Good morning, everybody, to our Q1 conference call. I'm sitting here together with Torsten Grede, Spokesman of the Board of Management of DBAG, and Tom Alzin, Member of the Board of Management and designated Spokesman of the Board as of March 1st. We are here to report to you about our first quarter results, a very successful start into the new financial year. Without much ado, I would now like to hand over to Mr. Grede.
Thank you very much, Roland. Also from my side, warm welcome to everybody. We will lead you through the presentation and will be more than happy to answer your questions after that presentation. We thought it would be a good idea that we have some kind of division of labor today. I will have a short start, then I will hand over to Tom, who will especially elaborate about what we also look forward, where we look, what our expectations for the near future are. Roland will lead you through the facts and figures. Starting on slide number three. We are happy to report about a successful start into the new fiscal year.
We are extremely happy about the fact that we were able to sign three successful disposals. All of you have taken notice of our ad hoc publication on Tuesday evening that we were also able to sign another exit, which is not included in, let's say, which has also an impact on our Q1 results. We are extremely happy with that disposals. Especially because of the fact that the M&A environment continues to be difficult. Tom will elaborate in more detail about these successful exits. Our Q1 result is positively influenced by higher capital market multiples and by an expected positive operating development of our portfolio companies.
This all can be summarized in an NAV growth of 7%. In our Fund Investment Services segment, we are exactly on line with our expectation of EUR 3.5 million of EBT. Our forecast for the current fiscal year is still valid. As you know from former years, traditionally, we don't adjust our forecast after the first quarter due to the fact that, especially with regard to the development of the capital market, still significant volatility in the development to be expected.
On next slide, the figures or net asset -value came out at EUR 620 million with an earnings before taxes of the Private Equity Investment segment of short below EUR 40 million. The NAV is almost exactly EUR 33 per share, and the cash flow is slightly negative, which is not something which is unusual because of all of you know our business model. We have fluctuating cash inflow and cash outflow, and expect the cash inflow from the disposal to the next the current quarter and the next quarter. Fund Investment Services business, as I already mentioned, very much on line with our expectations and net income at EUR 40.6 million.
I would now hand over to Tom to lead you further through the presentation.
Thank you, Torsten. Next slide is an important slide because as you know, there's some uncertainty in the market about where is private equity heading in terms of higher interest rates and a difficult situation overall regarding the economic environment in Europe. We are happy to say that we are still in a structurally growing market. Especially, our main point of attention here would be that Germany is still a market of primaries, with 67% shares primaries and secondaries only at 33%. This is the market where DBAG typically excels, and it's also kind of unusual because if you look at more mature markets in private equity like France and England, the ratios are definitely higher for regarding secondaries and tertiaries here. Overall, still a good market, although with some headwinds.
Yeah. Excellent.
Regarding our disposals, obviously Cloudflight was an asset which gathered a lot of attention, also in the financial press like Mergermarket. We are extremely happy about the development of Heytex, which was one of the companies which was most exposed to raw materials and energy prices, and we were still able to achieve what we deem a good price. We are very happy about the prices we achieved on Pmflex and BTV . Even in an environment which is difficult for private equity, strategic players are rewarding how we set up companies and how we reorientate them. Thus, our assets still on the target list of many strategic buyers, which we show here.
It's a good news because this was definitely not a market where a lot of sell-side activity happened from our competitors. We are also feel very confident that we achieved very good prices here. We did not take a hit here due to the environment, yeah. On the add-on side, we continued nice add-ons on Karl Eugen Fischer and Metalworks in Italy as well as in Netzkontor. These were tiny add-ons, at very, very attractive and accretive multiples. Moving over to the next slide. Here you can see main message here is that we rebalanced a bit the portfolio over the last years. The portfolio is now more balanced actually we dramatically increased the exposure to growth sectors.
That's should bode well for the future, given that a more balanced portfolio should also lead to more balanced exit activity going forward. We still expect secular growth in our growth sectors, but also we feel that our industrial sector, which is still valued at acquisition costs basically, has a nice chance to jump back because over the last two to three years with COVID, Ukraine, we were able to hold on to our assets and set them up further. We feel that they are in a strong relative position even what is undoubtedly a difficult market. Moving over to the next slide. Here you can see that we are still the market leader, which is not something we are that much interested in.
What is for us the most important part is that we are still buying most of our companies from primaries, families, and founders who trust us, who are shareholders in DBAG, and who are also willing to give their companies in our hands because they know how we treat the companies and how we are stewards of their trust. Coming over to the next slide. This is a slide where Torsten and myself, we hope that we are talking for the last time here. We think that we navigated the Russia-Ukraine crisis for now, and also regarding the electricity consumption, gas consumption, our exposure is quite limited. In terms of supply chain issues, we will probably, in a more polar world, always have some issues to tackle with, that will stay for some parts.
On the embedded electronics industrial tech side, where we had some significant exposure and took significant hits also in our valuation, we feel confident that the worst is behind us for now. With that, I would hand over to Roland, who will navigate you in more details through our numbers.
Yeah. Thank you very much, Tom. Firstly, the net asset -value development, and here is clearly our new division, which is total assets less total liabilities. We are showing here EUR 620.8 million as of December 31st, up 7% year to date. I will come on the further slides on what has driven this increase. On the right-hand side, you see our forecast, our guidance, EUR 605 million-EUR 675 million. On the next slide, you can see the driver, the additions, disposals, and change in value. Clearly, on the additions side, and on the disposals side, there's more significant activity that has occurred in the first quarter.
Please keep in mind, it's always the closing, not the signing, that leads to the booking event here. Therefore, even though we had the signings of the exits, we didn't yet have the closings, which typically take a few months. Therefore, that picture here on additions and disposals, relatively low figures. Change in value, we will come in detail on the next slide, what has driven change in value. Here the EUR 42.7 million, as you can see, has on one hand been driven by change in earnings up EUR 24 million.
Here it's always in the first quarter of every fiscal year, the analysts who follow us for longer as you are aware that in the first quarter of the fiscal year, we roll over valuations to the next fiscal year or the next financial year, 2023. Therefore, the budgets are typically higher, so you get a positive impact on earnings here. The change in debt, these are, this is driven by our buy and build strategy, so the add-ons which are primarily debt finance, but also some change in debt because of higher working capital requirements, as some of our companies are active in the project business and that working capital had to be financed.
In sum, in summary, these two pillars are driving our operating performance, which has been positive EUR 12.6 million. There's a change in multiple and typically, when we roll over earnings, we also roll over multiples, which we have done. At the same time, the capital markets has also increased, therefore, there's a strong positive effect here from the change in multiples in our valuation, in our net gains and losses on measurement. Overall, the result was EUR 42.7 million. Slide, which is the Fund Investment Services, top line and bottom line.
As expected, the top line increased slightly and EBT came out at EUR 3.5 million, almost spot on in order to achieve our full year target of EUR 13 million-EUR 15 million. We had slightly higher expenses year-over-year, which has driven the decline from EUR 3.7 million to EUR 3.5 million, mainly in other operating expenses, for example, higher costs for our IT activities. On the next slide, you can see our cash flow statement. Also here, the closing hasn't yet occurred of our new exits.
Only the signing has occurred, so therefore, there's not really a strong change here in our cash, in our cash position going from EUR 19.2 million to EUR 18.5 million. All in all, the available liquidity stands at EUR 79.2 million as at December 31st of last year. Here's a slide that we always show and, like I said before, the cash inflow, the proceeds from the new disposals, are not yet included. At the same time, the co-investment commitments, that's shown on the right-hand side, EUR 229.2 million. That's driven because of our co-investment commitments in our DBAG funds. The mid-term investments is projected at roughly EUR 96 million. That's based on our mid-term planning.
That is always concluded once a year, always in November. That's driving here the demand. Coming to the next slide, which is our forecast. It's also unchanged compared to the forecast we have published on December 1st with our full year results. That is a figure you should all be aware of. There hasn't been any changes yet, as Torsten has pointed out. With that, I would now like to hand over to Tom for the final remarks.
Thanks, Roland. To sum it up, we are here quite confident that we have established a platform for future growth. Future growth because we have strongly invested in our team, which has grown in number, but also in quality. We have expanded our equity solutions with the addition of long-term investments, which are a bit opportunistical in nature, but where we think that we have an edge compared to the other market given our balance sheet. We have broadened our original focus with Italy, where we are more than happy to also have done the first exit after not even two years of equity deployed. That should bode well for the future.
Another attractive proposition is that we have grown the IT service and software sector, where we didn't have any right to play to 20%. I think the successful exit of Cloudflight also validates our strategic shift there. We strive to have a balanced portfolio, and we think that also given the work which is being done on the industrial side, we would hope that we would see a bounce back effect there once the headwinds would abate a bit. All in all, strong, sound financial basis, which is targeted for growth. We are showing that we are still having great interaction with family and founder-owned business in the market, which is structurally still intact, even if the environment as such is a bit more difficult than it was three, four years ago.
That leads us to conclude that normally, the net asset -value growth should accelerate.