Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the Aareal Bank AG conference call. Throughout today's recorded presentation, all participants will be in a listen-only mode. The presentation will be followed by a question-and-answer session. If you would like to ask a question, you may press star followed by one on your touch-tone telephone. Please press the star key followed by zero for operator assistance. I would now like to turn the conference over to Jürgen Junginger, Managing Director and Head of IR. Please go ahead. Good morning, everybody. Today is a dramatic day. Ukraine is in all our thoughts, a sad day for all of us. Especially today, I'd like to say thank you for joining our conference. Again, this is a virtual-only meeting, but I hope that next year we can have an in-person event. Today's agenda covers our results for 2021, the outlook for 2022, and our longer-term strategy. We will address our goals for each segment and our targets for the group. I'm joined by our CEO, Jochen Klösges, and CFO Marc Hess, who will take you through the presentation, and this will be followed by a Q&A session. We are also joined by Thomas Müller, our Head of Finance and Controlling, who will assist Jochen and Marc in answering those questions. Now I'm pleased to hand over to Jochen. Jochen, the floor is yours. Thank you, Jochen, again. Ladies and gentlemen, I would also like to express a warm welcome to everyone on the occasion of today's annual press conference. Before turning to the very topic of this press conference, allow me to briefly comment on the events which have been unfolding since the early hours of this morning. President Putin has announced military operations. Targets in Ukraine have been hit by air strikes and missile attacks. On behalf of all of my colleagues and all Aareal Bank employees, we would like to express our sympathy for all those who are suffering from this escalation of violence and must fear for their lives. From today's perspective, it is naturally difficult to predict the further course of this very regrettable development. Especially in times of the greatest political and economic uncertainty, there is a need for reliability and a clear course. I would like to state that the bank is well prepared for this situation. Ladies and gentlemen, even without this conflict, the first five months in my new office would have been eventful. In fact, they were more eventful than I had imagined when I signed the contract. You know why? Of course, we had to deal with a takeover offer. For me, the timing was anything but ideal. Shortly after taking office, but in situations like these, the focus is not on personal sensitivities. What's important is to do one's job with commitment and with great care. That is exactly what everyone at Aareal Bank has been doing. We first thoroughly reviewed this offer and then put it to our shareholders, who had to decide upon it. We were, in fact, obliged to do so, given the price. Moreover, the strategic perspectives of the group were right. At this point, I would like to clear up some misinformation that is being spread by, let's say, interested parties. We had not agreed upon exclusivity with Centerbridge and Advent. Consequently, we would have been open to better offers. Yet none were forthcoming, even though there would have been plenty of time since the talks were made in public on the 7th of October. Only one other syndicate contacted us with a proposal. These interested parties were not willing to pay a single cent over the EUR 29 offered and finally withdraw their offer. Finally, only the one offer remained, which, as you know, the majority of our shareholders declined to accept. The offer is now history. Yet there are several positive aspects we take from this. Our strategy of client-oriented, risk-conscious growth convinced renowned private equity investors. The extensive due diligence carried out by the bidders, who thoroughly examined our loan book, has confirmed our own risk assessment for our portfolios. Last but not least, the talks with investors have made the group's additional potential transparent to the market, provided we invest in growth. Even though the offer has not been accepted, it has enhanced the perception of Aareal Bank Group as an attractive investment. Incidentally, this is also very clearly reflected in several analyst assessments and in the current share price, at least until yesterday, which is substantially higher than the pre-offer level despite the recent market turbulence. I would like to emphasize that we did not solicit the offer. Rather, it was an additional option for us, an additional option to our plan A, to accelerate Aareal Bank's growth from our own resources. We had already implemented this plan successfully in the past financial year. This is clearly visible in the figures for 2021, which Marc Hess and I are about to present to you. Having posted a loss in 2020 due to the coronavirus pandemic, we achieved a rapid and clear turnaround. As promised, not only achieving all of our material strategic objectives but even exceeding them for the most part. In what was a challenging environment, we delivered a consolidated operating profit in 2021 that was in the upper third of our forecast range, slightly above our own very ambitious plans. We achieved this despite additional burdens, for example, concluding our de-risking exercise in Italy. The growth initiatives that have been launched are already bearing fruit. Our strategy to generate new business on the selected basis, even during the crisis, was the right one to follow, and our clients also confirmed this. The earnings momentum was unusually strong in the past year. In fact, it was stronger than we've seen for a long time, with significant growth in interest income and a further increase in net commission income. Another important factor for us is that we were able to lower loss allowance in the second pandemic year, as expected. It is within our forecast. This is due to our strong risk management. Together with our clients, we have thus come through the ultimate stress test presented by the COVID-19 pandemic well so far, with capital ratios even slightly higher than in 2019. Although the pandemic is not over yet, we can already say that our loan portfolios, particularly in the hotel and retail asset classes, have demonstrated good resilience up to now. Ladies and gentlemen, all this shows that Aareal Bank Group is in robust shape. It has once again significantly improved its starting position for sustainable growth in all three segments, always geared towards our clients' needs. Developing our strategy further alongside our clients' growth plans is an ongoing task, especially in times of digitalization and increasing relevance of ESG factors. We are tapping into great opportunities that we want to exploit. We are therefore accelerating our efforts, driving our growth and earnings ambitions even further. In the structured property financing segment, we will rigorously seize opportunities the market offers. We managed to extend our portfolio to EUR 30 billion in the past financial year, exceeding our original projections at very good margins and with conservative risk parameters. That is what we will continue to do. We will increase our credit volume by EUR 1 billion every year for the next two years without compromising on our strict risk criteria. This will bring the total volume of our loan portfolio to EUR 33 billion in 2024, with corresponding positive effects on net interest income. After all, every EUR 1 billion more in credit volume translates into additional income of up to EUR 16 million per year. To be clear, I'm talking here about the net margin after our funding costs. We are not going on some wild adventure here, of course. Thanks to our international market access, we can generate this growth in our traditional asset classes and regions. However, there's the option of expanding into areas where we can leverage our strength. We can imagine financing further asset classes for which there is significant and steadily increasing demand, and in which we can establish specific expertise. Nonetheless, accelerated growth in the structured property finance segment also means stricter demands on our risk management, as we want to continue to avoid cluster risks. For this purpose, we also want to grow our existing expertise in offering participations in our credit portfolios to business partners. We currently manage around EUR 7 billion in loans for the banks and insurance companies. Thanks to our excellent, we will further extend this volume, thus giving us the opportunity to optimally manage our funding and capital resources, and of course, to diversify our risk. We'll also gradually continue to expand our share of green financings in the years ahead. We already developed our global Green Finance Framework last year and realized the first financings in excess of EUR 400 million. Incidentally, our Green Finance Framework was evaluated as credible and effective by Sustainalytics, a major ESG rating and research agency. This now allows us to refinance green loans for green properties with green funding. In this way, we want to contribute to the environmental transformation of our economy. Because ESG is such an important topic, we are addressing at a top management level, and it is also a top priority for myself personally, of course. We aim to take an additional EUR 2 billion in green financings onto our books between now and 2024, of which around one-third is planned to take place this year. I would also like to mention here that our own business operations will be climate neutral by the end of next year. We can finance the targeted portfolio growth from our own resources, thanks to a very solid capital position. We therefore have the resources, and we'll generate additional capital every year from our profitable business. Capital, which we can use for future investments or for distributions. We will strike a cautious balance between these two poles within the scope of our existing dividend policy in the interest of our shareholders. Our focus in the Banking & Digital Solutions segment, BDS, which we have set up to operate independently, will be on leveraging our strengths even more over the coming months and years. We see good opportunities for further continuous growth in our client base in the housing industry, especially with property managers. BDS has the potential to provide even greater support to the housing industry with its digital banking products, especially in relation to the core payment services offering. Building on our strong market position, we envisage, for example, the opportunity to exploit the existing integration of payment services with our clients' ERP systems to provide integrated products and services through our Aareal Exchange & Payment Platform, not least through cross-selling among Aareon's international clients. We will continue to strengthen our deposit base, which is important for our refinancing activities. This is particularly the case in rental deposits, a sector where we have carved out a position as the bank for rental deposits. Our strategy for BDS also includes acquisitions. We will focus even more than before on what really generates meaningful income in the future. Our first segment, Aareon, which some shareholders would like to spin off from the group, has attracted a great deal of attention recently. Let me comment on this in more detail here. Aareon was established a few decades ago underneath our umbrella. As part of Aareal Bank Group, it has developed consistently, albeit cautiously, with sales revenue growing at mid-single digit rates for quite some time. This continued in 2021, where sales revenue rose by around 4%, including the six companies acquired last year. Looking at more recent history, in 2019, the management board decided to nearly double Aareon's medium-term adjusted EBITDA target to EUR 110 billion, and thus to explore additional business potential for Aareon. After we gained Advent as a partner in 2020 at an attractive price following a competitive equity auction, a long-term growth and investment plan set towards 2025 was developed together with Aareon's management. This plan targeted a further increase in adjusted EBITDA to EUR 135 million. We have been consistently implementing this plan since then, with Aareon's new CEO, Harry Thomsen, joining us on April 1 this year from SAP. We will follow on that. 2021 was still very much a year of new investments for Aareon, with a total of six acquisitions completed. In addition to this, a number of investments targeting more efficient processes, faster product development, and sales optimization have been initiated and, to some extent, already implemented in line with our Value Creation Program. We'll start to see these investments bear fruit during the course of this year, and we expect growth to continue to accelerate over the coming years, both in terms of sales revenues and earnings. We also keep up the pace and plan to provide Aareon with an additional EUR 100 million for acquisitions. This will then take our credit line to a total of EUR 350 million. We expect these acquisitions, which are already completed, to generate additional adjusted EBITDA of around EUR 20 million by the end of our planning horizon in 2025. We have therefore raised Aareon's adjusted EBITDA targets to around EUR 155 million, and this does not include the positive effects of possible further acquisitions over the coming years. Accordingly, we want to work alongside our co-shareholder, Advent, to help Aareon evolve into a Rule of 40 company by 2025, thus maximizing its value for us, for our shareholders, but also for Aareon clients. This new dimension of sustainable, profitable growth to which Aareon aspires cannot be achieved overnight. Time is still needed to realize Aareon's potential. This is best done with the peace of mind and power that a stable shareholder base provides. Without the volatility to which many listed tech stocks are recently being exposed. For this reason, we strongly believe that at this moment in time, Aareon's interests are best served under the umbrella of Aareal Bank Group and its long-term partnership with Advent. Of course, this doesn't necessarily have to remain the case indefinitely. The transfer of Aareon to new ownership, be it through a sale or an IPO, is not taboo for us if you look at our target horizon in 2025. In fact, this has always been an option, but one that we will first have to work hard to achieve. It is still too early for this. However, as we want and indeed need to work together to prove Aareon's continued growth so that we can achieve a valuation that is in line with the company's full potential. The shareholder agreement we have with Advent clearly expresses our joint ambitions as well as the partnership-based approach that we are pursuing. Under this agreement, Advent has committed to maintaining its shareholding until the end of 2025. However, we are not bound to this date, and this puts us in a position to consider an exit even before 2025, a clear advantage for us. In principle, we could envisage such an exit if the framework conditions were right. It's also clear in this context that mechanisms are needed in such agreements to regulate various exit scenarios. Consequently, the contract contains standard market clauses that apply to both the possible sale of our share and an IPO. In this context, as is also standard market practice, we have agreed on protective rights with Advent, including a minimum rate of return, for example. Both partners also have preemptive rights for their respective share, which could also be referred to as rights of first offer. We have already explained in our investor relations release dated January 18th that a spin-off would not be in the interest of this type of joint venture and is not regulated as such, not to mention its considerable disadvantages. What matters most today is that our partnership with Advent is developing exactly as we want it to. In the event of any possible transaction concerning Aareon in the next few years, in agreement with Advent, we of course also keep a close eye on the interests of our joint clients in the housing industry. Purely and very important for the sake of good order and to be very clear on this today, contrary to the claims of some shareholders, no purchase offer has been made for Aareon since the auction procedure in 2020, and this is also true for our 70% stake. Ladies and gentlemen, we expect to be able to achieve even stronger results over the next few years through continued growth, but not only at our software subsidiary but at group level too. The current year will already deliver another significant leap upwards. We will provide more details at the end of this presentation. Overall, we are sticking to our forecast of consolidated operating profit of around EUR 300 million for the next year. We will achieve a return on equity after taxes of around 8% next year based on a reference CET1 ratio of 15%. Further notable increases in consolidated operating profit up to EUR 350 million are possible as early as 2024. This also includes the planned significant increase in earnings contributions by Aareon, of course, accelerated growth in all segments and a sustained increase in our profitability. This is what we intend to achieve over the next few years. We are focusing on the tasks that are important to our midterm and long-term future. First and foremost, exploiting the growth opportunities available to us in all three segments. Important, managing risks, especially those which exist in the current environment. Keeping costs firmly under control with the medium-term goal of a cost/ income ratio in the financing business of around 40%. Improving the efficiency of our structures and investing in our bank infrastructure and processes, which are not yet set up as I would like them to be. As is necessary in order to meet the highest European supervisory standards, even in our capacity as a medium-sized bank. All in all, we want to ensure the best possible conditions to create sustainable value for shareholders, clients, and employees alike. As a matter of course, we will maintain in-depth dialogue with our investors about all of this. Some shareholders who describe themselves as activists have other ideas for Aareal Bank Group, which, to put it diplomatically, are rather more focused on short-term interests. These activists have been instructed by their own investors to maximize their investments in the shortest possible time. We, on the other hand, are tasked to develop the company over the long term for the benefit of all shareholders and stakeholders. The activists want to gain control of the company, although, and even if one were to assume cooperation, they do not hold a majority stake in Aareal Bank. At any rate, their stated goal of substantial change to the composition of the supervisory board members speaks volumes. We, on the other hand, as the Management Board and Supervisory Board, have a duty to satisfy all shareholders and to listen to everyone, not just to the noisy ones. Therefore, following today's event, we will quickly talk to as many shareholders as possible and explain our strategy, which is geared towards mid- and long-term objectives. To some extent, we are dealing here with competing concepts. We are open to this competition. My colleagues on the Management Board and I are convinced that our concept is the better one, and we will fight together to ensure that these better ideas will prevail over time. Now let's take a look at the past year. Over to Marc. Yeah. Thank you, Jochen, and good morning from my side, too. Jochen just explained we managed a real turnaround in 2021, and even more, we have grown significantly. This becomes most obvious looking at the net interest income growth of 17%. At the same time, we were able to reduce risk provisions significantly as promised. We had to digest some extraordinary items. We were able to achieve an operating profit in the upper third of our guided range at total of EUR 155 million, a level that some classified as less realistic one year ago. All of our segments contributed to this success, and you can see that on that slide. In SPF, our commercial real estate business, we were overachieving our new business targets, and I have to say, in all aspects, by volumes, by margins, and also on the risk side with lower LTVs than originally planned. That led to a strong portfolio growth. We are already at EUR 30 billion, so the figure that we envisaged only for the end of this year, so we're here one year earlier. BDS contributed to that growth and helped us with financing it, with the deposit volume also increasing above their original target to more than EUR 12 billion. The fee income growth in BDS is very much in line with a CAGR of 13% that we communicated for the next years last year. Aareon achieved an adjusted EBITDA at the upper end of the target range. With regards to their M&A pipeline, they were very successful in closing six deals. This is why we are starting into the year 2022 with confidence, and you will get all the details in a moment. On the next page, you can find the full P&L. I will guide you through the details of the main lines on the next slides, starting with net interest income, which is certainly the highlight. I just said we are up EUR 85 million or 17% to close to EUR 597 million. Whereas we already increased the target guidance of EUR 550 million-EUR 580 million. This success is a combination of several factors. I just mentioned the strong new business at very good margins, the portfolio increase. Also, to mention the funding costs that improved. Here we have benefited from our diversified funding and also, for example, redeemed the tier two bonds. The fee increase was more steady from or by EUR 11 million to EUR 245 million here. We have clearly laid the foundation last year for a more dynamic growth in 2022 by, for example, launching new products in Aareon like [audio distortion] and the accelerated transition from a license towards a SaaS-based model. The six M&A transactions that I just mentioned will certainly also contribute to the growth of fee income in 2022. On the admin expenses side, here they stood at EUR 528 million, so very much in line with the target range of EUR 520 million-EUR 540 million that we communicated last year. This anticipated increase had two main drivers on the bank side, the lower COVID-related underspend, including the positive share price performance. On the Aareon side, the investment in organic growth. Of course, the M&A activities including the related costs. Loan loss provisions came down markedly from their elevated levels in 2020. From including NPL, EUR 374 million to EUR 169 million, more than 50% less. Compared to the target range of EUR 125 million-EUR 200 million. Here we are also very much in line, however, or so. We included some additional items, like the scenario-weighted loan loss provisions for the remaining COVID-related uncertainties. Here, we increased the weighting of our adverse scenario, for example, for the NPLs that are most affected by the crisis. You know that already the EUR 13 million net effect from the conclusion of the Italian de-risking. Non-performing loans on the next slides were reduced slightly compared to the level of end of 2020, in a still difficult environment. We expect volatility to persist here in the quarters to come. However, we should also mention that the latest NPL assignments were mainly cash flow driven, so clearly still in effect, let's say, of the crisis. On the other hand, due to these relatively good collateral values that we had, the LLP demands for those new NPLs was comparatively low. Let's have a look at our capital position then. Here we have shown a strong performance throughout the crisis, not only last year. I think we should switch the slides, please. No? All right. Hope you have it in front of you. Oh, no. Sorry. Yeah, that was my mistake. Yeah, no problem. I can- Over to you. Yeah. Thank you, Marc. Yeah. Let's start with the segments and then go later to capital funding and to liquidity. Again, let's now turn to our three segments. As I already pointed out in my introductory remarks, we have seen really strong growth in property financing in the past year. With EUR 8.5 billion in new business, we outperformed our forecast of between EUR 7 billion and EUR 8 billion at average gross margins of 235 basis points, which exceeded our expectations as well as very conservative loan-to-value ratios. Average LTV ratio for new business stood at a very good level of 57% only. We stood by our client side throughout the crisis, especially when it came to supporting their new investments. This is now paying off. Now on slide 19, you see that we added two bullet points regarding the current situation in Russia and Ukraine. You see Russia has been classified as a non-core market for a long time. And there has been a significant reduction in net exposure from a peak of EUR 1 billion a couple of years ago to now slightly above EUR 200 million. In Ukraine, we have no exposure. Thanks to strong new business, our portfolio has grown to around EUR 30 billion as at the end of the year. A level which we achieved one year earlier than originally planned. This has not led to any major changes to our sector and regional mix, as you can see here, except for a positive and significant increase in logistic properties. Next slide, we see that we remain satisfied with the quality of our portfolio. All relevant parameters are developing in the right direction. Average LTV is declining, yield on debt is rising, and after all, liquidity support provided to our clients due to the pandemic has continuously fallen to virtually zero during the fourth quarter. This positive picture is not changed by the fact that, since the beginning of this year, the emerged Omicron variant has led to a few new liquidity support measures. What all these metrics show is that we are gradually leaving the crisis behind us, step by step, approaching pre-crisis levels. On the next slide, we see the Banking & Digital Solutions segment is developing in line with our planning. Net commission income rose to EUR 28 million last year. Housing industry deposits, which are important for our funding, rose by EUR 1 billion to EUR 12.4 billion at the end of the financial year, clearly above our target of EUR 11 billion. We intend to keep deposit volume stable around this, and around this level and of course, over the next few years. I already commented on our third segment, Aareon, which you see here on this slide, at the start of my speech, so I keep it short here. Sales revenues continued to rise by 4% in the year 2021, a year of investment driven by the gratifying development of Aareon's digital solutions in particular. It is our stated objective to raise the share of stable recurring revenues, moving Aareon's profile further towards software as a service and subscription income. We have been quite successful in this respect. The share of recurring revenues increased to 71% compared to 67% the year before. Looking at earnings, Aareon slightly exceeded expectations with an increase in adjusted EBITDA to EUR 67 million. The acquisitions made in the past year already contributed to this, and their contribution will increase significantly over the coming years. On the next slides, Marc will deep dive into capital funding and liquidity. Now it's again up to you, Marc. Thank you. Thank you, Jochen. Let's talk about capital ratios now. As I just said already, we showed a strong performance throughout the crisis, and I think the chart is witnessing that. We are up even against pre-crisis levels from 17.1% to 18.2%. That's a plus of 1.1%. So I think, remarkably, especially as we were able to increase our capital ratios despite of the portfolio growth that we have shown. How have we done that? You can see that here in the second bullet. We have improved our portfolio quality, especially last year. We wrote sound new business at lower risk ratings. We had already a recovery, especially of our LGDs and the reduction of NPLs. We did some RWA management measures. You may remember that we had an additional consideration of collateral in summer last year, and also the OCI, so the capital side improved slightly due to rising rates and their effects on the pension provisions. Obviously, as usual, these 18.2% capital ratio already includes the deduction of the full dividend payment that we will propose to the AGM in May, so the EUR 1.6 in total, EUR 1.1 from last year, and the EUR 0.5 for 2021. Also, just as a reminder, we mentioned that in Q3 already, for internal steering purposes, we will focus on Basel IV phase-in going forward, as most of our loans have a longer duration than Basel III will persist. We will also adjust Basel III calculations accordingly, like we have seen it in other banks. We will, for example, introduce an input floor to Basel III as well. Therefore, we expect that the two ratios, Basel IV phase-in revised RWA and Basel III, will converge until then, Basel III phases out at the end of 2020. Looking at funding, sorry, also very important to support our growth on the asset side. Here we have seen a strong performance last year, and you can see that in the chart here, very long-term chart, but clearly the uptick at the end of the graph is visible. Our funding sources, as you know, are very diversified, which is a major positive for our bank, and you can see that in that graph too. We had, for example, a good support from the deposits, which went up by EUR 1 billion last year to support the funding of our loan growth. You may remember that the deposits stand for one-third. I think that's also seen here in the graph of our total funding. Also on the long-term funding side, we were very active, EUR 3.5 billion last year and also started very actively in the market with EUR 1.25 billion in the first quarter this year. Last year, also on that side, quite diversified, two Pfandbrief, euro-denominated, a $750 million Pfandbrief. The first SONIA- linked sterling Pfandbrief. We had a senior preferred benchmark, and in Q1, not forgetting to mention that, our first senior preferred inaugural green benchmark, but I come to that in a second. What we also established last year was a European Commercial Paper Programme only in November, and that started very successfully. We were able to gather more than EUR 1.1 billion, and also quite diversified here, EUR 830 million. As you can see, in euros, there are EUR 405 million green and $325 million, EUR 76 million green. So you can see what I mean when I'm talking about a diversified funding here. With regards to the first green loan I just mentioned, the senior benchmark, you can see all the details on that slide that you have in front of you. We considered this issuance as a proof of the pudding, so to say, for our new Green Finance Framework. Jochen just elaborated on that one. It was established late summer, and it was certified by Sustainalytics as being robust and transparent. Nevertheless, of course, we were aware that the test in real life is launching a transaction on that basis. This is what we did in January. We can say today that it was a very well accepted, with 88% of our investors being ESG funds and even 52% being deep green. We are very satisfied, and this is also an additional diversification of our funding mix. On that positive note, back to Jochen. Thanks, Marc. Yeah, let's turn again to the very important matter of ESG. So please one slide further. Thank you. So, extending our thinking on ESG, I would like to provide you with further information. We are committed to fostering the real estate sector's transition to a more sustainable, digitized, and connected future. ESG is and has always been fundamental to our business. As a medium to a long-term lender, the environmental quality of the properties that we finance has always been a major consideration to us. We know we can have an impact on the transition to a low-carbon economy through financing of green buildings. Through the products and services that help our clients reduce their environmental footprint. Importantly, we have also introduced a management system that ensures that ESG is embedded in our decision-making. We are making very good progress and now have a Green Finance Framework in place for both lending and funding. What does this mean in numbers? You see here, for 40% of our real estate portfolio, we have gathered relevant documents such as green building certificates or energy performance certificates. Almost half of this certificated asset pool has been verified as green properties according to our strict rules of the Green Finance Framework. Loans meeting our definition of green loans amounting to EUR 430 million, have been granted for these properties last year. Last but not least, as Marc has already highlighted, almost EUR 1 billion has been issued through green funding instruments so far. To summarize our most important financial targets for the current financial year, I would like to hand back to Marc. Please, Marc. Yeah. Thank you, Jochen. With regards to our targets for 2022, you can see them quantified here as usual. We want to increase our operating profit back to close to pre-crisis levels. Our target range is EUR 210 million-EUR 250 million, significantly up compared to 2021. That will be continuously driven by top-line growth. Net interest income, as you can see it here, we expect it at EUR 600 million-EUR 630 million. In spite of the fact that the TLTRO contribution will vanish, we have only planned it for the next six months. Net commission income should have an increased momentum. As we just said, we have laid the foundation this year. No, last year in 2021, to increase the momentum in 2022. The loan loss provisions should stay slightly above normalized levels still. Nevertheless, as said, we want to be back to pre-crisis levels at the bottom line, at the operating profit. Costs should increase, but only in Aareon. Our cost initiatives are well on the way, and therefore we expect flat costs in the bank despite of the growth that we planned. On a normalized tax ratio of 34%, this would lead to an earnings per share of EUR 2-EUR 2.50. Back to you. Thanks, Marc. Ladies and gentlemen, we are looking ahead with confidence. Not so easy to say today, but we are looking ahead with confidence because of our own strengths. Not only for the current year, but also beyond. Our confidence is based not at least, on the clear growth-oriented strategy that I explained to you at the beginning. As I said in my introduction, we are accelerating our efforts, driving our growth and earnings ambitions even further. In structured property financing, we will exploit attractive opportunities for profitable growth and grow our loan portfolio by EUR 1 billion per year, thus bringing the total volume to EUR 33 billion in 2024. As for our segment BDS, we have established an independent value proposition and see good opportunities for growth with a strategy that includes acquisitions. In Aareon, we are committed to growing the business through our partnership with Advent and have committed additional EUR 100 million more firepower for acquisitions. Very important to note, we can finance our growth from our own resources while maintaining our solid funding and capital position. Drawing together our KPIs and targets for the future, we are targeting consolidated operating profit of around EUR 300 million in 2023 and up to EUR 350 million in 2024. We also target the return on equity after taxes of around 8% next year based on 15% CET1 ratio in 2023, which should further increase in the years to follow. We have set a base dividend payout of 50% and will balance distribution and investment within the scope of our existing dividend policy. Alongside the portfolio growth we plan for the next three years, we stick to our cost/ income ratio target of under 40% for our structured property financing segment. In bringing Aareon to a Rule of 40 company by 2025, we are targeting revenue growth of more than 10% per year on average, with adjusted EBITDA target of EUR 155 million in 2025. We have set ourselves ambitious targets because we firmly believe in the power and in the resilience of this organization. Aareal Bank is an efficient and financially sound specialist institution with a very strong client franchise. This is evident, not least in our very good performance during the 2021 financial year, when we achieved or exceeded all our targets. Aareal Bank Group has excellent risk management processes in place. Otherwise, we would not have come through the COVID crisis without quite as well as we and our clients have. We have markedly lowered loan loss allowance in the second year of the pandemic, even though we adhered to our conservative policy. Aareal Bank Group is very well positioned in its markets and with its clients. This applies equally to all three segments. Last but not least, Aareal Bank Group pursues a coherent strategy on the basis of which we will realize our growth potential in the years to come. Again, we want to grow, and we will grow, and that more strongly than previously planned. With our clients and, of course, for our clients in all three segments, and always with a view to what is right in the long term. Thank you for your attention. Marc and I will be happy now to answer your questions. Thank you. Ladies and gentlemen, at this time, we'll begin the question and answer session. Anyone who wishes to ask a question may press star followed by one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star followed by two. If you're using speaker equipment today, please lift the handset before making your selections. Anyone who has a question may press star followed by one at this time. One moment for the first question, please. The first question is from the line of Johannes Thormann from HSBC. Please go ahead. Good morning, everybody. Johannes Thormann from HSBC. Three questions, if I may. First of all, just on your outlook for 2022. Initially, you said around EUR 248 million, so close to EUR 248 million. What has been the driving force in your decision with the lower end of guidance, let's say from EUR 240 million-EUR 250 million, to now to EUR 210 million-EUR 250 million? Secondly, on your Aareon growth plan, it surely depends on the adjustments you are making to the adjusted EBITDA. Will those adjustments increase, decrease, stay stable on the current year? Just also for 2022, the digital revenues should. Is it my assumption right that those jump above EUR 100 million sales in 2022? Last but not least, on the EUR 12.4 billion deposits, could you give more details on the pricing levels and their sensitivity to rate hikes and mostly eurozone SSF? Thank you. Yeah, Johannes. Hello, good morning, and thank you for your questions. I try to take them all. First of all, maybe a little misunderstanding. We never guided for EUR 248 million. We only said that we would like to come back close to a pre-crisis level. Here as a reference, we used EUR 248 million as the operating- Should I read what you've written? Sorry. Yeah. This is what I understood. Yeah, please. Yeah. You can read it out. Okay. Like I said, this is a reference for where we want to go close to. Yeah, this is in line with the guidance, and I think this is what I just reiterated. If you want to read it out, I'm happy. No. Okay, good. On the Aareon adjustments, you're right. We have seen the peak, obviously, in 2021. As Jochen explained in particular, 2021 was a year where we had a lot of investments, especially in our VCP, for the optimization of our product launching, for cross-selling, also in the new products. This will come down significantly in 2022. What will remain certainly are the additional costs for executing further M&A. We would expect it to come down by, yeah, let's say, EUR 10 million, in 2022. The growth for digital revenues, here I have to ask for your patience, so to say. We have given a total revenue number and we haven't split that further, but you know that our CAGR for the years is around 20% in digital revenues. The last one was on pricing and interest rate sensitivity of our deposit business to rates. I think we have to look at the whole balance sheet, not only at the deposits. You know, we always mention that there is another factor that is the floor commitments that we and typically other banks have there too. That means when we grant a loan, we typically have a, let's say, Euro reference rate plus a spread, but it's floored at zero. I think we also made this transparent a year ago with regards to our rate sensitivity, and we still stick to what we said a year ago. When we go up by 100 basis points, then in the first 50 basis points to close to zero, we will even have a small burden in our P&L because these floors fade, and this is not yet overcompensated by the increased margin on the deposit side. Once we are in positive territory, this will be overcompensated. If we are going up by around 100 basis points, we would have a single-digit million EUR figure positive in net interest income. Then it becomes absolutely more interesting, where we would say every 10 basis points is around EUR 3 million. This is our calculation based on the current structures. Hope that was detailed enough. Yes. Thank you. Thank you. The next question is from the line of Tobias Lukesch from Kepler Cheuvreux. Please go ahead. Yes, good morning. Three questions from my side as well, please. First, touching on the dividend policy in the context of the rather stretched balance sheet, meaning the fully loaded Basel IV ratio, if I'm not mistaken, is further down 12.4% compared to 12.5%. Given also the fact that the NPL portfolio increased by another roughly EUR 130 million, which increased the NPL ratio to 5.2%, which is clearly at the top of European banks. Maybe you could elaborate a bit on the dividend policy, how we have to look at it, what kind of payout ratio people should consider. I think a share buyback is off. I mean, half the European banks do share buybacks, but that's potentially something you will not touch. Maybe you could give a bit of an outlook for 2022, but also with regards to year 2023 and 2024 planning. Thank you. Yeah, thank you for your question. I think we have outlined our dividend policy in the appendix. It's unchanged. Jochen mentioned that, of course, as we want to grow beyond what we originally communicated last year, when we communicated our Next Level, obviously, according to our dividend policy, we will use some of the earnings that we generate to back this. We are starting at very comfortable levels. We were looking at 14% fully phased. That is something that will become effective by 2030. We will see the phase-in, obviously, and the higher output floors. We are very confident that we will even increase our 14% fully phased ratio, whilst the phase-in ratio will come down slightly, so it will converge. Therefore, of course, we have done all the calculations. We believe that we are able to finance our growth in line with the dividend policy as we have outlined. I think, as we described it, yeah, 50% as a base dividend and then an additional supplement if certain conditions are met, is the best outlook we can give at this point in time. If I may add something to Marc's explanations. You see exactly in our current case that we are now following a much more accelerated growth case. For example, in structured property financing. Why we're doing that? Because the new business we are going to generate in the course of the next three years is clearly market accretive to our return on equity. This means this really creates new business with return equity on that specific EUR 3 billion, which is highly accretive to our targets to earn cost of equity finally. This is a good example. Of course, other investments in BDS and Aareon are of course not referred to that capital-intensive activities, so they also play exactly into that target. That's important to understand. That's why we're talking about finding the right balance on the basis of our existing dividend policy, which is not to be changed, but always trying to check, okay, are there really areas where we can contribute and generate additional value for our shareholders? That's the target. Yeah. If I may add to what Jochen just explained, we can really leverage our existing organization, yeah, and this is why we can grow at comparatively low marginal costs. Therefore, the new business that we have planned for is certainly above our cost of equity. Yeah. Very important. Yeah, very, very true. I mean, there's just this one consideration that you have the highest RWA inflation basically in the industry. That, of course, I mean, this is a couple of years ahead, but nevertheless, I mean, there should be a kind of sense, you know, what the lowest kind of core equity-one ratio is you're targeting. Is it a 12% where you would still be comfortable, you know, with regards to SREP regulations, which is close to 10%? I mean, this is something potentially the regulator looks at and would also impact your dividend strategy. Lastly, looking at your NPL portfolio, this has been a rollercoaster over the last years. All the other banks across Europe have managed basically to manage NPLs down, you again this quarter you went up. I mean, it's really hard to grab, and I think from a dividend point of view, really hard to make an assessment. I think, currently, I would expect you to pay 50% on your net income. You know, the question is by when you get more careful and potentially reduce that strongly below that base dividend, right? I mean, this is the angle where I would like to get a bit more comfort, you know. It's like, also on quarter one, fully loaded Basel IV number, you would be a bit more careful on the payout of the dividend. Well, Tobias, I think there is one misperception because you said the regulator with regards to SREP, and so would look looking at the minimum ratio would compare to a fully loaded basis. This is not the case. It still does it compared to Basel III. I explained this is not what we are doing. We are more conservative here. We are doing that already at a Basel IV phase-in ratio. This is what the regulator will do going forward. The fully phased number is only a reference in 2030. You can believe me, we have a long-term capital plan, and we have just reiterated our dividend policy and it perfectly matches. I think, let's say, as I just explained, the issue is that we are not comparing apples with peers. We have to look at Basel III. We are all looking at Basel IV phase-in, and here we have certainly significant buffers against the thresholds that we have to match. Okay. Understood. Thank you. Second question would be on the bank side. You talked about the further growth, basically. Could you elaborate a bit, maybe on the sectors and the countries where you expect the loan growth, the commercial real estate loan growth, basically to come from in 2022 and 2023? Yes. Let me take that question. As I explained, we have the really significant advantage within our structured property financing activities, that we have a very international and widespread market access to many countries and of course, a very, very good footprint in all these markets towards our asset classes. We would like to increase, for example, the portfolio share, for example, in the area of logistics properties, which we already did last year. Christof Winkelmann and his team was pretty active also, for example, in Australia. I guess there will be enough pockets for us to grow our business gradually year by year in RSF, thanks to our very good market access. This is not really a concern to me that we'll be able to do that. In Aareon, we're of course trying to strengthen everything around digital solutions even further. That was already when I talked about M&A activities of last year, our targets and most of the acquisitions were targeting exactly companies which have a good footprint with their digital solution products and services. Of course, in Aareon, it's also a continued target to increase the share of recurring revenues. We increased that share already last year, and this is an ongoing task. For example, I guess Marc, out of these six acquisitions we did last year, roughly 90% of their revenues is basically in connection with recurring revenues, which is a very good sign. Of course, as we already mentioned in the past, we're trying to increase our international footprint at Aareon, as well. Last year we saw roughly 60% of the revenues being generated in DACH. That means basically in our case here, Germany, and we try to increase the international share within the next years as well. In BDS, I guess, we have a very good starting point because we have a very good market access to the housing industry in Germany. We could also tap the housing industry internationally via our contacts of Aareon. The idea is to create a Aareon Exchange & Payment platform where we already can connect the ERP systems of our clients with our payment platform and then add additional digital solutions on that. Simply to make life easier and processes more efficient for our clients and, of course, for us to upsell exactly on the basis of that platform. Hope these explanations make it a little bit clearer where we try to target growth in the next years. Yeah. Focus was more on the bank, but that's helpful. Very, very much helpful. Thank you for Aareon. Lastly, coming to Aareon, actually, I mean, I would like to touch on three points for me. First, on the M&A that you just mentioned, maybe on a combined basis, could you remind us what the revenue and what the cost impact was from the acquisitions you had, and maybe also the goodwill you created in 2021 as a first question? The contribution was comparatively low, obviously, because we did them in the course of the year. As you know, we will also. Well, we want to develop them, you know, going forward, realizing synergies, et cetera. The contribution on the EBITDA level, as we said, was around EUR 2 million. This is why we are above our target range. I think the M&A related costs that come on top were around EUR 6 million. Yeah. You would not break down the revenue and the cost part, basically. What would be the normalized contribution basically in 2022 out of that acquisition in 2021? You just mentioned that there was just a fraction potentially realized in 2021. Yeah. Contributing basically in 2021. No, we would stick to the bottom line, as we have done in the midterm outlook. As you have seen, we expect that these contribute roughly EUR 20 million in 2025. Okay. EBITDA. That would basically then based on a 16% CAGR, I guess, or 17% we had before. Well. Yeah, well, still. It's a CAGR from 2 to 20. To be very clear, w e are dealing here with six different companies which have been acquired last year with different business cases and different growth rates, of course. We would like to stick to our policy to report here on a lump sum basis and not to go into details about these six acquisitions last year. In general, all these six cases stand for ambitious growth cases, especially in the digital solutions area. We're currently very happy with these acquisitions. Of course, again, as it is the case for the whole business case around Aareon, it takes time to develop and of course to integrate these companies, which we in a few cases, already just acquired in the second half of last year. We need to be a little bit more patient, but very strict on controlling of their activities and fostering these businesses in connection and realizing synergies with our existing platform. That's important. Okay. That's understood. Thank you. I will calculate backwards, basically on t he growth I expect. On your EBITDA target, the adjusted EBITDA targets that we just talked about. I mean, looking at last year, basically, you achieved 8% growth on the adjusted EBITDA in 2021, before you had a five-year CAGR of 17%. If I now take the target of EUR 155 and starting 2021, I get to a CAGR of 23%. That means that the 2021 result we have to triple basically. I was just wondering, could you maybe provide a bit of a path through 2025? You know, like what kind of growth you actually see? Will that be more or less steady or do we have the typical hockey stick here? Yes. First and foremost, the CAGR you see at the EBITDA level is finally a combination of a significant increase in sales revenues and a leverage effect of the platform. That means a bit more efficiency on the platform and seeing effects of scaling up the business, but also a significant increase in sales revenues. We stated in our presentation that we expect a sales revenue growth above 10% in the next years. We expect that double- digit growth of sales is going to start already this year. I mentioned that 2021 was again a year of investments. Now we are clearly seeing good signs that we will reach a double- digit growth of revenues this year and then even further increasing in the next years. If Aareon is in the position to generate that increasing sales revenues, we will also see a more efficient scaling effect of the whole platform, and that increases then again the EBITDA. It's not kind of hockey stick that all of these effects will come in 2024 or 2025 or something. We expect a slight or significant increase already this year and then increasing year by year. That's the plan. Okay. Understood. Thank you. The last one, if I may, on the management of Aareon, with the CEO change, and I was wondering, how the management between you and Advent is actually working. Maybe you can give us an idea of what changed over the past 6-12 months. Thank you. Right after the establishment of the shareholder agreement and the cooperation, an advisory board was established. There are participants from Advent and from Aareon, and of course, from the management of Aareon. We're having these meetings on a regular basis with a regular agenda and discussing areas for investments, M&A activities and of course the controlling of the ongoing progress at Aareon. We have all this already in the advisory board. Decisions are of course, have to be taken in the Supervisory Board. The advisory board is an advisory board, so no decisions are to be taken within that body. Again, it's a good and fruitful conversation, and we are often exploring new ideas and discussing ways how to grow the business further. That is a very constructive and commercial-oriented cooperation that we established between Aareon, Advent and ourselves. Thank you. Welcome. The next question is from the line of Mengxian Sun from Deutsche Bank. Please go ahead. Hi. Thank you very much for taking my questions. Also, three questions from my side. The first one is on your net interest income guidance. Is there any rate increase you have already incorporated in? The second question is on the NPL. We see that the defaulted exposure was actually higher compared to the last quarter. I also noticed there is an increase in the U.S. in hotel properties. Is there any structurally changing in that space you have observed in this quarter? Could you provide us your current coverage ratio on the Stage 3 if possible? The last question is, I apologize, I have to touch on the Aareon growth again. It's a very ambitious revenue growth guidance set for the Aareon. In 2021, you have only achieved 4% growth with the contribution from M&A. I'm just trying to understand here what is the ground for your confidence. Is there anything that you see from the customer demand side? Or can you probably just comment in general, how the customer demand of Aareon products has been changing in the past few quarters? Thank you very much. Hello, good morning. Very happy to take the first questions you asked. I was not sure if I was quick enough. Maybe you can help me if I forgot something. On NII growth, are there rate changes already included? No positive effects. As I just mentioned that we have a slight Euribor increase anticipated for this year. As I said, due to the effect on the floors, this is rather a negative, but a very small negative. We are certainly talking about single-digit million EUR figures. I think what is to mention is the fading or phasing out of the TLTRO contribution. We expect this to continue only for the first six months. This would be, yeah, -EUR 13 million to last year. This is something, however, that we plan to overcompensate, and this is why we have given this NII outlook as you have seen it here, EUR 600 million-EUR 613 million. The basis for that growth is, let's say, the increased volumes that we already accumulated in the second half of last year, and that we are also, of course, as our target for this year is EUR 31 billion, continue to accumulate this year. On NPL, the coverage ratio stands at 26%. Could you remind me of your specific question regarding the NPL, please? Yeah, we see that the defaulted exposure of NPL is increasing compared to the last quarter. Yeah. If we look at the breakdown. Oh, I see what you mean. By properties and regions, that we see there is an increase in U.S. and hotel properties. I'm just wondering whether there is anything structurally changing in that space. Shall we see defaults in hotel space going up also for the next few quarters? Yeah. Very good question. Your conclusion is correct. We had four new NPLs in the fourth quarter. Out of that, we had three hotels in North America. However, this was, and I think I mentioned that, mainly cash flow driven, so still a reflection of the COVID-19 crisis and the restrictions, we believe, also in the light of Omicron. On that basis, reduced cash flows this is not a trend. As you can see, on the slide, where we have shown the yield on debt, 20, page 20 for the hotel exposure. Yield on debt more than doubled, yeah, from very low, obviously 2% in first quarter 2021 to 5% at the end of the year. 12 months rolling outlook, as you know. Here for the total portfolio, we are confident that there are always some exceptions. The three new NPLs that you have identified are those exceptions. I also mentioned that LTV-wise We have, of course, new appraisals for very largest part of the book. They have comparatively good LTVs and, therefore, the additional loan loss provision was also comparatively low. Hey, Marc, let me take the question referring to Aareon and our ambitious goals in terms of revenue growth. Yep, first and foremost, again, to elaborate a little bit on the 2021 results. You mentioned we saw sales revenues increase by only 4% last year. That is true. However, I already mentioned that, finally, 2021 in general was a year of investments. However, you probably know that we are selling quite complex and time-intensive products and services to our clients when we're trying to convince them to use our ERP systems, which always goes along with a real big change within their companies and of course, in order to then implement additional digital solutions. This is clearly a business which is much easier when you can come in direct contact and see your clients, which wasn't that easy or most of the months, impossible last year. We saw, of course, exactly because of that reason, remarkably lower revenue stream from our professional services compared to our own plans. We are convinced that we gonna see a good recovery of these income streams in 2022, this year. Additionally, we invested in better processes to develop products and services much faster and bring them better to the markets. That should pay out too over the course of this year. One example, we developed so-called product bundles, where we combine ERP system services with products from the digital solutions area, and this is a very customized and bespoke business, but very successful so far. This is going to ramp up in the next years and starting to getting more grip exactly, I guess, this year. Therefore, we are quite confident that we in 2020 will see a double-digit sales growth for the first time in history of Aareon, so to say. But the last sentence give you a flavour. It's ambitious, no question about that, but we're confident to reach and to meet these targets. Okay. Thank you very much. That's very clear. Thank you. Last question is from the line of [audio distortion] from Petrus Advisers. Please go ahead. Perfect. Thank you for taking my questions. Maybe let's start with the bank. A couple of questions there. Can you please break down the Q4 provisions by stages, maybe? And then also, what's the remaining management overlay in terms of provisioning? And what portion of your NPL portfolio do you still receive interest payment on? That would also be interesting. Thank you. Then we can move on to Aareon afterwards. Yeah. Thanks for your questions. I don't have it for the fourth quarter, but I would have it for the full year, if you don't mind. Yes. We have a Stage 1, EUR 3 million contribution. We have a Stage 2 - EUR 13 million. This is obviously twofold, because some recovered to Stage 2 and some went into Stage 3, and we have an additional EUR 143 million in Stage 3. Regarding overlay, well, I wouldn't, let's say, really call it overlay. I explained what we did in Q4 with regards to our NPL and COVID/Omicron. You know that NPLs always have to be calculated, let's say, on a scenario-weighted methodology. What we have done is we have increased the weighting of the adverse scenario by 15 percentage points on the corona-affected NPLs, that is, hotel and retail. This led to an increase of EUR 32 million of Stage 3 risk provisions. If you're looking at the Stage 3 risk provisions or at the risk provisions for the fourth quarter, which was, I think, EUR 94, 32 of them is from that. You may call it overlay. We would rather call it adjustment of the weighting of these scenarios. Okay. Combined from the previous quarters, what would be the total? Would we have anything else we would classify it overlay? No. That's it. Okay. The last question on the bank was on what portion of the NPLs do you still receive interest payments on? I don't have that number here, so I think we would have to come back to you. Okay. Okay. Yeah. Of course. And then on- I'm sorry. It's, of course, a significant number because we have a high portion of NPLs which are classified VPP and clients still paying. We come back to you with the answer and concrete numbers. Okay. Thank you. Moving on to Aareon. Can you provide a bridge, maybe showing the revenue and EBITDA adjusted for your migration to a subscription-based business model? Because now it's obviously very difficult to understand the underlying performance of the business. What would have been the like-for-like growth rates assuming no migration, especially in ERP? This would be interesting. Yeah. You're talking about the transformation from license to SaaS, yeah? Yeah. Yeah. It's always difficult to identify, yeah, what exactly here the dilution is. I think it was around 4-5 million, right? Yep. Of course, mainly in ERP. Okay. This is how you can do your calculation. Yeah. Okay. Thank you. Continuing with Aareon, based on your remarks at the beginning, what is the fair value for Aareon at which price you would consider an exit? Why do you only consider an IPO and not a spin-off to existing shareholders? Because we, as Petrus Advisers, as kind of mid to long-term focused investors, would clearly like to remain invested in the spin of Aareon and not give away the value creation to third parties through an IPO. Your view here would also be interesting. Thank you. Yeah. We usually don't speculate about the fair value of specific parts of our group. I would like to avoid that too today. Coming to your question about spin-off versus IPO or trade sale, I guess first and foremost, I explained that we are in a partnership with Advent with a long-term target and until 2025. This did never incorporate the idea of a spin-off for good reasons because Advent acquired a minority share of 30% and expected us to stay by their side for the development phase. Therefore, this simply fits not to the idea of a spin-off. Moreover, we think the secondary liabilities, which will be created, so to say, by law in the case of a spin-off, will create a significant burden on the valuation of a then floated Aareon in that case. We can avoid simply that these secondary liabilities which Understood. For you to evaluate this, you would have to form a view on the valuation of Aareon when it's floating ahead. Otherwise, how do you form a view on if it's better for the group to spin it off or not? Finally, we'll be thinking about an exit of Aareon. It may be before 2025 when we see minimum two requirements being fulfilled. One is clearly that Aareon has reached its target to be a Rule of 40 company, which could be the case right before 2025, of course. It's still too early for that. Secondly, market conditions have to be favourable for that. Then we refer to our shareholder agreement, and we'll evaluate which way is better, be it an IPO or a trade sale. Again, we think a spin-off is not part of our shareholder agreement. It is not part of our considerations because of other disadvantages such a step will create compared, for example, to an IPO. This is our key belief. Okay. Thank you. Maybe a few more questions on the interest from the other consortium that we learned today. When did this other consortium approach you? Did this consortium place a firm bid? The last question, did they receive access to the data room? If I do remember correctly, that was also in October, right after the 7th of October, couple of days later. No, we received no firm bids, and they had no access to the data room because that required basically an agreement upon that, and that needs them to be on the basis of a well-proved concept. Finally, they never were able to put more than 29 EUR on the table, and therefore it was not considered a better offer. Finally, they withdraw their proposal. To say it wasn't an offer, it was a proposal. After a number of talks, we had about various aspects. It was a serious round of talks. At the end of day, they withdraw the offer. Okay. Thank you. In this case. Yeah. Thank you. Welcome. In the interest of time, we need to stop the Q&A session. I hand back to Jochen Klösges. Maybe. I just got the number, how many percent of our non-performing loans still pay interest. That is 72%. Okay, great. Thank you. In the interest of time, we have to stop the Q&A session. I hand back to Jochen Klösges. Thank you. I see there two more names on the list. I know, so I will call them later, I promise. Thank you for joining us today. As always, for the calls, we will be available. Especially on that day, really thank you that you made the time for us. Thanks. Hope to see you again. Yeah. Thanks, everybody. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for joining. Have a blessed day. Goodbye.