Matthias Täubl here, CEO of AURELIUS Equity Opportunities. Welcome, everybody, to the earnings call for the first 3 months of 2022. I'm here together with our CFO, Richard Schulze-Muth, who will say hello in a minute as well. What have been the highlights in the first 1/4 of this year? Needless to say that, of course, we are faced, and our portfolio companies are faced with a lot of challenges, given labor shortage, given the supply chain issues, the overall topics which are going on and the noise going on in the markets related to the Ukraine war, especially. Therefore, it's definitely for us a challenging time as well. Luckily, we have our own task force and that means that we are really close to our portfolio companies. This is why the numbers came in for the first 3 months at a very decent level. The operating EBITDA for the group was close to EUR 50 million. The cash on the group level, despite our acquisitions and despite our share buyback of EUR 10 million in the first 1/4 of this year, ended up with EUR 403 million on the group level, which translates into around about EUR 220 Million-EUR 230 million on the holding level. The net asset value, despite the disruptions on the market, as I've mentioned before, went up slightly to slightly above EUR 1 billion. It's EUR 1.014 billion, which is a slight step up compared to full year 2021. Transactions, as always, uncertainty and stormy waters out there means a lot of opportunities for us. We have executed so far 5 Add-On acquisitions in the first 1/4 and 3 Co-Investment deals together with the fund already and see plenty of opportunities on the execution of deal sides . I will talk about the outlook in general, which is of course a much more tricky exercise at this point in time, but I'm not worried about deals on both sides, on the buying side, but also on the exit side in the upcoming months and for 2022 in general. Let me now hand over to Richard Schulze-Muth, who will lead you through the numbers in more detail. Yeah. Welcome also from my side to our Q1 2022 earnings call. Let's have a look at our Q1 2022 figures that came out this morning. Our total consolidated revenues came in with almost EUR 760 million. Reason why total consolidated revenues in Q1 2022 are below the Q1 2021 is that Office Depot Europe was still included in Q1 2021. On an annual basis, the revenues from continued operations end up at almost EUR 2.976 billion compared to EUR 2.673 billion in Q1 2021. This increase is mainly driven by the good deal activity over the last twelve months and the full revenue recognition of deals closed within the last twelve months. EBITDA of the combined group in Q1 2022 is EUR 79 million after EUR 74 million in Q1 2021. We have the usual 3 different sources of earnings. Bargain purchase. Let's start with this one. A bargain purchase is shown in our P&L when the purchase price that we paid for a company is lower than the net assets we acquired. In Q1 2022, no bargain purchase has been booked. All acquisitions have led to goodwill so far, but all purchase price allocations relating to these acquisitions are currently performed. The restructuring expenses went down further from EUR 19 million to EUR 13 million and reflect once again the good operational performance of our portfolio in Q1. Gains on exit were nearly on same level as in Q1 2021. The EUR 38 million in Q1 2022 are mainly due to the successful exit of AKAD in February. Matthias will talk about it in a minute. New is the revaluation effect of Co-Investments. The EUR 4.2 million you see here come from the fair value revaluation of the Co-Investments per 31 March 2022 for the Co-Investments that we hold longer than 6 months, i.e., Advanced Power Solutions and Enerveo. This is book profit that goes with the P&L accordingly. We finally end up with a solid operational performance or EBITDA of EUR 49.1 million, and that is slightly below the operating EBITDA in Q1 2021, knowing that 2021 was a record year with regard to our operational results. The cash compared to year-end 2021 has reduced slightly to EUR 403 million as of March 31, and this was mainly driven by the active transaction pipeline in Q1 with 3 Add-Ons and 2 investments and the share buyback program. Free holding cash in AO in the holding companies is stable over EUR 200 million, in particular due to the AKAD exit and despite the cash out for the new acquisitions in Q1. Therefore, we have sufficient firepower for upcoming deal opportunities. The equity ratio remains stable with over 26% at Q1 2021. On page 6, you see a split of our portfolio in terms of total consolidated revenues and operating EBITDA by 3 categories: segment, portfolio status, and vintage. The key messages here are by segment, well-balanced revenues from continued operations of the segment Services and Solutions with EUR 108 million, Industrial Production with EUR 299 million, and Retail and Consumer Products with EUR 336 million. The increase in inter alia industrial production is driven by the 3 AO platform acquisitions in this segment from last year. The Operating EBITDA of the segment Industrial Production with EUR 24.9 million and Retail and Consumer Products with EUR 36.3 million is already above Q1 2021. Industrial Production increased by 45% and Retail and Consumer by 6%, and that shows the solid operational performance in 2021. Operating EBITDA of the segment Services and Solutions decreased slightly compared to last year, Q1, but mainly related to the exit of AKAD. Operating EBITDA of this segment, others with negative 19 million EUR, is driven by the transaction cost relating to the strong deal activity in Q1 2021 and 2022, and the exit of AKAD and Ideal Shopping Direct and, the management compensation in relation to these. By portfolio status, the following metrics: portfolio companies in the improvement phase contributing already good operating EBITDA of 14.4 million EUR, 29%. The portfolio companies in the optimization phase and growth phase contributing strong operating EBITDA of over 27 million EUR, or 50% each. By vintage, the new acquisitions in 2020 during the COVID-19 pandemic or shortly before, like Distrelec, Centia and Rivus have developed very well. Meanwhile, moved into the 18-36 months vintage and strengthens the operational improvement performance of portfolio companies in this vintage frame with a total 55% EBITDA contribution. Over 50% of revenues and 65% of operating EBITDA are coming from portfolio companies with a holding company period of more than 3 years. We see the continued strong development of portfolio companies that are longer with AURELIUS. Let's move on to page 7. NAV calculation of our portfolio. The total NAV for Q1 2022 was EUR 1,014 million, a small increase compared to year-end 2021. From year-end 2021, as mentioned our last earnings call as part of our transparency initiative, we are showing you an NAV net, i.e. Deducting estimated transaction costs and management compensation, and therefore the expected proceeds of AURELIUS Equity Opportunities. At year-end, these were deducted in total from the NAV, therefore no individual figures. For Q1 2022, these are considered in the respective individual NAVs of the portfolio companies. Going forward, you will see that here in the respective development. The Q1 2022 NAV for industrial production is EUR 382 million, and this is mainly related to the good operational performance of Centia and moveero, despite the challenging market environment due to the increasing energy costs and supply chain pressure. Remi Claeys Aluminium is included for the first time at fair value. Unilux is still at respective purchase price included. In the sector retail and consumer products, the NAV as of Q1 2022 is EUR 281 million, and this is due to a very strong operational performance of Silvan, the European Imaging Group and Distrelec. Furthermore, the new Add-Ons, Cameranu for European Imaging Group and BMC's acquisition of De Rycke are included at purchase prices. Services and solutions. Finally, the NAV is EUR 84 million, and this is coming from strong operational performance of Rivus Fleet Solutions. AKAD, our distance learning university, was sold in February, so reduced the NAV accordingly. BPG, the Building Partners Group, latest Add-On acquisition, CHB, has included the purchase price. NAV in the segment other is EUR 240 million. The valuation consists of the cash in the listed AURELIUS Equity Opportunities and the non-operating holding companies. The AKAD exit had a positive impact on cash. Cash outs for Add-On and Co-Investments and share buybacks reduced the cash accordingly. Furthermore, the Blaupunkt brand company is included here and the nominal amount of our Nordic bond is deducted in the segment. Treasury shares are not included as well. Finally, you can see here in our Co-Investments that we do together with the AURELIUS European Opportunities IV 4th fund, the NAV of EUR 26.9 million. This includes Advanced Power Solutions and Enerveo at fair value and Minova that we've closed end of February at purchase price with the corresponding 29.4% AO equity ticket. The valuation leads to an NAV net per share of EUR 36.11 at Q1 2022. Treasury shares are not included. Besides this, our NAVs are calculated consistently, has been audited by KPMG year-end 2021. NAVs are based on a DCF model, and we used actuals as of 31 March 2022, including the budgets of the portfolio companies till 2024. We still assume the conservative growth rates of 0.5%, and have a WACC of 10.99%. On average, this WACC is slightly higher than for year-end 2021. At this point, it was 10.34% and includes risk premiums for a lot of our portfolio companies. On page 8, it's just for you the analysis or what I've just presented. You can read through that as Follow-Up. On page 9, you see the NAV of the AURELIUS portfolio by vintage as of 31 March 2022. You can see here the solid NAV of the portfolio companies with holding periods of 18-36 months and over 36 months corresponding to a good operational performance of these portfolio companies as just described. You can see with the continuing operational support of AURELIUS, the portfolio companies that belong longer to AURELIUS are contributing the majority of the total NAV, which shows again that the AURELIUS business model and the operational support works out. Now I would like to hand over back to you, Matthias, again. Thank you, Richard. On page 10, let's have a look at our transactions year to date. Add-on acquisitions, we have fulfilled our target, 5 acquisitions in every 3 of our segments. Add-on acquisitions, we have seen 5 of them already year to date. Needless to say that, stormy water out there, uncertainty, unstable environment, it means also that for some of our smaller competitors to our portfolio companies, it's getting even more difficult. Therefore, I would assume that we see a lot of additional Add-Ons, this year and then the following years as well. We have a really strategic focus on this topic, Add-On acquisitions, and have at least 2 to 3 Add-On potentials and targets, per portfolio company. This is definitely also following our strategy that we have more robust and more stable portfolio companies and can therefore start building on to a solid base at the first and second floor. This is exactly what we are executing here. Deal by deal, it's not spectacular. Sometimes there are some smaller deals when it comes to revenue, but also some bigger ones, like for example, the 1/3 one, which is mentioned here and outlined here, is from European Imaging Group, our portfolio company, who has acquired cameran u in the Netherlands. It's EUR 60 million in revenue. Some others are smaller in size when it comes to revenue, but always highly synergetic cases and therefore contributing quite nicely to the overall profitability of the portfolio company and therefore in respect of the profitability to the EBITDA, operational EBITDA of AURELIUS in general. In addition, of course, it's always a nice tool to enter new markets like VAG did with the acquisition of RTS in Brazil. It's not about the company only and the business which has been acquired, but it's also a nice entry to have sales channel there build up sales contacts and also the maintenance contacts. Exited AKAD, the first one this year I will talk about in a minute in more detail. On page eleven, we have our Co-Investments, 3 of them executed this year so far, with Minova, which we bought from Orica. CTD Tiles, distributor based in the UK, has been acquired from Saint-Gobain. McKesson UK with GBP 5 million turnover, the biggest deal in history of AURELIUS when it comes to revenue, but also when it comes to the equity ticket size for different segments with a retail arm, where we have around about 1,300 pharmacies in the UK. We have a digital arm. We have home care, where it's about providing special therapy devices like for cancer therapy to patients' homes. We have a wholesale arm where we fulfill distribution kind of logistics and distribution services for the NHS and the hospitals of the NHS. On page twelve, AKAD as an exit, that's a really nice one. We acquired this company back in 2014. That's a distance learning university. It's Germany's oldest private distance learning university, by the way. We have then done an overhaul of the model itself. We have invested in the development of a new platform. We have done a modularization concept, which means that the study itself, the different studies, now 63 different studies we're offering to more than 12,000 students, are becoming more flexible, so they can choose and pick which kind of module is important for them to get their bachelor, master, MBA degree in place. This is where we have invested quite a lot and have changed the concept. Overall that had led to not only a strong increase of students and therefore also the financials. Finally, when we compare it to the net asset value, where it has been by end of Q3 2021, it was EUR 25 million NAV, we finally sold this company for more than EUR 45 million. That was a significant cash-in for us, which means money over money multiplier of more than 15x and represents a very successful exit of AURELIUS. Add-On acquisition, Cameranu. Slightly touched base on before already. Revenue with more than EUR 65 million. It's a perfect fit and nice Add-On for our existing portfolio company, European Imaging Group, with Calumet and Wex, 2 brands already in place. It's based in the Netherlands. Holds a very strong market position and their position as the leading independent specialist retailer. It's pretty much very much overlapping portfolio to what they are selling with our existing portfolio company European Imaging Group. They are selling cameras, photo cameras, starting with EUR 3,000 and going up to several more thousand EUR. They are selling drones, selling other photo equipment to Semi-Professionals and professionals through a B2B arm as well. Altogether, 40,000 SKUs, highly synergistic with European Imaging Group, which means especially when it comes to the purchasing synergies here, it is quite overlapping and therefore will besides this profitable on a standalone basis, they already contribute to the overall profitability of European Imaging Group with additional synergies here as well. Very classic Add-On acquisition. Has been family-owned before. They understood that size is becoming much more of importance. It's about the online and offline, so physical and online share, and therefore, of course, have to invest in platform, and this is all there. They can now participate or have a positive impact based on they can share these investments with European Imaging Group. The Co-Investment in Minova we have done together with the funds. What is Minova? What is Minova about? They are providing ground control products to mining and infrastructure customers. So it's about, for example, resin capsules, it's about rock bolts, it's about different kind of equipment, so professional tools you would expect in a mine. It's about injection chemicals, liquids and chemicals. They are producing in 13 different production sites all over the globe. There's 18 sales offices all over the globe as well. This company has been sold from Orica, an Australian-Based bigger corporate. As Minova is undergoing a transformation, you know, as you might expect, there is a lot of hard rock still around, which means coal mining, and where Minova is quite nicely located and positioned is when it comes to soft rock. Soft rock means this kind of materials you need for the electronic components and therefore has increased importance and increasing demand. This is of course a transformation which Minova is undergoing, and this is the reason why Orica decided they would like to sell it. It's quite decent in size, EUR 350 million. It's a very profitable company right now already, but with still a lot of potential around also to grow it and also to use it as an Add-On platform. Enterprise value finally was agreed with EUR 140 million, and therefore a 30% stake is then controlled from AURELIUS Equity Opportunities, as it is mentioned here in the footnote. A typical case. I will say this is the kind of deals. It's decent in size. It's. There is some complexity, but nevertheless, all the same ingredients then for AURELIUS Equity Opportunities only deals, which means it's a Carve-Out situation. It's a special situation. It has to go and undergo a transformation, so hands-on execution and operational engagement is needed the same then it is for our own portfolio companies. This brings me to the overview on page 15 of our existing portfolio. This is only for the AURELIUS Equity Opportunities company. There is also that we might combine it with the portfolio companies of the fund in the near future. For the moment, here the companies which are shown are only the one which are besides Sandiak and BNP scaffolding business, more or less 100% owned by AURELIUS Equity Opportunities. As you know, on the X-Axis, you can see when the company has been acquired, so the holding period, and on the Y-axis, the 3 different levels of maturity, from improvements to optimization and growth. On the Right-Hand side, the numbers for the first 1/4 2022. The consolidated revenue per segment and also the operating EBITDA. As you can see, companies which have just been recently acquired, they are more in the area of around about 4 or 5 percentage points EBITDA. For the businesses which are with us a little bit longer already, especially in the growth area, are then coming closer to a 10 percentage points EBITDA basis. In general, very nicely balanced when it comes to to size of these businesses, when it comes to different industries. We don't have a specific exposure to a specific industry, neither do we have an exposure in a specific country or in a very specific exposure in the different countries of Europe. But therefore it's quite nicely balanced. Also when it comes to profitability, we do have some really bright shining stars here in the portfolio. Just let me mention Distrelec, VHG, Silvan, moveero, Centia, Rivus. There are some quite profitable companies around and therefore, we should expect some exits, as I've mentioned in the last couple of months already in the nearer future. If we just take the companies in the growth phases, which are combined responsible for EUR 27 million operating EBITDA. If you take this times 4 for the full year without taking into account the current uncertainty, we're talking here around about EUR 100 million EBITDA, which is more or less ready for exit, somewhere in the nearer future. Portfolio status Co-Investments on page 16. Three of them have been closed already in the first 1/4 of 2022, and therefore are baked in the net asset value calculation Richard laid out before. This is Advanced Power Solutions, so the former Panasonic European consumer battery business. This is Enerveo, the formerly SSE contracting business, and Minova, the company I've just mentioned before. On the Right-Hand side, 2 more deals where the closing took place in the second 1/4 of this year, CTD, the ceramic tile distributor we acquired from Saint-Gobain and McKesson UK, so they're mainly known as the LloydsPharmacy business in UK. This is not contributing to the net asset value yet. In the second 1/4 or by the end of second 1/4, we will first see them translating into the numbers of the net asset value of AURELIUS in general. Short update on ESG. A lot of things are going on. You might remember that we have initiated and launched a project back in 1/4 3 of last year. In the meanwhile, we have implemented a lot of different measures and have executed already quite some. For example, we have joined the United Nations UN PRI. I will talk about in a minute in more detail and as well the UN Global Compact Initiative. We have implemented different ESG guidelines, resulted in an overall overhaul of our ESG homepage. You can find it on our homepage under the folder Sustainability, where you can see all the different topics we are focusing on. Of course, ESG, there are many different KPIs you can focus on. We have picked ours based on a very intensive stakeholder dialogue we have done and including a benchmarking exercise so that we really are aware of where can we make the biggest difference and on which KPIs will we focus on. This is what you can all find on our homepage, and this is where we now execute step by step, month by month, together with our portfolio companies, our ESG strategy. Also there was a very comprehensive sustainability report for the first time in our annual report for the business year 2021. As I've mentioned before, we joined UNPRI. This means Principles for Responsible Investments, and this is where we will take into consideration what does good investment mean, and therefore we have lined out some KPIs and some criteria we are looking at. As always, that doesn't mean necessarily that the company we have to acquire needs to be fully ESG conform at the point in time when it needs to be acquired. Turning a less ESG conformed company to a better one means maybe sometimes more than just acquiring an already sustainable company. This is where we are mainly focusing on really about the transformation like Minova I've mentioned before as one example. The United Nations Global Compact Initiative we have joined which means it's more focused on sustainable and responsible corporate governance. A lot of different initiatives has been implemented on our side and measures put in place. In the second phase we are on a holding level this has been implemented. In the second phase we are now having a detailed conversation with our portfolio companies to make sure that this really applies for the entire group and which means for our portfolio companies as well. To analyze this update, we have done within all 3 environmental, social, and governance on page 19. This is where we have done the very detailed analysis on a holding level to make sure that we're really focused on the things where impacts matter. It's really about where we can make the biggest impact. This is what we are now translating into the discussions with our portfolio companies and make sure that we have the same understanding and implementing the same measures there as well. This brings me finally to the outlook for the rest of the year. To be honest, not an easy exercise at this point in time, as we have seen it, as the numbers has shown, we have seen a solid performance of our portfolio companies. Therefore I'm still positive when it comes to the outlook. Even if the environment keeps bumpy as it is right now, the main focus of us is that we will stay close with our operational task force to our portfolio companies and navigate through this, through these complex times, balancing all the macroeconomic distortions we have seen and for sure will see in the upcoming months as well. Therefore, it's difficult to give a full and final outlook. At least I'm positive when it comes to, I know that our portfolio companies are solid, and we are close, right? Whatever will happen out there, we can act and react immediately, and I think this is definitely one of our biggest advantage we see at this point in time. Transaction pipeline on both sides, exit and on the buy side, mentioned already. I think definitely we will see a lot of additional Add-Ons in the near future. We will see, pretty sure, some exits besides AKAD. We have mentioned before some additional exits. We've mentioned we have several portfolio companies in the pipeline in the growth phase, which means they are more or less ready for exit. Stay tuned. I would expect some more exits in the near future. Of course, in the meanwhile, we will keep on focusing on our shareholder value, which means the share buyback program is still up and running. We will continue with increasing the net focus on our net asset value, which we have published, and strengthen also the ESG project to make sure that for the upcoming ESG ratings, we will have a positive result. Therefore, I'm positive in general, but of course, a lot of uncertainties around, which makes it a little bit more difficult to really give very specific numbers at this point in time. That's it from our side for the moment. We will have our annual meeting in due course, 21st of June. Until then, we will hopefully see some more transactions, as I've mentioned before. Thank you very much for listening and might now like to take your questions. Thank you. We will now begin our Question-And-Answer session. If you have a question for our speakers, please dial 0 and 1 on your telephone keypad now to enter the queue. Once your name has been announced, you can ask the question. If you find your question is answered before it is your turn to speak, you can dial 0 and 2 to cancel your question. If you're using speaker equipment today, please press the handset before making a selection. One moment, please, for the first question. The first question is from Gerhard Ogornat of uncertain. Your line is now open. Yeah. Hi, good afternoon. Could you just update us on the share buyback program, please? How many treasury shares do you have? What you expect to do with them? How much more you can buy back under the current program and how much you're planning to do? Yes. Happy to do so. I think we have bought back now since November, it was when we launched the latest share buyback program, we have bought back around about 800 shares in the meanwhile, out of around about 29 million shares out there at the moment. This program where we have said we will buy back 1 million shares in the upcoming 12 months will now come to an end sooner, which means in a couple of weeks time, we will have bought back this 1 million shares. We have just recently accelerated this buyback based on the current share price and based on the current circumstances in the market. We still can then buy back another round about 1 million shares. Of course, when we think about our annual meeting ahead, we might ask for the authorization of an additional some more shares. At the moment, given our cash level, so there is sufficient firepower around. We have just mentioned our the dividend payment, we will increase it to EUR 1.5, so there's sufficient firepower around even after taking our dividend payment into account. Therefore, I do see a lot of shareholder value attached to buyback programs at this point in time and going forward as well. Coming back to your question, what do we do with the treasury shares? We have just canceled 1 million shares by the end of 2021. At the moment, I don't see anything, any other, scenario going forward than canceling them sooner than later, so. Do you have any amount in mind that you may want to spend on buybacks this year? Another EUR 20 million or so? Sorry, what? What's the question? How much? Buy back another 1 million? Yeah. Yeah. It really depends upon. If you will buy back another 1 million or so this year? Of course, it really depends on the overall market circumstances. Given where we are right now, given our cash level, I think there is sufficient firepower not only to buy new companies, but also to do some more share buybacks. Could be well in this order of magnitude you have just mentioned. Okay, thank you. The next question is from Tim-frederik Rützel Yes, hello. Gentlemen, thank you for taking my questions. My first question is regarding the future transactions. In your press release this morning, you mentioned that the De-Risk trend will continue, and you already touched this in your presentation. Maybe you can give us a sense of what we can expect and probably also some insights in your current pipeline. It would be also interesting to know if we will see more traditional acquisitions or more on the Co-Investment side. Very good questions. What we do see at the moment is we have our 3 investment segments we are focusing on. The first one is our traditional real estate equity, but in the standalone deals, we have our Add-On acquisitions and then the Co-Investments together with the fund. In all 3 of these pillars, we do see some really nice opportunities. Add-On, maybe let's start with this one I've mentioned before already, plenty of possibilities there, given these are very often smaller Family-Owned businesses, they are more suffering from when it comes to supply chain issues. They don't have the financial flexibility sometimes. Of course, also when it comes to the transformation online, digitalization and online transformation, they are sometimes suffering more or struggling to make these investments. Therefore, I do expect a couple of more Add-On acquisitions here in the upcoming months. Pretty much all of our portfolio companies are in such a stable shape that I would say they are ready to take on some Add-On acquisitions. So lot of opportunities there in the pipeline already. A lot of serious talks going on, so I would expect some more here. When it comes to our real estate equity opportunity deals and on the deals together, we went to a Co-Investment with the fund. Both sides, we have a nicely filled pipeline, always tricky to exactly give you more specific outlook and then say by when, you know how it is, a deal sometimes takes longer. In general, we have a really nicely filled pipeline. Of course, what we do see in the last 1-2 months is that uncertainty and stability normally means that the bigger corporates out there are thinking twice about their non-core items and really have to focus more, even more on their core items, rethinking strategy. Of course, Europe in general, for some of them, for the U.S.-Based bigger corporates or Japan-Based bigger corporates, they have a really holistic view on the landscape sometimes, and even more where it was maybe some triggers like Brexit in the past or more U.K. focus on is the let's reduce our exposure in the U.K. It is now that they have a very holistic view in general that, for example, Europe will suffer most, in the world from the Ukraine war and then from the cut relationship with Russia. I think not just pulling out from one or 2 countries in Europe, but Europe in general, like for example, Panasonic did with their consumer battery business. I would expect increasing pipeline there following more deals for us as well. Difficult to say. I would expect it is on both sides, but of course, as deals are getting bigger in size and more complex, which means more focus on Pan-European deals than just country by country, individual countries, it might well be that we will see more Co-Investment deals in the near future than our AURELIUS Equity Opportunities only deals. We have deals in the pipeline on both sides, so I would expect that we can meet our target that we do 4-5 transactions per our investment sector. Okay, good. Maybe I'll follow up on the Co-Investments. The fund has a volume of up to EUR 504 million, I guess. What is the current firepower after the first acquisitions here? For how many further acquisitions will the volume be enough? It is, in total, as you said, we have committed capital in total of EUR 550 million, so we have committed slightly more than EUR 150 million and the institutional investors on the fund side, EUR 360-370 million. We're talking about EUR 560-570 million. Therefrom around about EUR 130-140 has been deployed so far based on the deals we have executed. In general, it is like a typical private equity fund. The cycle is they are aiming to get the money deployed in the first 2 years, which means we have now 1 year already achieved, and there are another 2 years of the investment cycle left, which means, if you think the average ticket size, equity ticket size of, let's say, EUR 50-60 million per deal, you can do the math, how many deals more this means. In general, the initial aim of the fund was doing 5 deals a year with an investment cycle of the first 3 years of the fund duration, which means 15. Okay. Perfect. My last question is regarding the portfolio status. Here the EBITDA and the EBITDA margin, the growth status seems to be somewhat weaker in comparison to the optimization status, but also in comparison to 2021. Are there any particular reasons at certain companies for the somewhat weaker earnings development here? In a positive sense, to be honest, this is impacted by some individual companies, but not negatively in the growth phases, but positively in the optimization phases, so that some of the companies like Moveo, like Centia, like Distrelec, like Rivus, so companies we have in our portfolio for not too long, they are doing really well, as Richard has outlined, and also contributing nicely to the net asset value already. That's the reason why that in the optimization phases, we do see that the companies are becoming faster and more profitable than it was in the past. Why? This is following our strategy that we acquire more profitable companies, or if they are more profitable at the point in time when we acquire them, therefore they are getting more faster in this, more or less bold pack of 10 percentage points EBITDA where they are right now. Also given that they can do faster Add-On acquisitions, as we have done, for example, for Rivus, that this is mainly the driver behind. In the growth sizes, they are same from when it comes to profitability. As you might have read, there is HanseYachts, which is more impacted by the supply chain issues. They have an order book of EUR 340 million, which is the highest in history, given that the latest revenue was round about EUR 140 million. Quite a significant order book, but they are the most impacted by the supply chain issues. This is why they are contributing less to the operating EBITDA than the other portfolio companies do in the growth phases. Okay. Understood. Very helpful. Thank you. That's it from my side. Thank you very much. Thank you. As a reminder, if you would like to ask a question, please press zero and one. If there are no further questions, I hand back to the speakers for the conclusion. Thank you very much for listening. Thank you very much. Uncertainty, difficult to really make a precise outlook here. In general, optimistic based on a nicely filled deal pipeline, both on the buy side, also on the exit side, and also the solid performance of our existing portfolio companies should not necessarily make us wait when it comes to the difficult times we definitely are faced with ahead of in the upcoming months. Thank you very much for listening and have a good day. Thank you very much.