FACC AG (FACC) Earnings Call Transcript & Summary

Ladies and gentlemen, I'm Florian Heindl, responsible for Investor Relations, and I cordially welcome you to today's Seventh Annual General Meeting of FACC AG. Before we come to the official part of the general meeting of FACC, which will be opened by notary public [indiscernible], I want to inform you about some organizational issues. Today's AGM will be held in German, for this reason, a simultaneous translation has been arranged for our English-speaking shareholders and can be accessed via the respective live stream on our website, facc.com. Unfortunately, due to the travel restrictions between U.K. and Austria, it is not possible for our Supervisory Board Chairman, Mr. Zhen Pang, to attend this AGM in person. He will therefore now send you a short video message. Thank you very much.

Dear shareholders, I would like to welcome you and all other interested viewers, who are following the Seventh Annual General Meeting online via Internet. At the end of previous year, it is unfortunately not possible for me to take the chair and open the Seventh Annual General Meeting of FACC AG personally. Due to the continued travel restrictions, flight entry from U.K. to Austria are only permitted under very strict conditions. However, I would like to use this opportunity to address a few words directly to all of you with this message. In the year 2020, the global aerospace industry encountered a crisis of historic magnitude, and subsequently, FACC AG also suffered from the severe impact of the COVID-19 pandemic. The company's revenue dropped significantly and raised EUR 526.9 million. Reported EBIT amounted to minus EUR 74.4 million. Nevertheless, in 2020, FACC was able to secure a new project for increased utilization in the future and also achieve important milestones on existing programs. The Supervisory Board would like to thank the Management Board for the open discussion and good cooperation during the difficult year 2020. We are all convinced that FACC will soon prosper again. In addition, I would like to thank all employees of FACC AG for their continuous commitment and achievement during this challenging year 2020. And I would like to convey a very special thank you to all shareholders of FACC AG for your loyalty and your trust. And now I would like to ask notary, [ Dr. Mayer ], to open the Annual General Meeting. Thank you, and goodbye.

Ladies and gentlemen, my name is Christian I'm a notary public and have been commissioned by the Management Board of FACC AG with the notarization of this General Meeting. Everything that is said and spoken in this AGM can be followed in a simultaneous interpretation into English. If something is said in English, it might be translated into German. This is possible via the live stream on the company's website, facc.com. The travel restrictions, due to the global spread of the coronavirus, do not allow most of the members of the Supervisory Board to be present in person at the company's headquarters today. The members of the Supervisory Board, in particular, the Chairman, Mr. Pang Zhen, due to the current travel restrictions cannot travel to Austria. The Chairman of the Supervisory Board is also aware of the technical risk that in the event of the chairmanship of the meeting from abroad, electronic communication can be disrupted during the transmission of this AGM and the AGM will therefore have to be interrupted. However -- and that is why Mr. Pang Zhen will not chair the meeting. But he will follow, of course, via the Internet this AGM, and therefore, a Chairman must be elected. Let me also add that all persons present here, of course, are following the so-called 3G rule. They are either vaccinated. [indiscernible] as the notary in charge of notarization, I will therefore chair this AGM in accordance with Section 116, Para 1 Austrian Stock Corporation Act until a chairman is elected. On behalf of the company, I would like to welcome the shareholders and their representatives who will be following the main meeting on the internet as well as the special proxies present. In order to protect the shareholders and in order to protect the further participants, the Management Board has decided to make use of the special statutory option of a virtual AGM. Today's AGM will [indiscernible] the ordinance of the Federal Ministry of Justice on the more detailed provisions governing the holding of meetings and the corporate law without the physical questions of the participants have been being broadcast entirely by Internet. This means that shareholders cannot be physically present at the AGM. The exercise of voting rights, the filing of proposals for resolution and the raising of objections shall be affected exclusively via proxy by issuing instructions to a special proxy provided by the company. Three, Four of the COVID-19 Act on Corporate Law. The special proxies are: Florian Beckermann, lawyer of IVA, Interessenverband für Anleger; attorney of law, Christian Temmel, MBA; attorney at law, Philipp Stossier; attorney at law, Ewald Oberhammer. First of all, some statements. I note that on June 1, 2021, and in compliance with the law, the invitation to today's AGM was published in due form and on time in the Wiener Zeitung 106 and 107 of the Austrian Stock Corporation Act and was also made available on the website of FACC AG, together with agenda and other information pursuant to Section 106 of the Austrian Stock Corporation Act and was distributed electronically throughout the EU via euro ad hoc pursuant to Section 107, Para 3 of the Austrian Stock Corporation Act. The documents to be disclosed pursuant to Section 108, Para 4, were made available on the company's website on June 10, 2021. In particular, further information on the rights of shareholders pursuant to Sections 109, 110, 118 and 119, in particular in accordance with the COVID-19 regulation on company law on the course of the AGM and the information on shareholder data protection. A question form and a power of attorney form as well as a revocation form for each special proxy. I will inform you of the current attendance at today's AGM. I note that according to the list of participants drawn up in accordance with 117 and signed by me, 80 shareholders will participate through the 4 special proxies authorized by you in today's virtual AGM, who will represent 28,294,378 shares. I note that according to this, there is 1 vote per share. Today's AGM constitutes a quorum for all published items on the agenda. I signed the attendance list, hand it over to the notary public for connection, that's to myself, and make it available electronically to the 4 proxies present. For reasons of data protection law, we refrain from disclosing the attendance list on the Internet. We will now proceed to the election of the Chairman for this AGM. I would like to know whether there are any requests to speak or any nominations for election and would like to request you to make your proposal now. I would like to point out that due to the technical circumstances of this virtual AGM, only one of the persons present in person can take the chair, whereas the members of the Management Board and myself as notary are excluded from the chairmanship. It's now 11:09 and I interrupt the AGM now for 10 minutes. So at 11:19, we will continue. We have now 10 minutes time to do so if you want to send your proxy by e-mail. The e-mail addresses of the 4 special proxies are shown on the screen for you now. E-mails which we receive after this time will not be considered for the election of the chairperson. [Break]

It is 11:19, and I will continue with the AGM. I give the floor to the proxies and ask them to read out any proposals that have been received so far or to confirm that no proposals have been received. Over to Mr. Beckermann.

Dear notary public, good morning also from my end. I'm very happy to have some 2.1 million votes and 19 shareholders whom I can represent, and I have no proposals.

Thanks. Mr. Temmel?

Dear Chairman, I do have one proposal. It's AVIC Cabin Systems Co. Limited, #19, and I read it to you. On behalf of AVIC Cabin Systems Co. Limited. The motion is to elect the attorney, Michael Knap, Honorary President of IVA, as Chairman of this AGM. Thank you.

Thank you very much. I take note of this. I take it on the record. Mr. Stossier?

Dear notary public, no proposals.

Mr. Oberhammer?

No proposals or motions here either.

Thank you very much. Since there are no further proposals or requests to speak, I put the motion by shareholder AVIC Cabin Systems Co. Limited to the vote. According to Article 22.2 of the Articles of Association of FACC, the Chairman determines the form of voting and the voting procedure. I, therefore, degree that the vote will be taken according to the subtraction procedure. In this procedure, the no votes and abstentions are counted and deducted from the total number of votes represented. This gives the votes in favor, According to Article 23.1 of the AA. Each share entitles the holder to one vote. Who votes against this proposal? Beckermann. Who is abstaining from this proposal? Beckermann, Oberhammer. No further abstentions. I therefore declare number of shares for which valid votes have been cast or total number of valid votes cast 25,908,791. Proportion of the share capital represented by these votes, 56.58%. For votes, 25,394,791; against, 514,000. I note that this proposal was passed with the required majority and that Michael Knap was elected to the Chairman of today's AGM. Mr. Knap, do you accept the election as Chairman of this AGM?

Dear notary public, thank you very much. Thank you for your trust and confidence. And of course, I agree and accept.

Thanks, and I request that Mr. Knap takes over the Chairmanship of this meeting and continues the AGM as its elected Chairman.

Thank you very much, dear ladies and gentlemen. Thanks for all these viewers on your respective devices. A very warm welcome from my side. Thanks for your confidence, once again. I hereby take over officially the Chairmanship and open the Annual General Meeting. I would like to welcome on my behalf the following persons: all our shareholders and their representatives who are following today's AGM via the Internet; the special proxies here in person; the members of the Supervisory Board who are following us online via Internet; the Management Board members who are all physically present, except for Mr. Pang, who is on the business trip in China; from the company, our General Counsel, who is physically present; the auditors, Ernst & Young, represented by Ms. Johanna Hobelsberger-Gruber and [ Mr. Hans Edward Seidel ], who joined virtually; the notary public, [ Mr. Christian Mayer ], who is physically present, as you have noticed already; and last, but not least, all other interested viewers who are following today's AGM meeting via Internet. Regarding the formal statements, I refer to the comments at the beginning of the AGM by the notary public, Mr. Christian Mayer, which I repeat as my statements. Notary Mr. Mayer is requested to notarize the resolutions of today's AGM to supervise the voting and to take minutes in accordance with Section 120 of the Austrian Stock Corporation Act. Please note that this AGM will be recorded on audio media under the supervision of the public notary, Christian Mayer, solely to facilitate the taking of minutes by him. A stenographic protocol is not made. The notarial record of this AGM does not constitute a verbatim record of the proceedings, but only reflects the statements, motions and results of the votes relevant for assessing the propriety of the meeting, its course and the resolutions of such AGM. I request Mr. Derik Zusann, General Counsel of our company, to explain the order of the meeting in my name as Chairman of the AGM. Over to you, Mr. Zusann.

Thank you very much, Chairman. A warm welcome to all participants also from my side. My name is Derik Zusann. I'm General Counsel of FACC AG, and would now like to say a few words about the procedure and modalities for exercising shareholders' rights at today's virtual AGM. The aim is to enable efficient and orderly processing at this AGM, which, as far as possible, is similar to an attendance general meeting. First of all, the reports and proposed resolutions on all the agenda items are presented to you en bloc. The proxies will then have the chance to read out any additional proposals for resolutions on the individual agenda items. The general debate will then take place. Before enduring the virtual AGM, shareholders hadn't had the opportunity to submit questions in text form to the company electronically within a certain time window which is announced, please use only the e-mail address, [email protected]. You can fill in the question form. You will find this on the website, and you can also send it as a PDF or TIF or you can send your question in a simple e-mail to the Management Board. Please use the question form for the first question. If you prefer a simple e-mail for further questions, the first name and surname or company name of the shareholder and her or his date of birth or company register number have to be provided in order to enable the Management Board to establish the identity of and correspondent with the deposit certificate. The conclusion of the e-mail has to be made recognized by producing your name, signature or otherwise, Section 13.2 Stock Corporation Act. It is sufficient to include your name at the end of the e-mail. The shareholders' questions are read out by the respective Management Board member and will then be answered. We will strive to reflect the intention of the shareholders. Answers to questions addressed to the Supervisory Board will be read by the Chairman of the AGM. Please refrain from any repetitive or offending comments and questions. The Chairman of the AGM reserves the right to order at lengthy, aggressive, inappropriate or insulting speeches and questions be read out adapted and reduced to the central content. The Chairman of this AGM reserves, furthermore, the right to structure the AGM in terms of time and to announce a specific time period in which questions have to be announced. After the questions on all items on the agenda have been answered, the proposals are put to the vote. The exercise of voting rights, the filing of proposal for resolution and the raising of objections shall be affected exclusively via proxy by issuing instructions through a special proxy provided by the company. During the AGM, the shareholders have the opportunity to change their instructions, in particular with regard to the submission of proposals for resolutions, voting but also raising objections. You can send your voting instructions and any changes to your instructions in a simple e-mail to the e-mail address of the proxy to whom you have issued power of attorney. The e-mail has to state the first name and surname or the company name of the shareholder, and his or her date of birth or company register number in order to enable the voting rights representative to establish the identity of and correspondence with the deposit confirmation. Conclusion of mail by reproducing your name, signature or otherwise. 13.2. It is sufficient to include your name at the end of the e-mail. Please note that, that communication with your proxy during the AGM is only possible electronically by e-mail. It is not intended that the proxy can be reached by telephone, including by SMS. The point in time by which instructions concerning the submission of proposals, voting and raising of an objection are possible will be determined by me in my function as Chairman. This will probably be towards the end of the general debate. It may be necessary to interrupt the virtual AGM on the one hand, to allow shareholders to react to developments in the AMG, for example, by asking questions or asking additional questions; and on the other hand, to allow the proxies sufficient time to sort and fully process the shareholders' instructions received during the AGM. And herewith, I hand back to Mr. Knap.

Thank you very much, Mr. Zusann, for your deliberations. I will now start with the agenda of today's AGM. There were no requests to extend this. I would like to point out that no request has been made by the shareholders to add items to the agenda or to announce additional resolution proposals. For this reason, I refer to the agenda of today's AGM and the resolution proposals made by the Supervisory Board and the Management Board, which were made available in accordance with the law prior to this annual general meeting. I order as Chairman that today's annual general meeting shall be conducted in the way as announced on the home page of the company. The list of participants has been presented to you already at the beginning by notary, Dr. Mayer, signed by him. I now sign the list as well as the elected Chairman. I state that the AGM continues to have a quorum. I will deal with the agenda items in the order as announced: first, presentation of the approved annual financial statements, including the management report, the consolidated financial statements, including the group management report, the separate nonfinancial report, the corporate governance report and the report prepared by the Supervisory Board for the fiscal year 2020. Secondly, resolution regarding the appropriation of the balance sheet result for the fiscal year 2020. Thirdly, resolution on the discharge from liability of the members of the Management Board for the fiscal year 2020. Fourthly, resolution on the discharge from liability of the members of the Supervisory Board for the fiscal year 2020. Fifthly, resolution on the remuneration report for the fiscal year 2020. Sixthly, resolution on the remuneration of the members of the Supervisory Board for the fiscal year 2020. Seventhly, election of the auditor and group auditor for the financial year 2021. I refer to the resolution proposals of the Supervisory Board and the Management Board of the company, which have been available in full text on the company's website since June 10, 2021. The Supervisory Board and Management Board will present their proposed resolutions at this AGM in the form of proposals or resolutions, which will be read out during the course of the agenda. I would now like to deal with the individual items on the agenda en bloc. That brings us to the first item on the agenda. All participants to this AGM have been presented with the information, the annual fiscal statements approved by the Supervisory Board, including the management report of the Management Board, a separate nonfinancial report and the corporate governance report as well as the consolidated financial statements recognized by the Supervisory Board, including the group management report and report of the Supervisory Board. Thus, I refrain from reading out this document. The annual financial statements and consolidated financial statements prepared by the Management Board for the year ending 31st of December were audited by Ernst & Young, taking into account the management report and the group management report and received an unqualified audit opinion. The Supervisory Board has agreed with the annual financial statements and management report as well as the consolidated financial statement and the consolidated management report and the Management Board's proposal for the appropriation of the net income and has approved the annual financial statements as -- of FACC AG as of December 31, 2020. The annual financial statements of FACC AG for the short fiscal year 2020 have thus been adopted in accordance with the appropriate section. A determination by the general meeting is not necessary. The report of the Supervisory Board submitted to the AGM is available on the company's website. At this point, I would like to refer to the report of the Supervisory Board, which has been published on the website of the company. On behalf of the Supervisory Board of FACC AG, I would like to thank the Management Board and the employees for their work in the fiscal year 2020 and congratulate each individual for this achievement. The same thank you is due to the members of the Supervisory Board of FACC AG for their continued commitment over the past year. Report on the remuneration system. I would like to inform you about the principles of the remuneration system in accordance with Rule 43 of the Austrian Corporate Governance Code. The variable component of the remuneration of the individual members of the Management Board is based on financial performance criteria, such as the EBIT and individually agreed performance criteria, some of which are not financial in nature. The upper limit of the variable remuneration is derived from the upper limits of the calculation parameters, which are EBIT, free cash flow and ROCE. Our bonus plan has been approved by the Supervisory Board, but no payment will be made for the 2020 financial year. Further details can be found on the annual financial statement made available on the company's website. That brings us to the second item on the agenda. The net income shown in the annual financial statement of FACC AG as of December 31, 2020, amounts to a loss of EUR -8,494,924.64, so minus EUR 8,494,924.64. No resolution is required in respect of this agenda item. As to the third item of the agenda, in the fiscal year 2020, no changes to the Management Board occurred. The Supervisory Board and Management Board propose a discharge from liability to be granted to Robert Machtlinger, Andreas Ockel, Aleš Stárek and Yongsheng Wang for the fiscal year 2020. As far as the fourth item on the agenda is concerned in the fiscal year 2020, the following changes of the Supervisory Board occurred. On the 26th of June 2020, Mr. Thomas Williams was elected member of the Supervisory Board. The Supervisory Board and the management proposed that all the members of the Supervisory Board, Mr. Pang Zhen, Mrs. Dai Jiajia, Mr. Liu Qinghong, Ms. Guo Jing, Mr. Sheng Junqi, Ms. Gong Weixi, Mr. George Maffeo, Mr. Thomas Williams, Ms. Barbara Huber, Mrs. Ulrike Reiter, Mr. Peter Krohe and Mrs. Karin Klee will be discharged for the activities in the financial year 2020. That brings us to Item 5 on the agenda. In accordance to Section 78D of the Austrian Stock Corporation Act, the Management Board and the Supervisory Board present the report regarding to the remuneration of the Management Board and of the Supervisory Board fiscal year 2020 and propose to approve it. The resolution is nonbinding and is not subject to appeal persaunt to Section 78, para -- Letter D, Paragraph 1 of the Austrian Corporation Act. The compensation report is available on the company's website since June 10, 2021. As the sixth item on the agenda is concerned, the Supervisory Board and the Management Board further propose, in accordance with Section 18 of the Articles of Association as well as Section 98 of the Austrian Stock Corporation Act, to resolve on a total remuneration of EUR 293,000 for the members of the Supervisory Board in the 2020 financial year, which will be distributed to the members of the Supervisory Board in accordance with the following criteria: the respective amount of the fixed basic remuneration for the supervisory activities varies in particular according to the function, be it chair, be it member of the Supervisory Board. The fixed fee ranges between EUR 12,500 and EUR 37,500, plus, where applicable, mandatory taxes. Each member of the Supervisory Board receives an attendance fee for participating in Supervisory Board meetings and Annual General Meetings. The attendance fee ranges between EUR 2,000 and EUR 2,500, depending on the role, the responsibilities, such as chair, membership in committees, et cetera, expertise and experience and EUR 1,000 to EUR 1,250 depending on the role, the responsibilities, such as chair, membership et cetera, for the preparation of and the participation in the Annual General Meeting and constituent meetings. The members of the Supervisory Board are promised inclusion in the D&O insurance policy with risk-adequate coverage. The premiums incurred for this are to be paid by the company. As concerns item seventh of the agenda, the Supervisory Board proposes the election of Ernst & Young Wirtschaftsprüfungsgesellschaft GmbH, Linz, as auditors of the financial statements and the consolidated financial statements for the financial year 2021. In this context, I can confirm and inform that the auditor prior to making this proposal submitted to the Supervisory Board a list of the total income received from the company in the fiscal year 2020, divided in the service categories. In addition, the inclusion in the statutory quality assurance system in accordance with the auditor oversaw that and the legally valid registration have been reported. The auditor stated that there are no circumstances that could give rise to any concerns of partiality. That now brings us to the management report. I now invite Mr. Machtlinger, Chairman of the Management Board, to report to the General -- to the Annual General Meeting on the past financial year.

Protection of our workforce is our upper priority. Since the beginning of the pandemic, we have introduced many protective measures to keep distance home office, virtual meetings and many more measures secure the protection of our crew and their families. 50,000 blanket tests, along with our in-house vaccination for our employees protect their families and their neighboring companies. Open and transparent communication with our employees and stakeholders has always been a key priority for us, particularly in times of uncertainty. In the past year, we published more than 100 COVID updates, [ warn our employee app ] and regularly kept our external stakeholders up to date. This enabled us to offer orientation, strength and trust and the circumstances in our company. The year 2020 presented FACC AG with unprecedented challenges as has never been for encouraged, but this situation forced us to introduce painful measures. In addition... [Presentation]

So the financial year 2020 presented extraordinary challenges to the aviation industry as a whole, and therefore, FACC as well. We would like to thank our FACC employees, shareholders, Supervisory Board members, customers and partners for the excellent cooperation and support in 2020. Ladies and gentlemen, shareholders, Mr. Chairman of the Supervisory Board, Dr. Knap, a cordial welcome on behalf of the members of the Executive Board to the seventh AGM of FACC, a virtual meeting, again, the reasons Dr. Mayer already explained in his initial statement. I would like to ask you for your understanding to honor the decision that we had to take to have this meeting on a virtual basis. Ladies and gentlemen, the economic cut downs of the COVID-19 pandemic was very hard and intensive for the aviation industry and in this context also for FACC. To bring it to point, FACC had to face a loss of EUR 0.25 billion and was hit very hard. Even if in the very new COVID environment, we quickly reacted and reacted in -- and introduced countermeasures, the economic damage to the company with EUR 75 million loss was enormous. Also within this environment and in facing those extraordinary circumstances, the market was changed and this was to be foreseen. As you could see from the clip that we just showed, we always tried to find a balance between the -- with the protection without compromise for our staff and their families, to fulfill the customer wishes but also to create our future. Ladies and gentlemen, our performance is always to be seen as collective with all our work staff around the world and cooperation with our partners. I would like to take this opportunity to thank all FACC employees, shareholders, Supervisory Board members, customers and partners for the excellent cooperation and the support in the year 2020. Looking at the future, COVID-19 has strongly influenced aviation as well, not only the severity of the crisis, but also the cycle to recover. If you look at the market and you see the developments of aviation over the past 14 years, it came to an abrupt breakdown of worldwide travel in aviation, starting in China, coming over to Europe and the United States. In March-April 2020, more than 90% of the entire airplane fleets were grounded. We now see a phase of recreation, which is -- which varies regionally. The Pacific-Atlantic area develops well. China has an increase in continental national travel that corresponds to that prior to COVID. In the United States, the speed picks up as well due to the vaccination rate in the United States. So travels -- air travels have risen to 85% of the level prior to COVID-19. Europe lags behind due to the strongly different prevention measures of the different countries. We are currently nationally in the range of 65% of travel prior to COVID. So this is as far as the national markets are concerned. You see the red columns, that's the national traffic. Europe, United States, the Asiatic Pacific area, you see a good recovery while international travel still stagnates. What is difficult to connect the continents, these are the blue columns that you see. And it becomes very clear that international travel has not started yet, it's still stagnating. So countries still close up, have quarantine measures in place and thus, international travel is influenced by COVID-19. What does this mean for us for the order log book of our customers? If we start at the very left-hand side and look at the shipments of airplanes and look at the year 2019 and compare it to 2020, then it becomes very clear very quickly that in the COVID year 2020, only 50% of airplanes were built and handed over to the clients as compared to the year before, the year 2019. Let's look into orders, then the order book is negative. And where does this come from? In the case of Airbus, for example, 268 net orders, which were new orders, new orders were more than cancellation or stagnations of orders. In the area of Boeing orders, the order book is negative. Boeing sold airplanes, but more airlines canceled their orders. So Boeing has a negative order book, negative orders, which is not unusual in a worldwide pandemic which was extraordinary and which was global. What is positive, the order backlog. And this is the amount of all the airplanes ordered with all our customers, it's still at a very high level. In December 2019, 13,106 airplanes had been ordered. One year later as of December 2020, this order backlog decreased to the number of 12,171 airplanes. What can we read from that? Airlines postpone the date when they will take over the airplanes. But they keep up their orders and we'll call at them at some point. So narrow-body airplanes such as Airbus 320, the Boeing 737, the E2-Jet, are those airplanes constitute 10,376 orders of the 12,171. Why do I mention this? This has a very important reason. Narrow-body aircrafts have, in the customer and turnover portfolio, a very high percentage amongst all airplanes of the A320 family, which best sales today on the market. With the largest production rates that we had prior to COVID-19 or even during COVID-19, this airplane is responsible for 32% of the revenues of FACC. 5,685 of this type have been ordered. And thus these orders are high order backlog within FACC. What is positive about them, that the A320 airplanes will kick in as of the fourth quarter and will increase in the fourth quarter of this year. The market for long-term airplanes that travel between Europe and the United States, between China and Europe is on a stable level, but we know that the production rates for these airplanes have reduced by 50% in the past year. So this airplane family will be stable for the coming 2 years and only from 2023-2024 will lead to a slight recovery. Another area is the segment, the business jet market, about EUR 1 billion. So structure components, jet components, but also high qualitative interior equipment for these airplanes. Here, the breakdown last year was not that big as compared to 2019 and the prognosis that we have currently. Let us hope for -- or of the market until the year 2023. One contribution and one topic is our arrangement in China, COMAC, share of 60% last year. It has to be mentioned that COMAC airplanes, the AR21 (sic) [ ARJ21 ], did not reduce their rates in the past year. Here, we had a stable turnover volume, which was slightly increasing. And also for this year, the trends show upwards. If we go a little bit further into the future, then we have together with our customers hit the slowdown bottom in August 2020. Since then, we have experienced a stabilization in our books. And as already mentioned before, we do see in the short- and medium-haul aircraft a recovery and also an increase of the manufacturing requirements as of the fourth quarter of 2021. Currently, we assume that the aircraft rates of this A320 market will increase by 10% to 15%. As already mentioned before, long-haul aircraft remained stable. At the current level, there is no significant growth for the year 2020. In total, we assume that the global market level of 2019 will be restored at the latest by 2025. The trends of the past months indicate that a recovery may be faster. After that, we assume an annual growth of 4%. Two essential pieces of information that I would -- do not want to keep from you. Of 22,460 value of aircraft, 9,000 were parked and not in passenger service. Five months later at the end of May, the number was reduced to 5,000 aircraft. So a significant cutback of capacity in the market and these numbers make it easier for us to plan and to become more stable. COVID-19 very clearly also hit those years very hard. You will see a slow but stable recovery. Nevertheless, the long-term forecast, and here you see a fleet development until 2039, is a bit difficult. A long-term forecast in aviation has not changed but has been rather postponed by another 2 to 3 years, which means that the new market in aviation within, say, 20 years to come will amount to some 43,000 new aircraft, 40% of them will go to Asia and Pacific. So no major change there whatsoever as to the forecast, which we had prior to 2019. Ladies and gentlemen, the year 2020 was an extremely challenging one for the FACC Group. Here, you see some key group figures for the fiscal year 2020, which show very clearly the impact upon our company. The revenues dropped to EUR 526.9 million, if we take 2019 as a full fiscal year as a basis, but 2019 was only a partial year. But if we extrapolate that to a full year, that would mean a revenue loss of EUR 0.25 billion. Nevertheless, we were highly active on the market. We could have $1 billion in terms of new orders contracted with existing customers and also some new customers, particularly in our core business, but also in some new areas here, mainly in urban air mobility, UAM. The order backlog grew, beg your pardon, dropped from a bit more than EUR 5 billion to EUR 4.8 billion, but still this order backlog is quite high and favorable. It will give us a good capacity utilization for another 10 years. In line with the COVID-19 pandemic, some immediate measures were implemented. We had a cost-cutting program amounting to EUR 15 million that had been prepared and implemented. At the same time, we still invested into our future to the tune of EUR 15.2 million as to the further growth of FACC. The equity ratio was stable at 37.4% with an operative EBIT of EUR 26.8 million. Due to COVID-19, there was a negative onetime effects to some of them. In 2020, we had to cope with them. And the reported loss in the balance sheet amounts to EUR 47.6 million as to those negative onetime effects. Mr. Stárek, in his presentation, will tell us a bit more about financial key figures. Here, the core priorities in 2020 clearly shifted and not comparable to what we had prior to COVID. You saw it in the short video, protecting our workforce and safeguarding customer deliveries was our prime and utmost importance. So workforce on the one hand, customer commitment on the other one. Let me mention here, maybe once again, that in such a disrupted year, particularly in the first phase, FACC and our partners have succeeded in indeed delivering on time and with top quality to our customers. This has been a distinctive feature of FACC and our team. Securing liquidity and economic stability through adjustments to the new market environment and a cost reduction program, here another important aspect. And you see that FACC implemented that very fast, harmful yet important programs without any alternative to them. And then there was our focus on growth-based investments in new projects. So we never forgot our future and to secure it, we did invest into new projects, and we're also focused and expanded even our research activities. So investments in new projects, more efficient processes, for instance, sustainable products, biological materials and also entirely new products with the idea to implement COVID-19 best hygiene measures in aircraft here that we have some milestone projects, which I'll have more on later on. And here again, we did also set the course and shaped the future. Our road map 2030 was presented in autumn and that's now a key document for FACC. Here's some COVID-19 protective measures, which we implemented as early as February and March. We had a general FACC protective measures package. We created and put in place a task force, some doctors, some work counselors and some members of management. We had meetings 24/7. We developed our own internal tracing system, which we put in place in order to identify COVID-19 faster and thus protect areas when that was needed and so we could always deliver on time and keep our top quality at every moment in time. In August 2020, we opened up a PCR test line at our headquarters here in order to conduct tests within just a few hours. And since October 2020, FACC has installed 5 antigen test lines, more than 50,000 tests were performed to date supported by 4 medical teams and the staff participation amounting to 99.75% is, of course, so important. Why short of 100%? Because we offered the test during working hours. And so of course, we granted our team members and their families safety. The FACC vaccination line, a major item, starting in autumn last year, 7 medical teams have administered vaccinations at FACC after receiving the vaccine in June or end of May, rather in 2021. And here also during working hours, those vaccinations were administered. And so we could protect our crew and their families. And of course, we are also responsible here for the region because our vaccination line was also offered to 23 nearby companies. They could use our vaccination line, and so we could vaccinate another 700 people not directly belonging to FACC or our environment. Furthermore, and still speaking about COVID-19, EUR 750,000 were spent as exceptional expenses, catering for staff, COVID-19 test kits, we didn't have a cafeteria then, and our company just received some takeout lunch boxes. We bought the test kits for COVID-19 and a certain contribution was made to all of this. Ensuring liquidity and stability, the next point, particularly as a summary of the key measures here, FACC has always been a stable partner also during the crisis and to all our stakeholders. We did require stability. We did require liquidity. And under these distorted circumstances, so to speak, we still could repay contractually all our financial liabilities within the period convened. We took advantage of deferred payment options for taxes and social security contributions. And in August, we knew already that those deferred payments would have to have an end, taxes would have to be paid again. And so in January 2021, we stopped all deferred payment options and we repaid more than EUR 22 million amounting to all these deferrals. And of course, we also renegotiated the financing covenants of the syndicated loan agreement with our core banks, thus relaxing the situation a little bit. Liquidity, we got via a subsidized loan of EUR 60 million of the Austrian Kontrollbank. End of June 2020, those EUR 60 million were transferred and that, of course, granted FACC's stability and liquidity. Furthermore, we significantly optimized our working capital and investments. We created, for instance, a program where we optimized the working capital and this is still going on, and we are on a very good approach. We have a comprehensive program also to reduce inventories. The next one here shows us more about 2 aspects: 2015, a fast-track package. It also means that we had to adapt our organization, of course. And it also meant that we had to grow together some units. We had to improve our efficiency in our daily operations and also in our strategic decisions. For instance, some work packages which we in-sourced back to Austria in order to protect jobs here in Austria and also increase our capacity utilization and also some general savings, for instance, also the suspension of voluntary social benefits like, for instance, free day on one's birthday consultancy services, also a reduction, for instance, of travel cost and some other policies and benefits. 2021, it never stops. Of course, we are still adapting. There were some further adaptations in the area of personnel cost, a new flexi-time model, a staff retirement fund, a pay system, which we adapted to the new situation, but we also developed a payroll system for manufacture, which helps us also to work more efficiently. In the field of materials and suppliers, Mr. Ockel developed entirely a new system and implemented it. We consolidate the supply chain. We will reshuffle volumes in order to deliver to our innovative core suppliers, and -- so we can offer more volume to them. And due to that effect, of course, we also get better terms and conditions on the market. And furthermore, this is also general savings in terms of energy, consultancy, travel, trade fairs, company cards, you name it, all of that has been adapted to today's market environment. In general, we are well on track, and we also see that from Q1. You see that these figures show very clearly that the measures we have been taking into account are very important. Thank you. Then here, we see that in 2020, we had the first year in FACC's history, where we had major adaptations as to the first year of all for us because what we did do here was develop a social plan, which we had to make, a very harmful but important measure. And for us, this indeed was a crucial moment and a very important situation. What we did here was to show highest responsibility. The entire team was sensitized to the impact of the COVID-19 crisis. We had a meeting in September 2020, where we informed everyone. In line with that and after the staff meeting, we had staff cutbacks, 20% for the workforce, 25% for the management as it were. 650 personnel exit interviews were held and EUR 11.8 million for the social plan was offered and paid out. The favorable message here is that many of the staff leaving us had told us that whenever we need staff, again, they want to come back. Furthermore, there was an FACC crisis fund in addition to the social plan. The FACC management in that phase, for instance, accepted a 20% salary cut and the crisis fund for employees in emergency situations was implemented. Alongside with the crisis, we never stopped focusing on innovation. We did invest, for instance, into the development of entirely new materials and processes like high-performance thermal plastics. Those plastics come with the advantage of being recyclable and that's the intention of the market that shows us that very clearly, we are among the role models and some first components, wind components have already been built and shown to our customers. A major project, in strong cooperation with Airbus, is the project Wing of Tomorrow. Here, we develop entirely a new wing component with entirely new processes. This means lightweight and more affordable. With this process information, we have a completely new system of wing components, flaps and spoilers for the next generation of aircraft. The advantage reaches up to 25% higher efficiency in production. 4 years ago, we started dealing with the topic of biological and recyclable materials for the passenger cabin of tomorrow. Some did not take us seriously then, whereas today, this trend has confirmed and we are very certain that this R&D has been key and entirely biological and recyclable materials for the cabin will be offered to the market within 1 or 2 years' time. As said before, we also stepped into a new segment. We have been dealing with permanent antimicrobial surface coating PURE CABIN together with another Austrian company. PURE CABIN is the name of the material. And in new components that can be used and also in components of existing aircraft. That material prevents any surface contagion or infection. We are in certification together with all our customers. And after certification, we will roll this out on the market. Another sustainability item and diversification is an entirely new aircraft toilet for single-aisle aircraft, we call it LAV4ALL. Everyone can use this toilet without any assistance, even with wheelchairs without any limits. Here are some milestones within FACC. FACC, for instance, delivered for the first time the new airspace entrance area. Then there was the launch of the serious production of the XL bins for the A32F, that's on track. And exactly, we used the interruption last time, together with the Austrian authorities, for an Austrian flight permit for the EHang 216 drone. And you see the second one from above that some first test flights were conducted here at Upper Austria. New development contracts worth $1 billion, in spite of the crisis, were acquired last year. We are in the implementation, and these projects will be rolled out in 2023. Furthermore, expansion of the Aftermarket Services, we are among the few providers of having an EN 9110 (sic) [ EN 9100 ] certification for components of all OEMs. Thus, all components don't matter whether manufactured by FACC or anyone else can be serviced by us and can then be integrated into our maintenance organization. In parallel with that, we also received the Chinese CAAC Part-145 approval as a maintenance organization in China. Performance awards, we received one from Rolls-Royce, Boeing and Bombardier. We were among the best in the class once again. And we also received the innovation award of the region of Upper Austria in gold. All of that, of course, is confirmation of the excellent performance of the FACC team. Ladies and gentlemen, FACC speaks efficiency and that's part of our DNA, indeed. Aviation aircraft is a highly efficient industry, and this accompanies us in our daily work as well. FACC in the field of sustainability is a first mover. Here, let me mention, in particular, the initiatives of the past 10 years, which have been implemented already. For instance, via some savings across all locations and offices, 23.6 gigawatt hours in terms of electricity savings have been achieved. That's 5,340 households or the entire city of Ried here in Austria. Let me repeat that this investment into sustainability had launched long before the climate discussion. We do have PV installations, we do have baseload management as well as LED and so on. 30.2 gigawatt hours in terms of heat savings annually, amounting to 2,117 households through geothermal imaging, heat recovery and so on. So since 2010, gas-fired or gas-based heat has been replaced by geothermal energy. Here again, as I've said, more than 2,000 households would be the comparative value here related to our savings. Since 2021, we have only been using green electricity from hydropower. We have been committing to sustainable consumption and production of energy from renewables. Local suppliers, 60% of our supply chain come from Austria. Local for local. Local, more important than global. We also support the degree program and scholarships at the University of Applied Sciences and we have higher quality training at our academy. Promotion of women is very important as well. We only train for technical jobs and careers and the women's ratio still is 50, 5-0, percent. Our goals for the future, a CO2-free factory from 2040, which is realistic and the milestones to that have been mentioned already and came in 2010 and later CO2-free aviation from 2050. Due to our lightweight elements, we make a major contribution to that and also via our R&D, which means 100% of circular economy in all materials which we use in our volume production. Ladies and gentlemen, last year, we also had to focus on the future. And in our management, we looked into the trends of the future and FACC and its strategy was put to the acid test. We had a long-standing discussion, which at the very beginning was entirely open as to its result. No technologies or markets were excluded from our reflections. And we then looked into how FACC, far beyond 2030, could be well positioned. Of particular importance to us, given the many trends we are witnessing day after day have been 4 mega trends, which are important for individual mobility. Of course, number 1 is a population growth and urbanization. By 2050, 10 billion people will live on this -- our planet and 68% of them will live in urban areas. If we take the basis that in 2019, 4.8 billion people used an aircraft for travel and if you also know that 80% have never seen an aircraft from the inside, there is a huge market in FACC's core segment. Urbanization, cities have to be linked, particularly continentally and internationally. Here again, point-to-point flying and highly efficient fuels are a major milestone for which we can offer solutions. In particular, in the highly urban area, that is the area of mega cities, some additional new transport and traffic concepts are [indiscernible]. And our UAM here is pioneering and can of partial solutions in order to come to terms with a major problem. The climate change is key as well. We take this were seriously. Our lightweight construction offers solutions here, which are required by the market. And last, but not least, globalization and digitalization, we need a world spanning network of communication, satellite technologies. And linked to that, of course, also space and aircraft, meaning launcher systems. They are now seeing an entirely new direction with an enormously important market potential for FACC. I'll have a bit more on volume a bit later. By and large, some ideal circumstances for our lightweight. And after analysis, we have said very clearly that we will remain in high technology in aviation with 2 agenda, meaning our measures, our product, our customer portfolio will be expanded, and particularly so in the field of urban air mobility, UAM, where past successes have been had already and in the entirely new field of space technology. What do we do in order to implement this -- our strategy here? Three phases are envisaged. The first one, the years 2021 and '22 are key here, that's the phase of evolution. The focus is on performance here. I've said it already, further strengthening financial stability through efficiency increases, supply chain restructuring, automation, vertical integration of individual manufacturer steps. In the video, we have seen already, which highly -- high technology plants we use for our production portfolio and its vertical expansion. And here and today, we have a series which allows us to be more efficient by up to 40% compared to our today's subcontractors. Meaning, that in the first phase, efficiency is key; financial stability, that's in the heart; plus, of course, acquiring new projects in our existing core business. After that, phase 2, transformation, generating more growth, more growth than the normal growth of the industry. What will we do here? Our innovative projects addressed before allow us to use new technologies, which clearly distinguish themselves from technologies used today. Our customers require efficient lightweight construction. And with that innovation, we are aiming at existing components in existing aircraft, which will be replaced by better and more efficient components. I believe that we are well on track. We are working around the clock in order to deliver to our customers some new projects and get new customers on board. And FACC, technologically speaking, is extremely well positioned. Then we have phase 3, diversification and entering new markets. FACC is a provider of lightweight construction systems, particularly in the aviation industry that is business travel and the civilian aviation. Here, we will expand our field into the field of urban air mobility, AAM, advanced air mobility; and, of course, the field of space and space technology. How can these 2 markets be compared? The aviation industry have a revenue potential of some $86 billion pre-COVID-19. That potentially is coming back slowly but truly, and we are well established there. And we are a well-established partner of all major plane makers. We will, of course, serve this market. We will grow within it the space market. However, it's entirely a new market, which is repositioning itself entirely from national projects and products. NASA, Europe, America, Russia, China, India, some entirely new provider markets are creating -- Amazon as an example here or also Elon Musk with his activities. So lightweight construction is not only in national demand, but it's being industrialized more and more. And this space market between 2019 amounted to USD 2 billion. By 2040, will grow to some USD 800 billion to USD 1,000 billion. Some USD 100 billion of that market is in the field of the launcher systems that is rocket systems. And this is the very place where FACC's intentions are on our lightweight construction, our composite technologies, which will be used there. And those applications, those uses will have to be made even more efficient and even more lightweight, particularly in space, where the system weight is of utmost importance. The lighter launcher system is the more payload, it can accept in order to shoot it into the orbit. We work [indiscernible] possibilities for utilization, we expect higher turnover as of the second half of this decade. Where do we want to go? FACC is today focused on aviation in 3 divisions with an aftermarket service. We are a so-called Tier 1 supplier, a development and construction partner, and we are one of the top 100 aviation companies worldwide. And we act from 13 different locations globally. In the year 2030, we put our focus on all levels. Aviation is a core business. It will always have an essential part of our business plus advanced air mobility and space. If we will expand to 5 divisions plus aftermarket services, we strive for system integration. Our declared goal is in the year 2030 to be one of the top 50 aviation companies. And we will not only act globally, but also be anchored globally. That means our development and manufacturing locations will be expanded in these markets that make such an expansion necessary. As we are a development part, we are well known, we have a good name and FACC remains committed to the sky in all areas, the core market, aviation with 2 expansions, the urban market and the space market. This brings me to an end of my deliberations, and I will talk Aleš about the financial key figures.

Thank you very much, Robert. Ladies and gentlemen, dear shareholders, also from my part, cordial welcome to this year's meeting. On the next [ folios ], I will lead you through the financial figures. On the first page, we see how the situation developed in the year 2020 and had an influence on our revenues. If we had growth over the past years, the circumstances were that they had an influence on revenues. So from almost [ EUR 8 million ] that we had in 2019, we reduced to EUR 526 million in the past year. You can see a time line on the right-hand side. And as you can see, in the year, January, February, March in the first quarter, we were at the level as in the year 2019 with the exception of February, where we had onetime payments in the year 2019 for project milestones. But from the current business, we were well established and on the level of the previous year and then corona hit. And the turnover dropped, the revenues dropped, and this was the level at which we developed over the summer months and the first signs of a recovery of an improvement came in September. And the revenues developed on a lower level as in 2019, but on a stable level. And of course, during the Christmas time, the revenues were a little lower. On the EBIT side, we developed quite well. Again, the difficult situation that we had with corona, the pandemic worldwide, that we have to experience, had an influence on the total outcome. So unfortunately, we had more than EUR 74 million of EBIT losses. Not everything was operative. A major part of that was -- could be traced back to onetime effects. Due to the new market situation, we had to reevaluate our assets in the balance sheet. And from this revaluation, onetime negative effects showed the value of the company, the adjustment that had to be made to the goodwill that we now depreciate it in full. And furthermore, some value depreciations with the assets that related to individual projects, this was EUR 7.7 million in total. In the balance sheet at the end of the year, we checked our balance with regard to its value. And due to cautionary measures, we did some value adjustments. And last, but not least, as was already reported the social plan with EUR 2 million were had to be considered. So on an operative level, we had about EUR 7 million -- a little less than EUR 7 million in losses. How did -- what were the impacts on the individual divisions? The strongest we had with regard to Aerostructures, but also Engines & Nacelles. So the shift in revenues are distributed almost equally over all 3 divisions. As you can see from these charts, in Aerostructures, it was more or less through the effects of the depreciation of the goodwill. And in the others, it was project-related costs. As you can see, we have a very strict investment control program that we introduced in 2020 per division, a little more, about EUR 5 million were invested. It was a difficult act of balances between investment control, and on the other hand, necessary investments that had to be made for the future for new projects and to be able to realize them. Last, but not least, I would like to talk about cash flow. Here, a comparison between the short financial year 2019 and 2020, we had a positive operative result at the beginning of 2019, about EUR 30 million, but that led to an EBITDA of about EUR 55 million of investments from EUR 18 million in total. And of new -- net investments and free cash flow, 29.8%. So about EUR 30 million of cash flows that we made. As a comparison now the financial year 2020, it was a balanced cash flow, slightly negative. What was positive was the development of the operational -- the working capitals and that we could improve by EUR 40 million. Here, we see the EUR 15 million in net investments that are due to this balancing act that we have to introduce and for the investments to the future. I would like to now hand back the floor to you, Robert, after this short excursion.

Thank you very much. Before I now go into the details, the expectations for the year 2021, let me tell -- let's look back over the previous year into May-June of 2020. So the entire industry was in a phase of adapting. You could not really make any exact forecast for the next weeks or month, and it was very difficult to plan. I would like to mention in this respect that -- how our customers behaved and this was also imperative for the aviation industry, it was a fair exchange. The year 2020 has to be looked at after no one knew what the needs for the market were, so all our customers decided to reduce the cadences, no one built airplanes. And one customer that we know very well, Airbus, in those days, exactly 1 year ago, started to build airplanes. So they gave us the opportunity to start manufacturing with a stable -- at a stable level and also to keep up our -- the employment for our employees. Airbus in this phase puts 165 planes in place, and they paid on time and so left liquidity at a high level. Those 165 airplanes were reduced and sold to customers. So you see the dynamics that were applied to this market. And despite 0 visibility in those days, the supply chain and the processes remained stable and were functioning. So as of September last year, we experienced some stabilization. We knew how the market was going to develop. Although we knew that we had to do some cuts, but we know how to plan. So what does it look like for 2021? What are our expectations? We can continue to plan. In particular, in January, we had to do some corrective bookings. Individual customers shifted orders. At the end of January, there was a final adaptation that was recognizable with the order outlook for the year 2021. Since February, we see a stable development. And as I've already mentioned, a slight increase with the first aircraft in the fourth quarter of 2021. Where does this take us? So our supply chains, our needs, our resources can be planned in a better manner. We have short work that we stopped at FACC and are at a reduced but stable manufacturing environment. Focus in this year remains the health and safety of our entire staff. Crew is -- our crew is healthy. We have 0 corona victims. We have no one in quarantine. Whatever we did and whatever happened in Austria kicked in. So we are a top performer and will remain so. The targets that operation programs set are ambitious, but we are on plan. Cost reduction initiatives from the years 2020 kicked in. And the activities from the year 2021, we are good in implementing those activities. The first -- second half of this year will be as challenging as the previous month. And we assume with what we have in our books, we will achieve revenues of EUR 500 million plus/minus with a balanced EBIT. We started an intensive program with inventory reduction program to generate cash flow. And I think the figures from the first 2 quarters give a good picture that the activities that we have planned and that we implement are the right activities. In-sourcing projects are propelled to increase the capital utilization of FACC plants. We put this into supply chains, and we will get those back now in a concentrated manner with a goal to utilize -- to increase the utilization of FACC's and to find customers. And of course, we will try to acquire new business in order to achieve an accelerated growth path beyond 2022 and the years to come. As you can see, ladies and gentlemen, we have a very focused portfolio in activities for the 2021, 2022 and beyond. And we are quite positive that as of 2022, FACC will get back to a growth path. Thank you very much for your attention, and I hand over the word now to Dr. Knap.

Thank you very much, Mr. Machtlinger and Stárek, for their reports. And I take from that, that we have overcome the worst. So the [ low bottom sold ] in August that we have successfully passed and that there is an upward trend for the years to come. This concludes the presentation of the reports and the proposed resolutions on all the items of the agenda. I now inform you about the presence at today's meeting. I note that according to the list of participants drawn up in accordance with Paragraph 117 of the law signed by me, 81 shareholders will participate through the 4 special proxies authorized by you in today's virtual AGM who will present 28,294,478 shares. According to the articles, each of the shareholders has -- each of the shares grant 1 share. So the meeting is [indiscernible] and I think I have already signed this. I don't have to read it out. I signed it. The notary took it over for me. And I give now electronic -- I make this available to the 4 special proxies electronically. The list of participants will not be disclosed on the Internet. I now give the floor to the proxies and request notification as to be the motions for resolutions by the shareholders granting powers of attorney have been received. So I conclude that no motions have been made so for now Mr. Florian Beckermann has the word.

Thank you very much. Dr. Temmel?

No motions.

Mr. Stossier?

[indiscernible]

Dr. Knap?

No motions.

And finally, Mr. Oberhammer?

No motions have been received.

Thank you very much. Dr. Mayer, the notary public, will record us. I now open the general debate and invite you to ask questions on all items on the agenda. The shareholders' questions are read out by the respective Management Board member and will then be answered. Answers by the Chairman of the Supervisory Board will be read out by myself. Shareholders were able to submit the questions by e-mail even before the Annual General Meeting. These questions will be answered first. But before we start, I would like to read a statement of [ Mr. Heirich Gahler ]. So he would like to thank everybody who participated in helping the company to overcome this, but who also is very sorry that long-term members had to be let go. I'm very sorry that our -- the Chairman of the Supervisory Board cannot attend. But I welcome Dr. Knap, who is a very competent representative and will chair the meeting accordingly. The questions of [ Mr. Steiler ], will Mr. Machtlinger or -- will be read out. The questions were already answered by Mr. Machtlinger in his report.

Now this brings us to the question-and-answers. And I would like now to -- for the questions of the representative of [indiscernible], Mr. Beckermann will read out the question and also answer this question.

Thank you very much. Thank you for the questions that have been posed. I would like to go back to my presentation. I was made aware that when I talked about the operative result, I mentioned EUR 26 million. This is an operative loss of EUR 26 million. So I am sorry, I just wanted to correct that. As regards to the questions, we will do it. We will ask questions. I will answer my questions. Mr. Stárek will answer the questions in his field, and Mr. Ockel, the questions with regard to his business field. Before I start with answering the questions of the question of [indiscernible], one remark that I would like to make -- that I would like to read out. Thanks most cordially to all the members of staff for the performance in the very challenging business year 2020, and we will pass this on. Thank you very much for this remark. So the first question. FACC, did they receive any state support in the form of a short work money or any similar subvention from your restriction? If so, yes, and how much? Yes, Austria, we used this according to the business and production volume between the entire volume of the subsidies that we received was EUR 26 million. A final figure will -- can only be issued after we have completed -- after we have ended short-term work in June of 2020. So how many -- how -- what was the percentage of people who worked in the home office? It was 25%. In corona time, on the average, 200 members of staff were in home office. Wherever it was possible, we had 2 separate teams that worked in 2 shifts. Now I would continue with the further questions of the [indiscernible]. So I will reply to the next question. Question number one was penalty -- penalty interest last year? If so, how much did we have to pay and to which institutions?

I would like to refer to our situation report on Page 76 on Item 5.7.2, where it can be seen. Within the bank policies, the liquidity that was made available to us was used or utilized at our core banks, which also took part in our [ synthesized ] loan, and we try to distribute our liquidity, that the best revenues or the lowest costs will arise in the year 2020. We had about EUR 10,000 to pay in penalty interest.

The next question concerning external consultants. Please name us the 3 largest management consultants, each with custom project? In the year 2020 of the structuring, we worked very intensively [ Howard ] and Partner, who supported us to draw up a new organizational structure. So that we could -- can be lean and face the future with a lean management. And for that, we paid EUR 1.1 million. I think this was the most significant consulting project that we had in the year 2020. Two questions to the Supervisory Board, which I will read out. I will read out those questions. So if you permit me. So the questions of the [indiscernible], question to the Supervisory Board. Was there a performance evaluations of the Supervisory Board? If so, what was the result? And the next one to the Supervisory Board, in particular Strategy Committee. What measures relating to the EU Taxonomy Regulation and the so-called Supply Chain Act have been adopted? Mr. Stárek, please, your answer?

As far as the evaluation is concerned of the Supervisory Board, we follow strict the legal requirements and the statutory requirements. This was already done in the year 2019. We also did this in the year 2020. And in this evaluation, we did not find anything that was wrong. So this can also be seen in the corporate governance report on Page 63. As far as the next question is concerned with regard to EU Taxonomy Regulation and the so-called Supply Chain Act, we are in a situation where the individual state regulations are being drafted, how they should be drawn up in Austria. We are at an observer position currently. We are looking what's happening in Austrian legislator and -- but we are already parallel looking what does this mean for us. What have we implemented of the requirements that are being made? What do we still have to do or what do we currently have to do? Once the legal framework has been finalized, we will implement it and will, of course, report it in the sustainability report. The next question with regard to the remuneration report. The question was question regarding the incorporation of ESG criteria. FACC does not have long-term incentives. Therefore, only variable remuneration components can be used to incentivize the orientation towards ESG criteria. We have only quantitative features. But we planned the coupling of ecological criteria with the performance criteria of the Management Board. This has been planned and this comprises mainly monetary goals, what we have done so far, and you could hear it from the report of our management. We have implemented all the LIT relevant criteria, have drawn up a structurized unit where we control everything that comes together. And we derived from there TBIs and intermediate goals such as with the CO2 neutrality, and we'll do this in more detail and will introduce this to the next bonus plan that will be valid as of 2022. The next question. How many shares in FACC are held by each member of the Management Board? How many shares are held by members of the Supervisory Board? And what were the changes compared to the previous year? So I would like to point out that those -- that this information is strictly voluntary. To the extent that members of the Executive Board or Supervisory Board do transactions, they have to be reported. They have to be notified and this is what we do. In addition, but what has happened prior to that, we do not have to disclose any information about that. Mr. Machtlinger currently holds 16,400 shares; previously, 10,900. As far as I am concerned, I currently hold 4,000 shares. In the previous year 2020, 2,000. The next question then is about the lessons learned from the [indiscernible]. Questions about the lessons learned, how many whistleblower reports were there? How many were investigated? Here also on Page 49 of the sustainability report, we can read more. That's the German-speaking report on Page 49. And in 2020, we had no whistleblower reports whatsoever. That is why we couldn't see any.

A question on the audit firm, Ernst & Young, are -- have been the responsible audit firm for Wirecard AG, and therefore, in the focus of attention worldwide. Question to the Audit Committee of the Supervisory Board, was the quality assurance of the network audit abroad specified in the audit engagement letter?

I can try to deliver an answer here on behalf of the Audit Committee and maybe also give you my perspective as a CFO. Of course, we have looked into this. In the Audit Committee and with the Audit Committee members, we have discussed this. We have seen how Ernst & Young's performance and work in Austria is perceived by us. And after checking that, we hold the view that we are very happy with them, both the Audit Committee and myself as the CFO. We get indeed the service and the preparation and the analyses we need. So together with the Linz team of Ernst & Young, we work with a very professional team of them there. And this is why, as the Management Board, we have also proposed, suggested to the Supervisory Board to continue with Ernst & Young, and this is why it's one of the points the recruiting of Ernst & Young and their appointment will be confirmed. As regards the foreign affiliates of Ernst & Young, here we have to take into account that our affiliates abroad are far below the materiality level, both as regards revenue, EBIT and liquidity abroad, that is why the statements and the accounts of them are dealt with centrally by the Linz-based team of Ernst & Young and the Linz team in 2020 contracted some further processes. And in particular, as regards to liquidity of the affiliates, they acted there. Nevertheless, for all our foreign affiliates and subsidiaries, we also recruited a local auditor. They are selected by myself and by my Head of Finance and the activities of our foreign affiliates are guided by the audit activities, which are important for the group. The next question, the last, but one for me, questions about the lessons learned from the Commerzialbank scandal where any investments made with Commerzialbank? And if so, in what amount? I said it already when we spoke about state aid, we have a banking policy which we have defined for us and we are guided by it very strictly. And in that policy, we define that we only work together with the certain of banks, which are part of our syndicated financing. Those are our 7 banks, our core banks, and they are credit and loan institutions having a good international reputation and also a very good rating. And the other banks we work with -- this is why it's relatively clear that with Commerzialbank Mattersburg, we never had any banking activities nor with any other locally acting small bank. And this is why that scandal did not impact us in any case or anywhere. Last question was liquidity management adjusted based on the lessons learned from the Commerzialbank case. No, we do not have to adapt here because we do not have any banking relations with them according to our group treasury policy, and we will continue to do our group treasury with the 7 banks as we have done so far.

Thank you very much. Thanks to Mr. Machtlinger and Mr. Stárek for all those questions. And I should now like to say that if there are additional questions required, not only by the IVA but also by all further people asking questions, please address them by e-mail to [email protected] as soon as possible. And this takes us to [indiscernible] voting card 156. And I'd like to ask first Mr. Machtlinger to read and answer the questions coming from [ Mr. Peter Michel ].

Thanks, Mr. Knap. Hello, Mr. Peter Michel. Your questions, I read and answer. First one, which part of the total revenue in 2020 was for Boeing, some 10% and it was made in the Boeing 787. The second one, how high was the proportion of the business with Boeing before the safety and engineering problems with Boeing aircraft, that's the 73 MAX, they were grounded for 2 years. On the Boeing 737 MAX, FACC have no major proportions or meaning the grounding of the 73 MAX did not hit FACC neither in 2020 nor in 2019. The revenue percentage of FACC on the predecessor that was the 737NG was considerable. And then before the MAX came in 2015, more or less, it amounted to some USD 60 million per year. In line with that your question, have all the problems with the 737 MAX being solved in the meantime? We believe so, but of course we have no direct insider view, but the aircraft is not grounded any longer, has received permits and authorizations any longer by the United States and also by all other relevant aircraft authorities. Next question. Does FACC expect a significant increase in the general aviation business and until when? I've said it before, the business, general aviation business and business jets are part of that last year, were not hit that much by COVID-19, not comparable to civilian aircraft. We did have a decline amounting to 17% in that field, and we take it that this general aviation and business jet market will recover certainly and surely. First signs of that can be witnessed this year already. And until late 2022, early 2023, we see recovery based on today's forecast. Another question? What is the outlook as regards drones in general? Is that a business with a prospering business for [indiscernible] and which part with share of FACC total sales will this business half by 2025? As to the drones in general, the drone business is an entirely novel market which started to develop over the last 5 years. FACC, 3 years ago, started to deal with this market segment. And we signed the first cooperation with our partner, EHang. This means that this year, we are among the few companies worldwide having a ready-to-fly product in the field of drones. The revenue presently in the product segment of drones is not important. It's just a few hundred thousand euro. Nevertheless, this market, according to and other consultancy firms is some USD 30 billion by 2030. It is a market which has not yet been occupied by anyone will have to be. And of course, there are well-known customers like Airbus or Embraer or Rolls-Royce and some others, in that field, they do research and development. And here, we are also in touch with them, and we are trying also to get in some orders, but no earlier than 2024 do we expect major business there. And let me add that FACC as strong in the video also works upon the second drone project, where, unfortunately, we cannot divulge the name of the customer. We are on the implementation phase. First product will be rolled out and delivered even this year with a first revenue in 2022. So for us, it is a highly interesting market with new materials and processes, which we make available with our partner. We are in a front-runner position there. And in the meantime, we are also working with a second customer. So a second project. What can be the sales in 2024? It's a bit hard to assess this because some regulatory measures will have to be coped with. But if our customers forecast is right, we expect some USD 50 million to USD 80 million in terms of total sales from 2024. Your next question, Mr. [ Peter Michel ], what is the general outlook as to the years 2021, '22 and '23? I've said it before, in '21, we will have sales of maybe EUR 500,000 million (sic) [ EUR 500 million ]. In 2022, we expect the first slight growth, and from 2023 or '24, we take it that the growth rate will climb clearly. The next question relates to R&D activities of FACC's. Was the time of the pandemic used to focus on R&D? What are the most important R&D projects? R&D and also the training of apprentices have been the 2 key areas of ours, which in the fiscal year 2020, we did not limit at all. So no cost cutting there, no savings there, no reduction. Our strategy was continued straightforwardly. Why is that so? Training of apprentices is of utmost importance. We're [ throwing them some ] responsibility for a rising generation. So certainly, we won't save there. Then as to innovation, innovation is our DNA, is in FACC's track record. We invested into some new processes. We developed some new materials, and I've elaborated a bit on the most important projects, development of thermal plastics for the area of aircraft, development of biological materials from renewables, meaning replacing petrochemicals by biological products. And one further item, obviously, is the research into 100% recyclable materials. The buzzword here is circular economy. So a major focus on novel products, novel materials, climate protection and circular economy. F&A for applied research and basic research in 2020 to 2022. Basically, F&E for basic and applied research amounted to EUR 56 million in 2020. No, that can't be correct. I'll have to check it out. Here, it says EUR 56 million, but that can't be true because that also contains some new developments for customer-based projects. It's not only basic research and applied research, but also research on behalf of our -- and for our customers. Let me separate between FACC, basic research and applied research. So in total, the sum could be correct, but I will tell you more about it later on. How many people, full time equipment and working in R&D of them in Austria and in China? Presently across all areas, basic and applied research, product development, certification, homologation, some 500 staff work in the group. Most of them sit in Austria. And if we count all of these, if we see our location in Pune, Bratislava and China, out of the 500 staff in terms of technologies, some 120 are working abroad. One further question as to R&D, have FACC received funding for R&D from the Austrian government or the EU? How high was the research bonus for 2020? FACC in the fiscal year 2020 received EUR 0.5 million from Austrian government. As an R&D project participation, we expect some EUR 4 million as a research bonus. No EU subsidies or aids were received. Now I hand over to you, Aleš, for the further questions of Mr. [ Peter Michel ].

Thank you very much. And I would say that one question of Mr. [ Peter Michel ] has indeed not been answered because it indirectly went to the Supervisory Board. The question was, will there be any changes -- can you please leave it on the screen here? It was the question 18, please keep it on the screen. Will there be any changes as to the composition of the Supervisory Board? I think this has not yet been answered. No, I haven't answered it. So I read it again. Will there be changes in the composition of the SB? Based on the topics of the last meetings, there is a good chance to establish a new Supervisory Board due to the rules on diversity in terms of nationalities and gender. Please provide the list of the new Supervisory Board from the capital side with their nationalities and gender. And I believe Mr. Stárek will answer this.

Well, Mr. [ Peter Michel ], also from end, [Foreign Language] hello to the World Wide Web. Of course, from the very beginning, since the first meeting of FACC, we have wanted to have a Supervisory Board in line with all legal requirements, in particular as regards diversity in terms of the genders, in terms of age structures, in terms of nationalities and in terms of some further criteria, obviously, also the technical features and qualifications. That's why we always proposed members of the Supervisory Board being guided by and selected according to those principles. This is to say that these candidates have then also been confirmed by the AGMs in the course of time. And so to speak, we are having a Supervisory Board, which is in line with all legal requirements and those of corporate governance, in terms of gender balance, diversification of nationalities. Insofar, we do not see any need to change the Supervisory Board's composition in whatsoever respect and propose new members to the Supervisory Board. There is one more question, which has also not been answered, it's maybe for me. This is about COVID-19 and also about the situation of COVID-19. If we see the situation with COVID 19, there is, of course, always some room for improvement, but we all hope, of course, for a dividend to be paid out next year. And the outlook is quite rosy as to this. It's a question for the shareholders. And that's a very good question then and a justified one. And we do understand this, of course, entirely as a Management Board, and it's also our intention, of course, to give their share to the shareholders in the form of a dividend. But as a matter of fact, the year 2020, if we look into it and then also 2021 and the situation of FACC's, for us, as Management Board members, it has been important to secure liquidity in the company and to grant that we have a strong and solid balance sheet and liquidity position, which will help us to also sail out of this COVID-19 crisis. And this is why we have proposed to the Supervisory Board, and they have shared our view at last year's dividend, that there won't be any dividend paid out neither last year nor this year. If we see how the situation will evolve over the next 1 to 3 years, we do see a slight improvement. And Mr. Machtlinger has already talked you through this and answered some of your questions. Whether it will be okay with the dividend next year already, I cannot anticipate on this. As soon as it will be possible and as soon as we see that FACC will be back on track and will be resilient and solid enough on the market again, we will certainly propose a dividend. And in the medium term, we certainly subscribe to our dividend policy and we'll certainly also keep it up and implement it. That much on Mr. [ Peter Michel's ] questions.

Indeed, thank you very much, Mr. Stárek. Thanks for the questions. [Operator Instructions] And as said before, there are -- there is a number of questions, which have been answered already. Now it's 13:22, sometimes we are lucky. It's 13:22 precisely as announced. So I now interrupt the meeting until 13:37, 15 minutes later. And at 13:37, the questions addressed to [email protected] will then be answered. And only the questions received so far will be answered. After that moment, no more questions will be answered. And now we have the questions of the next shareholder, and that's [indiscernible], voting card 198. And Mr. Machtlinger will maybe start reading Mr. [indiscernible] questions.

Thank you, Chairman. Hello, Mr. [indiscernible]. Let me first start with your question number one before I hand over to Aleš. What about the order book of FACC's in the last 3 years? I've said it, it shrunk a bit from EUR 5.4 billion pre-COVID-19 to EUR 4.8 billion according to the presentation. The second question, how have the orders coming from China developed in the above-mentioned period? In the business reports, we say that the total volume -- sales volume of our project with COMAC is some 6% of the total sales. But we see an incremental increase of demand. AJ21 (sic) [ ARJ21 ] is one example. 3 years ago, we had a construction rate of 1.5 aircraft per year. Last year, we were at a slim 2.5 aircraft per month. That is -- and now for this year, we are aiming at a construction rate of a bit short of 4 aircraft per month. So an incremental increase that is. And we take it that the AJ21 will settle at some 4 aircraft per month. The second important one for us is the C919 COMAC. That's an aircraft, which we can compare in terms of its size to an Airbus A321 or a Boeing 737. Here, the program so far is still in the testing phase, flight test studies. And we believe that end of 2021, we will get a type homologation. And then in Q1 2022, it will go into passenger service. In line with that, FACC steadily will step up the construction rate. Here, we are achieving a sales per delivered plane of some USD 1 million. The forecast has it at -- in 2022. 15 of these planes will be delivered. Then the construction rate in '23 will go up to 25 to 30 aircraft. And then that airplane, within the next few years, we'll build towards 100 planes per year. So for us, this is stable growth, particularly in the next 3 to 5 years. Your next question, what is the business plan for the next 3 years in very rough terms? I've said it already, the year 2021 in terms of sales will be quite stable, some EUR 0.5 billion of sales. We're expecting slight growth from 2022 mainly due to the single-aisle vehicles like the Airbus A321 and some business jet applications as well. And we take it that with the core business of FACC, the sales volume, which we had pre-COVID, will only come in 2024, maybe '25. Your next question, impact of COVID-19 as regards to the next few years? I believe this has been answered already. Just in order to give you a few figures, pre-COVID-19, A350 and Boeing 787, 24 aircraft per month with FACC components were sold. If we look at today's market demand, we see that the construction rate presently is at some 10 aircraft per month. So down to 10 from 24. And these 10, in combined analysis, Airbus and Boeing together, certainly will remain stable in '21 and '22. So an important decline of demand for that very type of aircraft. What is the first Q month in this business year? The first quarter, we had EUR 118 million. When compared to the first quarter 2020, we had EUR 194 million. So that is a significant reduction as it were. We see a stabilization. Q2 and Q4 will look a bit better than Q3. Q2, the seasonal variations, particularly in July and August, where we also see that always the figures in those months are a bit lower. As to the result, I can only speak to the result of Q1, and it was a favorable one. Then Airbus and Boeing, they are already purchasing a lot already. What is your part of this? It is obvious, and we are represented everywhere there with some components. If our customers build more and deliver more, so does FACC as well. And I believe that, particularly in the last few months, it was clear that airlines do buy already. Southwest Airlines, for instance, or Ryanair, we had something about this year, and we had an order of 270 new vehicles, Airbus and Boeing. And particularly in the Airbus proportion, FACC, again, is well on track. So if Airbus, Boeing will buy again or Bombardier and Embraer, we will grow with them. One further remark I would like to make, and I mentioned it before, our customers partially last year, built on buffers. So they put it on hold. So if Airbus and Boeing increase their rates of deliveries, then this can lead to a shift in periods because we have already supplied those components. This will be balanced over the couple of next months, but the next 3 to 6 months, there may be another shift. But with whatever increases, we will participate. Are any other deliveries ought to be expected from China? Yes. The rate is going up to about 4 airplanes and the new 919, which is being developed. No turnover but will bring a significant volume over the next couple of years. I think that was all the question that concerned me, Aleš.

Then I will take over at this point. Firstly, less a question than a comment or a guideline from Mr. [indiscernible]. Welcome from my side. Introductory, I would like to say to -- by way of introduction, I would like to express my gratitude to the company's employees and corporate bodies for the results achieved in the year under review in these difficult corona times. The share price of the FACC share is unsatisfactory. What might be the reason for this? Is it mainly due to the sins of the past? Of course, the pandemic also hit very hard. Okay. This was a question but -- which we partially answered. So -- and my answer, a comment. Of course, I can understand that one of the -- that one or the other shareholders are not happy with how it developed. One may be not happy, one may be happy. If you look at it then in the year 2020, all companies were suffering. The corona pandemic did not leave one share out. One may have developed a little better. But there are industries that were not so -- hit so hard as our field of business is. But if you look at FACC, our deepest was EUR 4.70. And fortunately, we are stable and have -- are now in the EUR 9.50 range, which is almost twice the amount that we had in 2020. And this is not far away from where we were at the beginning of corona. So we are really trying hard, and we have a plan in order to come back to our former strength. This is what it is from our point of view. So the next question goes to our immaterial assets, the question as to the financial position. Now my comment, Mr. [indiscernible], we have a team of members of staff. They are very motivated. They put a lot of energy every year to draw up our economic report. And they try very hard to make it as transparent as possible and to show the financial situation of FACC as clearly as possible. And all the questions that you asked, and most of the questions or many of the questions that are being asked this year can be found in the business report. So please use it as a source of information. Nevertheless, I will answer your questions. The immaterial assets are found in Note 22 of the business report and the individual parts are the goodwill. As I already mentioned, that was depreciated. And then there are smaller positions that relate to software and other rights to development costs, a smaller amount of down payments of immaterial assets. So the next question, again, can be found in Note 52 of the business report, with regard to the cost for consulting and the audit costs for the annual financial report. They are EUR 167,000 for the audit costs and legal and advisory costs or consulting costs, EUR 2,335. So the next question is what state aid has FACC received or will receive as a result of the corona? So we have EUR 50 million as a cover amount. The insurance companies are AXA and Allianz, AGCS. The people concerned have not changed. It's the Supervisory Board, the Executive Board, the Management Board and also senior employees and people who are in special functions. The premium that we paid was EUR 60,000. Next question, it's how many members of the Supervisory Board were present at the Supervisory Board meetings in the year under review? And what were their -- and what was their -- and what were the costs with regard to the reported year, total costs and also reimbursements that were received? The Supervisory Board met 4 times in virtual form in the year 2020. The 4 meetings were, due to corona and due to restrictions -- travel restrictions, done in a virtual manner. The participation quote was 90%. And a breakup of the expenses in that respect can be found in the remuneration report for the year 2020. So they are all there. They can be found there in all detail. Now that brings me to the next question, which is a very difficult question. And I will now try to break this down and would like to present it. Please, this is a very complex number of questions. So complex question on the subject of fraud, on the subject of fake president incident fraud, around EUR 53 million have been transferred abroad due to gross negligence, due to the nonexistence of a function ICS for 3 weeks. No one responsible noticed this. Do you name the banks that received these funds? Were these bank accounts with which FACC had already been in payment transactions? These questions was not answered or not answered sufficiently in the previous year, hence, the new question. Was the reason for the payment and acquisition of a shareholding, which is a transaction requiring the approval of the Supervisory Board? Please describe the reason for payment. Was the employee involved unaware of this? Did she not have profound commercial qualifications? And was she still able to transfer this amount in all directions? Was her immediate boss not available? Was the lady in charge of the Management Board at the time not constantly informed about what was happening in the FACC subsidiary in those 3 weeks? So as a shareholder, one understands that she was -- no, I don't want to read that now. Supervisory Boards are responsible for ensuring that newly nominated Board members are suitably qualified, in particular in listed companies. Mr. [indiscernible] may have not had a lucky hand in this personnel decision. He did obviously not notice anything that something was not correct, as you could take from the press reports. These questions was also not answered or not answered efficiently in the previous [ warn ]. Okay. Then this next part is also not for today's meeting. Now which court disputes between Mr. Stephan and Mrs. [indiscernible]? This is still not decided and pending. Please specify already fixed court. When and where and which cases will be heard? Specifying all detailed cases and dates and places of hearing in the reporting year and in the new financial year. Negotiations are public. So shareholders can be informed about the public dates. Please give a summary of the current status of all court cases pending in this regard. What is the status of forensic investigations? The main [ aggraved ] shareholders are entitled to an honest and sufficient answer. Has an agreement already been reached regarding Mr. Stephan's remunerations on the basis of the Management Board contract? Or are there still legal disputes pending? Is a settlement possible or at least being considered? At the last but one Annual General Meeting, the Board of Management announced that it expected to receive the frozen EUR 10.9 million soon. Why has nothing been received to date? Please state the total amount of damages as of today, court fees, representation costs, costs in work-up hours in FACC, cost borrowings due to significantly reduced liquidity and unrecoverable amounts. I believe the total damage is about EUR 60 million. This is what Mr. [indiscernible] believes the damage is, not to mention the damage suffered by the shareholders and the Austrian financial market. Against which persons are claims for recourse enforceable that have not yet been filed? Or which claims for recourse have already been filed? Or are such claims already statute beared? A definite answer is requested. Mr. [indiscernible], you mentioned -- you identified in your questions or your statement some of the questions. We are still in a legal process of coming to terms with the entire situation. And you mentioned correctly that these court hearings are public and that all shareholders have the right to get data from these court hearings. These data that are being processed in the court proceedings do answer all the questions that you posed. As regard to summary, I would like to ask you to understand that we, as members of the Executive Board, cannot speculate with regard to the outcome of those court proceedings. We cannot give any comments. We cannot make any evaluations of what we think the outcome will be. I can only refer to those court proceedings and also to the fact that all information can be found there that you ask for in your statements, and more than that cannot be said from my part.

So this answers the questions of Mr. [indiscernible]. Before we come to the questions of the next shareholder, I would like to inform you that it is 1:43 p.m., the 15 minutes lapsed on -- at 13:37. So please, no more further questions. Only the questions that have reached us until 1:37 p.m. So we will now continue with the questions of the shareholder, [indiscernible], number 47.

Hello, Mr. [indiscernible]. To your questions, the first question, how many people were locked on to the Internet at the AGM last year in Austria and abroad? And how many are locked in today in Austria and abroad? The numbers can be compared. We are talking on the average 130 viewers from Austria and 61 viewers and observers from abroad. So it's going up and down, according to the point in time. Next question. What was spent for social media? Last year, it was EUR 15,000. Those are our platforms that we operate. We are now in the B2C business. We have a very close customer, client, clientele and -- so we can well work with the budget that we have. So in 2021, how many people were employed by leasing companies? We do not have too many. We have our employees that work in the operative field. They need training and they need to be certified. So each member of staff has an enormous value for us. In 2019, we had 38 leasing employees in different areas. Workers, in the year 2020, it was on the average 5 and only as white-collar employees. In the operative area, there were no leasing people. What was spent on letting people go? And how high were the expenses for the social plan? It was EUR 11.5 million according to the business report, Note #7. What was spent for fairs and exhibition in 2019? In the year 2019, there were EUR 300,000, the visit of FACC in Hamburg at the largest interior fair cargoes. In 2019, there were no exhibitions, EUR 50,000 were encountered as expenses. Those were costs for the preparation to have a fair in April of 2020, but was stopped in February 2020, though those were only preparation measures. What did we get from the government in COVID support? In total, it was EUR 26 million. But the main part was for short work measures that we made use of. How many research and development staff do we have? How many are female? We have about 500 persons who work in research and development. In basic research, certification and qualification, the share of females is about 25%. Next question, what do we have from the government? What did receive from the government and from the United -- from the European Union? In monies, EUR 0.5 million for a research development project for 2020. We expect from the European Union, we got no subsidies. We did not take part in any of the programs. The research premium for 2019, the ramp business year were EUR 2.7 million. So 2020, we had been told EUR 4 million. So this is quite an increase with regard to the year 2020. How many customers do we still have? How many did we lose? We did not lose anyone. Everybody who is in the aviation business is a client of -- or a customer of FACC and still remains so. We won one that is not in the portfolio of FACC. This is the so-called second project in the Urban air mobility project. I have to ask you [indiscernible] because we must not disclose the customers' name as yet.

[Foreign Language] Mr. [indiscernible], from my side. I will now answer the question that were posed by you. So the first ones were about the costs for the annual report published in German and English. How many did we publish? And what were the costs? What were the costs for the [Foreign Language]? So the business report was published 200 pieces each, 200 in German, 200 in English. The costs in the year 2020 were about EUR 100,000. The costs for the [Foreign Language] in 2020 were EUR 9,500. As far as the sustainability report was concerned, we had only 100 pieces in German and 100 pieces in English, and the costs for that were, in 2020, EUR 18,500. Next question. As regards the annual general meeting last year, what did the virtual annual general meeting cost last year, including the [Foreign Language]? The AGM last year was about EUR 78,000. And out of that, EUR 8,000 were for the [Foreign Language]. Then we have a question that regards proxies costs last year and how much today. And what was -- and the ratio as to how many shareholders the proxies represent. Last year, we had 4. They represented 79 shareholders. This year, 81 shareholders. In the last year, we had 27,489,375 shares. This -- and this year, it's 28,294,478. So what were the costs? I haven't mentioned, the costs are built with regard to the time spent. They are compensated with regard to the time spent for their duties. This is in -- these costs are as the costs are in the market, and they will be within the same range for past year and for this year. Next question. How much did we spend on online advertising? In 2020, EUR 25,000 was spent. The next question, with regard to interest rate for financial liabilities, 2020, 2019. In the year 2019, it was 2.38%. In the year 2020, it is lower due to the fact that the loan that we took a 4% was paid back in the middle of the year. So this brought down our costs for interest to 1.91%. Next question. With regard to insurance, which insurance companies do we have? How much did we pay? And which are the insurance companies that we employ? In 2020, we had an all-risk insurance for assets and for our objects with [indiscernible]. And the costs for debt were EUR 630,000 for legal insurance, was also -- no, was with [indiscernible] for -- and for [indiscernible] for the vehicles. Claims insurance was with Coface, and the costs were for 2019, 2020, EUR 93,000. And for 2020, we have a cost of EUR 132,000. Next question, as regards to claims that cannot be retrieved, as the amount of the one that cannot be retrieved in whole? In 2020, and I already mentioned it in my report before, we have about EUR 4 million of adjustments that were done to our claims. Some of them were reduced to 0, depreciated to 0. That does not mean that they are now classified as not being retrievable. So they were in about 4 -- in the amount of EUR 4 million. Next question, with regard to the 5 most important banks. So I've had those questions in -- on the different perspectives already before. So we have 7 core banks, which I will mention. So that we have mentioned them by their names. But I do not want to make -- I do not want to advertise for those banks. They are our partners. And the order in which I now mention them does not mean that one or the other is more important to us. We have UniCredit Bank Austria. We have [ BEA ], Raiffeisenbank Österreich, [indiscernible], [indiscernible]. Those are the Austrian banks. And then we have 2 foreign banks, Deutsche Bank, in our consortium. The Commerzbank and the Landesbank Baden-Wuerttemberg, 2 German banks. So the second to the last question, what was the book value as per the 31st of 12, 2020? We had our own assets of -- okay. This was EUR 243,157,000. So -- and the value was EUR 5.31 per share. Last question, how many people work in back office? And how many are external? People, we have 12 motivated members of staff who support us here today in answering the questions, and thank you very much, cordial welcome from my side to those 12 people. And we have no external consultant here. We do everything ourselves. So this was the last question. And by that, we have -- sorry, this was not the last question. We still have some questions open.

Hello. I will now read out the question of Mr. [indiscernible] and will answer those that are directed to operations. This is about our fleet of FACC AG. How many vehicles did we have in 2019 and 2020? And with -- how many of them were e-vehicles? Thank you very much for the back office for making those numbers available to us. We had one electro-vehicle. I'm sorry, I did not hear the first number. We reduced our fleet by about 1/4. We have 34 and 1 e-vehicle. Then we have the question with regard to maintenance of those vehicles, and we have EUR 142 that we spend on maintenance for these vehicles. For the last question, Mr. [indiscernible], you asked about the cost for logistics. In 2019, we spent EUR 60 million and in 2020, EUR 13 million. Thank you very much.

Thank you very much. So with this, the question of Mr. [indiscernible] has been answered. We now have questions of the shareholder, [indiscernible], with card -- voting card 282. Mr. Machtlinger, would you be so kind to read out those questions?

Thank you very much. Some months ago, there was a shift into the second half year 2021. To what extent will such shift take place? And which factory, which plant or location will be impacted by that mainly? The insourcing is being implemented. All measures have already been implemented, particularly at our factory #1, where the re-insourcing will take place. Presently, the first qualification components, which are always important, are being built in order to show to our customers that FACC is stable. We will also see after the company holidays in August that the first [indiscernible] components will start. And our perspective is that the re-insourcing of the Airbus project will certainly also amount to some USD 20 million in 2020 to until December '21. That will be concluded.

Mr. Machtlinger, thanks for answering this question coming from Mr. [indiscernible]. Ladies and gentlemen, all questions were answered. And thus, I will now close the general debate.

I note that it is now 14:00 and from now on, no further questions will be answered. I am interrupting the AGM and will continue it in 5 minutes, that is at 14 -- let's say, 14:06. So you'll now have 5.5 minutes to submit your proposals by sending a resolution to your proxy. Thank you very much. [Break]

Now it's 14:06. Let us continue the annual general meeting. And I again give the floor to the 4 proxies present and ask them to read any proposal received so far or to confirm that no further proposals have been received. So first, I hand over to Florian Beckermann.

Dear Chairman, no further requests.

Thanks, Florian. Mr. Temmel?

I confirm I have no proposals either.

Mr. Stossier?

No request.

Mr. Oberhammer?

No proposals here either.

Thanks, indeed. Thanks to the 4 gentlemen and notary public, Mr. Mayer, will record this. And I now put to the vote the proposals on the individual agenda items 3 to 7. I would like to make a few preliminary remarks on the voting procedure first. I will take your vote by subtraction. The no votes and abstentions are counted and subtracted from the total number of votes present. This gives the yes votes. The total number of validly cast yes and no votes is essential for the acceptance or rejection of a proposal. Abstentions are not taken into account in the result. For the voting, the 4 proxies use voting or order cards that they received before the opening of the AGM. By entering the respective number of the voting or order card into the IT administration, the corresponding number of shares is recorded. Using the method just described, I would ask the proxies who wish to vote no or abstain to indicate this by raising their voting or order cards. The numbers of the voting or order cards are read out loudly as usual for better recording. If your number has been read out, I ask you to lower your voting or order card. For yes votes, the card need not be held up since the yes votes are determined by the subtraction procedure. The voting process is supervised by notary public, Mr. Mayer, and calculated or counted by [ Daniel Bauer ] from the counting service. I reserve the right to change the voting procedure if necessary. The items on the agenda and the resolutions proposed on the individual agenda items were read out loudly and are also available on the company's website. Therefore, I will refrain from further reading. Again, I ask the special proxies if all voting or order cards have been processed. Maybe 4 short yeses or noes. Clear. So everyone is ready for the voting process. Thank you very much. So we can get started. First, point 3 of the agenda, which is resolution on the discharge of the members of the Management Board for the past fiscal year. I note that the resolution proposal of the Management Board and the Supervisory Board has been read out and will be made available on -- or was made available on the website, and I'll put this proposal to the vote. Who votes against this proposal? [Voting]

Beckermann. No one else? Abstentions? [Voting]

Beckermann. No further abstentions. So the result number of shares for which valid votes have been cast or total number of valid votes cast, 28,281,341. Proportion of the share capital represented by these votes, 61.76%. For votes, 28,281,337, which is 99.999986% of the share capital present; against votes, 4, that is 0.000014%; abstentions, 13,137. So I state that this proposal was adopted with the required majority and that the AGM has thus granted discharge to the members of the Management Board for the past fiscal years. Congratulations to the gentleman. Point four of the agenda, resolution on the discharge of the members of the Supervisory Board for the past full fiscal year. I note that the resolution proposal of MB and SB has been read out and been made available on the company's website. I now put this motion to the vote. Who votes against this proposal? [Voting]

Beckermann, Oberhammer. No further no votes. Abstentions? [Voting]

Beckermann, Oberhammer. No further abstentions. Number of shares for which valid votes have been cast or total number of valid votes cast, 28,279,363, which corresponds to 61.76% of the share capital. For votes, 26,808,960 or 94.8% of the share capital; against votes, 1,470,403, which corresponds to around 5.2% of the share capital; 15,115 abstentions. So I state that also this was adopted, reached the required majority and that the AGM thus granted discharge from liability to the members of the Supervisory Board for the past fiscal year. On to the fifth item of the agenda, which concerns the resolution on the remuneration report for the past fiscal year. I note that the resolution proposal of MB and SB has been read out and made available on the company's website. And I'll put this proposal to the vote. And I now ask that the vote be taken. Who votes against this proposal? [Voting]

Beckermann, Oberhammer. No further no votes. Who is abstaining? [Voting]

Beckermann, Oberhammer. No further abstentions. Thank you. I announce the following the result of the vote. Number of shares for which valid votes have been cast or the total number of valid votes cast, 28,293,818, which corresponds to 61.79%. For votes, 27,833,751 or 98.37%; against votes, 460,067, which corresponds to around 1.63%; abstentions, 660. I note that this proposal was adopted with the required majority and that the AGM does resolve the remuneration on the -- of the Supervisory Board for FY 2020. Point 7, election of the auditor of the financial statements and consolidated financial statements for fiscal year 2021. I note that the resolution proposal of the SB will -- has been read out and made available on the company's website. I now put this proposal to the vote and ask that a vote be taken? Who is against? [Voting]

Beckermann. No further no votes. Abstention? [Voting]

Oberhammer. No further abstentions. Thanks to you, notary public. Number of shares for which valid votes have been cast or total number of valid votes cast, 28,292,370, which corresponds to around 61.8%. For votes, 28,292,366, which is close to 100%; against votes, 4, which is a bit more than 0%; and the abstentions here amount to 2,108. That much on this point of our agenda. I note that this proposal was adopted with the required majority and that the AGM thus resolve the remuneration of the Supervisory Board for the fiscal year 2020, according to the content of the proposal, which has been read. Seventh and last item of the agenda, that's the election of auditor of financial statements and CFS for fiscal year 2021. I note that the resolution proposal of SB has been read out and made available on the website. I now put this proposal to the vote and ask that the votes be taken. Who votes against this proposal? [Voting]

Beckermann. No further no votes. Who abstains? [Voting]

Oberhammer. No further abstentions. I announce the following result of the vote. Number of shares for which valid votes have been casted or total number of valid votes cast, 28,294,378, which corresponds to 61.8% of the share capital. For votes, 26,741,433, which is more or less 94.5%; against votes, 1,552,945 or around 5.5%; abstentions, in this case, precisely 100. And this concludes our voting process. And I note that also this proposal was adopted with the required majority and that the AGM, therefore, elected Ernst & Young as auditors and group auditors for the fiscal year 2021. EY, Linz, that is. And that's the end of our agenda, the agenda of today's AGM. The voting results are published on the company's website. And on behalf of FACC AG, I would -- and on my own behalf, I would like to thank you for your interest and cooperation, and I will now close the 7th Ordinary Annual General Meeting. Thank you very much, and a nice afternoon to all of you. [Statements in English on this transcript were spoken by an interpreter present on the live call.]