Geberit AG

I'm I'm I'm I'm Thank you for the introduction. Good morning, ladies and gentlemen, and welcome to our conference call on our Q1 results. and local currency, the strongest quarterly growth rate in more than 10 years.

Profitability reached new record levels with net ETA margin of 34.6%, which is 280 points above last year's already excellent. As a consequence, at the wrong time, with further improved profitability, net income increased by 27% I'm I'm I'm I'm I'm a whole improvement trend induced by the COVID-19 lockdowns. Eventually, we end up with a distribution channel, due to increasing price levels and increasing challenges with regards to product availability, also in the period of construction. And thirdly, a first-base effect from the COVID-19 hitting our business in China in June last year in the main market, as of March last year. or have been the first corner of 2019 to hit low, and that gain in Q1 grew by 14.3%. This two-year comparison, at the spring high-dose level of 2019, demonstrates the strong market share gain the AG has steered the COVID-19 crisis. Let me now briefly comment on national data thank you growth of 17% in local guarantees. Since the income system is down to 18% in most, from the home improvement trend, the rate of income has been an issue for the house value era for the last few years. The price and loss of system tax rates grew by 13%. The system grew down and underproportioned due to an ongoing weaker new mills and grocery business. the operating and financial results. The OTA increased proportionally at 21% to 315 million francs with a strong margin expansion of 200 base points versus Q1 2020. The main drivers for this margin expansion were the operating leverage from the strong logging growth, increased The strong operating leverage demonstrates the high flexibility of our operations and our capabilities to maintain a very high efficiency level also in an environment of extraordinary growth. and the EBIT margin reached 30.4%, 248 points of all Q1 projects. Trade income increased by 27% disproportionately to 233 million CHF thanks to a better financial result. Earnings per share increased also disproportionately by 28% I will now comment briefly on the current business environment. Consultant sites are in most countries open and running. Showrooms, however, are restricted to their operations in most countries due to local shutdown measures. Recently, most affected were our operations in India, where the national lockdown led to a temporary closure of our the ongoing uncertainties around the COVID-19 pandemic, but also due to the general very low visibility of our business, we refrain from seeing a market outcome like this for any time. For example, it is very difficult to predict when and how the current strong home improvement trend will come to an end once the lockdown measures are lifted and consumers are dispensed with funding for other consumption opportunities. which are installation systems from substantially increasing raw material price. In other words, you can just absorb some of the raw material price This results confirm our ability to deliver extraordinary results in times of crisis, gain market shares and maintain our market leading productivity and profitability also in times of high volatility and continue to emerge stronger from this unprecedented crisis and environment. Thank you for your attention. We are now ready to answer your questions.

Ladies and gentlemen, we will now begin our third round of questions. If you have a question for us, please have T-Style 01 on the elephant's head and press the Q. The question has been announced. If you have a question, please press the Q. My first point is on demand.