we see in the end, in 2021 to 2023 some fundamental changes after these years of your very extreme experience? Let me answer your first question again. The fourth quarter, I'm more optimistic than pessimistic in regard to how we see us going into Q4. I indicated that earlier. We are watching this really closely. I think the outlook that we have given reflects that view that we think we are having a development above market. You know, this is what we said, and then this is, you know, I say that still, you know, that I see that as our firm view on things. No? Number two, of course, when we look at the working capital development, we have seen, you know, based on some reconfigurations that we are doing in the supply chain and also some, you know, inefficiencies here that leads to buildup in inventories. We see that we maintain a current working capital ratio of 25% to sales. This is thanks to, you know, an increased amount on the passive side here in accounts payable. Now, if you compare us to the past, you know, we were, you know, always somewhere between EUR 120 million and EUR 140 million in terms of our payables. No? If we look at the end of September here, we are at EUR 170 million. No? What have we done here? We have, of course, executed also in procurement, you know, a stringent program as part of our efficiency program. We also focus, of course, very much on the increase of payment periods to suppliers. We look at, you know, optimization here on the supply side. Yeah. Substitution, generally, of course, is our business. We are experts, so to say, in terms of substitute metal through plastic, but it's not always possible. There is some components that we source of some metal sort that would need to be compensated from a pricing perspective from the customers. We cannot just substitute that. No. But overall, you know, we have improved a lot, and my expectation is we will continue to improve a lot on the sourcing side when we look in particular on the payment period. You know, days payable outstanding is our KPI here. No? This is gonna be continuing to be the case, and therefore, I'm positive that we'll also, on the working capital side, make some steps forward once we have a more reliable supply situation on the one side and once we have concluded our reconfigurations, yeah. Okay. That's clear. Thanks. The next question is by Michael Punzet with DZ Bank. The line is now open for you. Yes, Michael Punzet, good afternoon. I have two questions on your E-Mobility business. First one, we saw that the E-Mobility account for roughly 6% of group sales in Q3. Is that a level you also expect for the coming quarter or a rise in this share, or is there the possibility that we came down again in the case that supply chain normalized and the company's production of cars are normalized in coming quarters? Maybe you can give us an indication when you think you could reach break-even in the segment. You know, the major part of this is, of course, the ramp-up of a new factory with the drivetrain system in the U.K. and along with other E-Mobility components that are in the ramp-up phase. You know, in particular, those new programs stipulate tooling sales. We had, for example, EUR 8 million tooling sale for this plant in the U.K. alone in Q3. Yeah. It's both. No? We will see some, you know, higher amounts based on tooling sales, but, you know, that is gonna be supported through a higher base, let's say, production rate of E-Mobility components going forward. No? My expectation is this will be continued, and in 2022, it will be further improved by the start of, you know, a cell contacting business that we have enhanced and acquired. There is gonna be a start here in 2022, and we'll see some significant, you know, sales figures coming in. You know, my expectation is 2023 because we've got a fairly steep ramp-up. No? This is gonna be supported at the beginning. We may see some variability here, but my expectation is that you see here what we have said, you know, before this. that we are in the startup phase, and this is the beginning of the startup phase, and you'll see further revenue growth in mobility. Yeah. Okay. Breakeven, when do you expect to reach breakeven in the E-Mobility segment? E-Mobility breakeven, you know, generally, I think 2024-2025 is what I have said. Now, there are some developments, you know, that I'm not 100% certain on that as of yet, but my expectation is 2024-2025, approximately, we'll have a significant sales level going on, not only, you know, for battery components, but also, you know, in the fuel cell business of ours and also in some other areas where we'll see some pickup. Now, so current estimation is 2024-2025. Okay, thank you. I have two smaller questions on your EBIT bridge on page 10 of your presentation. First one is maybe you can remind me what was the impairment in last year, and also maybe could comment a bit on the other figure of positive EUR 5 million. We have two types of impairments that we have had in Q3 last year. The one was pretty much, you know, an ordinary impairment, and this is the three here, in terms of receivable impairment. We had a U.S. customer going into Chapter 11. It's a pretty known name, so you may be able to know it. Also in China, we had a little bit of the same on one customer in China. This is a receivable impairment that we have seen here, with EUR 3 million, and most of the others is impairment as well on you know, some assets that we had last year. Okay. Thank you. The next question is by Akshat Kacker, JP Morgan. The line is now open for you. Thank you for taking my questions again. Just two quick questions. The first one, again, on electrification. As you mentioned, you have a very strong position in fuel cell stacks as well as battery electric vehicles. I'm just asking myself if you will be willing to disclose a BEV-only order backlog or order intake going forward. The second question is on the cell contacting order that you have with the battery supplier in Germany. Can you talk about any other RFQs or discussions with other battery cell manufacturers or the one that you're starting the order with in Germany? Anything else that is developing on this front? Thank you. Well, the order in Germany, we have disclosed that in a press release when we got the order. It's the company by the name of CATL. It's you know, CATL in China. They build a factory here in Europe, in Germany. Yeah. That is the order that we have published, and we are working on other projects. The one thing you have to see, we discussed that in calls before. The trend of, be it automotive manufacturers or be it battery manufacturers or you know, other companies that are in the field of e-mobility, they normally. We have pretty rough you know, contracts with them where we are not allowed to disclose that. Yeah. Everybody is really tense in that business, and they wanna keep all those things confidential. The one thing that I can say, you know, we are happy with, you know, both areas, with the fuel cell business, also with the battery business, where we have projects for complete modules and also for parts. You know, our strategy is we supply parts for battery systems, also for fuel cell systems, but also complete systems and modules. Yeah. So we have three different things that we offer in the market, and we see good demand for systems in niche markets with small numbers, but also good demand for parts from customers that produce their own systems in larger numbers. Yeah. Sorry about that, but we cannot really disclose all those things that we have on hand here. Understood. Thank you. As a reminder, if you want to ask a question, please press zero and one on your telephone to enter the queue. As there are no further questions, I will hand back to Dr. Stefan Wolf for closing remarks. Yeah. Thank you very much. Thank you for your questions. Thank you for your attention. Thank you for attending this call, and thank you for your interest in ElringKlinger. You know, we are looking confident in the future. Things are difficult, as we described it in this call, but still we see that, you know, things are developing fine and that we will further develop the company in a good way. Once again, thank you for your attention, and I'm looking forward talking to you in our next conference call, which will be in spring next year. Then we will see. We have the full results of 2021. Of course, then the next call will be on Q1 2022. As I said, looking forward, hearing you and, talking to you in this call. All the best to you. Good health. You know, stay healthy and then, bye-bye also on behalf of Mr. Jessulat. Thank you. Bye-bye. Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect.