Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the Corestate H1 2022 financial report and webcast. Throughout today's recorded presentation, all participants will be in a listen-only mode. The presentation will be followed by a Q&A session. If you would like to ask a question, you may press star followed by one on your touch tone telephone. Please press the star key followed by zero for operator assistance. I'd now like to turn the conference over to Dr. Kai Klinger. Please go ahead.
Ladies and gentlemen, thank you for joining us today on our earnings call for the presentation of our financial results for the H1 of 2020. On the Corestate Investor Relations website, you will find the press release, the half year report and the corresponding slide deck. As usual, I'd like to draw your attention to the forward-looking statement and disclaimer wording on page 2 of our presentation. This safe harbor language applies to the presentation and all comments we'll be making today. I would also like to mention that everything is being recorded. You can replay the call and view the transcript on our investor relations website a few hours after the call. With me on the call are the CEO of Corestate Capital Group, Stavros Efremidis, and our CFO, Udo Giegerich.
In advance, I would like to point out that we are dialing in from different locations, and I hope that there will be no problems during the conversation. If there are any interfaces, interface losses, especially when answering questions, I would ask for a little patience and understanding. We will answer all questions if necessary, also bilaterally after the call. Now we would like to start to guide you through the presentation, followed by the usual Q&A session. The timeframe for today's call is about 30 minutes. Now it's my pleasure to hand over to the CEO of Corestate. Stavros, the floor is yours.
Thank you, Kai, and good morning, ladies and gentlemen, and a very warm welcome from my side. There's a lot of going on, not only at Corestate but also all across the world, both economically and politically. We are facing a dynamically rising inflation interest rates spike. COVID and the war in the Ukraine are creating huge effects that are almost impossible to control by the politicians and central banks. Supply shortages have reached a new dimension. Prices increases now reflect massive levels of inflation. Wage, energy, and material costs are going through the roof. All these interest rates are rising. The challenges for the overall economy and the real estate sector have not diminished in the last quarters. Taking the general conditions into account, Corestate showed a very smooth business course in the H1 of 2022 as expected.
After the company had already impaired and risk provision balance sheet items in the previous financial year, we had to decide in the Q2 of 2022 to adjust the goodwill and certain current balance sheet position again. All in all, this has an enormous impact on our current half year's financial statements. Our CFO will go into this more details later. Nevertheless, we continue to pursue our strategy by focusing on our core business and preparing the company for a comprehensive restart. With all, we are already well on track with our organizational restructuring measures and ongoing efficiency program. There's still more homework waiting for us. One of the most important challenges for us is, of course, the debt reduction and the restructuring of our bonds.
A key objective in the context of the transformation of the group is also focusing the business model on core real estate activities to shape our profile in the market. One of the strategic decisions taken last year was to divest a large part of the personnel intensive and lower margin property management business by selling CAPERA and to dispose the non-core asset management activities, including the airplane and media funds. This is the explanation for the reduction of the assets under management in our non-core business, which declined from EUR 8.5 billion to EUR 3 billion. At the end of the H1 of 2022, Corestate managed real estate assets in the core business, totaling almost EUR 16 billion. In comparison, this figure was EUR 17 billion at the end of 2021.
The changes on the trend and bank side mean nothing less than the comprehensive and deep adjustment process for the real estate industry. In our special situation, the negative development is intensified by the value adjustment and risk provisions made, as well as the open refinancing issue and the resulting increased uncertainty on the corporate side. We are all experiencing a certain degree of reluctance with our clients towards new business. We flip to page 4. In the light of the stormy market situation, the risk aversion of institutional clients went up significantly and the transaction volume fell sharply across the industry. However, during the first 6 months, 2022, we have completed on behalf of our clients several transactions and investments like the closing of an office building project in Augsburg.
The acquisition of the new residential quarter in Kiel's prime location, Am Alten Bootshafen for special institutions, IF Residential Germany Fund II. The prestigious Fürst Quartier project known as Neue Mitte in the center of Dreieich-Sprendlingen for its open-ended special AIF Stadtquartiere I for around EUR 43 million. Other selected highlights in the operating business were, for example, the acquisition of the trendsetting office building in the first zero carbon district of Paris, or the well-managed turnaround of an office building in Frankfurt Airport through repositioning and successful leasing. That brings us to a total amount of assets under management in the real estate equity segment of currently EUR 11.7 billion. The main reason for the reduction from EUR 12.4 billion at the end of last year was a disposal of some smaller commercial and micro living portfolios.
In addition to funds specializing in office properties regularly expire in spring. Furthermore, assets under management in the real estate equity, equities business will be noticeably reduced later in the year due to the loss of 3 asset management contracts, which will take effect in the Q3. Let's move on the next slide, please. Amid market volatility and high inflation, lenders are now increasingly focused on mitigating risk. This has led to a shift in the market, which, combined with a rise in key interest rates, has significantly increased the cost of debt for borrowers. The more than doubled financing costs also led to many investors renegotiating in ongoing bidding processes and reducing their willingness to pay. This causes delays and many properties or development projects were taken off the market again. That is exactly what we have seen in the H1 of this year, in particular.
A very weak transaction environment and a sharp decline in the debt financing business. Furthermore, for our most important debt funds, the Stratos II funds, the independent fund manager decided to suspend the redemption of unit certificates and until further notice to prepare possible restructuring and continuation of the fund. In the light of the major financial significance of the fund of HFS short- to medium-term business prospects, this subsequently led to a strategic reassessment and adjustment of the corresponding balance sheet items, in particular the goodwill of HFS. Furthermore, we have decided in view of significant worsening in the macroeconomic environment to adjust the goodwill of Corestate Bank as well. We remain convinced of the quality of most of the underlying assets in the Stratos funds.
The focus has not shifted for years, with the majority being invested in metropolitan areas in Germany, Austria and Switzerland. More than 70% of the lending are in the top 7 cities in Germany. After the turmoil in the real estate market has calmed somewhat, it will be easier to realize the underlying values. Time is essential here, and that is what we have asked institutional fund investors to do. I'm also convinced that our debt advisory business at Corestate Bank will recover once the backlog in the transaction market has cleared. In times of rising interest rates, there is a clear need for bank independent financing solutions. Here we can offer a unique value chain and track record. Please allow me to make a quick side remark to give you an explanation for the changed methodology and calculation of our assets under management.
The general valuation methodology for real estate development projects at HFS has been adjusted and further refined. Historically, we have used the gross development value for calculating our assets under management. Now the project has the main indicator used to define the applicable valuation methods for the respective projects. Any project before reaching the construction phase are recognized as underlying residential value, while projects from the construction phase onwards are recognized as the gross development value. With this, I would like to hand over to our CFO, Udo Giegerich. Please flip to page 6, and Udo, the floor is yours.
Many thanks, Stavros, and a very warm welcome to all of you, also from my side. Firstly, I'd like to give you information on our income line. As my colleague has already pointed out, economic conditions in the real estate market deteriorated increasingly since the end of last year, and the real estate sector has already been noticeably affected by this. Rising interest rates, high inflation, and the geopolitical uncertainties are leading to significant lower risk appetite and transaction volumes on the investor side. Combined with our corporate related issues, this is weighing on our new business and leading to lower earnings, especially from acquisition and performance related fees. For this reason, Corestate recorded a very subdued business course in the H1 of 2022 as expected.
Including the revenue from real estate equity segment, debt segment and the income from other segments at EUR 20.9 million gross aggregate revenue from operations. These figures were significantly below the previous year's figures of EUR 98.3 million. Let us take a deeper look into the individual top line development of the different reporting segments. The real estate equity segment generated revenues of EUR 24.1 million, only slightly below the previous year's figure of EUR 26.7 million. Acquisition fees went down from EUR 4.6 million to EUR 2 million, in particular due to a lower transaction volume. Meanwhile, the revenue from asset management proved to be relatively stable component despite an uncertain environment. These fees improved slightly from EUR 16.8 million to EUR 17.3 million.
Revenues from property management also increased from EUR 1.8 million to EUR 2.4 million, mirroring higher occupancy rates at many properties post-COVID pandemic. On the other side, revenues from sales and promote fees decreased from EUR 2 million to EUR 0.7 million and the development fees remains almost stable at EUR 1.7 million. The total income from real estate debt went down considerably by 81% to EUR 13.1 million. Revenue from underwriting and structuring fees, as well as income from trading activities representative for the entire credit business were rather weak and fell from EUR 27.9 million to EUR 1.6 million. This was mainly driven by project postponements and a very weakish private debt market in the period covered by the report.
Following the suspension of unit certificate redemption and due to the temporary suspension of dividends and payments of the Stratos II fund, no performance fees could be recognized here in the H1 of 2022. After EUR 22.2 million last year. Asset management fees were relatively stable at EUR 7.6 million compared with EUR 8.4 million last year. Income from bridge loans reduced from EUR 10 million to EUR 3.9 million, mainly attributable to the increased risk provision, including interest. Last but not least, the other segments generated an income of EUR -14.3 million coming from EUR 3.1 million in the last year. This was mainly caused by higher losses from fair value measurements in an amount of EUR 17.1 million due to the extraordinary value adjustments in the Stratos funds.
Moving on to slide 7, please. With this chart, as usual, we would like to give you a little more background on our P&L figures for the Q1, 2022. All in all, we had OpEx of EUR 141 million, up from EUR 43 million in the previous year. This development was strongly characterized by one-time expenses and risk provisions, such as the accrual for onerous contracts, write down on bridge loans and the value adjustment of contract assets totaling EUR 107 million. All costs were digested directly in the operating lines. The G&A expenses are rather flattish with 24 million euros in comparison with the prior year's figure. Despite the several measures from the efficiency program already realized, we expect the first cost effects will be seen in the Q4.
Nevertheless, the absolute number of full-time employees decreased already from 811 at the end of last year to 504 at the end of the Q2. This development was mainly driven by the disposal of CAPERA in June. Irrespective of CAPERA, we have already reduced our remaining staff by around 10% in half year 2022. As we have already explained in past presentations, the main focus in the coming months will remain on significantly improving the overall cost structure by reducing complexity, avoiding duplicate functions in the organization and consistently cutting costs at all levels and in all areas. In summary, this led to a group EBITDA from continued of EUR -125.4 million in the reporting period compared to EUR 35.7 million in 2021.
This development was besides the substantial one-time charges attributable to the lower fee volume. By then yet to be adjusted cost structure across all. Depreciation and amortization went up significantly to EUR 383 million from EUR 15.4 million, mainly driven by the aforementioned goodwill and PPA related impairments of the HFS and Corestate Bank. Furthermore, this position also includes a small amount from depreciation and impairment of intangible assets recognized. This combination. Our reported net profit from continued operations for the first 6 months, 2022 stood at -EUR 522 million. Taking into account the one-time charges, the PPA effects and the deferred tax liabilities, the corresponding adjusted net profit from continued operations amounted to -EUR 151 million. I would just like to mention this for good reasons of completeness.
Earnings per share after the first 6 months of 2022 are -15 EUR. EPS in the comparable period last year stood at 0.11 EUR. Please flip to the next slide. On page 8, I would like to address the important balance sheet items and their developments in the H1 of 2022. The most significant changes in our balance sheet as of 30 June 2022 occurred in the position goodwill and other intangible assets, mainly driven by the impairments of the HFS and Corestate Bank. Goodwill dropped from EUR 487 million last year to EUR 162 million, and the intangible assets decreased to EUR 30 million from EUR 85 million.
Due to the suspension of unit certificate redemption for the Stratos II fund and the start of the restructuring talks with investors, we also had to recognize value adjustments in our contract assets. As a result, this position currently decreased from EUR 59 million to EUR 26 million. Cash and equivalents were relatively stable at around EUR 61 million at the end of June, down from EUR 63 million in December 2021. This means that liquidity for ongoing operation is largely within normal parameters for the coming months. Against the backdrop of the negative earnings developments and one-time effects, total equity decreased drastically from EUR 626 million in 2021 to EUR 103 million at the end of the reporting period. Group's equity ratio thus fell to roughly 12% compared with 44% on 31st of December 2021.
Financial liabilities totaled EUR 633 million as of June 30, 2022 after EUR 622 million in 2021. With this net financial debt, including cash and cash equivalents as well as restricted cash and adjustment for lease liabilities were slightly up from EUR 527 million. The increase mainly results from the temporary acquisition of an office building which is expected to be placed in a year. We will continue to work on monetizing balance sheet assets. We are also struggling with these market conditions despite the significant headwinds the placement of our Gießen asset is expected to restart in Q4 2022. Another important task for the finance department is the evaluation of a new auditor via European public tender process for the current FY, 2022.
As soon as the candidates have been selected, we will present them to the shareholders for their approval at a separate annual general meeting. In a nutshell, the H1 figures are overshadowed by major one-off effects such as an extensive risk provisioning, and the substantial valuation adjustments on key balance sheet items. These measures were indispensable and driven by market turmoil of the past half year and significantly changed operational growth perspective as well as the cost. Starting with the restructuring of the Stratos II fund. With this, I would like to thank you for the attention and please flip to page 9. Stavros Efremidis.
Many thanks, Udo. As we have already stated several times, the most important and urgent goal this year is to restructure the outstanding refinancing. We are pursuing this goal in the best interest of the company and its stakeholders, even if so many factors are currently working against us, both on the market and on the company side. That is why we currently also intensively examining alternative approaches to refinancing the 2022 convertible bonds and the 2023 bond with the involvement of specialized financial and legal advisors who are providing us with a comprehensive support in evaluating and preparing all the options available to us and to the noteholders. Therefore, together with my colleagues, we have been in intensive and constructive dialogue with a group of large bondholders and their representatives over the past few weeks and months.
Our goal is to prepare the proposal for resolution for note holders meeting in the coming weeks. Please understand that we are not able to provide you further information on the start of this discussion in our Q&A session. Once there are updates that can be shared with the capital markets, further information will be provided via the usual information channels. In parallel, we are working at full speed to implement the ongoing cost cutting measures. To this end, we have already bundled operational areas, systematically reduced double functions and overheads. We are also in the process of closing offices and reviewing all non-personnel costs at other expenses. On the earnings side, the savings will already be evident in the Q1 of 2022, and they will then be fully reflected in the coming year.
The aim is to implement a structural adjustment of the group by the end of this year to make it an efficient and effective investment house with the existing focus on real estate equity and real estate debt. After the agreement on a solution of the pending financing issue, we can start further measures to secure the future of our company. For example, we want to initiate a comprehensive rebranding of Corestate and carry out a repositioning of the group. With a robust and adjusted strategy, we will again be able to strengthen our own competitiveness and regain the necessary trust to customers and investors. Only by realigning the organization with simplified structures and efficient processes can the company regain speed and profitability.
We will then continue to focus on reducing our debt, optimizing our business model, and improving our risk profile. As soon as the visibility of our operating business, the overall real estate market, and the implementation of our refinancing has increased, we will of course provide a new financial outlook to the capital markets. In this context, given the high volatility in the real estate sector, further valuation effects on our assets cannot be ruled out, especially this year. Corestate is still in troubled waters even after the turbulent years of 2020 and 2021. In view of the major challenges in the dynamic market environment and the demanding situation on the corporate side, we are challenged every day to wake up and make even unpleasant decisions. Personally, this is not always easy and takes a lot of energy as well as time.
However, it is more important that we set the course now so that the company can once again operate successfully in the future. To make such a new start possible, we have rigorously eliminated numerous risk positions from our balance sheet. We are now working with high pressure to find a solid solution for restructuring and to implement our strategic agenda. I'm highly motivated and committed to achieve these important targets together with my colleagues on the management and supervisory board. With this outcome, I would like to hand back over to the operator. We are now ready to answer any questions. Thank you.
Thank you. Ladies and gentlemen, at this time, we will begin the Q&A session. Anyone who wishes to ask a question may press star followed by one on their touch tone telephone. If you wish to remove yourself from the question queue, you may press star followed by 2. If you're using speaker equipment today, please lift the handset before making your selections. Anyone who has a question may press star followed by one at this time. One moment for the first question, please. The first question is from the line of Ash Thomas from Cairn Capital. Please go ahead.
Hi, guys. Thank you for the presentation. I was wondering if we could talk a little bit specifically about the Stratos II restructuring. It sounds like you disagree with the decision for there to be a suspension of dividends, but can you just explain to us what the situation is between yourselves and between the fund trustees?
At the end of the day. Hi, Ash, it's Kai. At the end of the day, the decision of Stratos II and the Stratos in general is in the hand of the fund manager and not on our side. We are only advisor on the fund. If the fund administrator took the decision to stop further inflows and outflows of the fund until further notice, then it's in his hands and not on our side. Our duty will be in the future to support the fund manager by restructuring the existing investments on the business advisory side and to support any work out measures on the fund in combination, but as a servicer for the fund manager.
Understood. 2 follow-ups then. Why did they make the decision and what has their rationale been? Because it sounds like as a result, you're not getting the performance fees which you otherwise were expecting. Secondly, you mentioned earlier that you thought the underlying positions in the Stratos funds was robust, but in your response, you mentioned supporting the fund manager in restructuring and in workouts. What aspects of the funds or the positions need restructuring or workout?
Yeah, of course. If you open the window, then you see extreme turmoil in the real estate industry. The reason was, first of all, we have had investor cancellations in 2021 and 2022 of 20% plus, which was much higher than in the past. Not to bring the fund investors in an asymmetric situation, the fund administrator took this decision. Of course, our support will be. It's again not a shutdown of the fund. It's a hold on situation. The suspension of the redemption of the unit certificates at Stratos. This and in the next coming weeks and months, the investors have to decide what will be the next steps.
Will it work out over time and the continuation of the fund or will it be maybe a more drastic measure which they would ask for? We, of course, are supporting possible restructuring in the medium term.
Understood. Then you did a good job of helping us understand why year-on-year revenues were softer. I guess quarter-on-quarter, we're seeing negative revenues. Would it be possible just to run through the individual segments and tell us specifically what were the trigger points after Q1, which led you to reverse some of the upwards gains you had booked in the different segments?
Yeah, of course. As you can imagine, our coupon participation fees or the performance component of our revenues towards the fund was still positive in Q1. After the fund manager took the decision, we have to adjust this because then there is no money going in and out of the fund, and we have to adjust our revenues with the updated picture in the Q2. This is the reason why we have to reverse the revenues of Q1. This doesn't mean that somewhere in the future we would get if the fund is again liquid and the underlying value of the assets could get materialized on the market that we would again have the optionality to get our fees again.
Understood. Thank you. Final question from me. I'm gonna try again what I asked last quarter. What is the number and portion by value of related party lending in the Stratos II and Stratos IV funds?
Sorry, for the third party lending?
No, related party lending.
Related. Zero. There's nothing. We don't have any related party lendings in the Stratos II, IV funds.
Does that capture former large shareholders, former directors, former equity investors?
This is also including form. Of course, the question is, in which year we wanna go back. For 2022, we don't have anything, and then the same as it is for 2021 and 2020, also. Again, to go further back in time doesn't make any sense, because I don't have the information currently on my desk.
Got it. Look, I mean, I guess the genesis for the question is it's been fairly widely reported that the concerns in the Stratos II investors' perceptions result from loans which have not been performing and some of the loans which have not been performing seem to have been made to former related parties, which probably explains the existence in the portfolio in the first place. I would guess that the idea that there is no related party lending at the moment is a surprising positive. Thank you for that.
You're welcome.
Next question is from the line of Manuel Martin from ODDO BHF. Please go ahead.
Yes. Thank you, gentlemen. A question from my side on the involvement of assets under management. It seems that the situation has become a bit more tricky, of course, lately in terms of AUM involvement, and it seems to be driving the car backwards. Could you elaborate a bit on the situation of AUM and where and how you could stop an outflow of AUM?
Yeah. Hi, Manuel. It's Kai again. As you can imagine and what Stavros already mentioned before, taking into account the situation of the company and the perfect storm, which is out there. It's an uphill struggle to convince clients to stick with us, firstly, and it's much more difficult to convince new money coming in in our AUM currently. First of all, we have to do our homework and find a solution with our note holders for our outstanding bonds. Of course, address to the market what are the flavor of the season of potential new business, which we can show to clients, what are value add deals of the future where we can dive in and create value for potential new client.
We have currently a mixture of regular outflows, cancellation, unfortunately, also from existing clients. This is on the real estate equity side. On the real estate debt side, what Udo and Stavros mentioned before, we have had a change in valuation of the methodology, which is more technical perspective on the underlying investments in the Stratos II and Stratos IV funds. How they will get valuated. Is it the residual value or the gross development value? Of course, again, new business is currently difficult territory. Not only for us, for the entire market, and of course, if you are in such a choppy water, what Stavros said before, it's much more difficult.
I see. Just for clarification purposes, there is another AUM outflow scheduled in H2. Is this Q3 2023 or 2022? Cause I was a bit puzzled.
I'm sorry. This was a typo. We have already corrected this. It's 2022. In this quarter, we will see another EUR 1.5 billion of AUM outflows in our real estate equity segment on the cancellation of 3 asset management contracts.
Okay. I see. Last question from my side. On your cost-cutting effort, is there a possibility to get some quantification? I mean, how much costs are you going to save? Well, what will be the cost of cost saving? Or, if it's too early?
It's of course, this is a moving target. In the beginning of the year, we had definitely a different idea of how to take care of our savings than through this very dynamic bonanza rollercoaster which we had behind us. Our aim is between low- to mid-double-digit million EUR amount of savings between 2021 and 2023, which will materialize next year. We have already done some provisions for that. A mid- to high-single-digit million EUR amount. It's not unlikely that we will see here a little bit more as potential redundancy payments, but definitely not more than EUR 10 million, which is then relevant for this year, for the H2 of the year. Bear in mind, the provision was booked in 2021.
I think it was EUR 6 million-EUR 7 million on, as provisioning for potential payments.
Okay, thank you very much.
You're welcome.
As a reminder, if you'd like to ask a question, please press star followed by one on your touch tone telephone. Next question comes from the line of Ryan O'Hagan from EIC. Please go ahead.
Hi, guys. Thanks for the presentation. Appreciate the color you've given on the process so far. I suppose one thing that stands out from the relatively weak earnings in H1 is that the cash position held pretty firm, which is clearly a positive. Can you maybe talk through some of the puts and takes in the H1 of the year that led to cash being pretty even? I noticed the change in receivables looks like a pretty large line item, and a lot of the operating loss is non-cash, but it'd be helpful to get your view on what exactly is coming in there. The other thing that kind of stood out is the repayment of the Lyman Capital investments, just what's going on there?
Just what do you guys expect kind of outside the ordinary course of business to come in or go out through kind of Q3 and Q4?
Hi, Ryan. This is Udo here. Regarding cash flow, of course, we are working quite heavily to stabilize the cash and bring in cash on our cash conversion program. Of course, the sale of CAPERA brought a substantial amount of money into the pockets. We also materialized some of our receivables, and this helped us to remain the cash balance stable over this half year.
Got it. Just of those receivables, could you maybe break that down a little bit to give us kind of a flavor? Is that related to any specific line item that we should be aware of? The number just on the cash flow. I know it came out during the presentation, but it's obviously quite a large number, EUR 95 or something million, and it looks like a portion that's non-cash, but just trying to understand what exactly is driving that inflow.
Just give us a second. Your third question was potential placements. We will come back to this question in a second. The third question was what would be the outcome of further cash.
Just trying to kind of plan out the rest of the year. Trying to get a view of how you guys are thinking about cash from an operational perspective. Obviously, there's a significant cash need to address the upcoming bond maturity, and there'll be a certain cash outflow in relation to the restructuring, but just trying to get a feel for how you guys are thinking about the purely operational cash flow over the kind of next 6-12 months.
The operational cash flow will be impacted, of course, by one-off effects, like the sale of the Gießen asset, which we will restart. We will continue to work on materializing balance sheet items and convert them into cash and bring them in. Besides the maturities of the bonds, we see quite a stable cash going forward.
Okay. That's helpful to understand. I suppose one thing that maybe stood out with some of the write-downs that we've seen in the H1 of the year was some of the related to the bridge loans on the balance sheet. I understand a number of those relate to Aggregate Holdings, which, you know, when we've spoken to their management team, that they maybe give us a slightly different view that they expected to repay those loans. I would just be curious to understand from your perspective why you thought it was prudent to write those off at this stage.
Sorry, we cannot speak about individual clients in the private debt segment, therefore, I'm not communicating anything there. However, we saw a delay in payments, and therefore we did the risk provisioning for these loans, as you would normally do in such a business.
Got it. That's helpful to understand. Maybe just to hark back to. Sorry, one final question from my side. Just to hark back to one of the earlier questions. I know there's quite a lot of moving parts with relation to your AUM at the moment and cost saving measures, but internally, do you guys have a kind of broad range of kind of pro forma EBITDA that the business may be expected to do once this process is completed? Now, I know it's totally fair that that could be a very broad range, but just really trying to get a flavor of what the pro forma look-
As long as we do not have an agreement on the bond restructuring and refinancing, this is quite difficult, and therefore we are not prepared to say something on that.
Got it. Okay. No, that's fair. Just thought I'd ask. I think that's all my questions. Thanks for going through that, guys.
There are no further questions at this time, and I would like to hand back to Dr. Klinger for closing comments. Please go ahead.
Thank you so much for listening. We appreciate your interest and your questions. Do not hesitate to contact us for any further queries you may have. Once again, thank you. We look forward to speaking to you soon and wish you, of course, a pleasant summer and season. Take care and stay healthy. Bye-bye.
Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for joining, and have a pleasant day. Goodbye.