Our Fiscal Year 2021 Analyst and Investor Call. Today we will have our CEO, Rolf Unterberger, and our CFO and COO, Bernd Wagner, lead you through the call. As in previous sessions, both board members will be available for any questions you may have in the Q&A session following this presentation. Now, the presentation supporting this call is also available on the new investor relations section of our website, which we have just recently relaunched to offer you a better navigation experience. However, if you're not online now, you should still be able to follow the call. Ladies and gentlemen, today's presentation contains forward-looking statements regarding future developments, which are based on the information currently available to the company. As a result of risks and uncertainties, actual outcomes may differ from the forward-looking statements made in this presentation. Cherry does not intend to update these forward-looking statements. Financial figures in this presentation may not add up due to rounding. Finally, please take notice that this call will be recorded and a replay will be made available in the investor relations section of our website shortly. Now I hand over to our CEO, Rolf Unterberger, who will give you an update of the current business and market situation as well as the company's view on the further developments and trends considering the focused company strategy. Afterwards, our CFO, Bernd Wagner, will give you some more details on the financial results of the previous year before Rolf concludes the presentation part of this call with a wrap-up. Rolf, please go ahead. Thank you, Kai. A warm welcome from my side to everybody on this call today. Today we are reporting about a full financial year for the first time as a public company, while preparing for the sixty-ninth anniversary of the company this year at the same time. This inspires us to continue the profitable growth story of Cherry. Despite the pandemic-related increasingly adverse market environment in the second half of the year, we have successfully continued our organic growth path while advancing our strategic positioning as a global innovation and quality leader. We have expanded our premium and leading brand presence in several new national markets such as Indonesia, Malaysia, Hong Kong, Macau, and Australia. To further deepen our global market penetration, at the same time, we have expanded our product portfolio and sold more devices than ever before. Ladies and gentlemen, we report strong double-digit revenue growth across the Cherry Group of 29.4% as a result of our efforts to manage the growth of the company without compromising our high profitability of 29% on an adjusted basis, which is up 50 basis points compared to the previous year. While adding 58 new employees overall in the year in comparison, all of them with dedicated skills in their area, the biggest increase of personnel was in Europe with more than 50 new team members. The growth resulted mainly from the expansion of production at the site in Auerbach and Vienna, as well as the general increase in business activities and the transformation into a stock corporation. We are pleased to report that the proportion of female employees in the group increased slightly to 41.5%. The average age of all employees in the group remained unchanged from the previous year at 42. With an operating cash flow of EUR 7.8 million and a EUR 43.9 million net cash position, we feel well prepared to use our financial power for further organic and inorganic growth. The integration of Active Key, which was acquired in May last year, continued to progress nicely in a very constructive and productive way. Active Key has contributed EUR 3.3 million to the group revenue in the past financial year. Ladies and gentlemen, the fundamental basis of our business activities is determined by our vision, which we pursue in our day-to-day activities with a clear mission statement. For our joint activities, we have defined a system of values that we want to maintain and further develop throughout the Cherry Group, considering all stakeholder groups of the company. This goes beyond the general code of conduct, which we have published even before going public, and forms the basis for our cooperation and corporate culture. While our vision is to enable people to access the digital world, we work in a solution and customer-oriented manner to strengthen the core elements of Cherry brand. Quality, innovation, excellence, and trust. To live up to our claim as a quality and innovation leader, we are in a constant learning process with an open and transparent culture. The core values, which we support throughout the complete Cherry Group are creativity and passion, reliability and quality, personal responsibility and willingness to perform, diversity and integrity as well as respect and loyalty. We will continue to strengthen our efforts to implement into environmental, social, and governance elements in our business model. Thus, we will keep you informed about future non-financial developments in an annual separate sustainability report. The sustainability report for 2021 is scheduled for publication at the end of April. In order to continue implementing our profitable growth strategy successfully, we take much effort in diligently managing the growth on the organizational level. Therefore, it's also crucial to further strengthen our overall management capacity. Ladies and gentlemen, this is also the reason why the supervisory board has appointed Dr. Udo Streller as the new Chief Operating Officer, who will join our team next week. This means a significant and important expansion of management capacity on the C-level. Particularly in the current economic environment, with its high degree of uncertainty, we must ensure operational efficiency with a high degree of professionalism. We regard this as a basic prerequisite for the successful implementation of our growth strategy. Udo has more than 20 years of management experience, spanning the entire range of operational excellence, including constructing and managing factories, research and development, product management and supply chain management, as well as procurement and sales. His most recent position was that of a Chief Operations Officer at Enics AG in Zurich, a company with international operations in the field of electronics manufacturing services, producing industrial electronics and medical technology for OEMs. More details about his professional background has been published in our corporate news early this week. We are very pleased to welcome Dr. Udo Streller as a new management board colleague, and he will participate in the next earnings call, of course, as well. Now let me turn to the gaming business area. In order to fully understand the great potential of our components business unit for mid and long-term growth, it is important to differentiate between the specific switches and features and characteristics. Please let me give you a brief overview of our various switch types, which are based on our famous MX technology. A Cherry keyboard switch is a physical switch underneath a key on a mechanical keyboard that registers a signal by closing the contact and relaying it the moment the key is pressed. Guaranteed response time of less than one millisecond and the durability of over 100 million keystrokes in many cases make keyboards fitted with Cherry switches particularly attractive for users in the gaming and e-sports market. Cherry's increasing product portfolio includes a broad range of switches with varying specifications. This market segment routinely demands high standards in terms of performance, durability, and comfort to ensure optimal gaming experience for the user. The Cherry MX standard switch has been the benchmark for mechanical keyboards in this field for many years. Depending on the color of the cross-shaped stem, MX standard switches are available as linear, tactile or audibly clicking switches, either with or without RGB lighting. Cherry also offers versions with quiet-tinted noise reduction technology, especially designed for office use. In comparison, the Cherry MX Low Profile RGB Red really lives up to its name with its relatively low overall height. The linear switch characteristics, combined with low spring resistance, ensure that the signal is directly triggered. With its approximately 35% lower overall height, the Cherry MX Low Profile RGB Red makes for a slim keyboard design, enabling users to work ergonomically and without tiring out. We have just recently announced the lifetime extension of the MX Low Profile RGB from 50 to more than 100 million actuations without loss of any input quality. This extension already applies to all switches in the low profile format that has been shipped since mid-2021. Therefore, not only new customers, but also existing customers benefit from a doubled guaranteed lifetime of the MX Low Profile RGB. Thanks to this unrivaled durability, Cherry MX now positions itself once again as the industry leader in the field of low-profile mechanical switches. Extensive internal and external testing backs up our newest durability claims. The more than 100 million actuations are achieved by optimizing our world exclusive and technically superior Gold Crosspoint contact system as part of our highly automated production process, as well as the special material selection, which guarantees a permanently consistent quality of the switch even over decades. The new Cherry MV linear switch, which was developed under the name of Viola, is designed specially for the entry and middle-level gaming PC market segment. With its straightforward design, special switching characteristics and new contact system, the Cherry MV mechanical switch replaces entry-level technologies such as rubber dome or hybrid solutions as a significantly higher quality alternative and therefore holds huge volume potential for our future business activities in the components unit. We believe that with our innovative product pipeline, Cherry is in an excellent position to meet future market demand, thereby further strengthening our unique brand recognition. The best and most recent example, of course, is the MX Ultra Low Profile switch. The characteristics of the MX Ultra Low Profile switch feature tactile haptic feedback despite the very low overall height of only 3.5 mm. The switch is also responsible for the special Cherry clicking sound, which provides the user with acoustic feedback in addition to its tactile feel. Thanks to its low actuation force, short travel and extremely low profile, the switch is particularly suited for applications where fast reactions and reliable inputs are required in a confined space. Its ULP technology does make it possible to install mechanical switches in gaming and high-end office notebooks for the first time worldwide. Compared to a conventional notebook keyboard based on membrane or scissor technology, the Cherry MX Ultra Low Profile switch with our unique Gold Crosspoint contact system triggers significantly faster and as a purely mechanical switch has a very long service life. To date, we have registered a total of 10 patents combined in four patent families and one utility patent for this proprietary development. Ladies and gentlemen, in our last call for the third quarter and nine months in November, we have informed you about the addition of four customers for the MX Ultra Low Profile switch and it is in addition to Dell with its gaming brand, Alienware. Now we can name one more of them, which is Cairn Devices. This is a French startup company which created a modular, open source and open hardware laptop computer with a high degree of attention to sustainability. The Cairn Mesa Key is a module of the brand new modular laptop using our Ultra Low Profile switch. What's special about the Cairn Mesa Key module is that it can also be used with other computers as a separate keyboard. The typing comfort and high precision is provided by our MX Ultra Low Profile mechanical switches as a key component, of course. In addition, the Cherry MX Ultra Low Profile switches allow to have an ultrathin external keyboard, which is only 7 mm high and sets a new benchmark in the industry. Ladies and gentlemen, we will further specify the customer lineup for our MX Ultra Low Profile switches throughout the course of this year. Besides this, you should also watch out for the global market introduction of a new state-of-the-art keyboard towards the end of this year under the Cherry brand using our unique MX Ultra Low Profile switch. As you all know, we have already ordered a second assembly machine to secure production ramp up according to our plan. Expected start of production will be early next year. Furthermore, we continue our development efforts as scheduled to secure our strategic positioning as innovation and quality leader. The focus of development work in the gaming devices business unit was in expanding the product portfolio. The most important new products in 2021 included the new HC 2.2 gaming headset, the MC 2.1 gaming mouse, both of which won the German Design Award 2022 and now provide the previously awarded series 2 keyboards with a matching mouse and headset. The retro gaming keyboard G80-3000S was also developed to complement our gaming devices portfolio, as well as the CHERRY MV 3.0 gaming keyboard fitted with the recently developed Cherry MV switch, which I just mentioned. We also have collaborated with development partners to create what we call our CHERRY Advanced Wireless Technology for keyboards. This special Bluetooth protocol based low latency mode technology enables very fast communication between PCs or laptops and their peripherals. Especially for competitive gamers, any possible radio interference or latency problems which can occur with conventional radio frequency or Bluetooth connections are considered critical factors in gaming. With our advanced wireless technology now available, the previous disadvantages of wireless technology have been largely eliminated, giving gamers greater freedom of use when competing and therefore a competitive edge. In 2022 our advanced wireless technology is scheduled to be developed in at least four new gaming keyboards and two new gaming mice. Under ideal conditions, our advanced wireless technology enables an exceptionally fast transmission latency of just 1 millisecond. This is just another example to prove our claim of quality, innovation and design leadership in a market of premium gaming devices. However, this claim also applies to our peripherals business unit. Regarding the development of our peripherals business for use in office and industry applications, we focus on strengthening three main strategic elements. The further expansion and diversification of our product portfolio with new wireless keyboards and desktop combos for specific user groups such as creators, as well as ergonomically optimized peripherals and general focused products like the extension of our famous STREAM series. The STREAM keyboards are, in our opinion, more Cherry than any other product from the peripherals product range, certified with the GS Mark for tested safety using the plastic-free packaging and awarded with the Blue Angel award. For those of you who are not familiar with the German ecolabel Blue Angel, it has been the German government's environmental label for over 40 years. Independent and credible, it sets demanding standards for environmentally friendly products and services. The Blue Angel is the more and more increasing orientation for purchasing. The ecolabel guarantees that high and specific demands were placed on the new STREAM keyboard, environmental, health, and usage features during product development. This shows again that the consistent protection of our environment is an integral part of our corporate culture. Another strategic goal for this business unit is to focus on further penetration or penetrating various regional markets, particularly in Europe, Asia and North America, via carefully selected sales channels. Therefore, we are particularly happy that René Schulz will also join us next week. Considering his most recent function as head of Enterprise Europe at Logitech, where he was responsible for managing sales and marketing throughout Europe, he is the ideal new appointment for managing our peripherals business unit now. With his many years of international experience in the development and implementation of innovative business models, as well as the establishment and development of strategic business relationships, we are delighted with this important addition to our management team. At the same time, we would like to thank Matthias Völkel once again for his many years of successfully managing and developing this key business unit and wish him all the best for the future, both privately and of course, professionally. The third strategic element of our peripherals business is the structural establishment and expansion of e-commerce sales in Europe and subsequently also in the United States. Ladies and gentlemen, with the strong increase of our peripheral sales in 2021 fiscal year, we have already seen a shift towards more e-commerce sales. We have explored our strategic opportunities in depth to further strengthen the e-commerce business for future acceleration of our organic growth. Based on an internal and external analysis, we have evaluated our overall e-commerce readiness as well as the market potential for our product portfolio with the primary focus on the European market, but in a subsequent stage also for the U.S. market. The market potential analysis was conducted via demand crawling, including the identification and analysis of the most attractive product categories, among others. As part of our status quo analysis, we have also considered the mapping of all relevant resources, processes, and e-commerce IT systems involved in our present e-commerce activities. When defining our e-commerce strategy, we have adopted a holistic distribution approach to comprise all relevant pillars in addition to our existing offline channels, namely online marketplaces such as Amazon or eBay, third-party e-retailers such as Cyberport or Alternate, omni-channel retail such as Expert, Saturn or MediaMarkt, our direct and affiliate sales as well as e-procurement platforms such as SAP, Ariba or Crowdfox. Each of them having their own characteristics, success factors, challenges, and of course, risks. Consequently, each pillar requires a dedicated strategy with channel-specific measures, which we are carefully exploring now in addition to our existing sales channels. Against the background of our strategic e-commerce evaluation, we have also identified the specific IT requirements resulting from this holistic approach, taking into consideration our current IT landscape as well as the logistics requirement within a dedicated supply chain strategy. Consequently, we have developed a dedicated top-down business case which reflects the quantification of our total e-commerce sales potential and all costs and benefits. Our targets are very clear. Expansion of digital brand presence via creation of globally performant e-commerce and marketing platform, and acceleration of organic growth via D2C and other e-commerce channels. We expect additional total annual e-commerce sales potential in Europe up to EUR 60 million by 2026. The capital expenditures for the execution of our e-commerce strategy for the current fiscal year are estimated to be in the low single-digit million EUR range. While this CapEx will be mainly attributed to the preparation of our IT infrastructure, the estimated additional operational expenses for the current fiscal year will be approximately less than EUR 1 million and include the hiring of a dedicated team of e-commerce specialists as well as providing software as a service solutions, among others. Ladies and gentlemen, we will keep you updated on the progress of our e-commerce efforts, throughout the course of the year. As you can see by our results of 2021 fiscal year and our latest groundbreaking technology developments, our strategic positioning, we not only continue to outgrow the market. We are well-positioned to further grow above average compared to the overall market in the coming years. This also applies to our fourth business unit, Digital Health. Ladies and gentlemen, we have already informed you about the successful rollout of approximately 64,000 of our award-winning state-of-the-art eHealth terminals for the German healthcare telematics infrastructure in 2021. Together with our keyboards, we now have an installed base of more than 100,000 devices in this market, which are already in use at doctor's offices, dental practices, hospitals, medical care centers and pharmacies. Meanwhile, the development of our new PIN pad is nearing completion and will be submitted to the certification process soon to allow market launch in Q3 of 2022. It enables separate PIN entry for patients and already has the technical capabilities for more extensive use with second-generation software products. We therefore see additional strategic potential to launch software-based products and applications such as value-added services for the new telematics infrastructure 2.0, expected from 2025 onwards. We are very confident that we will be able to raise our market share above 50% throughout this year for new devices sold into the market. However, CHERRY Digital Health offers a much broader dedicated portfolio of keyboards and mice, which are particularly suitable for use in all hygienic critical areas, such as hospitals or medical practices. This part of Cherry portfolio has been complemented by the acquisition of Active Key in May 2021. The completely sealed silicone membrane of these special devices not only reduces the risk of infection, but also prevents dust and splash water from entering the devices. Thus, the fully wiped disinfectable input devices guarantee safe service disinfection while providing a high level of input comfort. Active Key has a strong European sales presence in their market niche, via approximately 50 distribution partners, serving some 11,000 customers. We are aiming now for vertical and horizontal growth, including cross-selling opportunities via existing sales channels in our peripherals business unit in various areas with increased hygiene requirements such as point of sale or banks, industry and of course, shared office workplaces with high security devices. At the same time, we are identifying new market segments for this part of our portfolio by leveraging our quality leadership in the core markets. With the addition of Gerrit Schick as the new Managing Director of Cherry Digital Health, we have taken the first step to bolster our management team and thus laying the foundation of our targeted strategic evolution of this business unit alongside the recent acquisitions of Active Key and Theobroma. Gerrit, who will join Cherry next week as well, is a recognized expert in the sector with extensive international management experience, and we greatly look forward working together with him. Having said that, I would like to hand over to Bernd for a more detailed view on the financials of the fiscal year 2021 results. Bernd, please go ahead. Thank you, Rolf. I would also like to welcome all participants of this call. While Rolf has already given you a clear view on the strategic and operational highlights, I would like to point out to you the main financial results considering our business operations. The fiscal year was characterized by high revenue growth of 29.4% to EUR 168.5 million, compared to EUR 130.2 million in the previous fiscal year. The second half of the year momentum was slowed down by disruptions in the international supply chains caused by the COVID-19 pandemic. At 40.9%, the gross margin on revenue was higher than the previous year's figures of 39%. EBITDA is reported with and without adjustments and normalizations. Adjustments and normalizations mainly eliminate the non-recurring costs incurred primarily in the first half of 2021, including transaction costs in conjunction with the acquisition of Active Key in May, subsequent costs for the entry of Argand Partners into Cherry, as well as IPO costs. EBITDA margin was 25.4% non-adjusted and 29% adjusted. Operating profit, EBIT margin was 16.4% non-adjusted and 20% adjusted. The non-recurring one-off costs arising in 2021 fiscal year totaled EUR 6.1 million, and in addition, net non-recurring expenses of EUR 9.9 million were incurred in the financial result for the early repayment of loans. As a result, the group net profit amounts to EUR 9.3 million in the fiscal year 2021. A full reconciliation to our alternative performance measures is included in the backup of this presentation and in the annual report, which is also available from the website. Revenue generated in the gaming business area increased by 12.6% to EUR 82.8 million in the fiscal year 2021. Compared to EUR 73.5 million in the previous year. At the same time, the next category, the new MX Ultra Low Profile keyboard switch for the first customer, Alienware Dell, designed for use in high-end gaming notebooks, began contributing to revenue in the gaming business area as of January. The business area also entered new sales markets for gaming devices in the year under report, particularly in Hong Kong, Macau, Malaysia, Indonesia, and Australia. Finally, the MX 3.0S Wireless, the first wireless gaming keyboard with extremely low latency, contributed to revenue in this business area from the third quarter onwards. With an adjusted EBITDA margin of 35.4% compared to 37.3% in the previous year, profitability in this business area remained at a high level. Revenue in the professional business area increased by 52.2% to EUR 85.7 million in the fiscal year 2021 compared to EUR 66.7 million in the previous year. Due in particular to initial entering the e-commerce market with office peripherals, the successful rollout of our ST-1506 eHealth terminals in the German healthcare market, and the first-time consolidation of Active Key after its acquisition on May 7, 2021. The product portfolio in the peripherals business unit was expanded to include new mechanical keyboards such as the G80-3000N tenkeyless, and the MX 10.0N, as well as the STREAM Keyboard Wireless, the 2.4 GHz wireless version of the highly popular STREAM keyboard. The increase in group profitability had a mixed momentum in the two business areas. While adjusted EBITDA in the gaming business area increased by 6.9% to EUR 29.3 million, adjusted EBITDA in the professional business area more than doubled to EUR 19.6 million. While the adjusted gaming EBITDA was fueled by an increase of volume in fiscal 2021, this development was partly offset by higher material and transport expenses and ramp-up costs for the first ultra-low profile switches. Adjusted EBITDA in the professional business area, however, was up 102.4% to EUR 19.6 million, mainly as a result of the strong revenue increase of our profitable Digital Health business. While reported gross profit margin even increased in 2021 fiscal year by 1.9% to 40.9% on a pro forma basis, reflecting the improved product mix and selected price increases of raw materials and trading goods, the expense ratios for marketing and selling and research and development remained virtually stable. With EUR 16.9 million of marketing and selling expenses, the corresponding expense ratio increased slightly by 0.8 percentage points to 10%, mainly due to the addition of employees, new product launches, and entering new regional markets while expanding our overall business activities, paving the way for further growth. Research and development expenses amounted to EUR 6.1 million in the year under report, compared to EUR 4.5 million in the previous year. Of this amount, EUR 2 million was attributable to the gaming business area and EUR 4.1 million to the professional business area. The research and development expense ratio also remained relatively stable at 3.6% compared to 3.5% in the previous year. Moreover, in-house development costs amounting to EUR 2.6 million were capitalized as intangible assets in the 2021 fiscal year, compared to EUR 2.7 million in the previous year, which mainly related to the MX Ultra Low Profile project and the developments in the field of eHealth. With EUR 17.8 million reported administrative expenses, the corresponding ratio was 3 percentage points up to 10.6%, compared to 7.4% in the previous year. However, this is mainly due to one-off non-recurring expenses in connection with the IPO and M&A activities, which have led to the adjustments of EUR 5.6 million in the administrative expenses, which corresponds to an adjusted ratio of 7.2%, down by 20 basis points from the previous fiscal year. Going forward, an increase of the administrative expense ratio will reflect the larger scale of our business activities throughout the group as a public company with global footprint. Cherry Group's total assets increased by 41.5% to EUR 411 million as of December 31, 2021, due to our overall increased business volume and the IPO completed during the course of the year. At EUR 234.4 million non-current assets as of December 31, 2021, were up by 2.8% on the previous year figures, largely due to the EUR 5.5 million increase in intangible assets. Investments in property, plant and equipment increased by EUR 5.2 million to EUR 7 million and therefore exceeded depreciation amounting to EUR 6.2 million. Investments in 2021 were aimed primarily at expanding the capacity of our automatic assembly equipment. As of December 2021, the carrying amount of the property, plant, and equipment totaled to EUR 24.9 million. Investments in intangible assets totaled EUR 7.6 million in fiscal year 2021, compared to EUR 9.9 million in the previous year, mainly in connection with the capitalized development costs. The carrying amount of intangible assets increased slightly to stand at EUR 190.1 million at the end of the period under report. Impairment tests on intangible assets did not result in any need to record impairment losses. Taking scheduled depreciation and amortization into account, non-current assets increased by EUR 6.4 million to EUR 234.4 million in the 2021 fiscal year. Current assets increased significantly by EUR 114.2 million compared to the EUR 62 million reported the year before. The increase related primarily to inventories, which were up EUR 16.9 million to EUR 44.2 million. Cash and cash equivalents, which were up to EUR 86.8 million, and trade receivables, which were up EUR 8.7 million. The increase in inventories was mainly due to the general expansion of our business activities, as well as our efforts to ensure delivery capability during the COVID-19 pandemic and to avoid air freight costs. The increase in cash and cash equivalents was mainly attributable to the proceeds from the IPO that gave rise to the cash inflow of EUR 133.3 million, which, less the repayment of the loans of a net amount of EUR 35.2 million, was added to liquidity. Cash at banks amounted to EUR 109.7 million at the end of the fiscal year, corresponding to 26.7% of the total assets. Due to the increase in share capital to EUR 24.3 million and the cash inflows from the IPO, equity improved significantly by 205.6% to EUR 293.2 million, which results in an equity ratio of 71.3%. As of December 31, 2021, capital reserves stood at EUR 263.3 million, compared to EUR 150.5 million in the previous year, mainly due to the proceeds from the IPO. Directly attributable capital procurement costs amounting to EUR 6.3 million, less income taxes thereon amounting to EUR 1.8 million, were offset against capital reserves. The share ownership plan for the management and the advisory board, which had been in place since September 2020, was settled and terminated in the course of the IPO, resulting in the recognition in 2021 of non-cash personnel expenses amounting to EUR 3.8 million, which were also offset against capital reserves in accordance with IFRS 2. As of December 31, 2021, the equity ratio was 71.3% compared to 49.1% in the previous year, whereby the improvement was mainly due to the cash funds received in conjunction with the IPO. Non-current debt was down to EUR 60.6 million due to the already mentioned repayment of the loan and of new borrowings of EUR 35.2 million. The credit lines made available to Cherry totaling EUR 10 million to cover operational liquidity requirements had not been drawn down as of December 31, 2021. In connection with the new financing raised, a credit line of EUR 45 million was established and drawn down on October 6, 2021. Trade payables were up 23.4% to EUR 17.9 million, mainly as a result of the expansion of our business activities. Net working capital, current assets less current liabilities increased by 240.9% year-on-year to EUR 38 million as of December 31, 2021, reflecting group growth. The main drivers were inventories with a plus of EUR 16.9 million and receivables with a plus of EUR 8.7 million. Net working capital does correspond to 22.5% of revenue. Cash flows from operating activities totaled EUR 7.8 million. Investments amounting to EUR 14.4 million as of December 31, 2021, compared to 2.6 million at the previous year. Mainly were financed out of cash and cash equivalents. Cash flow from investing activities amounting to minus 14.4 million. The payment for investments in fixed assets totaled EUR 6.8 million in 2021 fiscal year, whereas payments for investments in tangible assets amounted to 2.9 million. In 2021 fiscal year, mainly machinery, buildings, and tools were financed under operating leases and are presented in the statement of financial position as additions of right-of-use assets amounting to EUR 5.3 million, in line with IFRS 16. Here, investments exceed depreciation by EUR 4 million. Investments in acquisition of consolidated companies amounted to EUR 4.9 million, of which EUR 4.2 million were paid for Active Key and EUR 0.6 million were paid for Theobroma. Ladies and gentlemen, we have implemented a broad set of measures to boost our strategic course of growth in the medium and long term. These include in particular the further strengthening of our management resources, investments in new highly automated assembly machines and IT infrastructure. The build-up of inventories with a view to ensuring supply capabilities for the further planned expansion of the group's e-commerce business, and stepping up our sales activities in defined new markets. Our medium-term prediction of double-digit revenue growth therefore remains in place based on expected underlying conditions and market trends. The fiscal year 2022, however, remains subject to a high degree of uncertainty due to COVID-19 pandemic and the ongoing war in Ukraine. In addition to various regional lockdowns in China, which were affecting warehouses and production sites within the supply chains. This also includes fluctuating customer ordering behavior in the light of limited availability of other components, particularly semiconductors and high inventory levels. For these reasons, we forecast lower revenue in the current fiscal year than in the previous twelve-month period. At the same time, the planned level of growth-oriented investments, particularly those earmarked to develop management capacities, the costs of regional expansion, and the growth of e-commerce business, as well as accelerating inflation, are likely to place temporary pressure on operating profit. Moreover, the Russia-Ukraine conflict is expected to have an additional negative impact on profitability due to higher material, energy, and logistic costs. For the gaming business area, we therefore expect revenue growth in the mid-single-digit% range, with a slightly lower adjusted EBITDA margin compared to fiscal year 2021. Due to macroeconomic developments as well as temporary increases in material prices, shipping costs, and non-recurring marketing expenses for expansion in Asia- Pacific region. In addition to Cherry's existing customers for the new MX Ultra Low Profile switch, four of whom are to be supplied for the first time in the course of 2022, we aim to continue expanding Cherry's customer base going forward. Furthermore, the expected growth in the gaming business area will be driven by the additions to the gaming device product portfolio initiated in the 2021 fiscal year, and the recently entered sales markets in Southeast Asia. For the professional business area, we expect revenue to grow in the low double-digit% range in the 2022 fiscal year, in addition to the targeted expansion of the product portfolio in the Peripherals Business Unit. Growth will be driven primarily by the selective expansion of sales channels, particularly in the e-commerce business, via major online marketplaces in Europe and in the second half of the year. Moreover, in the digital business health unit, the successful ST-1506 eHealth terminal, and from the second half of the year, the new eHealth PIN pad PP-1516 designed for use in telematics infrastructure in Germany, are expected to contribute to overall revenue growth. The adjusted EBITDA margin in this business area will be impacted by increased investments in new products, software, manpower, and marketing expenses designed to drive future growth in the e-commerce business and expansion in the Asia- Pacific region, and thus also decrease slightly compared to previous year. Taking these factors into account, we expect group revenue in the region of EUR 170 million-EUR 190 million for the fiscal year 2022 with an adjusted EBITDA margin of 23%-26%. Beyond 2022, we anticipate double-digit revenue growth and an improved adjusted EBITDA margin again. Finally, Cherry has an attractive cash position of EUR 109 million at the end of reporting period to support further inorganic growth. Now, I would like to hand back to Rolf. Rolf, please go ahead. Thanks, Bernd. Ladies and gentlemen, the global economy continued to be significantly impacted by the current macroeconomic headwinds, as Bernd has just pointed out. However, the underlying growth trends, which are driving our business remain in place and remain strong in the medium and long term. These trends are around the ever-increasing global public interest in gaming and e-sports. The further spread of working from anywhere and the broad digitalization of healthcare services will continue to fuel the expansion of our business activities with a high momentum. As you can see, we are well-positioned to benefit from ongoing secular growth trends going forward. In the gaming and professional business areas, Cherry is generally exposed to a variety of market developments and sector-specific conditions. Our business activities in the gaming business area are defined by the overall global market of gaming and e-sports. According to the Market Research Institute, Newzoo, the global market volume for gaming will grow with a compound annual growth rate of about 8.7% to reach about $218 billion until 2024. Moreover, Newzoo expects the number of players worldwide to surpass the 3 billion mark during the current year and continue rising to 3.3 billion by 2024 at a CAGR of about 5.6%. According to Technavio, the global market for gaming peripherals relevant to our gaming business area will grow by a CAGR of about 6.9% to $3.36 billion by 2025. It is important to note here that out of the total projected market growth, the Asia-Pacific region accounts for around 36% alone, where we have established an extremely strong market position over the years based on our unique Cherry brand recognition. In particular, Technavio quotes the growing popularity of e-sports and the increasing availability of Ultra HD televisions and PCs as being among the key drivers of the market growth alongside other factors, of course. Market demand for PC peripherals used in office and industrial applications, which is highly relevant for our professional business area, will continue to be greatly influenced by the global growing work from anywhere trend. The McKinsey Global Institute expects 20%-25% of employees in advanced economies could work remotely three to five days a week in long term without any loss of productivity. Another 15%-20% are expected to work remotely on one to two days per week. In specific terms, McKinsey sees the potential proportion of employees who could work remotely as up to 48% of the workforce in U.K., 41% in France, 40% in Germany, 39% in U.S. and Japan, and 37% in Spain. Even in China, the potential of remote working is estimated at 21% of the workforce. Another very interesting result of the research by McKinsey is that due to the pandemic, the volume of e-commerce is also expected to grow between 2- and 5-fold, particularly driven by the increased numbers of digital platforms. Finally, gematik GmbH, the National Agency of Digital Health in Germany, points to the key importance of Digital Health apps as a new third pillar of patient care alongside outpatient and inpatient care facilities. According to gematik, Germany is playing a pioneering role in the integration of medical apps in healthcare with the so-called DiGA Fast Track. Ultimately, this will result in more user groups to be onboarded to the German healthcare telematics infrastructure, providing a high potential for future use cases based on mobile and contactless access. The recent introduction of an electronic register for healthcare professionals is intended to help manage the issuing of electronic cards for healthcare professionals to members of healthcare professions, healthcare workers, and other providers of the medically prescribed services, the so-called non-chambered professions going forward. As to our current business situation, we have seen a slowdown of revenue in the first quarter compared with the prior year, which was exceptionally strong. However, we still see a revenue growth compared to the first quarter in 2020 of about 18%. The first quarter 2022 is influenced by several of the mentioned adverse economic effects on our business, which were triggered by the pandemic, the particular ongoing customer ordering fluctuations in the components business. Moreover, we decided in March to introduce short-time work for the production of switches at Auerbach production site for a period of four months, effective April 1. The planned short-time working affecting the components business unit is part of the measures already planned to optimize net working capital and reduce inventories. The background here is the particularly high inventory levels that exist due to the COVID-19 situation and associated international challenges in supply chain. Other areas of the company are not affected by the short-time working measures and continue to operate in the business area as planned. In addition, we are closely monitoring the market trends towards ultra-low profile switches and are driving this development at Cherry accordingly. This is an integral part, of course, of our defined growth strategy in the international markets. However, we strongly believe that the current macroeconomic headwinds from global logistics and supply chain issues have a transitory impact on our overall industry for the current fiscal year, while the underlying secular growth trends around gaming and professional business will remain strong in medium long term. Therefore, we expect to continue outperforming the projected industry growth rates in 2023 and beyond. Ladies and gentlemen, please let me close with additional information about how we are managing our growth. Together with the supervisory board, we have resolved to convert Cherry AG into a European SE company. To propose this to the annual general meeting on June eighth this year. Cherry AG would thereby change its legal form from a German stock corporation to a European corporation. I've just pointed out our organizational growth efforts a few minutes ago, which are in line with our overall international strategy. With the proposed conversion, we are manifesting our international orientation and laying the foundation for further growing in the international markets. Through this step, we hope to be perceived even more as a global active company to position ourselves more strongly as an international European brand by our stakeholders. Furthermore, the change of legal form to an SE gives us the opportunity to operate as a legal entity throughout the European Union. As the SE structure simplifies cross-border M&A, M&A transactions, this legal form is in line with our inorganic, internationally oriented growth strategy as well. Ladies and gentlemen, many thanks for your attention. Now I'd like to hand back to the operator to manage the Q&A session. Thank you very much. Dear ladies and gentlemen, we will now start our Q&A 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 a question. If you find your question is answered before it's your turn to speak, you can dial 0 and 2 to cancel your question. If you're using speaker equipment today, please lift the handset before making your selection. One moment, please, for the first question. We have a first question. It's from Niklas Krösche, Montega AG. The line is now open for you. Yes. Thank you for taking my question, and congrats on the successful year. I have three questions regarding the financials. The first one is what adjustments will there be at EBITDA level this year? In 2021, these were mainly related to the IPO. Bernd Wagner. The adjustments in last year was predominantly IPO costs, plus these special costs for IFRS 2, these share-based payment volume and M&A transactions. Okay. The share-based payment was non-cash, yeah? What does the guided 23%-26% EBITDA margin mean for the reported one with no adjustments? We are not planning large adjustments for the future. Thank you. When do you think you will be able to achieve margin of around 30% again? Difficult to say, actually. I think first we have to have clarity on COVID, how COVID will develop, and the Ukraine crisis will come out, and that probably will drive our guidance for the next years beyond 2022. More like 2023-2024? Yeah. As I said, very much depending on the outcome of the Ukraine and pandemic situation. Thank you. The second question is regarding the working capital ratio. This has risen sharply to 22.5%. Where do you see the ratio at the end of the year? We are working on, of course, optimizing that one, but also that one is predominantly driven by these shortages of materials. We have taken a safety buffer on board on the materials, which after COVID we will, let's say, after the supply chain issues, we will bring down to normal levels as before the COVID crisis. There was in last year, in 2021, we have had the additions also because of Active Key, first time consolidation of Active Key. We have increased, especially for Digital Health because of the shortages of the IC, the products on Theobroma, so our terminals, healthcare terminals, and also on components to reduce the dependency on air freight costs. Now we are normalizing that inventory level. I think it will be in this range or lower. I'm not expecting that it comes higher because I think we see the supply chain problems already and therefore we have taken all the measures already on board. As I said, I think post-COVID this will be normalized. The levels will go sharply down then afterwards. Okay. Thank you very much. I have a last question. You're forecasting a double-digit sales growth again from 2023. Should this be in lower, medium or upper range in the medium term? I think that's straight from the beginning. That's too early to say, yeah, because we have to see what result will be in 2022. As you know, there are daily surprises in the market and what's happening in the world at the moment, so it's very difficult to say. Oh, okay. I understand. Thank you for answering my questions. Welcome. Our next question is by Julian Dobrovolschi, ABN AMRO. The line is now open for you. Hello, good afternoon, gentlemen. Can everybody hear me? Yes. Perfect. Yeah, thank you for taking my questions. I have a couple from my end as well. You stated that one of the reasons behind the splendid growth that you achieved in professional area in 2021 is due to entering the e-commerce market. Could you please give us some more color on how much uplift in sales did it generate in 2021? And in general, what kind of expectations the strategy can bring in 2022? Yeah. I think we had two drivers. One is the eHealth rollout in professional, and one was, of course, the shift to e-commerce. We could double the number what we had in 2020, in the fifth year, 2020. We see here, after our exercise we have done, and business case, we have done a significant increase over the next couple of years. The idea is, on a yearly basis, to really double so that we will arrive at around EUR 60 million additional revenue by the year 2026. That kind of means that at this point in time, it's something below, let's say, two digits, something between, let's say EUR 5 million-EUR 10 million. Yes, exactly. It was around EUR 7 million. We're going to double this, or we plan to double this year. Okay. Perfect. Thank you. Then also another one on the outlook. Could you please also speak about the main moving parts of the business you assume in 2022? I mean, we understand that environment is tough. I mean, nobody's actually arguing with that. But maybe if you can explain, you know, at the high end of the range, which units or which business units do you expect to do better and which do you think might actually post a bit of modest growth? The other way around as well, so if you look at the low end of the range, I think that will kind of be something like 1%-2% growth. As to which businesses in that case do you actually expect to outperform and which ones do you expect to underperform? Yeah, I mean, we're not reporting the full business units. Yeah, we're reporting professional and gaming. As Bernd, I think, mentioned, the gaming business will perform or will grow by a single-digit number, mainly driven, of course, by the fluctuating orders of switches by our customers because here we still see a lot of inventory and not matching, let's say, parts which they would need to finish the goods to sell it to the market. In the professional business, we see double-digit growth driven by both units, healthcare rollout, and of course, the peripherals e-commerce strategy, which will mainly come into place second half of the year. Is that, let's say, the growth rates for the best case scenario or let's say for the average-ish case scenario? Sorry, can you repeat? Your The, the grow- It's a bit difficult to understand. The growth rates that you just explained and I think also what Bernd explained. Basically mid-single digits and low double-digit growth from professional. Is this actually the case for the positive scenario or kind of the neutral case growth scenario? I mean, we gave a range in total EUR 107-EUR 290. Today, I mean, if you give a range for a single business unit higher or lower, it's very difficult today, yeah? We don't know whether there's a lockdown again in China where we don't get the parts out of a warehouse or the factory shut down or something like that. Therefore, the general range at the moment is for professional business a lower double-digit growth. As soon as we know more or as soon as we see, let's say, the business continuing during this year, we will update the guidance, of course, sir. Okay. Clear. Thank you. Then the last one, if I may. For the healthcare business, the base is quite up. I mean, you did quite exceptionally in 2021. Revenue is actually more than doubled compared to 2020. Can you please also speak about how healthcare revenues might develop in 2022? Perhaps if you can actually shed some light on the volumes of eHealth terminals but also PIN pad, especially rolling out in H2 2022. Maybe if you think about the market share gains you're moving into the segment in Germany and so on and so forth. Thank you. Yeah. I mean, as said, we rolled out 64,000 terminals last year. This year we will add the PIN pad in Q3, so the number of the PIN pads, of course, is the lower number, since we just bring that to the market. In total, of course, we will grow the business. Yeah. It depends a little bit also on the Ministry of Health and Gematik, how fast they can bring additional stakeholders to the telematics infrastructure. This depends again on the delivery of the connectors in the telematics infrastructure because that's the equipment or this is equipment where we need to connect to. Yeah. In total, we wanna nicely grow that business above the number of 2021. In terms of the market shares, do you actually continue winning market shares from Ingenico? Yes. With Ingenico pulling out completely from the market or? No, this is most probably impossible to take them off the market. This depends, but as I mentioned already before, we definitely target above 50% in regard to new devices to the market. Last year we had around 40% market share. We increased it from a very low market share in the rollout before, from 10% or a little bit above 10% to 40% in this new rollout. In this fiscal year, we definitely want to be above 50%. Okay, perfect. Thank you so much. Welcome. The next question is by Marie-Thérèse Grübner of Hauck & Aufhäuser. The line is now open for you. Yes. Good afternoon, Rolf and Bernd. Thanks for taking my questions. The first one pertains to your EBITDA guidance for 2022. We're going down from EUR 29.5-EUR 24.5, roughly at the midpoint. Is there a way you can isolate how much of this decline is attributable to the various supply chain issues and how much is attributable to simply the expansion of your setup? Yeah. I will answer that one. Marie-Thérèse, the roughly half of that one is because of the macroeconomic headwinds, means material costs, energy costs, and transportation costs. The other half is the strategic investment into professionalization of the business. You have heard what Rolf said about the new additions on management skills and capacities that we can really grow in future. The IT infrastructure for e-commerce, the e-commerce by itself and the expansion into Asia-Pacific regions, which makes a lot of marketing start of marketing expenses necessary, yeah. These typically market entry development funds, and that is roughly 50/50 what we calculate for the moment as guidance in 2022. Great. Thank you. That was very clear. Second, my second question pertains to the gross margin development in 2022. Can we expect it to go down? Also what would be important to know, I think, for me, is whether it's simply inflation on the cost side or whether you are experiencing also some pricing pressure in the current environment. Also if you know, how can you pass on input price costs, I mean, with what timeline? Maybe the three elements of this margin problematic here. Yeah. Perhaps Rolf can then also expand on that one. What we are doing is we are also increasing prices to our customers to pass on the material price increases or inflation rates with a time deferral in these price increases because sometimes we have higher price increases which we cannot immediately pass on so step by step. You see the raw material price increases for gold, copper, and so on plus granules. We pass them on constantly. On the other side the prices are going up also constantly. That is one driver. The other one is we are compensating that one by with price increase on the sales side yeah. The other one is the mix the product mix. As you know, our newer products have typically higher margins because they have better USPs in their products, and therefore, they typically bear higher profits. Actually, we see a strong price increase on the material side, and a shift in product mixes, which then have an influence on the gross margin. Short and midterm, there might be an impact. Long term, I think we will recover that one because we have programs started to reduce the COGS, the cost of goods sold and the purchasing prices. That is one of the main focus points of the new COO. That is from, I would say, from the COGS side. Rolf, can you elaborate a bit, perhaps on the top-line side? Yeah, I think you mentioned it already. We're trying to increase prices wherever we can, but since our costs are changing almost every week, meanwhile, you cannot do that every week to go back to the customer and say, "Now, the keyboard or the mouse costs a little bit more." We're doing that. We just did that in March and April again, yeah. In order to push that one and maybe just another add on on the cost side. As you know, we ordered the next generation, the fourth generation of assembly machines, which we will put into operation by end of the year, so Q4 this year, which will also help us to compensate certain cost increases by increased efficiency as well. All right. Thank you. Great. My next question has to do with maybe the sort of sort of seasonality of your business in the first in 2022. I mean, out of the low single digits growth that you're expecting in gaming, is it reasonable to assume that you could be showing negative growth in gaming in the first quarter? Or how do you see things developing? I mean, we're hearing here that they are, you know, they're replenishing channels again. So that led me to think that maybe Q1, Q2 would not be as bad. But I mean, how do you see the ordering behavior, and how do you see that have... What impact do you see that having on growth in H1 versus growth in H2 in gaming, which is more immediately affected by the whole situation? Now in general, it's at the moment very difficult to predict. Yeah. If you look at gaming switches, as we said, the ordering behavior due to different stock levels, due to logistics and supply chain issues is very volatile at the moment from our clients, yeah. Mm-hmm. Therefore we really need to react on that one on the cost side very quickly, what we are doing. The second thing is, if you look at gaming devices, just looking at Q1, yeah. Mm. In February, you know, all the high-tech companies, meaning suppliers, but also our factories in the Guangdong province. We saw a shutdown in Shenzhen, Dongguan, Zhongshan. This means suddenly you cannot access, or first of all, you don't get the parts what you need from your sub-suppliers because they have a shutdown of two weeks, so you cannot produce. Mm. Secondly, when they locked down around Zhuhai area where our factory sits, we cannot move to our warehouse anymore. People even could not leave the factory. They slept at the factory because otherwise they could not get in anymore. As you most probably heard Yeah. Shanghai, 25 million people, was just locked down the last days. This means, Right. One of our big distributors sitting in Shanghai region, so this means they cannot deliver goods from this region to any other part in China. It's very difficult to predict. We have to really react on a daily basis, define measures in order to compensate that somehow, yeah. Mm-hmm. It's very difficult, but in general, I think we will in gaming in total, we will definitely further grow, yeah. Very clear, as we said, also in the mid, maybe mid-single digit. As we go along during the year, Q1, Q2, hopefully, second half of the year will improve, and then we will see what our guidance could be. Great. Thank you. One, maybe easier to answer. Update on your M&A pipeline and your CapEx budget for 2022. Okay. Start with the M&A. We'll be continuously, of course, developing the long list, talking to targets, potential targets on a short list, but also due to the entire macroeconomic environment at the moment, it's very difficult also for the seller to put a valuation there or expectation. Because valuation came down, as we recognize now over the last 3, 4 months. Of course, a lot of sellers say, "No, then I'm most probably going to wait." But that's definitely no change in the strategy. We further go on with that one. We're putting a lot of efforts in this as well. Okay. Yeah, your CapEx budget, what should we assume for 2022? We are always in the range on the growth path, so in the range of round about 6%-10% on CapEx. This year, most of the CapEx will be financed by leasing because interest rates are quite favorable still. Mm-hmm. We have this year this additional new ultra-low profile which will start probably next year with leasing, so no cash outflow for ultra-low profile. We have the first fourth generation machine also on leasing. We need some toolings, replacement toolings because they are finalized. Typically we calculate between 6%-10% growth CapEx, but on a cash flow basis, it is less because we are doing more financing, more lease financing. Bernd, sorry, 6%-10% of sales or what is? 6%-10% on sales level is the CapEx- Okay. Mm-hmm. Exactly. All right. Great. One more thing, ULP, you had one name, which was, to be honest, what I was expecting some major gaming laptop platforms. Mm-hmm. Because this is one. Are those still coming? You know, you announced camps. I mean, I was not familiar with it, but it seems to be more on the office side. Yeah, if you can elaborate there on the ULP announcement. Yeah, as I mentioned already in the last call, yeah, or a quarter ago, we have four more brands, gaming and office brands, which are preparing their models and their products, and therefore we cannot talk about them. They all will launch mid of the year or early Q3. Okay. Then we can talk about the names. Yeah, KS was now something where they by themselves announced, so therefore we also announced the name, of course, yeah. Yeah. This is a small and we will have another two, three small players which will do very nice keyboards, fancy keyboards, modern keyboards with the Ultra-Low Profile. The bigger names- Mm-hmm. We will launch the products, let's say after the first half of the year. Then of course, as soon as they have done that, we can talk about the names as well. Okay. We continuously working on additional customers because we ordered the second machine. We want also to have that machine quickly loaded with additional customers. Excellent. Thank you. That's all from my side. Thank you very much. Thank you, Marie-Thérèse. The next question is by Christian, Hauck & Aufhäuser. The line is now open for you. Hi, Rolf. Thanks for that presentation. I was just wondering, I think, because I was in a meeting with an investor a couple of months back, so I wanted to basically zoom out a little bit and come back on what I heard as you envisioning four business pillars, each contributing EUR 100 million revenues PA at some point in the future. Did I hear that correctly? If yes, could you break down what those individual business lines would be? I assume there would be a subset in gaming and maybe like an eHealth sector within the business or professional segment. Yeah. Our vision, I think we can talk about that one. Our vision is, if we look at the guidance now, it's a bit below EUR 200 million. Our vision is the next three to five years to grow the entire company to EUR 400 million. Or EUR 400 million-EUR 500 million. This means in average, each pillar, each the four business units or the two segments, as we call it, business areas, will contribute roughly EUR 100 million. This is a mix out of organic, but also inorganic growth, of course. That's our vision, and that's the target we're working to. Thank you. Does that answer your question? That was all from my side. Yeah, that was all from my side. Thank you. Thank you. The next question is by Philip Frey, Warburg Research. The line is now also open for you. Hello, gentlemen. Well, we'll start a bit with the ULP volumes and you announced now CAN and mentioned the others in the pipeline. Is it fair to say that the product launches of your other customers, which you have not yet announced, have been delayed a couple of months relative to the expectations we had at the end of the year or what you call that, what you can say there on the changes in timing? Also, if you can talk a bit about the share of ULP in Dell's products, how that has evolved over time. I have some follow-up questions on that. No, I would not say there was a huge delay. There might be a delay of one or two months, let's say. It was always planned to do the launches of their products somewhere around mid of the year. Of course, before all this macroeconomic things happening, they were optimistic to launch it before mid of the year. Now we would see it maybe a month later, one half month later. Everybody's still working on that. I would not see a strong delay there. It's always happening, you know, that you have a shift of one month or one and a half, two months depending on engineering capacity, et cetera. Therefore Okay. With beginning of Q3, we are absolutely happy and fine. We also delivering, of course, first switches to them because they have to prepare themselves for the launch, of course. Okay. Regarding Dell's share? Yes. That's difficult to say. In approximately still 40%. Looking at the M15 model, as you might know, they added or I think we talked about it, they added the M17 platform and looking now- Mm-hmm. For first, or let's say planning for a third platform. Yeah. This means, of course, those new platforms are starting slow. Yeah. Maybe Mm-hmm. With a lower adoption rate of 40%. On average, you can say, let's say, in an established manner, it's still around 40%. Okay. Which is very positive from Dell's perspective. Yeah, they didn't expect that. Therefore, yeah, it's a win-win in this case. Yeah, of course. Yeah. If you get that with every manufacturer, you would be happy and dancing, I guess. Getting to your e-commerce strategy a bit. You mentioned, did I get it right, around EUR 1 million in ramp-up costs, probably starting with that one, or did I hear that wrong? Yeah. We have two things. We have IT, where we need to invest, and then of course the entire business setup, yeah. Where we also will employ a team between 15 and 25 people. Yeah. Because it's a total separate business, and this will be the investment, yes, we have to take. Might, depending on the realization of sales, still change a bit. Yeah, of course. Of course. And- When that's the plan, that's a top-down business case. Yeah. That's very much related to the business case, of course. Yeah. That's what we are, let's say, working to, and then we will see how it ramps up. Especially IT and hiring people, additional people will take some time. Therefore, let's say that the larger growth or let's say the additional growth we have planned is mainly planned for second half of the year. you have not yet the precise launch date, I guess, for Yeah. There's no launch date because we're doing e-commerce already today. Yeah. Yeah. It's just to expand and professionalize the business. This means, really enhancing IT infrastructure, bringing more specialists into the company, doing then, let's say, the data management or prepare the data for these online platforms in a different way or more quality way. These are things which will gradually increase. Yeah. Therefore, there's a smooth transition, let's say, to more professionalizing the structure there. Is it fair to say that the lion's share of the volume should be driven by the marketplace businesses rather than your own site or anything which you can share with us in that regard? Yes. Mainly by with the marketplaces, let's say, yeah. At the same time, it's a good question, yeah. At the same time, we are upgrading our IT infrastructure in order to give the possibility to order at our own webshop, yeah. Because you, what we see today is, very often people searching products but cannot buy because we don't have the webshop, yeah. Therefore, we really want to enhance and improve the customer journey. Whenever anybody's on the homepage, he can buy immediately from us, and this will be in operation by mid of the year. This will not be the main sales channel, let's say, yeah. In general, out of different experiences and companies we talk to, this will maybe sum up at a certain point of time, next four to five years, maybe to 5% ± of the business. The main business and the biggest platform definitely is Amazon. Yeah. Regarding Amazon, this is probably a good point. Do you need to clean up the channel to remove third-party inventory? Have you any opportunity basically to keep this gray inventory out of the market? Any thoughts on that one, and certainly also regarding your pricing strategy there, basically recommended retail price or are you going to be a bit more aggressive there? No. I mean, we have to be very careful, yeah. We have a very established because we are B2B, a B2B brand and leading B2B brand in Germany and therefore, we absolutely value our customers on the distribution side. We will have definitely a very fair price policy there, not being too aggressive. That's not our style, how we work with our partners. Probably one final question. Have you already an idea regarding the speed of the take-up or intake of the healthcare products, particularly in new applications and for residential care providers and others? Anything that you can share with us in that regard? I mean, you know, we have a new government in Germany, which at the moment not really helps. Because they maybe have other priorities and which is understandable on the other hand. Therefore, the decision what kind of new apps or features there or applications will be added is still ongoing discussions. As I said before, I think the onboarding of new stakeholders. This will definitely continue. But depending on, again, on the existence of the connectors, which will be delivered from CompuGroup to systems and all these guys, Secunet. Depending on how fast they are, we will onboard new user groups and therefore deliver new terminals to the market. Yeah, we continue the delivering, but of course, those decisions are very important in order to have a clear view in which timeframe we're going to deliver which, what to call, what kind of number to the market. Okay. Yeah. Probably one final one. Well, I think it's clear that we are set for, from your comments, on a sales decline in the first quarter. Now the second quarter comp is also not particularly easy. On the gaming side, have you any visibility already there regarding sellout actually of your customers already having substantially accelerated so that there is any chance to grow in the second quarter? Yeah, I think that's too early to say, yeah, with this uncertainty and, at the moment, I think it's too early to guide a Q2. Yeah. Okay. Fair enough. I guess the inventory situation certainly a good approach for you to basically work off your inventory. Yeah. Thanks for your comments and best of luck. Thank you. For the moment, there are no further questions, and so I hand back to you. Yeah. Thank you very much for your attention that you attended this call for one and a half hours. Thank you very much for the many questions, and I'm pretty sure we will keep in touch over the next couple of weeks in order to see where the business will go. I think from our side, there are certain things we can influence, certain things we cannot influence. I think important for us is internally that we focus on our targets, that we implement what we have targeted for ourselves, and that's what we are focusing on. All other things we cannot influence, of course, are things which will influence our business, but of course, we have no influence on them. Therefore, thanks again and looking forward talking to you again. Have a good day.