Earnings Call: H2 2020

Mar 19, 2021

Good morning, ladies and gentlemen. Welcome to the press conference of the Interol Group for the annual year 2020. We have to do it the 2nd time remotely due to this corona crisis. You have a chat function, and I may ask you to ask your questions during the presentation, and we will cluster them at the end of the presentation. And During a 15 minute window, we will reply. Now I would like to give you first an overview on our agenda. I will start with a short introduction, followed by Jens Struhming, who will discuss the latest achievement in terms of innovation, service and production. Mr. Jens Karlie, our Senior Vice President, Corporate and People Development talks about customer comfort, customer trust, what is the difference. And then also, Mr. Heinz Hirsley, he will talk about the results 2020. And at the end, I will give a summary and an outlook for 2020. Ladies and gentlemen, Despite a very demanding year, we can enjoy a number of highlights. The first is we achieved in EBIT and the net result, which is approximately 30% ahead last year. That is the best result ever achieved in the history of the Interol Group. During this challenging time, we did not lose any minutes and continued our innovation program at full speed. At the same time, to be prepared for the growth in the coming years on all three continents. We invested in capacity, digitalization and markets. And at the 4th here highlight is the material handling platform. Also here, we deepened and put in more digitalization into the projects. You will Hear more and learn more about these highlights during the presentation. As mentioned, ladies and gentlemen, 2020 was an extremely demanding year, but we passed the asset test. Why? I can summarize here main the main three aspects why we could Manage the Year 2020 Well. The first one is our culture. I think this is the first and the most important factor for our success. It's our DNA. We have people around the globe who are fully committed, who are doing every minute the best for the customer, whatever it takes. This culture, I would say, is unique. Secondly, over the last years, We established platforms in terms of innovation, which are easy to install, faster to deliver and our state of the art of the technology. This enabled Interrole in this demanding year to gain more orders and also to gain market share from customers which we never had before. And I think this is also a good point for our future environment. The third one is business excellence. Here is the motto: Do the homework on calm seas and not in the storm of a crisis. It looks very simple, but it's absolutely crucial. I remember in March, All the crew was on board. And from the first minute after the lockdown, we could concentrate on the most important thing in every company, that's the customer. We did not have to waste time with production and productivity or restructuring programs because we lift over the years, also in good times, our health program. That means no overweight and not high blood pressure, which is very dangerous when it comes to a crisis. The last point here on the business excellence I would like to not forget here is the high performance SAP. I remember the last crisis in 2,009, which we could handle quite well, but we were not so connected on the IT system. Now we have almost 40 companies. And the backbone really to deal every minute and to give immediate feedback to the customer. It's our high performance global SAP. And this will help us also for the future when we talk about digitalization. We can base our digitalization projects on a profound and solid ground. Ladies and gentlemen, our growth is based on 3 pillars. The first pillar are the innovations. Last year, we announced the high performance cross belt sorter. And already in the 1st year, it exceeded the expectations. We could sell more than we thought. And the go live. The rollout was on a global basis, which was unique, considering all the efforts you have to take behind the curtain. Mr. Jens Struhring will introduce, and I use now the word disruptive, which I really use very seldom. But here, I would talk about a disruptive innovation called Smart Pallet Mover, SPM. Why disruptive? When you imagine you have a motor, normally a motor is built in on a conveyor. But here we have a motor who moves wherever the pallet is, such an idea nobody had before. And of course, we patent this idea. And second, it's the first time we considered also the preparation and the project phase to really enable results of the integrators to reduce the project time and also the simulation to a minimum. And this is something new, and Jens will explain you more about this. The second pillar is the global presence, which we built on 3 continents and took clear actions to go on to build new plants, but also new markets. You see here, for instance, Vietnam and the Philippines. On all three continents. We do really a lot. Just before the breakout of the corona crisis. I just came back from Australia, huge potential. And also here, we did The homework really to nurture the market over the years and we can harvest now the fruits in the future. The 3rd pillar is the service. Over the last two years, we did a lot of homework. And now We entered in a position to carve out the entire service business to get it independent. Jens Drewing will also talk more in detail about that. Ladies and gentlemen, talking about the success of tomorrow, which is, of course, important. We have also to understand what was the success of yesterday, which is always based on the success of the previous success. With other words, When you build a house, you have to have a solid foundation and you build stone by stone to have a solid construction. Solid construction means here, vertical wise, strategic positioning the market to market power with more market share. That's vertical. And horizontal, I talk here about the strategic journey. Going back quickly to the year 2000. In the year 2000, we really had no profit and high financial debt. That means we had to introduce a comprehensive restructuring program. I started 1st January 2000. In parallel, we thought already how should Intral look in the future because that's not a one day thing. It's to build that up, it takes decades, as we see. At the same time, we divested also part of the business, which was not the core. And in the last 21 years, we acquired also 9 companies, smaller and bigger ones. A smaller one was just beginning of this year in the electronics and software area. You will also hear more about that. Summarizing the first phase of these 10 years is repositioning and building up a really profound technology, considering when I started Interrole was purely or virtually a role in manufacturer and marketer. The second phase, The next 10 years came just after the crisis 2,009, which we managed fairly well. But what I learned personally are different things. But one thing I learned, we really have to go a step further when it comes to our market. We really have to go to the customer of our customer, not to sell our products, but to promote them to get specified because there you know what is going on, on the market and how our products are installed and how they can really develop their value Turing application. The second point was really the platform concept. We started in 2011 with this MCP. Remember, I or we presented that several times, this modular conveyor platform, form, which is a huge success. Without having that, we would not have such result in 2020. So we started also with all the product. And the third point, having just technology and very good positioning, but not the market, We accelerated our global approach by establishing in total, over the last 20 years, 17 new entities, mostly sales entities, but also partly production all over the world. So summarizing here, global approach platform Together with the technology, really, we had and we still have an excellent starting point now going to the 3rd all strategic phase, which starts this year in 'twenty one. Here is the modularity. What is the difference between modularity and platform? I made always the comparison with this LEGO box. You can buy for your children a big LEGO box, a small LEGO box, but the bricks are not always the same size. You have big, We have small bricks. And all bricks regarding Interrole have to have an interface to communicate with the Autobricks, not just on the hardware side, but also on the software. That means we go into the modularity that we can communicate and build really a solution out of this LEGO box. That's a high requirement behind the curtain. We are not an engineering company who wants to resolve the problem on-site. We want to do it behind the curtain during our research and development programs. We also work with industry solution. Also here, you will see a new industry, which is the production logistics, where we start with this MPC and also business excellence. Business excellence is not a boring topic as you do your fitness program privately every day. We have to do it also in the company. No overweight. What I have seen over all the years, An EBIT and the financial result can still be good, whereas the underlying factors are already the early indicators, so called the KPIs, could go already in the wrong direction. So it's important to really to interfere and to have at the right position early enough. Along the strategic journey and for the growth of the next 10 years, which I'm personally more than convinced. We also strengthened our position in the market. You may say now Intero has already strong position and an excellent reputation. Yes, I can confirm while visiting always a lot of customers, a little bit less last year due to the corona crisis. But nevertheless, we have a solid position. We enable our customer, the system integrator, the conveyor makers with our program to make them more competitive, to shorten them to project time and the lead time with our leading platform. That's not enough. We want to go further in the next step. Long term thinking means also to deepen the relationship with our customer, the customer who gives us the confidence. Here, the principle is trust is the most important asset you have. Interrole has a strong and good reputation. In the next 10 years, we want to reinforce that by setting industry standards. We talk about digitalization. Authority here is of the essence. Interrole has to be an authority. That means our voice matters. At the same time, ladies and gentlemen, that's a huge responsibility. We cannot afford to let down our customers. We have to do whatever it takes to supply and to gain trust, which we prove now in this very challenging year, 2020. Trust gives also more growth, of course. You see that here with the state of the art innovation. We believe that the customers can really trust on us also on innovation. They do not have to bother that we bring them the innovation regarding our portfolio. Let's summarize that in a 92nd video. Is it to reinvent material handling permanently or providing leading platforms role. Is it the fact that we are taking responsibility For every aspect of our work, or to be the best active networker out there, Because for us, customer centricity is not only a promise, it is our obsession. Customer comfort and confidence has to do with human beings, ladies and gentlemen. I talk here about our very exciting and strong team globally. They make the difference. They are the key for the success of tomorrow. What we have done in the past, we continue also regarding our expected further growth. On one hand side, of course, we have to recruit our people to accommodate the growth. Here, we want to have people who are passionate and skilled, who are ready to go the extra mile, who wants to do the best whatever it takes for the customer. And this has to do with our culture. So we need people who are sharing the culture, the same culture as Interol has. On the other hand, we do the utmost really to enhance the level of competence internally with our people. We have wonderful people, young people, who see a lot of opportunities as inter role, and we would like to combine them in their journey during their business time at Interol. Mr. Jens Struving, Mr. Jens Karoli, sorry, is the head of also of our Interrole Academy, which is something unique when you consider the size of Interrole, but which is very valuable. Here we have programs, modular programs to organize also for now the next programs, which is the People Development Program for the next 5 years, followed by the Culture for Growth program, which we presented over the years where we had more than almost 300 people. So that's a following up program in the next year. We are very sure that with these programs and the growth, really, we can accommodate the challenges of the future and remain successful also in 5 or 10 or 15 years. But we have to start now. Now I coming to Mr. Jens Struving, the Executive Vice President for Products and Technology. He will inform you about actions and results referring to innovation, Production and Service. Please, Mr. Schreewen. Thank you very much, Mr. Thunberg. First of all, a warm welcome also from my side. Before going into the topics, I just want to mention one important point as a takeaway of the last year. As Mr. Tumble said, The last year was very challenging due to the COVID crisis. But we really did learn one important point. We did learn to work closer together by keeping the necessary distance. And I do think this is of essence, Especially if you take a look into the operations functions. Looking into the 3 topics, I do want To bring closer to you today. First of all, talking about capacity. Due to the strong demands and our Forecasted growth, we have to adapt our capacities. I will give you some insights on what we have been doing globally. Looking into the innovations, we did launch nice products, added value giving programs and platforms for our customers. And last but not least, we did work on carving out But let's look first into the global expansion, and I want to start with the Americas. We have actually a high potential for certain projects. This is due to the fact that the habits Of the market, it significantly changed all over the world due to the COVID crisis. E commerce is of essence, and it's getting more and more important. Due to this fact, we did decide to launch a new factory in our area in our production area in Irem. We could already launch this factory in the Q2 of 2020, But this building is already full as we have a lot of customer demands in the U. S, And we are talking about further investments in automation. This is growing especially into welding robots but also Assembly Operations. Looking into the Eastern Hemisphere, Asia Pacific. Beginning of last year, we did relocate our existing factory in Shenzhen into a new building close to the old location, and this production location is up and running. In 2020, we already also decided to move our current rented production location in Suzhou, nearby Shanghai, into a new one, which will be owned by Interol, and we did start the construction phase with a groundbreaking ceremony in January 2021. The target is to have this factory in operation mid of 2022. As you know, there is, at the moment, a strong potential for our products, platforms and systems in entire South East Asia. Coming back to the EMEA region. One highlight was the acquisition of the Mid Maha GmbH in January 2021, which we deduce as foundation for our new Center of Excellence Software and Electronics, Which is already up and running and is providing the first solutions to our intraoral products. I will go more into details afterwards. And last but not least, we have to mention the new plant in Musbach we're actually building. This plant is located 20 kilometers in the north of our current location in Finseam. Within this location, we will move The Convair Center of Excellence, which is located at the moment in Finzyme and The Center of Excellence for Pallet Handling, which is at the moment located in Grunau. We have to do this move as The current building in Simsim is running out of capacities. We already did rent several buildings around to cope the demands on our production of capacities. We do call this process A carve out process or you can call it self split. And this is reducing capacity in the Syntham location as we are splitting here The COE conveyor and soater into a COE for conveyors and another COE for soater. And it is adding capacities as we can use The shop floor space, of the conveyors, conveyor production, which will be moved to Mosebach for the saltation business. And it is increasing flexibility. So I'm really looking forward to starting the operations in early June this year in the new factory. Looking into innovation, and most probably, you will remember the launch of our new high performer performance cross belt sorter at the same time last year. We did do a short presentation during the last year's press conference. Disorder is located in the so called high performance segment, which is covering the most relevant markets, courier express parcel, but also high volume distribution. Going downwards and looking into the middle segment, Intell is offering since years our most proven solution to horizontal and the vertical cross belt sorter. We have more than 400 installations running all over the world. The most relevant markets, Which is covered by this segment is the e commerce, the fashion and also the distribution. In 2021, just 2 weeks ago, we did launch a new sorter, which is located in the basic segment. We do call it split traysorder. The most relevant market which we are covering with this sorter is the fashion and textile industries, But also the distribution for smaller package. What I have to mention here with the split tracer, it's first time that Intral is offering beside the mechanic solution also the electric solution around and A control solution which is perfectly matching to the mechanical setup. This is the first outcome of our new COE, software and electronics, what we did establish at the beginning of this year in Linz, Austria. Mr. Tumbyl did already mention that we have a disruptive innovation in the wider area of pellet handling. This is the small pellet mover. I will give you on the next slide a short introduction with a short video how this one is moving. This SPM is going into a complete New market where Interol was not that present that far. This is the machine side Pallet Handling, bringing goods to machines to production machines and taking goods off. With the modular platform conveyor concept for pallets, Sprite Pallets, the MPP and the dynamic storage. Introle is now able to offer platforms for all Intralogistics application within production facilities. It's the transportation with the MPP. It's the machine or line side handling with the smart pallet mover, And it's pallet warehousing with the Dynamics storage. Let me give you Some more insights on the SPM, the smart pellet mover, with a short video. Ladies and gentlemen, as said By Mr. Tumble, this is a real disruptive innovation. We have here a kind of 2 layer concept. The first layer, the robot is moving. This is basically our motor. And the Disruptive innovation is that we are just using 1 motor for moving the pallet in the entire system. But we also have to look into the open interface we did implement into in this platform concept. This system can easily be connected to the machines around. It's an easy to install application for our customers, and we can offer short lead times through this modular platform concept. Touching our last topic we did look into 2020. This is the global lifetime service. As said, We did carve out the decentralized service functions and are combining them into a European organization. This European organization will start its operation in July this year, And we will offer 3 main solutions for our customer. The first one is the spare part and refurbishment. We are actually installing a European warehouse in the wider area of Karlsruhe from where we can supply spare parts into all EMEA regions. We will further on continue to operate Our refurbishment center in Basel Dusseldorf, where we can refurbish the motors, especially the drum motors, but also other applications like our high performance diverter. The second pillar of this service organization will be the maintenance and installation. We'll offer installation service to our system integrators, supporting them in installing our systems And we'll offer maintenance services for all European countries by having A decentralized installation and maintenance team set up in the service organization. And last but not least, we are also looking into consulting, training And retrofit to support our customers in training Their own people in operating our systems and our products. I hope I could give you with this overview some insights on what we have been working about in 2020. And I do want now to hand over to my colleague, Jens Karoly, will present you the highlights of the sales organization in 2020. Thank you very much. Thank you for the introduction, Jens Schlewin. My name is Jens Kahuly, and Good morning to everyone watching our press conference here. So today, I'm going to talk about More about this customer comfort and confidence. But of course, as already mentioned, I also want to introduce you to the sales figures, how we were doing last year and how you can analyze this further. I start with rollers and drives and controls. This is really our bread and butter business, has always been and will be also in the future. For us, this year, of course, was a challenge for everyone else as well. But what we decided was really we wanted to say or to safeguard our people first. We wanted to have a safety mechanism in our factories because we decided we want to produce and deliver to our customers even in these tough times. And there were challenges, of course, with the supply chain and so forth, but we could actually grow locally with local currencies in many markets. Of course, we also had to face challenges like the dropping airport business where we usually sell a lot of drum motors. So here, you can see the drum motor business Declined a little bit. At the same time, we could really establish the 48 volt roller drive, the DC platform with all these kind of accessories Like the supply the power supply and also the control cards really make that one as a de facto standard in the industry. Conveyors and sorters, that's really a success story. Here, we can also Not only, say, we have a great product that is the Defaqto standard in the industry, but also here, we are really providing solutions based on our platforms, solutions that perfectly match with all our platforms and products that we have on offer actually globally. You can see yourselves, conveyors and sorters has been growing nicely in the order intake area. That is, of course, due to the fact that the cap business, the e commerce business, has grown tremendously last year. It's still growing, by the way. But we could also conquer ground in production logistics and food delivery implementation warehouses where we can also gain market share. Pallet handling, on the other hand side, was a little bit declining. That is due to the fact that, of course, Projects have been postponed. The good news is from the Q2 of last year, we saw the momentum, and now the business is catching up again into the New Year of 2021. Digitalization, that's not only a buzzword for us. That's not only using the technology because the technology is there. For us, digitalization has a lot to do with customer comfort. We want to offer solutions and platforms that actually add value to our customers where they can better and better plan and organize their business. And this is really a customer journey where we start with the idea of a customer, where we help customers to find the right products to kind of Benchmark our solutions, look into the right technologies for themselves. They can use our layout or they can use the different configuration systems. And of course, they can also purchase our solutions over the web. We have a couple of web shops that our customers can connect to This all is supposed to lead to a superior customer confidence. What do we mean by that 1? 1st, We changed the sales organization in that way that we are organizing now so called solution sales teams. Those are the guys that speak on the same eye level with end users about their applications, about their business needs, about their challenges. Here we are advising our customers and the customers are our customers, and we are also acting like Mr. Zumwelt has mentioned, as an authority in this industry with all our vast experience and the know how that we have established over the years. At the same time, we continue developing our global account management where we work as a partner, Fully compliant with all the regulations and all the expectations from big customers globally, and we also asked for feedback. We have established the so called Net Promoter Score, which is a methodology, a very proven methodology to measure customer satisfaction. So we listen to our customers. We want to improve, and we get back with a better service, with a better appreciated business. The next one is really our partnership network rolling on Intral that has been started like 5 or 6 years ago. By now, we have more than 100 selected customers, top players in the industry that are exchanging their insights and competence with us, but also matchmaking business. That means we have several partners that work together on joint projects and grow themselves and grow, of course, also Interhall's business. Last but not least, these guys are also now prepared to be our field service partners in remote countries or in other countries where we 1st, need to establish our own organization. So that's also a very good matchmaking here and helping us to balance the business. Last but not least, My Academy, the Interval Academy. I'm very proud of this one. Here, we are establishing a license to sell concept. So we train our salespeople to become better, to really describe the value, the added value to our customers, our superior solutions, But we are also offering customer trainings, and we are using all different platforms, e learnings, podcasts and so forth. Last but not least, we also work here with quite some interesting institutes. One example here is the Fraunhofer Institute in Dortmund. I would not leave you without showing you another video. This video is quite interesting in terms of Customer confidence as well. This is actually a repeat business. We have been there some years ago to install a whole new retrofit application this customer, Ulla Popkin, it's fashion. By now, of course, this company has been growing. It's much more working with e commerce, and There was a need for a sortation solution and a modernization of the entire plant. What we could do with our partners, also, by the way, rolling into our partners, was to modernize the entire plant with the latest technology of the DC platform, but also We helped them to have access to a used sorter that was modernized and retrofit. DetSoto was running 6 years before another third party application and is now fully installed at this wonderful application close to Bremen actually. Fashion should be fun regardless of the size of the clothes. The Popkin Fashion Group is an internationally operating family run Fashion company specializing in plus size fashion. The collections of the 4 brands, Hola Popkin, Gina Lara, Studio Untold and JAP1880 are sold in around 600 shops and via the group's online shops role. In addition to the previous central warehouse in Rastere in Northern Germany, With the automation specialists from Atator and the conveyor technicians from Rimatec and with the support of roll. It was used for 6 years for a large order logistics company. With the support of an Interroll role. The much larger system was dismantled and adapted to the new project layout. At 1 role. 7 meters per second, up to 7,200 parts per hour now run through the system. The project goals of increasing capacity, Productivity and digitalization were achieved with smart economic means. But Interval was not just creating the basis for this retrofit. Thanks to the self evident modularity of all components, It was possible to create a precisely tailored design that exactly meets current requirements. The latest roller drive series, EC5000, Was installed 6 80 times in the system. With its 3 performance classes, it always allows the right combination of necessary power and role. No matter what cuts Okay. Thank you very much. With this, I hand over to my colleague and our CFO, Heinz Hirsley. Thank you. Good morning, ladies and gentlemen. Also warm welcome from my side. I have the pleasure to present you the financial results 2020. Our order intake did grew by 0.3%. In local currency, we grew by 6.6%. You see the big discrepancies comes from the foreign exchange impact we suffered. If you look at the product groups, You see the highlight, conveyors and sorters, which grew 8.5%, but also rollers with a minus 0.3% did grow considerably in local currency. Pallet handling decreased 9.2%, but also this is much better than after the 1st 6 months. We had a good order pipeline coming in, in the 2nd semester of 2020 in pallet handling. The book to bill ratio is 1.03, which is good, and we could increase our order backlog. Our sales decreased by 5.2%, also due to a strong foreign exchange impact. In local currency, we could increase our sales by 0.9%. If you look at the regions, there is a quite diverse picture. Americas, very strong performance with a plus of 6.1 percent. Also Asia with a minus of 4.6 percent did grow in local currency. In EMEA, we suffered from project postponements in the first lockdowns in Europe which is more than 50% of the decline. If you look how the proportions have changed, you can see that Asia did steady hold at 16% Of the total sales, Americas gained 3% on the cost of EMEA. Now we come to the performance. The performance increased EBIT with 30.1 percent to €94,100,000 A favorable margin mix from the products we sold, together with a very high cost discipline, led to an EBITDA of €115,400,000 which is a plus of 20.1%. Between EBITDA and EBIT, We have lower amortization, which led to an improvement. The EBIT margin increased by 37.2 percent from 12.9% to 17.7%. The result increased by 28% to €71,700,000 We had a negative financing result mainly coming from foreign exchange loss and a slightly higher tax rate. The result margin increased by 35% from 10% to 13.5%. The very strong performance is also visible in the operating cash flow of CHF 122,900,000 which is a plus of 23.4%. Thanks to the excellent result Coming from the net profit, we also had an improvement in net working capital. This is mainly coming from advanced payments, which have been on a much roll. The operating cash flow is now a plus of 23.4%. And then investments, we increased heavily, as already mentioned by Mr. Jens for the year 2020 to 2022. Despite the high investment, we could also increase the free cash flow by 10.6% €74,000,000 On this chart, you see from 2,009 to You can see that these two KPIs moved quite parallel until the year 2017. From 2018 on, you can see a decoupling, whereas the return on net asset grew faster than the return on equity. This is also thanks to the better asset utilization. Since 2016, Interrole is a member of the UN Global Compact and commits to the ESG standards. The Swiss Stock Exchange in SIC selected Interroll to be a part of the SBI ESG and the SBI ESG weighted indices, which went live in February this year. A full ESG report is planned to be published for the financial year 2022, which then also is including quantitative KPIs. At the moment, we are preparing the road map. And as a first step, we have included in the sustainability report 2020 for the first time sustainable development goals besides the report on progress from the UN Global Compact. At the upcoming General Assembly on May 7, the Board of Directors will propose a dividend of CHF27 CHF per share. This is a big increase of 20% compared to last year. With this, The payout ratio would reach 31.4%, which is a bit lower than last year with 33.7%. The Board of Directors also proposes Mr. Paul Zumbull as Chairman as he will retire as the CEO. And if elected, he would act for the 1st 2 years as an active Chairman. Mr. Oerstander would, at the same time, act as an independent Lead Director. In addition, the Board also proposes Mrs. Susanne Schreiber to be elected. She would replace Mr. Bottini, who chose not to stand for reelection and will leave the Board of Directors after 18 years of service. This is already my last slide. Here you can see the dividend development from the year 2000 to 2020. This is also the tenure and where Mr. Tung will was the CEO of Interroll. You can see the 1st years with a dividend of CHF2.50 and then a steady increase to the proposed CHF27 for the year 2020. This dividend curves is more or less Also in line with the increase of the profitability of Interroll over the course of these 20 years. With this, I would conclude, And I would hand over to Mr. Zumgul for the summary and outlook. Thank you, Mr. Hursley, for the presentation of the financial figures. We are already at the Outlook 2021. Let's shortly summarize what we learned During the presentation, we talked about customer confidence, which goes in line with our growth. But with trust, you cannot growth. So it's important that we go on and shaping the evolution of material handling as an authority. Here, we should be the train center. Secondly, we talked about innovation. Here, we go on at full speed. We have a full pipeline of ideas and concepts for the next coming years. So I do not have any doubt that we have not enough innovations over the next 10 years. But we have to go step by step, as already mentioned, to maintain the success also for the future. We talked about long term capacity expansion, the worst what you can have if you have customers and you are not ready to supply. In May 2020, I just recalled, we just finished our new plant in Hiram. At the same time, we were in negotiation for this big order, which we released also in the press release in June. Thanks also not only because of that, but also thanks to this capacity we got the order. Based on the concept, we do not doubt any moment that We utilize all these investments very diligently in the future. Finally, The most important is really to invest in our employees and qualification. We need people. We need excellent people fitting to our culture, not just coming from externally, but also really build them up with our academy. We had a quite good start in 2021 also for projects. As I mentioned last July of the 6 months, where a number of projects were on hold. These projects are now, to a majority of cases released. So we had a good start in terms of orders. That make me cautiously positive to the results and the order intake and sales for 2021. Of course, if there is no another wave in the corona situation, of course, we have role in Germany at the moment with the lockdown, but we are quite optimistic, cautiously optimistic. And we go on with our innovation, but also the efficiency program. I say always to our people, the efficiency It's the life insurance to really keep the job also in 10 years. So it's to up to everybody to make the job 100%, and then we can enjoy also the growth and the satisfaction in such a great company. Ladies and gentlemen, after more than 21 years in office, I will step down as CEO on April 30, 2021. I'm very happy that the Board selected Mr. Ingo Steinkruger as the next CEO. I'm convinced that he has the right mindset, the right culture. That's the most important thing. In parallel, he has gained over more than 20 years in his industry an excellent recognition. He's a true leader, but also an excellent expert in business development, Technology Platform Digitalization, all these challenges and these exciting parts, which are coming for Interol in the next 10 years. So the fit is perfect, in my opinion. I have the pleasure now to present him live here. He will start 1st May 1. So we do not have an overlapping. I stepped down for April 30, and he will start May 1. So I will now go to Mr. Stein Kruger, and he will present himself. Thank you. Good morning, everybody, and thank you, Mr. Zungwu, for giving me the chance to introduce myself in this press conference today, although I'm not even in charge right now. Thank you very much. Ladies and gentlemen, my name is Ingo Stankruger. I'm 48 years old, and I I have 2 children. I'm married and my son, he's just turning 14 this summer and my daughter, she turns 12 this summer. I declare myself as a passionate engineer. And reflecting myself Over the years in my private and in my business life, I do see 3 major values that would characterize me best. 1st is being grounded, 2nd is being engaged and 3rd is being focused. And this is what I found at Interroll, the perfect match of my values to the Interroll runs. Being grounded means to me that you have to put everything into different perspectives, knowing what you are good at, But also reflecting that as a team, you can achieve more and utmost, everything you do or do decide has to have an impact and this generates a long term view. Engagement respectively passion It's elementary for me to motivate myself and others to get better and to achieve more And this creates a climate of excellence. And focus on what you are thinking or doing is one of the key success factors to not get distracted. Focus helps mean understanding and is of absolute importance to find good solutions. And this makes you fast and committed. And I did find these values not only written in the company brochure, I felt this in every contact I had so far, whether it was Pauld Sungu or Astana or the rest of the Board of Directors. Also the few contacts I had already with my future team members were the same, excellent, committed, fast and very friendly. I'm 21 years in the industry, working in various positions for system integrator and serial production manufacturer the automotive industry. Now I'm moving into the inter logistics, an industry that for my understanding is just at its beginning. Speed, Innovation, reliability and a global network will be of high importance for the future of material handling. And Interrole will play a major role in that circumstance. We will have the responsibility to help our customers to deliver what they are promising. And for me, This sounds really exciting with a lot of innovative solutions. All I learned whether it's in business development, technology, digitalization, organizational changes, strategy or leadership will help on our future journey. With respect, but also with a very high motivation, I'm really looking forward to become a member of the Interol family. Thank you. Thank you, Mr. Steinkrugger, for your introduction. I'm very convinced that you, Ingo Steynkruger, will take Interol very successfully to the next level to go together with a strong and highly committed team. Since 2016. Our Chairman, Mr. Orest Anner, has wisely and diligently planned and introduced succession plan on board level and also on CEO level. To ensure a seamless, continuous and further successful development of the Interol Group. Having said that, I will be proposed by the Board of Directors in the next Annual General Meeting in May 'twenty one as the next Chairman of the Board. He proposed further for the 1st 2 years an additional function as an active Chairman. Why? As said, long term thinking, continuity and consistent actions along our strategic guardrails brought success and will bring success. At the same time, I explained these 3 strategic phases, and we are just entering the 3rd strategic phase. And the timing could not be better with the start of the new CEO. It's a critical and important phase here to remain successful. And I'm very glad to support Mr. Ingo Steinkruger, not operationally, But in the background, strategically, in major three areas: long term projects related to this 3rd strategic phase in terms of digitalization, innovation, marketing and sales, Mergers and Acquisitions and Investor Relations. Checks and balances are essential, ladies and gentlemen. For that reason and assuming a successful election of Mr. Oerstander and myself in the upcoming AGM. He will ensure in the 1st year as Lead Independent Director, strict compliance with corporate governance guidelines and represent also the Board of Directors in the event of any conflicts of interest. Last but not least, this is my 22nd last press conference as the CEO of the Interol Group. I'm very grateful, and it has been a great honor to serve such a beautiful company. I would like to thank everyone who has trusted me during all these years. But last and not least, I want to thank sincerely the entire crew who made all these results over all the years happen. Role. We would like to give now answers to your questions. Here, maybe I switch now to German. And inter role in China, in Hina, Ewehrchafted. We gave in Brudsetze Kleine's arm, Broland arm, harboring context in Klein Gisheben, where Zidane in annual report. Then we're for Finance and Roll. In 2019. Of Itau Seine, Medi Ramen und Helens.