May I now hand you over to Dr. Stefan Wolf, who will lead you through this conference. Please go ahead. Yeah, thank you very much. Ladies and gentlemen, I warmly welcome you to our analyst conference on the fiscal year 2021. Unfortunately, we are still in a situation where we are not able to have this event in a personal format. Although we have initially planned to hold this event in person in Frankfurt, we had to decide for a virtual forum in view of the current infection situation, COVID-19, here in Germany. As always, I will start with some headlines of the fiscal year 2021, and will briefly give you some information on the markets and ElringKlinger's strategy in some details. After that, my colleague, Thomas Jessulat, our CFO, will present the fiscal figures on fiscal year 2021. I will then close with some remarks on the current year. At the end, of course, you will have the opportunity to ask questions, and we are more than happy to answer your questions. Let me start with some headlines. The fiscal year 2021 has still been affected by the COVID-19 pandemic. It has been another challenging year, but we managed to perform quite well in this very difficult framework. First of all, I want to point out some of the highlights of 2021 in brief. We generated revenues of €1.62 billion, which implies an increase of 9.7% compared to the previous year. Compared to the global light vehicle production, which increased by 3.4% within the same period, it is fair to say that we have outperformed the market once again, as in the past. EBIT stood at €102 million, corresponding to an EBIT margin of 6.3%. We generated a strong operating free cash flow for the third year in a row. In 2021, it amounted to €72 million. As a result, the level of net financial debt had been further reduced to €369 million, which implies a net debt EBITDA ratio of 1.7, so that means, again, investment grade. On the basis of the presented strong 2021 figures, we in the Management Board proposed a dividend of EUR 0.15 per share to the Supervisory Board, and they agreed last week. It is a joint proposal to the Annual General Meeting, €0.15 per share. The group's global efficiency program has been successfully completed by the end of 2021, but of course, we will continue the implemented measures, and we are really looking at cost reduction. Due to a very high level of uncertainty in the global markets, also driven, of course, by the Russian-Ukrainian conflict, we decided to suspend our guidance. We will closely monitor the further development, and we will provide an outlook as soon as the general political and economic situation allows that. You know, with this procedure, we are in line with most of the publicly traded stock companies here in Germany and around the world. Looking back, fiscal year 2021 was an eventful, but also challenging and overall successful year. We have had a very strong start into the year, and not only in terms of quality figures. In addition to the start of business activities of EKPO Fuel Cell Technologies and the launch of the new battery competence center in Neuffen, here close to our headquarters in Dettingen, we won a high volume order for cell contacting systems from a global battery manufacturer. The total volume is in the mid-three-digit million € range over 9 years. In addition, we received the funding decision for the IPCEI battery two. This is a program on European level. Here, the development and the commercialization of an innovative cell cover design is being funded with a total of €33.8 million. The so-called important projects of common European interest, that means IPCEI, are intended to establish a European value chain. ElringKlinger is part of this in the area of batteries, and has also been preselected by the German government for the IPCEI hydrogen. Here, the approval from the European Commission is still pending, but we are looking forward to the decision, and we think that we're gonna get that also for our area, fuel cell technology. In the field of fuel cell technologies, EKPO Fuel Cell Technologies, the joint venture with Plastic Omnium, has achieved further contract successes. For example, it received a major order from AEDS. In addition, a cooperation agreement was signed with the Chinese group, DR Powertrain. These are important steps of EKPO's way to open up the fuel cell market with its high performance stacks and components. Well, before we come to the presentation of the figures of the financial year 2021, I would like to spend some remarks on the strategic approach of ElringKlinger. There are three main fields of activity that I would like to present below. First, with our already transformed product portfolio, we are covering a growth market. This offers us great opportunities to help shape the mobility of the future with our innovative and technologically sophisticated solutions. We want to take advantage of these opportunities. Second, to ensure that we remain efficiently positioned in the future, we are once again driving digitalization forward and fundamentally optimizing our processes in the group. Both will interact to help us achieve the group's goal. Third, and last but not least, sustainability has always been an issue for ElringKlinger. Our products help reduce or even avoid greenhouse gas emissions that are harmful to the climate. At the same time, we strive for being carbon neutral in net terms by 2030, and we will do so worldwide. ElringKlinger is committed to the environment. All this is based on healthy financials. The successful completion of our global efficiency program was essential for these next steps. We now see on slide 6, the estimated development of global automotive markets over the current decade. The general trend has not changed over the past 12 months, and we still see that automotive remains to be a growing market. It will increase by 1.3% per year until 2020. What has changed is the short-term growth structure. Overall, the recovery will need more time than previously expected. According to IHS, we will see a pre-pandemic level of global light vehicle production not before 2024, while one year ago it was expected to reach 2019 numbers already by 2022, so this current year. If we are looking at the split of production numbers by powertrain, you see that on slide number 7. We see that all the growth in the automotive industry is coming from the new powertrain technologies. While the hybrid cars will strongly contribute to the growth in the upcoming years, the increase will slow down in the second half of the decade. The closer we come to the year 2030, the more relevant pure new energy vehicles, be it all electric or fuel cell, will be. Vehicles with pure internal combustion engines will increasingly be limited to certain regions and certain applications, so their number will decline over the years. However, with a slight annual decrease, the market will still be quite consistently large, which is important for our classic products. Well, this is, ladies and gentlemen, why we follow a multidirectional strategic approach. Of course, we use our strong market position in products for the classic technologies and serve the demand in these markets. However, the focus is on the new technologies. There is great market potential to be tapped here. This is where we are concentrating our efforts. On the one hand, we are using our material, product, and process know-how from the classic area to develop innovative solutions for the new technologies. On the other hand, we have added new technology areas to the group over the past decades. Battery and fuel cell technology are the two most important of them. Let me briefly discuss the classic products around the internal combustion engine technology very briefly. We have products that have been matured for decades, improved again and again, new elements or refinements added, so that our solutions now principally contribute stably to sales in long-term contracts. In review of market developments, it is more common for existing contracts that they are renewed. As a result, there is an opportunity and a need here as well to adjust prices to existing price level. In this context, our global network of locations is an advantage enabling us to offer the same products globally in Mexico, Europe, China, or wherever we have our production locations. Second, these business units, which were established in the classical sector, have developed and still develop solutions also for the new drivetrains. For example, the Lightweighting Elastomer Technology business unit has developed the media module for fuel cell stacks. Based on the knowledge of the plastic housing product or the Metal Sealing Systems & Drivetrain Components business unit uses its knowledge to develop advantageous products in the new technologies, such as the cover with integrated gaskets. Third, we have designed new technologies from the drawing board to series production. For example, based on a customer request, the group developed cell contacting systems, which is essential for a battery system. If it did not work reliably, the vehicle comes to a standstill because the energy stored in the battery could not be tapped and brought to the engine. The first serious production started in 2012, at a time when E-Mobility was still in its infancy. In the meantime, we have expanded our knowledge to a broad variety and offer, besides components, of course, battery modules as well as complete battery systems. The know-how of coating, stamping, and embossing in cylinder-head gaskets was also used to develop bipolar plates. Ultimately, with their high preciseness, they enable the high power density of EKPO fuel cell stacks of more than 6.0 kW/L, which is leading in the market worldwide. In this context, let me add one remark. The debate over the mobility of the future is frequently presented as a straight choice, batteries or fuel cells. Often, statements are put forward in support of only one of the two technologies. However, this approach is short-sighted. Backing both batteries and fuel cell markets makes logical and economically sense. It has recently been studied that battery and fuel cell vehicles represent the cheapest propulsion systems in heavy-duty transport when the total cost approach in terms of their total cost of ownership principle is considered. Diesel, while more cost-effective, is a fossil fuel. Synthetic fuels and catenary vehicles are more expensive. The result supports ElringKlinger's view that fuel cell drive systems will initially become established primarily in heavy-duty transports and buses. Another study produced a contraindicative result. Battery and fuel cell complement each other. Diversification, for example, with 10% fuel cell vehicles, reduces the total cost noticeably. This means that both technologies side by side are a sensible solution, and that's what we work for since about 20 years. Based on the previous slides, you have seen that ElringKlinger is already well advanced in the transformation of mobility and can already offer a transformed product portfolio. This setup is also reflected in the sales and order figures that you see on slide 13 right now. In 2021, 20% of group sales were not dependent on the internal combustion engine. The trend is intact. In 2020, it had been 19%. At the same time, the group received new orders in 2020 and 2021, and the first two months of 2022 that are mainly less dependent on the internal combustion engine in terms of annual volumes. This constellation is bringing about the future transformation of the group, particularly in the strategic areas of the future: structural lightweighting, fuel cell technologies, battery technology, and electric drivetrain unit. The group will achieve strong growth in sales so that the share of sales not dependent on the internal combustion engine will steadily expand. Following on from the product portfolio, I would now like to focus a little more on digitalization and process optimization at ElringKlinger. Ultimately, this strategic initiative is the result of experience of the past. It is aimed at, first, making production more robust. Second, harmonizing and standardizing process worldwide. Third, driving forward automation. In the end, it will contribute to achieve company's targets. The optimization of processes is closely linked to advancing digitalization. The aim of this cross-sectional approach is to implement measures for, first, being more efficient within the group. Second, increasing the value of products. Third, breaking new ground and exploiting its potential. At the end of this road, the ultimate goal is the digital factory with networked production facilities and fast, flexible processes based on a flexible IT infrastructure. On slide number 16, I will provide some more details on our third field of activity. Sustainability has always been a core issue for ElringKlinger. In this context, we see sustainability as a holistic approach from climate protection to employee responsibility and, of course, social interaction. In terms of climate protection, greenhouse gas emissions are crucial. For CO2 alone, emissions have increased by 50% over the last 30 years. One-fifth of CO2 emissions are caused by the transport sector. In order to significantly reduce these emissions, initiatives have been set up by countries around the world with the aim of achieving significant reductions. ElringKlinger addressed this need in two respects. Firstly, the portfolio is strictly geared towards sustainable mobility. The combustion engine part supports OEMs, our customers, in downsizing engines. ElringKlinger components enable high pressure and higher temperatures in the engine. Downsized engine means lower fuel consumption and lower fuel consumption means, of course, lower CO2 emissions. Lightweight components either reduce weight and, in the case of combustion engine vehicles, lower fuel consumption and thus CO2 emissions, or they increase the range of hybrid as a new energy vehicle. New technologies such as the battery or the fuel cell even enable carbon-neutral mobility, provided that the energy required for this obtained from renewable sources. Secondly, ElringKlinger has set itself an ambitious program to become carbon neutral in net terms, even in its own operations. This encompasses direct and indirect emissions from the company's own activities. This means Scope 1 and Scope 2. In the first step, carbon neutrality in net terms has already been achieved for the German sites in 2021. In the next step, the European plants are to become carbon neutral by 2025. In the third step, carbon neutrality in net terms will be implemented worldwide by 2030. Our engagement is underlined by the EU Taxonomy figures, which show that 48% of the CapEx spend in 2021 is EU Taxonomy eligible. The group is thus making a proactive contribution to reducing greenhouse gas emissions in its own activities. Well, ladies and gentlemen, so far from me, the highlights and core strategic activities. I will now hand over to my colleague, our CFO, Thomas Jessulat. He's gonna present the financial figures, and then I'm gonna give you an outlook at the end of this presentation. Yeah, Dr. Wolf, thank you much. Ladies and gentlemen, a warm welcome also from my side. Let me start on slide number 20 with our strong order book situation. After a decline in order intake in the first COVID-19 year, 2020, we managed to increase the order intake in 2021 to a record level of almost €2 billion, which corresponds to an increase of 33% from the previous year's level. Our order backlog increased in the same direction to a level of €1.4 billion. The factors continuing to limit the automotive industry were the reason that global automotive production increased by not more than 3.4%. The group performed better than the market and increased revenues by 9.7% to €1.624 billion. Considering a slight negative influence from foreign exchange, sales increased by €150 million in organic terms, which implies a sales growth rate of 10.1%. We see our business divisions on slide 21. Lightweighting/Elastomer Technology once again takes the leading position as largest business unit with a share of total sales of 31%. Metal Sealing Systems & Drivetrain Components generated 28% of group sales, and Shielding Technology now represents around 16% of total sales, coming from a level of 20% in the previous year. E-Mobility sales share grew by €4 million to €59 million in total, but one has to keep in mind that previous year figures included a payment of €25 million resulting from a fuel cell partnership. Both Aftermarket and Engineered Plastics segment increased the revenue share by one percentage point in the business year. Coming now to slide number 22, ElringKlinger outperformed automotive production in all major markets. While the market grew only by 0.2% in North America, the group achieved a sales increase of 7.1% or €26 million. In Europe, the market decreased by 5.5%, while group increased revenues by 7.2% or €56.5 million. The rest of Europe and Germany together represent roughly half of group sales for your information. China has proven to be quite robust with regard to pandemic impacts on economy, and this is why the Asia-Pacific region showed quite a good market growth of 6.4%. ElringKlinger managed to outperform this significantly and increase sales by 18.4% or €50.6 million. Over the past decade, ElringKlinger has significantly internationalized its business. I will now turn to slide 23. Due to the investments in the global footprint, ElringKlinger has strengthened its position as a global player. Today, we operate in all major automotive markets around the world, and therefore, our customer base includes all major manufacturers. Furthermore, there is no concentrated risk exposure to just one or only a few customers, as the largest customer represents not more than around 9% of total group sales. On slide 24, you see the earnings development in terms of EBITDA and EBIT. The Global Efficiency Program is the basis for the improvement of earnings figures in 2021. The group achieved an EBITDA of EUR 216 million, which means an increase of previous year's €182 million by 19%. In this context, previous year's figures included instruments such as short-term work in Germany, as well as proceeds from a fuel cell partnership. After deducting depreciation and amortization, EBIT amounted to €102 million. The group's EBIT margin of 6.3% therefore exceeded the original guidance figure published in March 2021 and was at the upper end of expectations outlined in October 2021, when the projected margin for the financial year had been around 6%. Comparing to EBIT last year, where we have noticed proceeds from a fuel cell partnership, EBIT improved primarily due to sales increases, which also benefited from an improved cost structure and detailed measures of the efficiency program of €14 million. On the other hand, group EBIT has been impacted by raw material price increases, particularly in the second half of 2021, and provisions. In addition, there has been a positive effect due to lower depreciation on machine spare parts and lower duty fee payments. Let me continue now on slide 25, where you can see a few financial developments from the last four years. First, on earnings before taxes. At €100.8 million, the result was up by €114.3 million compared to the previous year. After deducting income tax expenses and taking into account the share of non-controlling interest, net income attributable to shareholders of ElringKlinger amounted to €55.7 million. This results in earnings per share of €0.88, which is significantly above the level recorded in the previous year. In view of the unappropriated surplus generated in the period under review, we are again in a position to pay a dividend for 2021. Taking into consideration the process of far-reaching transformation and the opportunities residing therefrom, Management Board and Supervisory Board have jointly decided to take a balanced approach. While shareholders should benefit from the company's profitability, there is also a commitment to strengthening the company in support of the further transformation process. Both boards therefore propose to the annual general meeting to pay a dividend of €0.15 for the 2021 financial year. On slide 26, we take a look at CapEx, net working capital, and operating free cash flow. In the financial year 2021, CapEx spending increased by 22% or €13 million to a level of €70 million. In line with the efficiency program, it has been focused on the strategic areas of new technologies. In absolute terms, net working capital remained at previous year's levels despite ongoing supply chain issues, which tend to result in a higher inventory level. Against the backdrop of more expansive business, the ratio of net working capital as a share of group revenue decreased from 27.2% in 2020 to 24.8% at the end of the reporting period. Operating free cash flow was once again very well within the positive territory in fiscal year 2021 and can be considered an encouraging result with regard to business activity. Due to these efforts in operating free cash flow, net financial debt was reduced by a further €90 million to €369 million at the end of 2021. This translates into a net debt ratio, which is net debt in relation to EBITDA of 1.7. Twelve months earlier, the figure stood at 2.5. Let me now turn to slide 28, showing the performance of our segments. Accounting for 78.8% of total revenue, the Original Equipment segment constitutes the largest segment of ElringKlinger. In 2021, the segment generated revenue of €1.28 billion, representing an increase of €94.3 million, 7.9%. The segmental EBIT increased by €60.6 million to a level of €36.9 million, which in turn corresponds to an EBIT margin of 2.9%. The Aftermarket segment succeeded in further expanding its revenue in the period under review and on the back of its strong performance in the previous year. At €214.7 million, revenue generated in 2021 was up by € 32.2 million or 17.6%. The segment managed to drive revenue forward in main sales regions. Segmental EBIT was up slightly at €42.2 million, which corresponds to an EBIT margin of 19.7%. At €125.4 million, revenue generated in the Engineered Plastics segment in 2021 was up markedly on the prior year figure. Revenues increased by €17.8 million or 16.5% in 2021, driven in particular by sales in Europe and Asia. At €23.7 million, the segment recorded a significant increase in EBIT. This was also attributable to savings in non-personnel travel and staff costs. The segment's EBIT margin was 18.9%. On slide 29, you see now a summary of all the KPIs which had been in the focus of the global efficiency enhancement program. This program was set to prepare us for the future, and in fact, it did. We have managed to increase profitability by a high cost discipline. CapEx has been managed in a disciplined way. Spending has been focused on the new technologies. Net working capital decreased by 26% within 3 years, despite a time of highly unstable supply chains. Operating free cash flow improved remarkably. We have achieved 3 years of operating free cash flow well within the positive area, amounting to €312.5 million in total. As a result, net financial debt has been substantially decreased by 50% over the term of the program, helping us to prepare for the next step of industry's transformation towards future mobility. Last but not least, we have already started to work this way into the future, increasing our share of E-Mobility sales by 100%, not including parts of the new technologies which have been developed by the classical business units. Having summarized this, I now hand back over to my colleague, Dr. Wolf, who will tell you more about where we currently stand and where we're heading. Well, thank you, Mr. Jessulat, for this, really good explanation of, the figures of, fiscal year 2021. Ladies and gentlemen, after two difficult years, you know, COVID-19, we all know that, and we all had to struggle with that. The automotive sector continues to face significant challenges in 2022. Various factors could again hold back growth. Since February 2022, concerns about the economic impact of the escalating geopolitical conflict between Russia and the Ukraine have also created a high level of uncertainty. Taking the unpredictable consequences of these developments out of the equation, the Industry Institute, IHS, had initially assumed an increase in global light vehicle production of around 9% for 2022, but had supplemented this estimate with revised figures, which is clear in this situation. The IHS now expects a growth of slightly less than 6%. In all this, it must always be considered that the estimates are subject to a high degree of uncertainty. The degree of uncertainty remains high as there are various factors influencing general environment. The first factor to be mentioned here, as I did before, is geopolitical conflicts. The Russian-Ukraine conflict has escalated in recent weeks, leading to war on European soil. We all know and have seen those terrible pictures. The outcome is uncertain, but the world after will be different than before. The conflict is already changing the situation. Supply chains no longer function as before. We already experienced this in the automotive industry with great suffering. Even though ElringKlinger has no companies in Russia, Belarus or Ukraine, and is therefore only indirectly affected, production at some manufacturers has been interrupted. Of course, this affects the entire sector and also ElringKlinger if call-offs of our customers, the automotive manufacturers will be reduced. In addition, inflation pressure take place in the same way. Commodity prices have already reacted in the short term. We do not know exactly how they will develop over the course of the year, depending what is happening in Ukraine. At the same time, energy is becoming more and more expensive and logistic costs in transportation are increasing remarkably. In addition, wage costs will also absorb general inflation. In all of this, we must not forget that the semiconductor shortage are not yet resolved and the pandemic is not yet over. Those two issues sometimes are not really in our mind anymore based on this you know, really terrible Ukraine conflict. All of these factors are having an impact on the current fiscal year and are increasing the uncertainty. It's an increasingly challenging environment. 2022 is going to be a difficult year. Before that escalation of conflict and its potential consequences, the group had anticipated an EBIT margin for the current fiscal year, 2022, that was projected to be slightly below prior year's level. Due to the outbreak of the Russian-Ukrainian conflict, its intensity and the uncertainties associated with both its future course and possible global repercussions, uncertainty is extremely high. If the Russian-Ukrainian conflict continues to have lasting impact on value chains within the automotive sector, and if the dispute were to result in a significant loss in revenue contributions, it would be impossible to rule out further additional effects on earnings. Overall, the management board has come to the conclusion that its original expectations, which are also presented in the annual report, can no longer be maintained. Therefore, at this point in time, the group is not in a position to provide a well-founded, reliable forecast for the 2022 fiscal year. The management board will of course closely monitor further developments and provide an outlook as soon as the general political and economic situation allows that. Finally, I will come to events that are important for you. Today we are at March 29. We have this call. We are going to have our Q1 figures on May 5, 2022. I invite all of you to join us at our virtual annual general meeting on May 19. Then of course we will hear each other in conference calls on August 4, Q2 figures, and in November 3, Q3 figures. That is our schedule for this year. I hope that we will be able, maybe at the annual general meeting or the latest at the Q2 figures in August, to give you an outlook because things then have straightened out and we see things are clearer. Well, having said this, ladies and gentlemen, thank you for your attention. This is the end of our presentation. As always, Mr. Jessulat and myself are more than happy to answer your questions. Ladies and gentlemen, we will now begin our question and answer session. If you have a question for our speakers, please dial 0 and 1 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 is answered before it is your turn to speak, you can dial 0 and 2 to cancel your question. If you are using speaker equipment today, please lift the handset before making your selection. One moment please for the first question. The first question is from Akshat Kacker, J.P. Morgan. Your line is now open. Please go ahead. Thank you. Good afternoon. Akshat Kacker from JPMorgan. I have three questions, please. The first one on raw materials. As you clearly highlighted, we are seeing broad-based and high inflation across steel, aluminum and plastics. On current spot rates, can you tell us what kind of gross impact do you expect on the automotive business in 2022, and how much of this can be passed on to OEMs, please? Can you just elaborate how are your discussions going on with OEMs and the price recoveries? The second question is on the ramp up of CATL cell contacting systems. Can you please tell us if the ramp up is on track for the second half of the year and if there is any progress that you have made in winning orders globally or with more OEM and cell suppliers? The third one is on price downs on Shielding Technology. Any update on this, please? Is the discussion with OEMs getting better or are the price down demands getting more aggressive for division? I'll follow up with the others later. Thank you. Yeah. Thank you for your question. You know, on the raw material side, is that limiting growth per se in line with availability of supplies. Generally speaking, you know, the expectation is that we will revise you know, what's been put out for 2022 downwards. Is this gonna be so significant that it's gonna be below previous years? We don't think so at this point. It all will have a limiting factor. Of course, we have to pass on you know, those higher prices, you know, inflationary topics to our customers, and we are prepared to do so, and we are in the middle of that. Expectation is that, you know, from an industry perspective that this has to be done as, you know, the repricing cycle sets in also for vehicles in the market, which you can clearly see. Okay, on the second point on the cell contacting system, we are on track for ramp up in the second half of the year. There is small changes, not significant changes, and it's still a challenge to manage the ramp up here. We need to report, you know, in the coming quarters as to if there is changes or not. But so far, I can confirm that on the cell contacting system. Yeah. Let me say something to our business unit, Shielding Technology. Whenever a contract expires, of course, we increase prices. We have, of course, also ongoing contracts where it's pretty hard to increase the prices. We are in discussions with the customer, but we are also in the process of, you know, restructuring this business. You probably might have read from a press release from us or also in newspapers that we are closing down the production site, Langenzenn, which is close to Nuremberg, which is only Shielding Technology. That, of course, will give us quite a better structure in this business. That does not mean that all the problems are resolved with this action. We are strongly working on that, and we see an improvement in the years to come here with regard to prices and also with regard to the setup of the business unit with this action in Langenzenn. Thank you. If I could just follow up on the first question to Mr. Jessulat, please. I know it is very tricky at this stage, and the prices are very volatile, but do you have some kind of sensitivity in terms of the gross impact that you could see from raw material inflation in 2022, please? No, because you know when you look at some of the materials, for example, nickel, you know, the LME has suspended trading on nickel, you know, based on some disruptions there. If we look at aluminum and also on other items, it is not clear where we are headed. You know, in particular, there is little knowledge in regard to how you know sanctions towards Russia really work in terms of global supplies, you know, when the war is gonna be ending and so forth. It's really not a forecast that I can put out now, and I think very few, if anybody, can do that. No, I cannot based on that. Uncertainty is too high. I would not wanna pull out a number. If you can give us an estimation how alloy surcharges that are traded on the London Metal Exchange are going to develop until the end of the year, then we probably could make a calculation. But I'm pretty sure that you cannot do that. Understood. Thank you so much. I'll fall back in the queue. The next question is from Christoph Laskawi in Deutsche Bank. Your line is now open. Please go ahead. Good afternoon. Thank you for taking my question as well. It's a bit of a follow-up more or less on supply chains. Did you have, as the result of the war, to change your sourcing strategy for certain input factors? Or are your supply chains essentially unchanged, just a bit more volatile? If you would have to change the strategy in sourcing, is there a risk that you could run into a shortage of one or the other material? As the first block, and then the second point will be on outperformance. Typically, another problem that Elring had, it's also more a hypothetical question, to be fair, because in the guidance which you have suspended, you pointed towards growing in line with the market. Is that just? Was that just a conservative approach, in the end because you have a high base last year and outperformed quite strongly? Or is there in the medium to longer term, a new assessment of what you can see, as growth simply because you will see some fading ICE business and you are in the ramp-up of the new technologies which could level out more in line or less in line with production? Thank you. Well, let me start with the first question. You know, we, as I said in the presentation, we are only affected indirectly. We have basically no suppliers, or we have no suppliers in Ukraine that supply to us. We have customers in Ukraine, that is, aftermarket customers. It's around about €8 million per year that in sales what we do with the Ukrainian customers. I'm sure that, you know, this part of that will probably transfer to a big customer in Poland or in other Eastern European countries. They always find, you know, those people that are working in the spare parts business, they are special people and they are pretty intelligent, and they always find a way to get their parts then through other countries. Right now we do not deliver to Ukraine, to our customers there. That is €8 million, but no supplier from Ukraine. Yeah, on your second question, Mr. Laskawi, if I look at the order stock, I feel I would be optimistic. Taking into account the experience that we had in 2021, order stock relative to really, you know, the amounts of materials that were picked up in terms of finished product, I think what we have experienced in 2021 is gonna be worse in 2022. Therefore, it's a pretty, you know, I would call it a careful approach to 2022. Thank you. The next question is from Marc-René Tonn, Warburg Research. Your line is now open. Please go ahead. Yes, thank you for taking my question and good afternoon also from my side. Yeah, first question would be perhaps a bit on a bit short term. I think the first quarter is almost behind us, so if you could give us some indication on how this quarter has developed from your side, given the volatility we've seen with production stoppages at some of your customers, whether you may give us any kind of indication here. Second question would be on the additions to provisions you had mentioned in the EBIT bridge of €30 million for the current year. I understand that a certain part of it has to do with the restructuring you have to do in Langenzenn. Perhaps there are some other additional factors in there which you could potentially highlight? The third question would be around the E-Mobility business within the Original Equipment segment. I think Q4 revenues were a bit lower than they had been in the previous two quarters, presumably a bit of, let's say, project timing, which was in there. With the cell contacting contract now running into the business in the second half of this year, how should we think about, let's say, the share of revenue or let's say the revenues in absolute terms developing in this segment compared to the previous years? Any kind of help would be helpful there. Thank you. Yeah, let me go last question to first. E-Mobility, in fact, we had in Q4 reduced sales based on some you know customer impact from the problems that we have discussed. Yeah. That is a little bit lower. I would expect that to continue a little bit into Q1 and then that we pick up from there. In terms of the additional provisions, you know, yes, you're right. We have a low double-digit amount for the provision for restructuring. As we have said, we have put a very low double-digit figure additional provision for warranties based on the different accounting approach to warranties that we have done for 2021 and also will employ in 2022. Then we have also, you know, impairments on some machine spare parts, which is, you know, mid single-digit amount, also that goes into this. If I calculate roughly, you know, those amounts, I would have ended up at a gross margin roughly 22%, I'd say. We have to keep in mind that we had, in particular in the second half, also, you know, increased burdens on material prices. On your first question, the order stock is very good. Now, this is what I mentioned before, and therefore based on that, it's a good outlook. So far, we have not seen any big surprises to us. In regard to all the activities related to inflationary pressures and so forth, you know, activity is underway. Now, this is as far as I would go for today, and I hope that answers your questions. Thank you. The next question is from Jürgen Pieper, Metzler Capital Markets. Your line is now open. Please go ahead. Hi, good afternoon, gentlemen. I have two quick questions. The first one is, if you look at the growth last year, I mean rest of Europe, I think was flat. Your sales went up by 15%, so the outperformance is almost extreme. Which are the drivers here, and do they still have their effects in 2022? Secondly, it's a similar question to one of my colleagues that if you look at your margin development, you said even excluding the Ukraine-Russia war you would have a slight decline of your EBIT margin. Is it by far the most or by far the strongest factor here, raw material? Maybe secondly, a wage increase, thirdly, a slight, slightly lower utilization. Is that a correct picture? I mean, in quality terms, or do you see it differently here? Thanks. Yeah. On your second question, clearly, raw materials going forward, that is the single biggest topic that we have to deal with, along with some other inflationary topics. I don't know how, you know, the labor negotiation is gonna be resulting with what figures this year. You know, anyhow, for 2022, that would be a half year maximum impact. Of course, we talk about gas and energy prices. You know, this is, after raw material with some distance, along also with, logistics costs that already have increased in 2021 significantly. We see that, you know, all of those increases that we have seen already in 2021 on the input material and input side, that we could absorb a lot of it based on, you know, the achievements that we have done within the efficiency program. This is, of course, not an endless topic, yeah. If we talk about utilization, then it's compared to all the other items that I mentioned, is low. Mm-hmm. Let me say something to you know the wage increase. If that happens, then it happens in September. You know, the negotiations with the IG Metall, they start in September. The current contract can be terminated September first. I think we are right now in also with regard to that, in a very uncertain situation. I think that as of today, if things do not change, you know, not really change quite a lot, I don't think that we're gonna have a normal negotiation round with the IG Metall as you know the employer association. Because the situation is really so volatile and it's really so uncertain that it probably would be really difficult for a lot of companies, smaller and medium-sized companies, to you know take with the material price increase, with the energy price increase, with all kind of other things that are happening in addition, an increase in wages, and this especially on this very high level that we have already in our industry. Yeah, if you tell a sales clerk or you know a nurse in a hospital or a lot of other people in Germany what let's say the average wage in the metal industry in Germany is, yeah, they probably wouldn't believe it. Okay. Okay. Thank you. On the European outperformance, you know, of course, there is, aftermarket had a significant increase, Engineered Plastics as well, but also the other business units. It was, I think, a combination of a strong demand for particular products on the one side, and then, of course, the general recovery on the other side. Now, for 2022, I can only repeat what I said. Now, when we look at the order stock situation, it's good, and it suggests that from a top-line perspective, you know, we could have a good year. Still, you know, the behavior of our customers here in the overall environment is just too hard to say. Okay. Thanks. The next question is from Frank Biller, LBBW. Your line is now open. Please go ahead. Yes. Hello. Thanks for taking my question. Actually, it's two. The one is on working capital. With this lot of uncertainties right now, are you expecting a higher working capital increase here? This leads to a debt position, of course. This 1.7 is a quite good position here in the year 2021. Are you expecting here an increase of the net debt to EBITDA position? Following on that, given a good debt position in your company right now, what is your dividend policy, now €0.15 for the last fiscal year? Do you have a ratio target, or what is your dividend policy here for the next years? Working capital. We are dealing, in fact, with some momentum here in terms of, you know, increase in inventory. I would expect that to persist at least into the first half of 2022. Yeah. We are fighting it, yeah. We are trying to counter it with all, you know, the tools and with the knowledge that we have applied also, you know, during the efficiency program. Yes, I would expect a little bit of higher working capital and a higher debt level to some extent. Nothing critical, I would say, because we have taken some actions, of course, in regard to the material prices. You know, we increased intentionally material in some areas in order to, you know, stay within 2021 pricing and those things. We'll work this off again going forward. It will have a, you know, I would use the word limited impact, you know, on those financial figures. With regard to dividend policy, we don't really have one right now, to be honest. I explained all the uncertainties that we have in 2022, so let's wait and see, you know, what will be the result at the end of the year, and then we think about, you know, what we do with regard to a dividend for 2022. For 2021, we thought that the result is, you know, rather good, so that's why we thought that we had to, you know, that the shareholders should participate on that result. Yeah. This is always dependent on the earnings per share that we achieve, and that is quite uncertain today. What is going to happen in 2022, that's why we cannot make any comments on that. Okay, thank you. We have a follow-up question from Akshat Kacker, J.P. Morgan. Your line is now open again. Thank you for taking my questions again. Three follow-ups, please. The first one on employee profit sharing. With the suspension of the dividend back in 2019, you had also canceled the employee profit sharing program. Should we expect this to resume in 2022 along with the dividend? That's the first one. The second one is I want to clarify what I heard from you on the first quarter. I think what you said was despite the high impact from cost inflation and an overall difficult operating environment, you are pretty optimistic of how the first quarter has panned out, both in terms of top line as well as margins. Is that a correct summary? The third one is on CapEx for 2022. If you could just give us some broad indication of how do you see CapEx developing for the full year? Thank you. Let me start with the first question. Yes, we are going to pay a premium for our employees because, you know, we have to stay in the logic that we had in the past. We always, you know, when we paid a dividend, we said, you know, the people that invest their capital in the company, they get a dividend. People that invest their human capital in the company, they also get then a premium. This always follows the dividend. That, of course, it's also much lower than it was in 2019 or in 2018. We will pay a premium to our employees. John, your second question. No, I would not comment more on that. No. What I said was the order stock situation is very solid, but I also said that we have seen, you know, some customer behavior that is giving us some uncertainty on, you know, as to how much is really, you know, being shipped at the end of the day. Let's don't forget that we see still some momentum here in terms of pricing from the input side. No. No, I wouldn't be too optimistic, but I cannot comment any more on that. On the CapEx, yeah, we will have a continued focus on CapEx here for 2022. There is, of course, the focus right now on E-Mobility investments, and we have to think going forward, you know, how we go into this E-Mobility cycle in terms of our investment strategy. That is very clear. Yeah. I would hold back this year, you know, on the material assets here in terms of CapEx and, it's gonna be staying well within the double digit amount, I think. Yeah. Understood. Thank you so much. Thank you. There are currently no further questions. As a brief reminder, if you would like to ask a question, please press 0 and 1 on your telephone keypad now. We haven't received any further questions at this point. I hand back to the speakers for closing remarks. Okay. Thank you very much. Thank you for your questions. Thank you for your attention. We are looking forward to talking to you in May with our Q1 figures. Yeah. Thank you very much. This concludes this call. All the best. Stay healthy, stay safe. We wish you all the best and looking forward talking to you in May. Thank you very much. Bye-bye. Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect now.