Good morning, everybody. We warmly welcome you to our conference call on the first quarter of 2022. As you all know, we have already published preliminary figures on April 14. So you already know the key data. With today's publication of the full figures, we confirm what we have reported on April 14. As always, I will start with some headlines on the first three months of 2022, and after that, my colleague, our CEO, Thomas Jessulat, then will present the financial figures of the first quarter. After that, I will make some remarks on the ongoing year. Then after that, of course, as every time, you have the opportunity to ask questions, and we are more than pleased to give you answers on your questions. If we look at the past quarter, one topic, of course, dominates. That is the armed conflict between Russia and Ukraine, the war of Russia and Ukraine. The image continues to leave us stunned. I personally would never have believed in such a warlike confrontation in this form in Europe anymore. Our thoughts are, of course, with the victims and the families who are suffering so immensely. ElringKlinger has neither production facilities nor manufacturers as customers in this region. Sales are essentially limited to our Aftermarket segment. It is an important market for the Aftermarket, but it's not the most important market of the Aftermarket. This armed conflict, with all its consequences, affects, of course, the industry in general, but very much our industry, regardless of sanctioned countries. Wiring systems were manufactured in Ukraine, and when they can no longer be delivered, restrict production at OEMs. You probably know that effect, especially wiring systems, are here a topic. We have a problem that, you know, just deliveries are not continuing from the Ukraine. At the same time, also due to the countermeasures to these aggressions, prices for raw materials, energy, and logistics are further rising. Overall, the already high level of uncertainty has tremendously increased. At the same time, the pandemic continues with a new wave in China since the end of March, and the semiconductor shortage is by far not over. We add problems instead of eliminating problems in the supply chain in our industry. Our figures for the first quarter now fall into this environment. We generated revenues of EUR 434.6 million, which implies an increase of 2.5% compared to the previous year, which was caused by exchange rate effects. On an organic level, sales remain more or less unchanged. Compared to the global light vehicle production, which declined by 4.5% within the same period, we have outperformed the market once again, which is always our goal. EBIT came in at EUR 14.1 million, which was below previous year's level of EUR 48.4 million, which included divestment gain and some pandemic instruments such as short-time work, especially here in Germany. Due to the earnings level and an efficient working capital management in the course of the supply chain bottlenecks, we noticed an operating free cash flow of minus EUR 19.8 million. As a result, net financial debt was now at EUR 387 million, below previous year's Q1 level of EUR 400 million. What is really pleasing is the development of the order situation. With a value of EUR 1.53 billion, an unprecedented level of the order backlog has been reached. This is the highest order backlog I remember since the last 25 years I'm here in the company. A pretty good situation. Yes, those are the headlines for the first quarter 2022, and I will now hand over to our CFO, Thomas Jessulat. He is gonna present the financial figures in detail. Yeah. Thank you, Dr. Wolf. Ladies and gentlemen, also a warm welcome from my side. Over the next couple of minutes, I would like to comment on the financial results of the first quarter, starting on slide 4. Orders remained buoyant at ElringKlinger at the beginning of 2022. At EUR 578 million, the group exceeded its order intake reported for the same quarter last year by a further 0.3%. This was underpinned to some extent by, of course, exchange rate effects. As a result, the group's order backlog also expanded further. After EUR 1,186 million as of March 31, 2021 and EUR 1,386 million at the end of 2021. The order backlog as of 31st of March, 2022, totals now EUR 1,530 million. This represents an increase of 29% and 10% respectively. Adjusted for currency effects, order backlog amounted to EUR 1,486 million. Despite the general adversities which have already been outlined by Dr. Wolf, Group saw revenue expand by EUR 10.5 million or 2.5% to EUR 434.6 million. Excluding exchange rate effects, revenue decreased slightly by 0.4 million euro or 0.1%, and therefore remained largely unchanged year-on-year. Based on this minimal organic change in revenue, ElringKlinger once again outperformed global automotive production, which contracted by 4.5% in the first three months according to IHS data. On slide number five, we see the sales performance of the different segments and business units. In the period under review, the original equipment segment emulated its strong performance seen in the first quarter of the previous year. At EUR 335 million, the group generated slightly higher revenue in this segment than in the first quarter of 2021. Revenue was also up on the figure posted in the previous quarter, the fourth quarter of 2021. While the Metal Sealing Systems & Drivetrain Components business unit saw revenue expand slightly by EUR 0.7 million year-on-year to EUR 121 million, the Lightweighting Elastomer Technology business unit increased its revenue noticeably by EUR 6.6 million. Lightweighting Elastomer Technology accounts for the largest share of group revenue with EUR 134 million or 30.7%. In contrast, revenue generated by the Shielding Technology business unit was slightly lower compared to previous year's quarter at EUR 74 million. The E-Mobility business unit saw a slight decline in revenue to EUR 5.3 million in the quarter under review. When looking at the sales split by region, revenue from foreign sales increased in all regions within the first three months. The rest of Europe, which is the region generating the highest revenue within the group, recorded a growth of 2.6%, which was roughly in line with the group average of 2.5%. Revenues in this region increased by EUR 3.3 million to EUR 135 million. Adjusted for currency effects, this increase was even more pronounced at 4.2%. In Germany, by contrast, revenue contracted by 3.1% to EUR 91 million. In the Asia Pacific region, the effects of the most recent wave of the coronavirus pandemic in parts of China were not yet apparent in the first quarter of 2022. With revenue totaling EUR 86 million, this region was 5% up on the prior year figure. Assuming consistent exchange rates, the region came close to matching the level recorded in the previous year with a change of only -0.3%. In the region comprising North America, revenue grew by 3.5% to EUR 104 million in the first quarter of 2022. Revenue benefited from currency effects in the period under review. Adjusted for these factors, revenue would have declined by 2.7%. Let us now have a look at the earnings on slide number seven. Against the backdrop of consistent cost discipline, the direction taken by material related prices as well as higher staff costs had an impact on group earnings in the first three months of 2022. The situation within the commodity markets deteriorated further year on year due to the armed conflict between Russia and Ukraine, higher energy costs and persistent supply chain bottlenecks. In particular, the group was faced with additional costs for aluminum, steel and plastic. It has to be considered that the raw material impact listed here is a net position and also includes, for instance, compensation payments by customers. Staff costs also increased, due in part to coronavirus infections. Moreover, they were influenced by currency effects and general increases in wage costs, as well as one-off effects, such as the revocation of a board member or the employee bonus agreed by the company. In this context, EBITDA fell by EUR 34.4 million to EUR 42.8 million. The group recorded an EBIT of EUR 14.1 million after EUR 48.4 million in the previous year's first quarter. This had included non-recurring factors attributable to the pandemic, such as short-time work in Germany, as well as the disposal of the Austrian subsidiary. Adjusted for these exceptional items, EBIT for the first quarter of 2021 amounted to EUR 34.4 million. The quarter just ended included the following exceptional items, provisions for contingent losses as well as one-off effects within the area of personnel amounted to EUR 8.7 million. As a result of which, adjusted EBIT stood at EUR 22.8 million for the first three months of 2022. Net finance costs in the quarter on the revenue was -EUR 3.3 million, which contrasts with net finance income of EUR 1 million in the first quarter of 2021. While the net interest result of -EUR 1.8 million was better than in the same quarter last year, the net result of foreign exchange gains and losses of EUR 0.4 million was significantly lower than twelve months ago. This was primarily due to unrealized foreign exchange losses. Taking net finance costs into account, earnings before taxes for the first quarter of 2022 amounted to EUR 10.9 million. After deducting tax expenses, which fell by EUR 3.9 million to EUR 7 million and taking into account non-controlling interests, the share of net income attributable to our shareholders amounted to EUR 4 million. Therefore, earnings per share amounted to EUR 0.06. On slide 26, we take a look at CapEx, net working capital and operating free cash flow. At EUR 12.8 million, capital expenditure and property plant and equipment was at a similar level as in the same quarter of the previous year. It included essential purchases made in connection with new ramp-ups at various plants around the globe, and expenditure aimed at aligning the product portfolio with future technologies, such as those of relevance to e-mobility and of course also lightweighting. The investment ratio stood at 3% in the first quarter of 2022, up from 2.7% in the first quarter of the previous year. In response to the tense situation seen within the procurement markets as evidenced, for example, by higher prices for materials and supply side bottlenecks, inventory management was adjusted, appropriately to this situation. Irrespective of this, inventory levels also expanded in view of the group's solid order books, in total up by EUR 66 million year-on-year to a carrying amount of EUR 389 million. Net working capital, which encompasses inventories and trade receivables, less trade payables, totaled EUR 449 million at the end of the first quarter. Its share expressed as a percentage of revenue for the 12 month period was therefore 27.5%, down from 28.5% a year earlier. Against the backdrop of the factors outlined above, the ElringKlinger Group recorded negative operating free cash flow of EUR 19.8 million in the first quarter of 2022. Net financial debt decreased by a further EUR 12.8 million year-on-year to EUR 387 million. It slightly increased over the reporting period as a result of the higher funding requirements for the Group's operating business. The net debt to EBITDA ratio was 2.1 as of March 31, 2022, up from 1.9 a year earlier. Let me now turn to slide 11, showing the performance of our segments. As mentioned above, the Original Equipment segment was able to expand its revenue. In terms of earnings, this segment was affected by more substantial metal-related costs as well as provisions for contingent losses for selected products in response to higher prices for materials. Therefore, EBIT was down on the figure posted for the same period a year ago, which had included a disposal gain in some short-time work instruments. Adjusted for the aforementioned gain on the disposal of the Austrian subsidiary, earnings attributable to the E-Mobility business unit in the quarter were roughly on par with those posted in the previous year. Yeah, sorry, we got interrupted. I will continue with my explanations. We are now still on slide number 11. Yeah, I continue with the description of the Aftermarket segment. In the Aftermarket segment, revenue generated between January and March 2022 amounted to EUR 63 million, an increase of 13.9% compared to the same period last year. From a high revenue base, the segment managed to expand its earnings compared to both the preceding quarter and the same quarter of the previous year. EBIT now totaled EUR 13.8 million, which was attributable in part to consistent cost discipline and the favorable product and regional mix. Overall, the EBIT margin was 21.9% compared to 18.2% in the previous quarter and 21.5% in the same quarter last year. The Engineered Plastics segment was able to increase its revenue year-on-year by 6.6% to EUR 35.3 million. On the whole, this was driven by a broad sector mix in this segment. Business within the medical devices industry and the chemical sector, in particular, generated growth due to catch-up effects and buoyant demand with regard to project business. In addition to revenue growth, continued cost discipline had a positive impact on earnings. Overall, the segment generated an EBIT of EUR 5.6 million, which corresponds to an EBIT margin of 16%. Having said this, I now turn back to Dr. Wolf. Thank you very much, Mr. Jessulat, for the presentation of the figures. Well, ladies and gentlemen, I have already outlined the current environment in my introductory remark. Amid challenges underlying conditions, market continues to be exposed to a high level of uncertainty. Key factors such as bottlenecks within the semiconductor industry, issues surrounding supply chains, and especially the shortage of raw material and placing considerable constraints on the recovery anticipated as measures aimed at containing the coronavirus pandemic are lifted. According to IHS data, the post-COVID recovery of the auto industry will be more or less postponed or will take place at a lower extent. They expected to see a light vehicle production level that will be growing by 4.4% globally, coming from a very low basis. Europe is expected to grow roughly on global average, while China is expected to remain on 2021 level, and light vehicle production in North America should increase significantly. Again, the degree of uncertainty is persistently high, ongoing high, and there are still a lot of risks in our industry and in the economic world around the globe. What does this mean in the short term? Well, we have to navigate through a very difficult, complex, and uncertain environment. First of all, the armed conflict between Russia and Ukraine is associated with considerable suffering and far-reaching repercussions within European territory. In addition to exposing the entire continent to the detrimental effect of economic restrictions. Alongside high raw material, energy, and transport costs, this has also manifested itself in further impairments of supply chains, as well as heightened volatility within the commodity markets. Earnings could be undermined if the Russia-Ukraine conflict cuts off important sources of revenue and exacerbates the existing pressure on automotive industry value chains. In addition, the recent coronavirus lockdowns in China, as well as the possible emergence of new variants and the associated repercussions may have an impact on revenue and earnings. The remainder of the financial year will continue to be accompanied by a high degree of uncertainty. At present, therefore, it is not possible to make a well-founded, reliable forecast for the 2021 financial year. The management board of ElringKlinger AG will closely monitor further developments and provide a dependable outlook as soon as the general political and economic situation makes this possible again. It is not possible right now. Despite all the short-term challenges, it is also important to seize the medium and long-term opportunities. ElringKlinger is very well-positioned to do just that. Our product portfolio is geared towards the rapidly growing demand for alternative drivetrain technologies, particularly in the strategic areas of the future, but also from within the traditional business units. Products are offered for the mobility of tomorrow. As a result, we expect strong sales growth in fuel cell technology, battery technology, electric drive units, and lightweight structural engineering. At the same time, the traditional business areas are transforming. In this respect, the major market potential will be exploited with innovative solutions. With this set up, we aim to grow organically stronger than global automotive production and gradually increase our profitability. Finally, ladies and gentlemen, I will quickly point out the upcoming events in the ElringKlinger Group. In exactly two weeks on March nineteenth, we will host this year's annual general meeting, annual general shareholder assembly. It will be again in a virtual form due to the pandemic situation, which was uncertain at the end of January, when we had to decide if we do it in presence or in a virtual format. The next release of our quarterly figures for Q2 will be on August fourth. I already invite you to the conference call at that day to join us again to when we report about the second quarter. Well, having said this, ladies and gentlemen, thank you very much for your attention. Mr. Jessulat and myself are now happy to answer your questions. Thank you. We have a first question. It's from Akshat Kacker of JP Morgan. The line is now open for you. Thank you. Good morning. Akshat from JP Morgan. Three questions from me, please. The first one on the provisions for contingent losses within the OE segment. Can you just share some more details with regards to specifically what does this exactly relate to? That'd be really helpful. The second question is on auto OE margins. So adjusted for some specific items like staff costs and the provisions, auto OE was roughly breakeven or low single-digit% in margins in the first quarter. Do you expect this to be the lowest point of the year, or should we expect more pressure from cost inflation going into the second quarter? The final question is on E-Mobility. We previously spoke about the ramp-up of sizable series production orders in 2021 going into 2022, especially in the field of battery technology. This quarter you had the lowest turnover in the last 10 quarters. Can you share more details here as well, please? Thank you. Yeah. Thank you for your questions. If I compare, you know, the provision for the losses, which you can see in the balance sheet. Now then if I compare to previous year's quarter, it's EUR 10 million in total increase. There's mainly two components in there. The first component is of course the material cost impact on the product portfolio and the calculation in terms of this position. The second one is let's say a refinement of the method to assess this. This has been also a point of the increase in particular towards the end of last year, which of course continues now in the ongoing accounting. The main impact is material. The other impact is not such a high one. It's related to the cost in our main commodities, of course, you know, aluminum, steel and plastic. Yeah. That has an impact again here on our product portfolio for the provisions for the losses. To your second question, OE margin. Yeah, we had some extra cost here in terms of staff bonus and also provisions here. Do I see this as the lowest point? I say no, because we are still in the, I would call it, in the early phase of the inflation period, and that means that we have to deal with, you know, the higher input prices from a, from a sourcing perspective that translates into, you know, our, let's say, accounting costing with a little bit of delay. Of course, customer compensation here is received, but with a delay. Yeah. As long as we are in this run-up of this inflationary, cost situation, I cannot say today that this is the lowest point. I don't think that would be the case. In regard to E-Mobility, your third question, we had an interruption in one of the plants here, where we produce E-Mobility products based on interruption of production here of our customer, and that is mainly the case why we see here in Q1, you know, a lower sales pace. Now expectation is that in Q2, this plant is gonna be operating again and contributing more than before because we were still in a run-up situation. We'll be contributing sales increase more than we have seen in the past. That would be my assessment here, that I would expect, you know, the E-Mobility share over the next quarters that we see a higher level here coming up. Mm-hmm. Yeah. Is that answering your question? Thank you so much for the details. Yeah, yeah. Just one follow-up in terms of cost recoveries from customers. Obviously, we are seeing very high inflation across key raw materials, as you mentioned, steel, aluminum and plastic. Is there a rough guidance in terms of how much can you pass on to the OEMs and probably in percentage terms? Do you expect 50%, 70%, 20%? Just how should we think about your ability to pass on these cost increases because of all the contract negotiations you have done over the last few years? Thank you. You know, as you know, I'm responsible for sales in the board. The clear order that our salespeople have is to get 100%. We do not, at this time of the year, think about what kind of percentage we gonna be satisfied with. Our clear goal is to get 100% of the increase of material prices. Very clear. Thank you. The next question is by Christoph Laskawi of Deutsche Bank. The line is now open for you. Hey, good morning. Thank you for taking my question. The first one will be a bit of a follow-up to the raw material question and the impact on earnings. I appreciate it's still a very volatile and fast-moving environment, so it's tough to comment. If we assume current spot rates will persist throughout the year Is it fair to say that Q2 will probably see a bigger headwind on earnings than in Q1? In the second half, we should, especially thanks to the pass throughs, see an improvement of this headwind. Related to sourcing in general, are there currently any parts or materials which are in short supply to you specifically, which could cause your production to be disrupted? You highlighted the risk in China as well. Could you provide a bit more commentary around your capacity utilization in the market currently, the volatility of call-offs in that region and general, the trends that you currently see in the short term? The last one will be for a bit more forward-looking. You talked about adjusted EBIT margins again. While you have essentially taken outside KPI in the past. When you will provide a guide, should we expect that to be on adjusted EBIT or stated EBIT margin? Thank you. Okay, let me start with the second question, and then Mr. Yes. Mr. Jessulat is doing one, three and four. We're not really directly suffering from a shortage in supply. Yeah. You know, we have well, one or the other product in the aftermarket. You might know that we have those Aftermarket kits, gasket kits, where we you know buy products like radial seals and dust pan seals and the cylinder head bolts, and we combine all those products with our products in a gasket set so that somebody that repairs an engine has every part that he might need during this you know repairing the engine that it's available there in this kit. Some of our suppliers they have some problems in supplying parts but we have also you know alternative suppliers. We're pretty well set up in the Aftermarket. In the OE business, you know, we only need materials, yeah, for our products. We saw a shortage in steel, but I think we're pretty well set up here. Yeah. What we see is of course, that there are shortages at our customers, yeah. If they are short, let's say, of wiring systems, they cannot build the car. Then of course, they don't build the engine, and then they might not, you know, get the parts from us or need the parts from us, at this time of the day. Yeah. That also explains the high auto backlog of EUR 1.5 billion, that they put all their demands in the system, but they don't really ask for the parts then in the short term. Yeah. Indirectly, I would say we are affected, but not directly. Yeah. To your first question, on the headwinds in Q2, I would clearly say yes, there's more headwinds in Q2 that I would expect. They, you know, when we look at material from the one side, then we also have an overlay, of course, of effects coming out of China. Yeah. We have seen business interruptions in China. Our plants now operate, they do operate, in fact, but on a limited basis. As we all know, there is shutdowns, you know, of customer plants in China, and there is also a shutdown of you know, logistics elements of the logistics chain in China, such as ports and also local transportation. This is clearly also an overlay going into Q2 that we have to deal with, yeah, from a group mix. You know, in regard to adjusted EBIT margin, I would not say this is a principle. You know, we have done it here when it helps to explain the situation. It's not the intention as of today, you know, to change, to adjust it, EBIT reporting. Yeah. Thank you. Just a follow-up on China. When you look at the current one, April essentially is already done. We see headlines that production in the end might have collapsed around 20%-30%. Is this something that you have observed in your operations as well, and now it's creeping back up or too early to comment? I think, you know, a reduction of 20%-30% would be, in my estimation, a low reduction rate. You know, the realistic reduction rate, I see it as a little bit higher and therefore, you know, the impact here coming out of China is a more significant one. Understood. Thank you. The next question is by Marc Tonn of Warburg Research. The line is now open for you. Thank you for taking my questions. First question would be on the raw material theme again, and perhaps the way you seek compensation from the customers. Could you give us some indication? Is it general price increases for your products? Is this, let's say, that will last into next year as compensation payment for this or last year's increases? Anything in regard to that would be helpful. Second question would be coming back on E-Mobility again. You mentioned that there's a lack of production at one of the customers as a reason behind the, let's say, a bit lower, well, not a bit lower, but lower revenue generation in the first quarter. Could you give us some indication what you might be expecting for the full year for the E-Mobility part of the OE business as a revenue number? Overall that would be the second question. Third question would be coming back to working capital with all the shortages in the market and price increases you are seeing and the volatility. Is there anything you would, let's say, have in mind as a reasonable midterm working capital ratio, what you would be prepared to share with us, which we should assume, let's say, for the mid to longer term at ElringKlinger to stay? The fourth question, a bit more housekeeping. The tax rate, I think in the first quarter was pretty high at 6,500%, if I'm not mistaken. Could you give us the reason what was behind that and what you would be expecting for the year as a whole? Thank you. Yeah, thank you. Let me start with question number one, and then, yeah, Mr. Jessulat is doing the rest. Well, you know, it's totally different, you know, what we get and what we negotiate with the customers. We have, you know, under negotiations one-time payments just to compensate the, you know, increase of raw materials. We also are working on price increases, that means general price increases, yeah, that are then sustainable for the years to come. We also work on index systems. You know, if you look at the materials that we have, where we have alloy surcharges, you know, like nickel or aluminum has also an index on the London Metal Exchange. This would, you know, give us a situation that we are safe in the future. You know, if prices go up, they pay more. If prices go down, they pay less. We have a broad variety of different approaches with regard to the customer. It always depends on the product. If you look at, you know, our cam covers and oil pans and other injection molding parts, where we use PA66, which is a plastic material, that had a tremendous price increase, there is no index, that doesn't exist an index. It's hard to get here on a situation that you agree on a price level that adjusts automatically because there's no index like with the nickel or with the aluminum. It's a broad variety. The clear overall goal is that we wanna have 100% compensation of, you know, what we have as a price increase on the material side. This is the clear goal for our salespeople, and we do not change that as of today. Okay. To your other questions. E-Mobility, of course, you know, the uncertainty that we have affects also E-Mobility products and the sales, no? Therefore, I cannot give you a figure right now because we may still go into some situation where we have to deal with shutdowns. Generally, I would have said, you know, my expectation would have been for this year a mid-double digit figure is an initial expectation from my side. Now it seems like we are gonna be eventually we're gonna be short of that, but to what extent, really, I cannot say as of now. From a working capital perspective here, we still put very much effort in keeping our supply chain in a good situation. I really don't like so much that we have, you know, after we have come down to the 25% that we have to increase inventories right now, but I think it's for two reasons, it's the right way to do. Coming out of last year, of course, pricing that we had, stocked more materials with a lower pricing, so that we have some positive effects here. Number two, of course, that we have availability and service rate to our customers not impacted by, you know, interruptions and delays of the supply chain. Generally, I wanna stay as a midterm target below 25%, yeah. This is the figure that I would wanna give now, that I go back to below 25% as a short-term target, yeah. Once we, you know, things are a little bit more stable and then, you know, on further goals and targets, we could talk, you know, later if there is more visibility. On a tax rate, you know, the high tax rate is related to an accounting policy that we have. You know, we have the condition that to build deferred tax assets, you know, as a so to say compensation for a loss making situation, that we have to have a three-year profit experience in an entity before we build deferred tax asset positions. We have really a conservative accounting approach here because we do not wanna have high volatility here based on movements in deferred taxes. This is really the technical reason why you see here, you know, a high tax rate simply because we don't build deferred tax assets. Yep. Perfect. Thank you very much. Just coming back on the raw material side, if I may say so. Well, you talk about this time lag when it comes to passing on raw material costs. Could you give us, let's say, an indication how long that would be? Let's say when all raw material prices that they would be stable from today in the future to achieve the 100% compensation, how many months or quarters would that then need from that specific date on? Yeah. From a tactical thinking, it would be I would not expect too much in Q2, and I would expect more in the second half. You know, to talk about quantities, it's difficult. We need to, you know, report on that on a quarterly basis. To make a forecast on that, you know, I would not wanna do that right now. It's, you know, it depends very much on customers. Some of them are much faster. Some of them have, you know, still big organizations where you need 25 signatures before they can, you know, issue a payment. It's totally different, you know. We have, if I look at the new OEs, yeah, they are much faster with regard to that. I agree to what Mr. Jessulat said. I would say we see rather no effect in Q2, and we will see all the effects that we achieve in Q3 and Q4. Perfect. Thank you very much. Maybe even later, you know. If we can get a good deal, maybe with increase of prices up from January 1, 2023, and also, you know, with the new orders that we get, in combination with new orders, then, you know, we would of course accept price increases from January 1, 2023, yeah. It's really up to the specific situation with every single customer. Okay. We work on that really hard, I can tell you. I believe so. Thank you. The next question is by Michael Punzet, DZ Bank. The line is now open for you. Yes, Michael Punzet. Good morning from DZ Bank. I have only one question with regard to the mentioned provisions for contingent losses. Is that related to a specific group of customers, for example, the new OEs? Or is it a wide range of customers which led to these provisions? No, this is broad product portfolio. It's not related to, you know, individual customers or products. This is the reason why, you know, said this, along with the different commodities, you know, aluminum, steel, and also plastics. Yeah. It's not a single risk, so to say, that we have here. Okay. Thank you. The next question is by Frank Biller of LBBW. Your line is now open for you. Yes. Hello, good morning. I just have two left on my page here. One is again on this adjustment line here. Can you remind me what was the adjustment on bonus payments for Q1 this year and also no adjustments for Q1 last year then or what is the related figure here? The other question is on. Yeah. Okay. Sorry. Go ahead. Okay. Next question on net debt to EBITDA, it was 2.1. Is there any midterm target with the normalization in working capital? Yeah. On the adjustment personnel, you know, this is the reason why we brought it up. We didn't have that position last year. Yeah. We didn't have that item, based on, of course, you know, the poor performance of the group, in 2020, you know, corona related. In terms of net debt to EBITDA, it's clearly to stay below two. Yeah. And if possible, to improve, you know, it to between one and two, let's say, as a midterm target. That's very clear, that this is our goal. Okay. Thank you. As there are no further questions, I will hand back to Dr. Stefan Wolf for some closing remarks. Yeah. Thank you very much for joining us today for this conference call. Thank you for your questions. As I said, rough times. It's not easy. We are working every day very hard to improve things, to you know, really get safe through this terrible time with regard to energy prices, materials, all kind of other things, you know, that we have to deal with. Of course, we take this challenge, we work on it, and I'm pretty sure that we get this company good through this hard time. As I said, times are rough. Thank you very much again for your attention. All the best. Stay healthy, and I'm looking forward to our conference call on August fourth, 2022. Thank you very much. Bye-bye.