Q2 2022 Deutsche Beteiligungs AG Earnings Call Transcript
Welcome, everybody. I'm sitting here together with Mirka Derksen, Head of Finance and Accounting; and Roland Rapelius, Head of Investor Relations. A few words and a quick summary about the results from the first half of our financial year '21, '22. We have made good progress in our portfolio with very interesting new investments and results of add-on acquisitions through our portfolio companies. The development of the capital markets has resulted in the drop of peer group multiples, which has negatively impacted our earnings that is reflected in the negative -- and a decrease of the net asset value of our PE investment segment of 5.1%.
Please always keep in mind that the payment of the receipt of the deferred advisory fees has to be adjusted when you compare the development of net asset value with the -- as of September 2021 due to the fact that the deferred advisories have not been, by definition, been included in that asset value end of last fiscal year.
The earnings from our second segment, the Fund
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