Welcome to the DATAGROUP SE Conference C all on the H1 figures for the financial year 2022, 2023. At the moment, all participants are on mute. The floor will be open for questions after the presentation. If you would like to ask a question, please press the hand symbol or type your question into the question box. We will then call the questioners according to the order in which they raise their hands. Please unmute yourself to ask your question, and then mute yourself again to prevent acoustic disturbances for the other participants. The presentation will also be made available for download in the Investor Relations section on DATAGROUP's website. I would now like to welcome Mr. Andreas Baresel, CEO, and Mr. Oliver Thome, CFO of DATAGROUP. Yes, good morning, everybody. We are happy, me and our CFO, Oliver Thome, are happy to welcome you to the presentation of our H1 -year figures of the fiscal year 2022, 2023, and I hope you can enjoy the next hour going through the latest figures of DATAGROUP. We are quite happy to present another positive H1- 2022, 2023. And, I think we can say we were successful and continue our success story, despite we still have a quite challenging environment. Our strong results again prove the sustainability of the DATAGROUP strategy to focus on recurring revenues with long-term contracts on the basis of our CORBOX service and cloud portfolio. If we look on the numbers, we managed to increase the revenue from EUR 247.6 million to EUR 251 million in this year's first half year. That's even if the first half year of last year was still under influence of several extraordinary effects. For example, we had a full half year of retention centers in the revenue and we managed to even increase the revenue only on a pure operational business level in this year. When we go to the EBITDA, we have an even better increase from EUR 37.4 million EBITDA to EUR 39.4 million EBITDA with an EBITDA margin of 15.7%. When we go down to the EBIT, we are really proud of the development we see there. We have developed the EBIT from EUR 20 million in last year first half year to EUR 22 million, EUR 22.8 million to be exactly in this year's first half year. That's an increase by 14% on this level. What we are also very happy about is that we have reached for the full half year an EBIT margin of 9.1%, so fulfilling our midterm ambition to have an EBIT margin for 9% or more. On an EPS level, we also increased from EUR 1.45 per share to EUR 1.74 per share. Also an increase by 19, more than 19% there. If we compare the increase in revenue to the growth and increase in EBIT, we see the increase in the results is much, much higher. We increased profitability much more. To explain this, we have to see two parallel developments we have there, especially on the revenue level. On the one hand, we were quite successful in further growing, having organic growth of our CORBOX core business. Especially last year's strong order intake came into revenue stream in this first half year. After a successful transition, these new customers we won in the last fiscal year are now all in a re-revenue phase, running their IT with CORBOX services. We have a good organic growth in this area. In parallel, we do what's part of our model, part of our growth story. We are transforming low margin, especially time and material revenues. We are integrating the capacities, the experts, of these services into our CORBOX production to be able also to grow in the next years with in in more higher production capacity in this area. These two effects bring us to the effect that the top line, the revenue, level has only a slighter increase, but we see the big effect on a profitability level. Like you see, we now step from 8 to more than 9% EBIT margin on this level. I think this proves the good profitability of our CORBOX model when we continue in this in this process. We did this or we had this development during, like I said, still very challenging situation. We have, like everywhere else, increases in wages, we have increases in energy costs, in hardware prices. What we successfully managed is to compensate these effects more or less based on our CORBOX production model. I have brought here two examples. We have measured how much output we create, for example, from 1,000 kilowatts per hour on a monthly basis. If we compare the 21 figure, we were something about 180 virtual servers and increased this by 27% to 228 virtual servers. We see there in this increase in productivity, there we can conquer or with this effect, we can compensate the increase in energy costs. We had at least still in the last year, in the first half year we are reporting about maybe energy costs will come down again in the present now. That was a good effect to compensate these effects using the strategy, having shared CORBOX cloud infrastructures. We improved our platforms with more energy efficient systems and reducing systems which have higher energy demand, and therefore we also improve our sustainability in terms of green IT. Another effect also showing how we compensate this challenging environment is when we have a look at the investment efficiency. We are always monitoring the productivities, how much productivity can we gain if we look at 1,000 EUR depreciation on a monthly basis. If we are comparing where we came from, for example, in 2019 to 2022, we have here an increase by 32%. That's already after increases of hardware prices in the last two years when we were investing in 2% in productivity in this area. That's another way to, for example, compensate the supply chain issues we have at the moment, because with these effects, we can handle more capacity reserves in our platforms using this 30% more productivity. There are two examples how we are facing the challenge or the still challenging environment. As I said, we are quite happy with such numbers in such an environment at the moment. We see in our industry, not everybody is handling the situation this well. We are still keeping to our growth strategy and our growth ambition, which you might remember is based on three elements. The first element is the growth with new customers. Like I said, we had a very good order intake last fiscal years, and we continued this track in this year. Our ambition is to have EUR 10 million-EUR 15 million on an annual base, additional revenue potential with new CORBOX customers. We are on a very good track there. We won new customers with nice contract volumes in the consumer area, in the public sector, in the aerospace area, in the media area, all additional new CORBOX customers, where the contracts were signed in the first half year. We can now start with the transition phase, they will come also part of our revenue and our CORBOX core business growth in a few months. The second element is growing our business by cross and upselling additional services to existing CORBOX customers. There, our ambition is also EUR 10-15 million on an annual basis, additional CORBOX business. We are also on a good track for the first half year there. Had very nice additional service packages from customers in the chemical industry, for example, or also in the public area and the finance sector. We have very nice up-sellings and cross-sellings of additional CORBOX services, some of them even more than doubling the existing the former revenue of these customers. Also on a good track in this area. But in parallel, as I said, we are also transforming low margin revenues, especially from former acquisitions, which still have parts of these revenues in ongoing. We are transforming and bringing the capacities to the CORBOX business. That's why on the top level this core growth is not always this visible. It's visible if you look further below on the profitability. Concerning acquisitions, which we are transforming the ones of the last years, is our third part of the third element of the growth. And we are really happy to report also next successful steps there. We could acquire at the end of the first half year, the systemzwo GmbH. It's a German, south of Germany, in the Ulm area located service provider, EUR 12 million in revenue. The systemzwo is bringing a quite interesting customer base to DATAGROUP. A customer base which we think will be a very good potential for future CORBOX services. Also transforming the business into recurring, long-term contracts based on CORBOX services. That's another acquisition following also our an organic growth path. Another step also, which good approach for the first half year. Let me now hand over to Oliver, explaining a bit more in detail the KPIs and P&L figures which we reached in this first half year, showing also the good development of DATAGROUP. Thank you up to here. Oliver. Thank you very much, Andreas. I welcome you from my side as well for the presentation of the first half year figures of DATAGROUP in the fiscal year 2022, 2023. I would now want to show you a little bit more detail to our profit loss ratios and statements. Therefore, I would like to make a short addition to the development of our revenue side, which you can see we have changed in positive way to 1.4% to EUR 241 million. Beside the effects Andreas just has explained, we have further an addition point that we have with the IFRS 15, that means the principal agent. Principal agent means that we are not able to show the revenue streams of license revenue, there we are only in the agent part. This declining of the agent part in our revenue stream has been roughly EUR 5 million instead of the past year, which we were able to compensate with our CORBOX and core business and DATAGROUP, what you can see on the financial or in the EBIT results. On the second one under there, I would like to be very concentrated in is that we are already able and still able with a very good proportion of our service revenues, which remains on a very high level with more than 80%. Beside this is very important to have a quiet look on the combination of the material expenses and the personal expenses. The personal expenses you can see are growing absolutely. This is mainly driven by the first time consolidation of our internal production units of nearshoring companies and like for example, Cloud IT as well, which make the net turnover mainly in the DATAGROUP with DATAGROUP market units. When you combine, and this is very important to understand our business model and the sustainability of our business model, when you combine the material expenses and the personal expenses, there we were able to make a change between external experts and to hire them on our own side. When you can see, when you count together the material expenses and the personal expenses, you can see they are declining instead of the past year, which made the effect that we're able to increase our EBITDA from EUR 37.4 million to EUR 39.4 million. What we can see beside this, and this is what Andreas just has explained, that our EBIT of EUR 20 million in the past year, we were able to over proportional increase to EUR 22.8 million. This means more than or roughly 14%. The financial result still remains and keeps on a low level. Beside this, and this is extremely interesting for us, is the EBITA. That means that we show our EBIT without the depreciation of our purchase price allocation, which is the result of our anorganic growth strategy. When you look that we were now able to increase our EBITA beside our goal of the EBIT from 9% and the EBITA, and this means this is quite the amount and the account you can see the really strength of our business is more than 10%. This means that we are able to increase the EBT as well, and the net income, which is the same like the EPS with 15.4% or nearly 20% in total. Let us now have a look in our balance sheet and in the accounts we can see there. Our balance structure is still very stable. You can see our goodwill development, especially driven by acquisitions of the past year. There, the systemzwo, what Andreas just had explained, is not included. What you can see is that the combination between non-current liabilities and the current liabilities, the amounts in total are nearly the same. That means, and this is very, very important for us, that we have a sideway movement in the net debt. This. Hello, welcome back. I'm sorry. Welcome back. I'm sorry. Was this- Was this- I'm sure a technical problem. I'm sure a technical problem. Mm-hmm. Mr. Baresel, we can hear you again. Would you like to continue? Yes, I, the audio is fine again. I would again hand over to Oliver. Okay. Now, I would suggest we will just start. Sorry for the interruption, with the statement of the balance sheet ratios for the first half year, 2022, 2023. What you can see is a very stable development of the balance sheet. We just increased our goodwill. This is due to the acquisition of the past year. The acquisition of systemz wo, which Andreas Baresel just showed you is with the first consolidation of the 1st April of this year, no part of the balance sheet figures for the first half year. When you make in total the non-current and current liabilities, we were able to hold them on a same level to the previous year. And this is very, important to see and, to, to show that we were able to, let the, the, the movement and the, the net debt in this, despite the investments and acquisitions on the same level. The net debt and EBITDA ratio is with one point four, a very, very good, very good amount. and this allows us, to have many firepower for further organic and, inorganic growth for the future. Very proud we are on the development of our equity ratio, uh, which rise from, uh, twenty-three point seven to twenty-eight point four percent. And, this is, very, important for us and, the balance sheet total amount, rose, due to the goodwill I've just, explained. You know, we are very focused on everything what's is around on the, on the cash flow statement. There you can see that we have still a very, very solid cash flow from our operating activities. This is with more than EUR 28 million very strong and shows the strength in our business model and in our strategy we just bring to the market with DATAGROUP. What did we have done with our cash flow from what we have earned? We invested it, and invested it mainly in the outflow from acquisitions, you can see with EUR 43.8 million. Beside this, we invested in our infrastructure for onboarding the CORBOX deals we just realized and get the order in the past year and to be able to board them on very in a professional way. Beside this, you know, the cash flow from financing activities is nearly on the same level, so that we have a very stable change or not change in the cash and cash equivalents, and we were able to finance us with our money, which we earned from our business. Let us have and who are with us since several years, when you look on the long-term view of our EBITDA development, you can see that we stabilize the EBITDA margin. Meanwhile, since more than four years with more than 15%. This is very important to see that the more than 15% we realized since two years without one time special effects from acquisitions. There we have some effects which we could realize and which will be shown in the EBITDA margin. Meanwhile, we can show it in our operating EBITDA margin, and this is a quite good and stable development. Beside this is very important, this is very important for us as well, is that you can see a development from our customer side that they can be managed with a finance lease. Finance lease is not shown in the depreciation, it's shown in the material and other expenses, so that the development could be compensated with better margin in the sales. The other development as well, there you can see what I've just explained, when we made the strategy to bring our CORBOX to cluster for the banking insurance sector, three years ago, to the start that there you know we had many costs for CapEx to invest in these structures and our CapEx investments now came back to a normal level. You can see we have declining depreciation, which brings us a very good and stable business in, especially in the past year, 2021, 2022, with more than 8%. What we have just explained is that we are now able to realize more than 9% in the actual fiscal year, the first half year. Therefore, to explain what's our business model and our organic and inorganic growth, we just want to show you the EBITA. The EBITA we just realized in the past year with nearly EUR 15 million and then a percentage of 9.7 to the revenue stream is now more than 10. It's in the first half year, 10.6%. This shows the operating power we have just realized in our business model in the first half year of 2022, 2023. We just saw that the slides were not continuing in the transmission. Let's check again. Let's change this. Okay. Sorry for the technical problems we've just had. As you can see, it's the system which we use in several times, we didn't ever had problems with this. I think the traffic of internet is meanwhile very high. I think we can answer every questions and you can see and we will deliver later on a presentation. The presentation we just held or hold here, and you can see everything. We maybe not always be able to show you on the screen. Sorry for this. What are the measures to achieve our objective, our objectives? The measures to objective to achieve these objectives is what I've just explained with the with the bridge of. Sorry to interrupt. The slides are still not viewable. Okay. maybe you change to your place again. Okay. I try to fix it here. Okay. We will see. Sorry for the technical problems. We have a problem with the provider, and the connection broke down, and therefore, also the slides were not following the presentation. We can just check again and go out here. Okay. We should be able to see the presentation now. Could you please tell me which slide you want me to switch to? All right. Could you tell me which slide you want to switch to? The last slide, we have to just explained what are the measures to achieve our goals. It's, I think, two further. No, one further. Okay. The measures... One slide before, please. The measures to achieve our objective is what I've just explained, and this is the difference between the EBITDA and the EBIT. This means the reduction of our CapEx. The reduction of our CapEx forces the reduction of the depreciation. This means that the difference between the EBITDA and the EBIT becomes smaller and our profitabilization is quite good. What we are doing as well is, you know, the profitabilization of currently underperforming subsidiaries are developing as we planned, we are still in a good mood there, we will working very hard on it. This is the profitabilization we have as a second pillar on our measures. What we do as well, and this you have just seen, and Andreas Baresel explained it from our transformation of the non-CORBOX business into long-term contract volume. This means that we especially brings the revenue stream we make from normal production and for normal goods and sales of selling goods to long-term CORBOX business. This transformation to long-term revenues will especially force us and brings us to a better profitability. What we are doing as well is, we know our centralized production model, the centralized production model allows us to bring more digitalization and automation in our own services. This is one of the most things we have now just seen with the companies we just have in our own group, like Almato, to automate these our production model and to make our own service more efficient. We are with some technical issues on our side. Sorry once more for this on the end of our presentation. I would now open the stage for further questions. You can now ask any questions you have. Please use the hand symbol or type your question into the question box. The first question we have is from Mr. Knut Woller. It's what makes you optimistic to accelerate growth in the second half of 2020, 2023? Looking at the order momentum in 2020. In the first half of 2022, 2023, should we expect accelerating growth in 2023 and 2024? Okay. I think, Andreas, do you want to answer or should I take the turn over? I think Andreas is still not online. What we have just seen is that I've just explained that we didn't have the acquisition of Andreas of the systemzwo. These are some effects we just expect on the H2 year of 2022, 2023. The effect we have just explained with especially principal agent, we have to verify which what's the effect for the fiscal year, 2022, 2023 in total. I think, you know, we are looking for a challenge and I think in the past half year we have in the past fiscal year seen that the revenue streams are higher than in the first half year. We will see where we can settle on. For us, very important is to be focused on the profitability of the companies, stabilizing and bringing our EBIT goals into our P&L, and especially beside this, our cash flow statements. There, we are optimistic that we are in a good mood. His second question is on the M&A update. Are prices becoming more reasonable again? Should we expect M&A to become a more noticeable contributor to growth again going forward? Okay. I would say that the EBIT multiples are still on a high level, but it remains a little bit more. You can see that in the past, I would say five, six years, the EBIT multiples rose from, I would say three up to four, meanwhile to a level between six, eight and sometimes, and this is what we can see as companies which are with a known revenue stream, with about EUR 50 million. There we are often in a competition with private equities, and private equities are still active in the German market. I would say we see a little bit more stabilization in the EBIT margin. We are focusing on the strategic fit for DATAGROUP, and what we can take as synergies, for example. Then, we have to combine the price for the company with our own expectation, what they can bring for our profitability on the long term. Maybe to add, there we are, we are also expecting a decline maybe in the upcoming years again. You're right. We hope that we can see a bit bigger part of growth from an inorganic sector. Like Oliver said, at the moment, we have to look quite closely to the, to the targets and the pricing effect, if it's worth worth buying. What you can see is that, we got more targets than one year before on our table, which we can analyze and choose if it's interesting enough for a red flag due diligence for our internal M&A team. You can really see that the M&A pipeline is growing for us. Next up we have Mr. Andreas Wolf. Hi. Good morning, everyone. I have a question on the revenue development. You've already mentioned the IFRS 15 impact. Was this in H1, the EUR 5 million or only in Q2? If I look at the reselling/hardware revenues, it seems like it was a Q2 impact. Maybe you could clarify this. On the impact from vaccination centers and from the transition from time and material to CORBOX, what was the revenue impact associated with those two impacts in your P&L? It would be helpful to understand what the volume was of the vaccination centers last year, whether it was a Q1, Q2 revenue, and what the volume was. Thank you. I maybe will answer it in total. I think that's are the main pillars which we have which we have changed into our CORBOX business. This is what you have said, the principal agent. This is, for example, the vaccination centers. On the other hand, we have the transformation from companies from their domestic sales before they join a DATAGROUP to our CORBOX business. In total, I would say that will be roughly EUR 15 million in the first half year. I'm not able just now to bring it to the first and the second quarter. In total, I would say we have overcompensated roughly EUR 15 million from expected declining revenue to our CORBOX business. When you look on our really, I would say, organic strength, we must see what we have just switched from these effects to our CORBOX business. Okay, thank you. Maybe to add. Yep. Maybe to add one part here. Part of this transformation is also, and that's why it's difficult to really calculate it, that former acquisitions like you might remember the acquisition of Harvest from Maybe I would answer it in total. I think that's the main pillars which we have changed into our CORBOX business. This is what you have said, the principal agent. This is, for example, the vaccination centers. On the other hand, we have the transformation from companies from their domestic sales before they join a DATAGROUP to our CORBOX business. is what you have said, the principal agent. This is, for example, the vaccination centers. On the other hand, we have the transformation from companies from their domestic sales before they join a DATAGROUP to our CORBOX business. is what you have said, the principal agent. This is, for example, the vaccination centers. On the other hand, we have the transformation from companies from their domestic sales before they join a DATAGROUP to our CORBOX business. In total, I would say that will be roughly EUR 15 million in the first half year. I'm not able just now to In total, I would say that will be roughly EUR 15 million in the first half year. I'm not able just now to bring it to the first and the Q2. In total, I would say we have overcompensated roughly EUR 15 million from expected declining revenue to our CORBOX business. When you look on our really, I would say, organic strength, we must see what we have just switched from these effects to our CORBOX business. bring it to the first and the Q2. In total, I would say we have overcompensated roughly EUR 15 million from expected declining revenue to our CORBOX business. When you look on our really, I would say, organic strength, we must see what we have just switched from these effects to our CORBOX business. bring it to the first and the Q2. In total, I would say we have overcompensated roughly EUR 15 million from expected declining revenue to our CORBOX business. When you look on our really, I would say, organic strength, we must see what we have just switched from these effects to our CORBOX business. Okay, thank you. Maybe to. Yep. Maybe to add one part here. Part of this transformation is also, and that's why it's difficult to really calculate it, that former acquisitions like you might remember the acquisition of Harvest from Maybe to add one part here. Part of this transformation is also, and that's why it's difficult to really calculate it, that former acquisitions like you might remember the acquisition of Harvest from That's what we are also reporting on a yearly basis, how is our core business growing, because it's always a part of growing after transition. We will see it at the end of this fiscal year, which is the additional CORBOX core part of this year's growth. Okay, thank you. The IFRS 15 impact, it was in H1, the EUR 5 million, right? Or Q2? H1. Okay, thank you. I have another two quick questions. The EUR 30 million CORBOX revenues which you won, or not revenues, but business which you won. Over what time period will this materialize? Is it basically the contract time period of, for example, five years? The second is on the CapEx. What should we expect for the whole year? Thank you. Maybe on the first two questions, I'm not sure if I got you right. Our ambition is to have EUR 10 million-EUR 15 million on a yearly basis from the two areas, new customers and cross and upselling. In total, that will be EUR 20 million-EUR 30 million, and we are in a good track the year. The typical contract period of these additional contracts we won up to now in the first half year, I think it was something like four years, a bit more, because each contract is different. There are some three-year contracts, but also at least one five-year contract. The average would be around four- years. That's part of the model to win these customers and having this revenue after the transition period safe for the next, in average four years, and get some other additional CORBOX customers next year. As I said, we are now receiving the revenues from last year's CORBOX wins. Sorry, the second question was on CapEx, I think. Yeah, the number we should expect for the full year. I think what we have just explained in the past is that, we expect roughly, 3% of our turnover. It can be between, I would say, EUR 12 million and the maximum EUR 15 million. In the first half year, you have seen some investments in our own infrastructure for getting more, I would say, powerful and, with our own data centers and data center infrastructure, because the volume we just, won in CORBOX business, you've just, said, will be onboarded now, and therefore we invested in our infrastructure. We are not in a way that you have seen, three, four years away. We are good with EUR 12 million up to EUR 15 million, I think. Okay, great. Thank you. The next question is from Woller. Thank you for taking my question. Maybe in regard to customer behavior, can you see any change there? On a broader perspective, how do you expect the macroeconomic dip for DATAGROUP in the coming years, any positive or negative effects, you might be facing? In terms of customer behavior, I would answer there's no big change. Of course, the content, the technical services are continually changing. We are working here with highly innovative services. The content and the technology itself, of course, it's changing. The basic behavior behind the advantages out of managed services to have a provider as a one-stop shop, especially for mid-sized companies, we see still a very big demand for this company who decide for this and to go for this and bring their services to the market. There's no change out of our point of view. Even if technology and architecture, of course, is changing. For example, all customer situations are today hybrid situations. You have part of the workload in the public cloud, in the clouds of the hyper-scalers like Azure and AWS, and we are providing our services on top of these platforms, and beside this in our own CORBOX clouds, so that's what we call hybrid setup. That's kind of a change we have here. In the overall ambition to decide whether I am sourcing selective services or full service set, we don't see a bigger change there. Concerning the negative or positive effect in the future, in our opinion, and I just named it before, we are working quite hard on really integrating the teams from former acquisitions to have the capacity of experts to grow our business. That's because of a lack of experts on the market. If we take this situation to our customers, we see as a positive effect that only because of the lack of experts, today it's a reason for going into outsourcing. In the past, it was more a cost factor or things like that. Today, it's only the situation because I, as a company, I don't find the people anymore in myself, and I bring the services to the market into outsourcing, for example, with CORBOX services, as DATAGROUP. A bit of a comparable situation we have with the situation around security. There it's even more challenging to find the right experts, not only to run your own IT, but even to make it secure. There are two examples where we see more positive effects in the future on our kind of business that especially the mid-sized companies will decide more and more to source managed services like the CORBOX portfolio because they have no other options, and they have to focus with their own staff on really their business-specific digitization needs. Thank you. Maybe as a follow-up question, if we take a look at up and cross-selling, is there also a transition phase, or how quickly can you realize those order intakes? With the up and cross-selling, we divide it with these two words. We call it up-selling if we sell additional CORBOX services. Depending on the services, they also have a transition period. For example, if you are doing the workplace support for a customer today, and he decides also to give you the data center services, of course, there's a similar transition, maybe not as long as with a new customer, but nearly before you can really you have transition these systems to our CORBOX Cloud platforms and before they start running. For up-selling, you have a transition phase, but we also see at the moment a good demand on what we call cross-selling, and that are more additional projects and solutions. Not additional CORBOX services, instead additional project services and solutions. For them, we can bring them directly to revenue because these projects in this type of one-stop shop, the customer is typically asking us first if we can provide these projects to him, and they become a revenue directly. Of course, the advantage of upselling is as soon as you provide additional services, and that's our real focus, you have an additional period of several years for these services. The projects and the solutions is more short-term business for maybe 12 months, as long as the system is running, and then other projects are coming. For the upselling, so additional CORBOX service, that's our focus to look really to get the full share of the run wallet of the customer. Every spend he has for running his IT, we want to win for the CORBOX. There, yes, you have also a transitional period. Thank you very much. Next up, we have a question from Mr. Tim Wunderlich. Could you please quantify the decline of revenues coming from vaccination centers? How much revenue from vaccination centers were achieved in the first half of 2022, and how much is it in the first half of 2023? I think, therefore, you have to compare the past year with the actual year. The vaccination centers in the past year where we had them still through the end of December of the calendar year 2022. They haven't been a flat rate for vaccination centers. You have just seen that the COVID pandemic has declining more and more. I would say that in the H1 year, we just had roughly EUR 3 million turnover with vaccination centers, which are still down since the 1st of January. I would say in the past fiscal year, compared with this, we lost about EUR 5 million-EUR 6 million instead of this. In the summer month, in 2022, 2021, 2022, they made only short sales because vaccination centers were always active between, I would say October until March, and that's it. I would say the effect in the turnover is just explained as roughly EUR 5 million-EUR 6 million less than the past year. The next question is, could you please explain the drivers why gross margin is increasing? Is it only the back of declining purchase services? No. What I've just explained is that our margin increased because in the past, when you grow, you have to fulfill it with technical staff and with experts. When you are not able to hire them, you have to go to the market and to acquire external specialists. They are shown in the material expenses. You know, they are normally. More expensive because the period we can use them for our projects is very short. This is one of the main effects we have just had instead of the first half year of the past fiscal year, that we were able to look for the experts we look for and to hire them from the market to our own staff. This is why the cost of the personal in the absolutely raised on, but we more than overcompensated with material expenses. Step one. Step two is that we are just focused on the possibility where we can optimize services. There we will be focused for the future as well. There we see a lot of potential to be more profitable in which we use the technology we have in our own companies like Almato, which we use very strong and intensive for developing solutions for our own production possibilities in DATAGROUP. The next question is: What makes you confident to reach this year's guidance? What do you want to explain the revenue stream? I would explain it with a bit. Yes. What makes us confident? If you look on the first half year, we have now this EUR 251 million. We will have additional effects by the acquisition of systemzwo. Typically in after the summer phase, and we will have still some transitions to start running now, as I said. For example, last year's customers, the exhibition company, they just started. We will probably see an increased revenue, also a little bit from these effects. As Oliver said, the IFRS effects come in the addition this year that was later than we gave the guidance. I would say, what makes us confident, it's quite challenging this year to reach the guidance. Like we said, we would at least reach EUR 520 million. We are still confident that could be feasible on the revenue level. On an EBIT level and the earnings level, we are quite more confident because this negative effects from transforming revenues or the IFRS effect, they have all more or less no impact on the results. That's the reason why we are quite confident to really reach our guidance concerning the EBIT and the EBITDA guidance. As you see up to now, we are in a good way here. I would summarize this way. For the revenue, it will be challenging, especially because of revenue transformation and IFRS effects. For the EBIT level, we are quite confident to reach the same level of guidance and the detailed numbers we gave in the guidance, even if the revenue would be maybe a bit lower. That's where our focus is. We are not doing the job for getting more revenue. We are doing it to get to earn EBIT. Next up, we have a follow-up question from Knut Woller. When do you expect DGBit Düsseldorf and DATAGROUP Ulm to be on the group level in terms of profitability? For Ulm, I would say the acquisition of Systemzwo was a very big step into this direction. I would say next fiscal year, we will see in Ulm, where we have in total then approximately a revenue of nearly EUR 30 million. We will maybe not see the full DATAGROUP level, like 9% EBIT, but quite close to this because of course, the combination with good, very good customer access from System 2 and the delivery ability from DATAGROUP in total, but also with the experts in Ulm, we found a very good setup there. It's of course, still necessary after joining them just beginning of April now to get these things together the rest of this fiscal year. I think next fiscal year we will see nearly the DATAGROUP level in this area. A similar situation we have in Düsseldorf and overall with our banking cluster. We have made very good progress on a production and service quality level there and also with the profitabilization of the customers. We are just negoti- with one of our main customers, and I think there we also will see another big step into more profitability in the next year, 2023, 2024. Also not on the full DATAGROUP level. I think it will also take another year as they are to reach nearly this level, because these customer situations, they are more complex, but on the other hand, they have much longer contract periods. These contracts are many of them running into 2027, 2028, partially. Also we have a bit more timeframe where we can do this process. We are happy with the progress we made this year. Some important steps are upcoming at the moment. At the moment, we have no further questions. If you would like to ask a question, please press the hand symbol now or type your question into the question box. Maybe one comment shortly on our technical issues. Sorry for this. As I said, the connection to the provider broke down, and we just found out during Oliver's presentations that the slides were not flipping anymore. Maybe, as in the past, the slides are available on our website for download. The four slides, maybe, which were short, the cash flow slides and the slides about EBITDA, EBITA and EBIT, you can again access them downloading the presentation. I hope you still could follow Oliver's explanations concerning this and have a look on the slides later on. Sorry again for this. We have no further questions. I would like everyone for attending. Mr. Baresel, do you want to say the final words? Yes. Thank you. Thank you everybody for joining, and also thank you very much for the detailed questions. I hope you found good answers and, as I said, if you download the slides later on, have again a look. Sorry again for the inconvenience. Yes, we are both happy to meet you again for the Q3 numbers. We will be quite closer then how things are going on. As we said, we are very confident and also very satisfied with the development of the group up to now. I think that will continue win in Q3 and Q4. Getting also very successful overall fiscal year, especially in terms of profitability and earnings. Thank you again and hopefully see you soon next. Bye-bye.