Siltronic Ag Ord

Good morning, everyone, and welcome to the presentation of Citronic annual results for the 23 financial year. Please note that this call has been recorded and streamed on the Citronics website. The call will also be available as an on-demand version later today. Your participation in this call implies on your consent with this. At this time, it would be my pleasure to turn the conference over to Verena Stütze, Head of Investor Relations and Communications of Citronic AG. Please go ahead, ma'am.

Thank you, Francie. Welcome, everybody, to our full year 23 results presentation. This call will also be webcast live on Siltronic.com. A replay of the call will be available on our website shortly after the end of the call. Our CEO, Michael Heckmeyer, and our CFO, Claudia Schmidt, will give you an overview of the management team, our financials, our guidance, and the current market developments. After the presentation, we will be happy to take your questions. Please note that management comments during this call will include forward-looking statements which involve risks and uncertainties. For a discussion of risk factors, I encourage you to review the safe harbor statement contained in today's press release and presentation. All documents relating to our full year 23 reporting are available on our website. I now turn the call over to Michael for his remarks.

Thank you, Verena, and a warm welcome also from my side. I would like to start today's call with an executive board topic. Tiltronic has ambitious growth plans and will therefore also adopt its leadership structure and organization to be ready to deliver on this promise. Therefore, I'm pleased to announce that Supervisory Board has appointed Mr. Klaus Buchwald to the Executive Board of Siltronic, AG with effect from 1st of August this year. He will assume the position of Chief Operating Officer. Mr. Buchwald has been appointed for initial period of three years and will primarily be responsible for operations and supply chain engineering and IT. Klaus is 55 years old, holds a degree in Mechanical Industrial Engineering, has been working with Infineon for more than 21 years, most recently as Senior Vice President Operations of the Green Industrial Power Division and Executive Vice President Corporate Supply Chain. Thanks to his in-depth knowledge of the semiconductor industry and the value chain, he is the ideal addition to our Executive Board. Throughout his professional career, he has successfully developed and implemented digitalization initiatives, including the implementation of AI in operations. Please join us in welcoming Klaus to the Silatronic team. Let's move on to the next slide with a brief summary of today's key messages. Mission accomplished is the message related to our performance in 23, where we were able to achieve a solid margin despite significant decline in wafer demand. Even though in 24 the end markets will see some pickup, there are still some large inventory levels, particularly at our customers. This leads to an uncertain environment for financial guidance. Nevertheless, we are ready to harvest the expected market upswing, which will be driven by megatrends, and we confirm our midterm targets for 28 that we presented to you at our capital market stay in November, with a sales ambition of more than 2.2 billion euros and an EBITDA margin target in the high 30s. I would like to continue with a quick glance on our 23 figures, which will be presented to you by Claudia in a minute. Our full year sales, EBITDA margin and cutbacks were within our guidance. we were able to keep a stable ASP despite the mentioned volume drop. Due to the ongoing market weakness and the upcoming refinancing discussion, the executive board proposes to the AGM to reduce the dividend for the past financial year to 1.2 euro, as already communicated on February 12th. Claudia will now give you a deep dive into our KPIs before I report back with some updates on the market development and the outlook for 2024 and beyond. Claudia, please.