Welcome to today's earnings call of the Knaus Tabbert AG. The reason for Today's Earnings Call is the Presentation of the Half-year figures of 2023. The CEO Wolfgang Speck, CFO Carolin Schürmann, and Manuel Taverna from Investor Relations will speak in a moment. We're looking forward to the presentation, and with this, I hand over to Wolfgang Speck. Thank you. I warmly welcome you to our reporting on today's publication of the half-year results. Ladies and gentlemen, this morning, Knaus Tabbert published a set of results that impressively confirms the strategy we decided on just over two years ago. EUR 387 million in revenue and an EBITDA margin of 9.6% demonstrate what we have always been convinced of: the strength and the potential of the Knaus Tabbert Group. If you look to the entire first half year of 2023, we can report today on a truly impressive development. With revenues of EUR 754 million and an EBITDA of EUR 70 million, we have shown that our investments and our chassis strategy are having full effect. With confidence in our strength in the European caravanning market, we have stuck to our employees in 2022, and even continued to recruit, qualify, and train them, despite production stops due to a shortage of materials. Yeah, EUR 754 million in revenue in 6 months, it had taken us a whole year to achieve this in 2020. EUR 70 million EBITDA in the first half-year, we needed 12 months in 2022 to merely get close to this number. In other words, we are on a solid, healthy, and sustainable growth path. Our order backlog still amounts to more than EUR 1 billion, and this gives us planning security until 2024. Ladies and gentlemen, thanks to the decision to broaden our chassis portfolio and significantly increase capacities, our Group brands have also impressively secured top positions in the registration statistics. Nevertheless, we did not want to be satisfied with what we have achieved so far. At our Capital Markets Day on June 14th and 15th of this year, we presented in detail where our journey is to take us. Allow me to summarize the key data of our planning once again. For the period 2023 to 2027, we are aiming for average annual revenue growth of 16%-18%, and are thus heading for the EUR 2 billion mark in terms of revenue by the end of the planning period. We also aim to sustainably raise the EBITDA margin above the 10% mark in the medium term, primarily through economies of scale. Shareholders should continue to participate in the success of Knaus Tabbert, and we are therefore focusing on community and to continue the plan, distribution of around 50% of consolidated net income as a dividend payment. Dear ladies and gentlemen, part of our process, part of our success, is our rental platform. Meanwhile, with more than 400 partners, as well as its digital rental brand, RENT AND TRAVEL. For many potential buyers, the rental market is the entry point into the world of caravanning. The figures confirm this. As of June 13 end of this year, 2,701 vehicles were available for rental through all RENT AND TRAVEL channels, and bookings have increased by 17% compared to the previous year. Some words on our chassis strategy, which leads us to the next slide. A key pillar of our current development is the new variety of chassis options. This new variety of chassis has restored Knaus Tabbert security of supply in the last 3 quarters. If you look at the current split in the premium segment, we can justifiably say that vehicles on these new chassis are indeed in high demand. More than half of all units delivered to the dealers in the first six months had a chassis from MAN, Volkswagen, Mercedes or Ford. It's precisely this diversity, coupled with a high level of acceptance among dealers and end customers, that has enabled us to continuously optimize the product mix over the past 12 months. At the end of the first half of 2022, the proportion of motorized units, that means motorhomes and camper vans, was still just 35%. Today, at the end of the second quarter, 2023, at an impressive 62%. Talk about end customer mass and acceptance. An important aspect of demand and customer satisfaction, in addition to other factors, is undoubtedly the availability of vehicles for the dealers or the delivery time of the preferred vehicles. In this respect, the order back-backlog in the last quarter provided a solid caution with a high degree of planning safety, but also led us to significantly longer delivery times due to the restrictions in production. In some cases, customers even had to accept waiting times up to 2 years for their vehicle. This has meanwhile normalized to less than 1 year. In order to meet the continuing high demand for our products, we have invested in capacity expansion at virtually all our locations, and the new superstructure production line in Jandelsbrunn is currently in its test phase, and will start production at the beginning of next year. A second production line in Schlüsselfeld, as you know, the site of group brand Morelo, is currently under construction. With increase in capacity, we were now able to work off old orders and the current backlog, order backlog of EUR 1.2 billion impressively reflects the continuing high demand. Just to illustrate the momentum, the order backlog has decreased by around EUR 100 million since June 13th, 2022. In the same period, we have invoiced or announced EUR 1.3 billion in reporting in terms of sales. In this respect, we can assume, and this is a positive signal for, for dealers and customers, that delivery times will normalize, thanks to our investments. Ladies and gentlemen, as you can see from this slide, all these measures have left, have left clear marks on the registration statistics in Europe and Germany. Whereas just over a year ago, we had to be pleased with the midfield of the European charts, and today it is the top positions that we have to defend meanwhile. We do this with innovative products, state-of-the-art production facilities, and a motivated and qualified team of now more than 4,000 people at four production sites. All our employees make their unique contribution to making dreams of natural, sustainable living in their own mobile homes a reality. Yeah, hashtag van life, where, whether baby boomers, millennials, Generation X, Y, Z, everyone dreams the same dream of freedom and self-determination in harmony with nature. At Knaus Tabbert, we develop, we build, we sell products that allow you to live this dream. Yeah, speaking of dreams, increasing revenues and results, our valued shareholders should not only dream about this, but they should also experience it. My esteemed colleague and CFO of Knaus Tabbert, Carolin Schürmann, will now tell you how dreams come true in the world of finance when she explains the quarterly and half year figures of Knaus Tabbert in more detail. Thank you, Carolin, please, your stage. Thank you, Wolfgang, and a warm welcome also from my side to the H1 and Q2 Knaus Tabbert earnings call. I pick up on Wolfgang's theme of dreams. The results of the first half-year, 2023, are numbers that a few years ago, Knaus Tabbert was dreaming of, and due to proper planning, product innovation, and hard work of the entire Knaus Tabbert team, we are now able to present to you those numbers. They represent an all-time high for a first half-year in Knaus Tabbert's history. Today, I would like to walk you through our detailed results. With the continued availability of chassis, we were able to generate a record half-year result of EUR 754.2 million in net revenue, which represents 68.6% above last year's period. The driver of the growth was, for one, the product mix shift towards higher priced motorhomes and camper vans. Secondly, inflation-related price increases that we had to pass on. Thirdly, volume increases due to higher production capacities and the available chassis supplies. When looking at the units, we sold a total of 16,580 leisure vehicles, whereof 57% were motorhomes and camper vans, and 43% caravans. As already mentioned by Wolfgang, we were able to align our capacity output to the underlying market trends, pointing towards a growth in motorized vehicles, and were able to gain market share with our innovative premium and luxury vehicles. The adjusted EBITDA developed favorably alongside the increased net sales and plant utilization, and reached EUR 69.7 million, considerably above last year's adjusted EBITDA of EUR 25.5 million, which was impacted by chassis shortage and the related plant underutilization. The adjusted EBITDA margin increased to 9.2% and is 3.5 percentage points higher than the first half of the last year. Next page. On the next slide, when looking to Q2 specifically, the net revenue amounted to EUR 385.7 million, thus remarkable 71.6% above prior year's Q2. We sold 8,275 units in total. The ratio of motorized vehicles was at a high level of 62%, and thus a key driver for the net revenue, but also for the adjusted EBITDA of EUR 37 million. Adjusted EBITDA margin of Q2, due to a favorable product mix of higher margin vehicles sold, resulted in 9.6% and was considerable 5.5 percentage point higher than Q2 in 2022, which was highly impacted also here by the chassis shortage last year. The breakdown in revenue by segment for the first half year shows that EUR 660.7 million were contributed by the premium segment, and EUR 87.5 million by the luxury segment through our luxury brand, Morelo. As Wolfgang mentioned, we are investing this year into a second production line at the Morelo site in Schlüsselfeld, so that we can meet the demand for the vehicles and reduce waiting times for the Morelo customers. When looking towards the detailed net revenue by product group, caravans are with EUR 150.8 million at comparable levels of prior years, as we used our flexible production capacities and recent capacity increases to catch up on motorized vehicles. The increase in revenue happened mainly in the category of motorhomes, with EUR 426.7 million, and campervans with EUR 164.8 million, which are in average higher priced than caravans. Compared to the prior year period, we more than doubled the motorized revenues and output, showing that our capacity strategy and keeping our valued personnel on board last year when production utilization was low due to missing chassis, paid out this year. The operating cash flow amounted to EUR 36.2 million, resulting from the net income of EUR 38 million, which was absorbed by working capital, mainly driven by inventory increases for chassis and finished goods, such as trade fair vehicles, in preparation for our largest trade fair approaching end of August, the Caravan Salon Düsseldorf. We hope that you will use the opportunity to join us there, invite you to have a look at our innovative product portfolio. Other effects, such as non-cash items, counterbalance this effect. The investing activities, especially for the final steps for our capacity increase in Jandelsbrunn and the progress in capacity increase at Morelo, required approximately EUR 22.4 million in cash flow in the first six months of this year. A free cash flow of EUR 13.8 million remained at quarter end. Due to a further increase in the total balance to EUR 648.8 million, main driver being inventories, the equity ratio stayed stable at 26.3% compared to year-end, and is in line with the financial KPI we agreed with our banks. The net debt balance increased slightly to EUR 204 million, and the net debt ratio improved further favorable to now 1.8 from 2.8 at year-end. That's well below the 2.75 net debt ratio as one of our standard bank-related KPIs. The H1 2023 results continue to be in line with our, with the full year earnings guidance published on March 31, 2023. As already mentioned by Wolfgang, the management board confirms and maintains its full year earnings guidance. In summary, the management board of Knaus Tabbert AG expects strong revenue growth for 2023 compared to the pre-previous year, and an adjusted EBITDA margin ranging between 7.5% and 8.5% for the 2023 financial year. However, this requires an easing, obviously, continued easing of the supply chains, and consequently, the availability of components and other materials in line with the carefully considered planning premises. Obviously, also, the overall economic global environment needs to be in line with our assumptions. With that, I conclude basically our presentation. Thanks for listening in, and we are now available, available for questions. Thank you very much for your presentation. We will now move on to the Q&A session. For a dynamic conversation, we kindly ask you to ask your question in person via audio line. To do so, click on the Raise Your Hand button. If you have dialed in by phone, please use the key combination star nine followed by star six. If you do not have the opportunity to speak freely, you also can place your questions in our chat box. We will start with the questions from Tim Kruse. Please go ahead. Yes, good morning. Thanks for the presentation, and congratulations, Caroline and Wolfgang, on those great numbers. Two questions from my side. Firstly, on the order book, great that you could actually increase the order book again. I presume that comes largely from the new model year you presented. Can you shed some light, Wolfgang, maybe on, on the mix of the, of the order book, and if you have or if you are planning also to switch some backlog orders to the new model years, to the new model year, and if that has additional sales and earnings effect? Then my second question for Caroline, looking at your earnings guidance, I, I struggle to see how you can meet the lower end of your earnings guidance, actually, looking at the first half year numbers and the order book. Maybe you could shed some light if I'm missing something or, yeah, if you could give an update there. Thank you very much. Yeah. Thank you, Tim, for participating this call, and yeah, much appreciated to answer your question. On the order book, I have no specific figures ahead of me in terms of model year groups and segments in that order book. What is an interesting aspect, and I'd like to talk a little bit about that, is the average age of the order book. Of course, I mean, we talked a little bit about that during the past presentations, when we mentioned that due to the lack of Fiat Ducato chassis, that we had customers in the order book who had forced to wait more than 2 years to have their motorhome to be delivered. This average age of the order book that time, so mid of 2022, was roughly 18, 19 months. That was the average age of all orders placed in that order book. Due to the fact that we now increase the capacity output based on the investments we did, we have been able to increase, yeah, the output and then, of course, to lower this average age of the order book at the end of the year, roughly down to 10 months, and now we are roughly at 9 months. In other words, what you see now, this order book has a much lower average age, which helps, of course, to also to decrease lead times for our customers. Also to give you a little bit of a feeling what what is normal in our order book. When, when you look backwards to the years of pre-COVID, for example, 2019, the order book had an average age of roughly three months of all orders. This gives us a little bit impression that we are still not back in that situation, what we saw ahead of COVID, in terms of, yeah, of structure of the order book. I hope this helps a little bit, Tim, to, to get a, a flavor of the, yeah, really perfect quality of the order book we are now presenting. Yes. Thank you. Impressive. Thank you. Mm-hmm. Yeah, to my question or to your question, towards you know, how how you could see or you struggle to see how we could end up at the lower end of the guidance of the 7.5% adjusted EBITDA margin. We guided between 7.5%-8.5%. Of course, we have now obviously a good trend in the first half year of those numbers. The second half year, we typically have some impact of the elongated summer break of about three weeks, and we also have winter breaks, and that really typically leads to some lesser fixed cost absorptions. We also have the Caravan Salon, where we have only invited you already, which is one of our biggest fears, and with that, will also have obviously an impact on fixed cost in that second half of the year. We plan also for some advertisement and dealer days after the Caravan Salon, and which will have some cost impacts. Obviously, we also, with the model year changes that we have now in August, we also negotiate our material costs with our suppliers. We also have to see how that results in this whole inflationary environment, and with that, we still see us in this guidance we gave of the 7.5% and 8.5%. Obviously, I think with the first year, half year results in our back, it looks more promising towards the upper range. Okay, thanks a lot. That would have been my comment on that, but, yeah, okay, then, yeah. Looking forward to- you never- Yeah, looking forward to seeing you all in Düsseldorf. Thanks a lot. Mm-hmm. Thank you very much, Tim, for your questions, and we also received a few questions from Christian Gloor p lease go ahead. You can unmute yourself now, Mr. Gloor. Hi, good morning. I've got two questions, please. My first question is on your presentation. I think it's five, page 5, where you show the market share by vehicle type as per June 2023. I would be interested in the development a year ago. Maybe you can elaborate a bit on the market share gains you might have, you might have actually experienced. I wonder if these market share gains are sustainable, and why this could be potentially sustainable? That would be my first question. Then my second question is to what Tim just asked on your guidance. I understand that you want to play it safe and conservative here, but I wonder, what holds you really back from not having increased your guidance as per today already? Can you elaborate a bit on volume and mix effects in the second half year? Is that pattern going to change somehow towards more caravan versus motorized vehicle? That would be my second question, please. I, I will take your first one, Christian. Thank you for that. Talking about the market shares, I mean, I have not all the detailed figures in front of me, but to give you a little bit flavor, since the German market is the biggest market in our portfolio and which is representing, I would say, roughly more, even more than two-third of our total sales. You look to the motorhome market and you compare the first half year 2023 with the first half year of 2022. The specific figures are delivered by CIVD. In the first half year of 2022, we saw registration numbers of 3,714 motorhomes and campervans in that statistic When you compare that with the first half year 2023, the statistic shows 6,589 vehicles, which in the end means plus 77% increase in volume. When you look to market share in total, because this also is influenced by the other competitor, what, what are they doing? We have been able to increase our market share by 6.8 percentage points, up to 15.9% in the European... In the German motorhome and caravan market. More or less, this is also just in order of magnitude, when we would have a look to the first half year numbers in all over Europe, which are so far not, not available in the CIVD statistics. This also, the question is, what, what is the effect or who, who did we beat? At the end, when you look to the big competitors, without naming them, but everybody's aware of them, I mean, everybody lost market shares within the first six months, and it was just Knaus Tabbert have been able in that size to, to gain additional market shares. The next question, is this, is that sustainable? I mean, in the past, we, we had been the hunter, now we are the hunted. Of course, I mean, the big players in the European market, I mean, they are not sitting, you know, and, and waiting, and looking to Knaus Tabbert, like the rabbit ahead of the snake. No, I mean, they will also try in the coming years to overtake us. But at the end, I would say, again, I have a high level of self-confidence when I look to our portfolio, when I look to our dealer network, when I look to every things, our effort we did in innovation, e-mobility, lightweight. I mean, in at the end, it's a mixture out of all. The main topic to be successful, I would say, is at the end, the right product at the right time. That is when we look to our portfolio, whether Knaus, WEINSBERG, Tabbert, Morelo, or even T@B. I mean, we have everything we need to be successful all in the future. Also, we would like to take the part of the second question in terms of guidance. As Caroline already mentioned, to bring it just in one message. Based on our last year's experience, where we had made a lot of bad experience, delivered from the chassis market, where we had to shut down factories, and just we've been able to use a couple of percentage points of our installed capacity. This was the reason why we said, "Okay, let's stay on the conservative side," even based on these really great results we delivered in the first half year. We said, "Okay, let's wait. Let's see what the Caravan Salon delivers. Let's see what, what's, what's about chassis, what, what will happen in the world? I mean, everybody knows, I mean, we, we still live in a very volatile world, nobody has the ability to, to look to the future. That leads us to the, to the philosophy. Let's say it's a different philosophy compared what we had in the past years, which leads to the philosophy to say, "Let's, let's stay grounded. Be on the, more on the conservative side." Based on, on the, the second part of your question about product mix, no, you cannot expect a bigger change. We presented that on, on, on, on, on some slides, the new mix between, between motorhomes and, and caravans. You saw that's the page number three, that the portion of caravans is meanwhile, when we talk in volume, down to 38%. This will more be, more or less stay at the same level when we look forward to the second half year. Even when you look forward to the coming years, 2024, 2025, 2026. This is our plan to keep that more or less on that level. To support more and more the higher value or higher profitable segment of the motorized leads. Okay, that's-. Yeah ... that's very clear. If, if I can, I have one follow-up, please, on the market share again. I understand that you particularly benefited from the fact that you were much better in a position to supply, because on your successful chassis diversification strategy. Now that supply chains have improved and also your competitors potentially have better availability on chassis, one could think that this market share gain wins to at least somewhat normalize or even reverse. I also understand that you are quite confident to at least maintain market share gains, because on superior product. Is that what your dealers give you as a feedback with regard to your product, with regard to your product over peers? Also, do you see your peers basically applying for a more diversified chassis application or or product offering? Is that the case? I mean, to, to be more specific, I mean, when you look to the, to the Trigano world, I mean, they, they are, they are since years, they are much, have been much more diversified, compared to, to Knaus Tabbert, for example. As you know, Knaus Tabbert was, was, and then but it was a part of a clear plan, by the way, was mainly dominated by the Fiat Ducato. So we had years where Fiat delivered roughly 95% of all chassis, which was good because we had been able to negotiate great prices on, on that volume level. And at that time, Fiat, Trigano, and that is also a little bit a part of the history, 'cause, I mean, this is, is Trigano is a result of a buy and build strategy. Where always when they bought, bought a company, I mean, they, they find a specific mixture of chassis. Ford, Renault, Peugeot and Citroën, everything was already included. As you can see, not, not to the benefit now. Even so, with having access to a lot of chassis suppliers, they have not been able to beat us. I mean, since those numbers are public, I can talk very quite frankly about that, and open. Trigano, the group lost 3 percentage point in market shares within this first six months, and even having access to all of those chassis suppliers. They dropped down roughly from 8,000 registration in Germany, down to 6,900, more or less. And Trigano, and, and the Hymer Group, they lost 1.4 percentage point in market shares, also having access to, to the same, at least the same, chassis suppliers we have. Hymer Group is dealing with Fiat, they're dealing with MAN, with Volkswagen, with Mercedes, and with other players in the market, Ford, for example. What, what is, what is the... I don't know, it's, it's not a secret. As I mentioned, I mean, when you look to our product portfolio, and we had been able to deliver 60 new models on, on new chassis, last year, for the new model year. Also what, what we presented now to the dealers, and most of the dealers are multi-brand dealers, and they deal with Trigano Group, and they deal with the Hymer Group. The feedback we and I personally received from the dealer days, when we presented us, the company, the products, the people, they said there is no company today in the European caravan market which delivers so much power and enthusiasm, and good products, and spirit, and, and support for the dealers and everything. I mean, it's a package of everything, which is at the end, the secret of the success. That is very, very helpful. Thank you very much. Congratulations to the great results. Thank you very much. Thank you very much, Mr. Gloor, for your questions. We move forward with the questions from Ellis Acklin. Please go ahead. You can unmute yourself now. Yes. Good morning, Wolfgang and Carolin. I think it bears repeating from my side as well, well done on the second quarter results. Those are really quite good. If I may just follow up firstly with a question to the product mix. Would you consider the mix we saw in Q2 to be, like, the sweet spot for you guys going forward, or do you see even further upside for a higher motor vehicle component? A second question I would like, if you could please confirm the number of new orders you booked in the second quarter. And then, as a final question, just something on the macro environment. I noticed in your press release that you highlighted the situation in Ukraine as part of your outlook comments, and I was hoping you could be a bit more specific on what you're closely monitoring there and what the potential impact could be. I think that's it. Thank you. Okay, thank you, Alice. On the product mix, you talked to them, I don't know, to talk to us, you said, okay, the sweet spots, that is what the expression you use. I would say it's a good mixture, because, I mean, to have an idea to increase the volume of motorized vehicle, I would say this is not part of the strategy. Then, the caravans, and we are still also successful with the caravans, and we are earning money on the caravans, and caravan is also a stable pillar since years in our product portfolio. For us, it is important, also, to support this segment in our product portfolio. When you look to the e-mobility ahead of us, passenger cars, and co- because I would say we are, we are faster with the, this, metamorphosis from the old world to the new world in the segment of caravans, to, to, to develop products which fits to e-passenger cars than we are, or than the OEMs are in the segment of the motorized vehicle. Also, this is the reason why we are really interested to support at least 1/3, so between 35%-40% of our volume in that segment of, of caravans. At the end, yes, it's, it's a type of sweet spot. We think this is a perfect mixture to, to move forward in, in 2023 and also in the coming years. New orders in Q2, we talk about 3,525 units received so far. Macro environment on Ukraine. Ukraine is just, you know, representing the situation or the world we are, which is, you know, bringing us to new structures in where Eastern world, Western world, interest of the U.S. markets and government. The very aggressive actions we see coming from the Chinese world. The question: What do the BRIC countries do? I mean, everything is involving at the end, not only supply chain issues, but also a little bit, you know, the sentiments and then moods in people even living in Germany. I mean, I've not to explain you a little bit about the last results in elections in, in, in the German world. This, based on that, leads us, again, to, to, to, to stay more on the conservative side, which, I mean, at the end, everybody in our company, in the management board, believes that, of course, we have possibilities to, to beat that to overshoot the, the upper level of the guidance. Again, at the moment, we say that it, it is what it is. We still- Yeah ... stick on that, what, what we, what we demonstrated, or what, what we explained last year, let's see what, what Q3 and Q4 will bring us. I would also like, like to hand up, hand over to Caroline, you know, to... If you are willing to add something, Caroline, please. Yeah. I think- Yeah. Well, Alice, if you-. Yeah. Yeah, go ahead. I mean, I think that definitely, was very helpful and covered the questions. I mean, if Caroline has something to add, more than, more than happy- Because I'm talking so much, so because, I would like to- Yeah. I think, yeah, on the, on the new orders, I think, Wolfgang mentioned the June results we had for the Q2, about 8,800 new orders coming in. That was for these three months that we have registered so far. That, that's just a number that I would like to add on. Yeah, I think, the mix effects of Q2 was a bit impacted by some higher margin vehicles, certain vans that we had. That can swing from month to month, depending on what exact type of motor mobile home we bring into production or camper van we bring in production. This can swing from time to time. That's why you see sometimes maybe a higher margin in one quarter and a bit lower margin in another quarter. That depends a little bit in the within models that we produce. Overall, the product mix, as Wolfgang mentioned, will be more towards what we have seen in average over the 1st half year, also what we expect in the 2nd half year. Okay, great stuff. Thank you very much for the detailed presentation and taking my questions. Greatly looking forward to seeing you at the end of the month. Thank you, Alice. Thank you very much for your questions. Welcome. Just, just a quick reminder, if you do have questions left, you can ask them via audio line or place them in the chat box, and we move forward with the questions from the person who has dialed in with the phone number ended by 632. Please go ahead. You can unmute yourself now. Yes. Good morning, Wolfgang and Caroline. This is Rizk Maidi from Jefferies. Just a few questions on my side. Again, thanks for your time. Number 1, Wolfgang, is just, how do you see the behavior of dealers when it comes to inventory management? I mean, now that you're, they see the benefits of your multi-brand strategy, do you see them restocking? If so, where do you think their, sort of inventory levels are, are, are, are sitting now? Secondly, maybe for Caroline, just the cost of material, which was growing in line with sales. I think at some point you should be able to capture, the lower, commodity price or hopefully lower input costs on, on your end. I was surprised when you talked about how do you see the second half, that you could see, you know, perhaps as you negotiate these material costs with your suppliers, that it could be revised upwards. Just maybe some clarification there. Then lastly, just as a quick follow-ups, maybe if you could just help us with the price increases achieved in Q1 and Q2, and how does that compare with the 6%-8% full-year target? Then lastly, a bit surprising to see your after-sales. I know it's a sort of a small part, after sales, dropping year-over-year. Maybe if you could shed some light there as well. Okay. Yeah, thank you very much. I'm happy to take your question. Yeah, customer behavior, I mean, dealer behavior specifically, was the first part of your question. When we look to the inventory levels, what we see is also type of normalization. You remember that, that we have quite clear view to the, to the financing line of our dealers, which helps us to monitor the, the stock levels, specifically also in the German market. And what we see and what we saw is that also stock level of dealers are back to normal. What does it mean specifically? In the past, we saw usage, the usage of those credit lines of roughly up to 80%, looking to the dealers. That dropped down, during the end of COVID phase and also based on, on lack of deliveries, from our side. Last year, that dropped down to roughly 30%. In other words, just 30% of the credit line the dealers had been able to use because there had been no products, ready to be bought by them. Now we are back roughly, and maybe Caroline can add that later on more specifically, we are back at roughly 60%, 65%, 70%. And that shows a little bit that, first of all, everything is getting back on to normal, to normal. Also, to the benefit to our end customers, 'cause, I mean, everybody knows when you like to, to, to, to buy passenger cars or anything else, furniture, stuff, and you walk into a shop and you like something, and you see that, and then the, the answer is, "Well, but you have to wait two years." I mean, this is not good for, for the whole market and, and the whole image of the caravan industry. This is very, very positive aspect from my point of view, that now when, when people entering the, the, the dealers', POS, point of sales, that they see a meanwhile, a huge selection of, of different cars and brands and a big portfolio to make their choice, and then to be happy to fulfill that, fulfill that dream in short term. To make a long story short, inventories are on the way back to, to normal. I would describe it like that. Now, I would like to pass over- Yeah. To, to Caroline, please. Yeah. Yeah, to be a bit precise, I think we are good on the caravan side. I think on the dealer inventories field, I think there is still room for the motorized vehicles, I think, as we are bringing the output towards the dealers. To be precise on the utilization of the credit lines, obviously also with the product shift, this increases the, the, the dealer financing, just because of the higher priced motor homes that will come to their shop floor. We are now at the end of the quarter, at 71%, to be exact, precise, on the dealer financing side of the overall credit lines. Obviously, you know, that's a continuous process, and we do also look regularly, jointly with the financing banks on the overall credit line that is required for our dealers to also basically represent this shift of product mix. Thanks also again for your question on the material cost. Probably I didn't express myself properly. I think we are in negotiation. As you might recall, we had indicated that we would have or would expect for this year also inflationary cost to a certain amount. I think, as you mentioned, the raw materials came down, so we hope that our purchasing colleagues will be able to negotiate with our suppliers proper prices. We will see the results basically more or less after the summer break, and we'll analyze then what kind of an impact that has towards our guidance and second half year. Then on the after sales dropping, that's something, I mean, it's anyway, not a big part in the Knaus Tabbert portfolio, I would say, of product offerings. It's essentially the spare parts people need when, yeah, they have repairs, et cetera. I would think we, it's, this came a little bit down because we see some shortage also on the dealer side, on their capacities related to their personnel. I mean, they had to ramp up and make the vehicles ready, and I think that's where the main focus was, and probably not so much the repair side. This can change then after the season, I think, towards the end of the year when when the camper vans return from vacation time, I think then typically the season starts again. Yeah, I think. Did, did we miss some other question on your side? Yeah, thanks. Very, very detailed answers. Just maybe on, on the pricing side, the contribution in Q1, Q2, versus the 6%-8% for the Q4. I don't know if you comment on this? The pricing side, you mean, to our dealer prices or, or, and customer prices? Yes, in your sales. Sorry, just the pricing side. Yeah, we had in the beginning of the year, had an increase, depending on the model, of about 6% to 8%. With this model year, we did not have to increase heavily, about probably another percent that we increased one or the other model in average. We tried to not, you know, pass on too much, but it's really a little bit difficult to forecast. We will see now then with the material cost, which are the key drivers, I would say, for these price increases on our end that we had to pass on in order to keep our margin. That was at least in the main effect, or the main price increase happened beginning of the year, but then until these vehicles roll in, that, you know, that needs a couple of months, obviously, when you see it then in your results. We already saw that in Q2 and partly in Q1. Thank you very much. Thanks for your time. Thank you very much for your question. Well, in the meantime, we have received no further questions. We therefore come to an end of today's earnings call. A big thank you also to the management for your presentation and the time you took to answer the questions. Should further question arise at a later time, please feel free to contact Mr. Taverne from Investor Relations or us. Thanks for listening, and I wish you all a lovely week. Goodbye. Thank you very much.