Q1 2022 Results Investor/Analyst Presentation

04 May 2022

Important Notice

This presentation as well as any information communicated in connection therewith (the "Presentation") contains information regarding TeamViewer AG (the "Company") and its subsidiaries (the Company, together with its subsidiaries, "TeamViewer"). It is being provided for informational purposes only and should not be relied on for any purpose and may not be redistributed, reproduced, published, or passed on to any other person or used in whole or in part for any other purpose.

All stated figures are unaudited.

Certain statements in this presentation may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties, including, but not limited to, those risks and uncertainties described in TeamViewer's disclosures. You should not rely on these forward-looking statements as predictions of future events, and we undertake no obligation to update or revise these statements. Our actual results may differ materially and adversely from any forward-looking statements discussed in these statements due to several factors, including without limitation, risks from macroeconomic developments, external fraud, lack of innovation capabilities, inadequate data security and changes in competition levels.

The Company undertakes no obligation, and does not expect to publicly update, or publicly revise, any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to it or to persons acting on its behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this Presentation.

This document contains certain alternative performance measures (collectively, "APMs") including billings and Adjusted EBITDA that are not required by, or presented in accordance with, IFRS, German GAAP or any other generally accepted accounting principles. TeamViewer presents APMs because they are used by management in monitoring, evaluating and managing its business and management believes these measures provide an enhanced understanding of TeamViewer's underlying results and related trends. The definitions of the APMs may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should, therefore, not be considered in isolation or as a substitute for analysis of TeamViewer's operating results as reported under IFRS or German GAAP. APMs such as billings and Adjusted EBITDA are not measurements of TeamViewer's performance or liquidity under IFRS or German GAAP and should not be considered as alternatives to results for the period or any other performance measures derived in accordance with IFRS, German GAAP or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities.

TeamViewer has defined each of the following APMs as follows:

"Billings" represent the (net) value of invoiced goods and services charged to customers within a period and constitute a contract as defined by IFRS 15.

"Adjusted EBITDA" is defined as operating income (EBIT) as per IFRS plus depreciation and amortisation of tangible and intangible fixed assets (EBITDA), adjusted for change in deferred revenue recognised in profit or loss during the period under consideration and for certain transactions that have been defined by the Management Board in agreement with the Supervisory Board (income and expenses). Business events to be adjusted relate to share-based compensation models and other material special items of the business which are presented separately to show the underlying operating performance of the business.

"Adjusted EBITDA margin" means Adjusted EBITDA as a percentage of billings.

This document also includes further certain operational metrics, such as Net Retention Rate, and additional financial measures that are not required by, or presented in accordance with IFRS, German GAAP or any other generally accepted accounting principles (collectively, "other financial measures"). TeamViewer presents these operational metrics and other financial measures for information purposes and because they are used by the management for monitoring, evaluating and managing its business. The definitions of these operational metrics and other financial metrics may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should, therefore, not be considered in isolation or as a substitute for analysis of TeamViewer's operating results, performance or liquidity as reported under IFRS or German GAAP.

TeamViewer has defined these operational metrics and other financial measures for information purposes as follows:

"Levered free cash flow" (FCFE) means net cash from operating activities less capital expenditure for property, plant and equipment and intangible assets (excl. M&A), payments for the capital element of lease liabilities and interest paid for borrowings and lease liabilities.

"Net leverage ratio" means the ratio of net financial liabilities (sum of interest-bearing loans and borrowings, current and non-current, less cash and cash equivalents) to Adjusted EBITDA (LTM).

"Net retention rate" or "NRR" is calculated as recurring billings (subscription renewal, up-selling and cross-selling activities) over the last twelve months attributable to retained subscribers (subscribers who were subscribers in the previous twelve-month period) divided by the total recurring billings from the previous twelve-month period.

"Retained Billings" means recurring billings (renewals, up- and cross sell) attributable to retained subscribers who were subscribers in the previous twelve-month period.

"New Billings" means recurring billings attributable to new subscribers.

"Non-recurring Billings" means all billings that do not recur such as professional services and hardware reselling.

Business Overview

Oliver Steil

Q1 2022 at a glance

Financials Billings (non-IFRS) Adj. EBITDA Margin (non-IFRS) € 163.5m +12% | +8% cc¹ 51% -10 pp vs. Q1 2021 +7 pp vs. Q4 2021 Q1 2022

Key developments

Q1 2022 billings up compared to previous year (+12%)
Adjusted EBITDA margin of 51% driven by strong operating leverage; +7 pp vs. Q4 2021
Strong retention of pandemic cohorts resulting in 101% NRR (99% LTM)
SMB business up 4% yoy with higher quality tiers growing 15% yoy (LTM); entry segment continues to decline as percentage of SMB billings
Continued Enterprise momentum: billings up 51% YoY to now € 35.2m as well as promising pipeline build around strategic partnerships and leading AR solutions
Enterprise business accounts now for 22% of total billings, reflecting a continuous mix shift of the businesses
Continued decoupling of billings and subscriber growth; subscriber development broadly stable with 620,000 at the end of Q1 2022
Strong liquidity position with net leverage at 1.8x

¹At constant currencies

Continued APAC momentum and strong growth in AMERICAS

Spotlight on APAC

Successful opening of Singapore Office attended by leading business and political representatives
Singapore as central APAC sales hub with special focus on strategic alliances, channel partners, and distributors
A/NZ regional office in Adelaide to further strengthen company's footprint in strategically important region
New APAC President Sojung Lee supported by new Country Manager and Head of Sales for South Korea Helen Lee, who joined TeamViewer from IBM in April; focus on fostering strategic partnerships and implementation of regional strategy

ReMax program with substantial progress

New CFO to commence on 1 September 2022

Michael Wilkens

Michael Wilkens appointed Chief Financial Officer
Currently Senior Vice President Group Controlling at Deutsche Telekom AG
Extensive financial leadership experience:
Over 30 years of experience in telecom industry
Currently global responsibility for financial steering of Deutsche Telekom's comprehensive portfolio, additionally leads the group's risk governance and reporting
Strong commercial background with P&L and sales responsibility
Strong focus on cost discipline, forecasting and operating leverage, experienced in M&A (T-Mobile US/Sprint)
Stefan and Michael are working closely together to ensure a smooth transition
Roadshow for financial community planned in Q4

New CCO to commence mid-July 2022

Peter Turner

Peter Turner appointed as Chief Commercial Officer to drive commercial strategy and core business
Formerly Chief Commercial Officer at Avast, a leading Czech multinational cyber security software company
Extensive experience with rapidly growing software companies
More than 30 years of experience in transforming consumer businesses through insight driven strategies and strong leadership skills
Proven track record in growing sales through best-in-class commercial strategies and focusing organization around customer needs
Will be responsible for advancing TeamViewer's commercial strategy and strengthening its SMB business, an important entry point for mid-market and enterprise growth

Leading security posture confirmed by BitSight ranking and further enhanced by new CISO

TeamViewers "security by design" approach ensures best-in-class cyber security across the entire portfolio
Latest BitSight security ranking confirms:
TeamViewer is the most secure remote connectivity player in the market
Compared to all ca. 75,000 technology companies, TeamViewer lands within the top 5 percent
New CISO enhancing internal team of ~50 security and data protection experts as well as world-class external partners

Financial Overview

Stefan Gaiser

Financial highlights

Top Line (in €m)		Profitability (in €m)		Free Cash Flow and Cash Conversion (in €m)
	Q1 2022		Q1 2022		Q1 2022
Billings (non-IFRS)	163.5 +8% cc1 +12%	Adj. EBITDA (non-IFRS)2	83.2 -8%	Levered Free Cash Flow	21.9 -13%
Revenue (IFRS)	134.5 +14%	Adj. EBITDA margins (non-IFRS)2	51% -10 pp

¹At constant currencies

²Adjusted EBITDA is defined as operating income (EBIT) as per IFRS plus depreciation and amortisation of tangible and intangible fixed assets (EBITDA), adjusted for change in deferred revenue recognised in profit or loss during the period under consideration and for certain transactions that have been defined by the Management Board in agreement with the Supervisory Board (income and expenses). Business events to be adjusted relate to share-based compensation models and other material special items of the business which are presented separately to show the underlying operating performance of the business.

Continued billings growth with further accelerating shift towards Enterprise business

Q1 2022 LTM Billings Bridge (€)

Strong Enterprise Q1 growth supported by significant SMB upselling
SMB growth resulting in 4% YoY for Q1, normalized at 10% (LTM)
Increasing Enterprise contribution to total billings: 22% (Q1 2021: 16%)

¹TeamViewer defines Enterprise customers as customers with invoiced billings across all products and services of at least EUR 10,000 within the last 12 months. Customers which exceed or fall below this threshold are reallocated accordingly

Strong growth in higher quality SMB tiers; decreasing entry segment as percentage of SMB billings

Absolute SMB Billings Development by ACV Bucket (in €m, LTM)

Absolute SMB Subscriber Development by ACV Bucket (in k)

SMB growth backed by upselling into higher ACV buckets and stable subscriber churn rate

SMB Billings Total and by ACV Bucket (in €m, LTM) Q1 2020 Q1 2021 Q1 2022 € 1,500 – 10,000 € <500 € 500 – <1,500 460 428 345 +24% +7% 27% 40% 32% 36% 36% 28% 23% 37% 40%

SMB Subscriber Churn¹ (LTM)

1 [Retained subscribers (LTM) divided by total subscribers (LTM-12)]-1

SMB Total ASP Development (in €)

SMB Subscriber Development (in k)

Solid ecosystem development

Av. Monthly Active Devices per Quarter (in m) New Installs per Quarter (in m)

APAC AMERICAS EMEA

Strong Enterprise momentum with significant increase in higher ACV tiers

Enterprise Net Retention Rate (LTM)

Q1 2021	Q2 2021	Q3 2021	Q4 2021	Q1 2022
>95%	>95%	>100%	>110%	>115%

Enterprise Total ASP Development (in €k)

Number of Enterprise Customers Development (LTM)

Robust billings growth and margin above expectations

Adj. EBITDA Margin Development (in %)

Strong operating leverage reflected in positive development of major KPIs since Q3 2021

Major KPI Development since Q3 2021 (in m€)

Progress on action plan announced at the Capital Markets Day is reflected in positive KPI development:
Growing topline despite continued suspension of free-topaid monetization campaigns initiated in Q3 2021
Increased profitability through successful cost containment and operating leverage
Total adjusted costs decrease mainly driven by lower marketing expenses due to reduced advertisement spend

Strong and improving customer retention; new billings affected by missing monetization and seasonality

New Billings per Quarter (overall, in €m)

Successful rightsizing across entire cost base versus previous quarter

€m (all adjusted non-IFRS figures)	Q1 2022	Q1 2021	∆ %	Q1 2022	Q4 2021	∆ %
Billings	163.5	146.6	12%	163.5	153.7	6%
Cost of sales % of billings	(9.8) -6.0%	(10.2) -7.0%	-4%	(9.8) -6.0%	(10.0) -6.5%	-2%
Gross profit Margin %	153.6 94.0%	136.4 93.0%	13% 1 pp	153.6 94.0%	143.7 93.5%	7% 0.5 pp
Sales of billings %	(17.1) -10.5%	(16.4) -11.2%	4%	(17.1) -10.5%	(17.3) -11.3%	-1%
Marketing of % billings	(28.9) -17.7%	(11.0) -7.5%	164%	(28.9) -17.7%	(31.3) -20.4%	-8%
R&D of billings %	(12.9) -7.9%	(9.1) -6.2%	43%	(12.9) -7.9%	(14.9) -9.7%	-13%
G&A of billings %	(7.1) -4.3%	(6.6) -4.5%	8%	(7.1) -4.3%	(8.2) -5.3%	-13%
Other1 of % billings	(4.3) -2.6%	(3.3) -2.3%	30%	(4.3) -2.6%	(4.3) -2.8%	0%
Total OpEx of billings %	(70.4) 43.1%	(46.3) 31.6%	52%	(70.4) 43.1%	(76.0) 49.4%	-7%
Adj. EBITDA	83.2	90.0	-8%	83.2	67.7	23%
Margin %	50 9%	61 4%	-10 pp	50 9%	44 0%	-7 pp

Increased marketing spending yoy reflecting sponsorship agreements
Margin recovery reflects successful cost containment while marketing costs are fully factored in

¹Incl. other income/expenses and bad debt expenses of €4.4m in Q1 2022 and €4.5 in Q1 2021

High free cash flow and cash conversion

€m	Q1 2022	∆ %
Pre-Tax net cash from operating activities (IFRS)	39.6	46.6	-15%
Income tax paid	(10.4)	(12.6)	-18%
Capital expenditure (excl. M&A)	(1.3)	(3.9)	-66%
Lease repayments	(1.4)	(1.1)	29%
Interest paid for borrowings and lease liabilities	(4.5)	(4.0)	14%
Levered Free Cash Flow (FCFE)	21.9	25.0	-13%

as % of adj. EBITDA	26%	28%
as % of EBITDA	53%	62%

CapEx significantly reduced post successful rollout of new ERP system and the completed headquarters move in 2021, continuing positive trend from previous FY
Levered Free Cash Flow decreased due to planned advance payments for the marketing partnerships (mainly in Q1 and Q2)

Strong liquidity position allowing for significant share buyback

m€

31 Mar 22 As of 29 April, 13.4m shares of the total shares outstanding have been bought back representing a volume of 185m or 62% of the total targeted volume
The buyback is expected to be completed within 2022

¹Net cash from operating activities (after tax) ²Mainly consists of currency gains and the capital element of lease liabilities ³Adjusted EBITDA (LTM): €250.2m

Outlook

Stefan Gaiser

2022 guidance unchanged after solid start

2022 guidance	Mid-term outlook
€ 630m – € 650m	High teens percentage growth YoY

€ 565m – € 580m	Mid teens percentage growth YoY

45% – 47%	Further margin improvement

TeamViewer on track to achieve FY guidance
TeamViewer stopped its business activities in Russia and Belarus; leading to approx. 1 percent negative impact on billings going forward
Conversion into European stock corporation (SE) on track with shareholder vote at AGM on 17 May

Thank you for your attention

Appendix

Enterprise and SMB KPI overview

	Q1'20	Q2'20	Q3'20	Q4'20	Q1'21	Q2'21	Q3'21	Q4'21	Q1'22
Enterprise
Billings p.q. in €m	17.5	13.6	7.7	14.2	23.2	22.2		29.4	35.2
Billings LTM in €m	31.0	40.7	44.5	53.0	58.7	67.4	77.8	93.0	105.0
Number of subscribers	1,183	1,457	1,658	1,885	2,058	2,252	2,419	2,712	2,873
ASP (LTM) in k€	26.2	27.9	26.9 28.1 28.5 29.9			32.2	34.3	36.5
SMB
Billings p.q. in €m	102.2	92.4	98.7	113.9	123.3	99.3	107.6	124.4	128.3
Billings LTM in €m	345.1	368.3	388.3	407.2	428.4	435.3	444.2	454.6	459.6
Number of subscribers	513,306	532,906	565,125	582,593	600,555	620,445	625,744	624,152	616,840
ASP (LTM) in €	672	691	687	699	713	702	710	728	745
Total
Billings p.q. in €m	119.7	105.9	106.4	128.1	146.6	121.6	125.8	153.7	163.5
Billings LTM in €m	376.1	409.0	432.8	460.3	487.1	502.7	522.0	547.6	564.5
Number of subscribers	514,489	534,363	566,783	584,478	602,613	622,697	628,163	626,864	619,713

Q1 2022 reconciliation from management key metrics to IFRS - YTD

	Management view	Change in		Other non-IFRS	Accounting view
€m	adjusted P&L1	deferred revenue	D&A	adjustments	IFRS P&L
Billings / Revenue	163.5	(29.0)			134.5
Cost of sales	(9.8)		(8.3)	0.0	(18.2)
Gross profit contribution	153.6				116.3
of Billings % / Revenue	94 0%				86 5%
Sales	(17.1)		(1.9)	(3.9)	(22.9)
Marketing	(28.9)		(0.4)	(2.5)	(31.8)
R&D	(12.9)		(1.8)	(2.0)	(16.8)
G&A	(7.1)		(0.7)	(4.9)	(12.7)
Other2	(4.3)		0.0	0.3	(4.0)
Adj. EBITDA	83.2
of Billings % / Revenue	50 9%
D&A (ordinary only)3	(5.7)
Adj. EBIT / Operating profit (EBIT)	77.6	(29.0)	(7.4)4	13.1	28.1
of Billings % / Revenue	47 4%				20 9%
D&A (total)3+4					13.1
EBITDA					41.2
of Billings % / Revenue					30 6%

Margins and percentages of billings adjusted and IFRS revenue Incl. other income/expenses and bad debt expenses of € 4.43 m D&A excl. amortization intangible assets from PPA Amortization intangible assets from PPA

Deferred revenue development in 2021 and 2022

€m	1 Jan 21	Additions from Billings	Other Addition / Release	Release to IFRS Revenue	31 Mar 21	1 Apr 21	Additions from Billings	Other Addition / Release	Release to IFRS Revenue	30 Jun 21	1 Jul 21	Additions from Billings	Other Addition / Release	Release to IFRS Revenue	30 Sep 21	1 Oct 21	Additions from Billings	Other Addition / Release	Release to IFRS Revenue	31 Dec 21
Subscription Model	212.5	146.6	(15.2)	(116.6)	227.3	227.3	121.6	10.9	(122.3)	237.5	237.5	125.8	(0.6)	(127.4)	235.2	235.2	153.7	(6.3)	(132.2)	250.5
Perpetual Model	2.7	0.0	0.0	(1.7)	0.9	0.9	0.0	0.0	(0.5)	0.4	0.4	0.0	0.0	(0.2)	0.2	0.2	0.0	0.0	(0.1)	0.1
	215.2	146.6	(15.2)	(118.3)	228.2	228.2	121.6	10.9	(122.8)	237.9	237.9	125.8	(0.6)	(127.7)	235.4	235.4	153.7	(6.3)	(132.3)	250.6
€m	Additions Other Release to 1 Jan 31 Mar from Addition / IFRS Other Addition / Release mainly comprises change in undue billings 22 22 Billings Release Revenue
Subscription Model	250.5	163.5	(13.3)	(134.5)	266.2
Perpetual Model	0.1	0.0	0.0	0.0	0.1
	250.6	163.5	(13.3)	(134.5)	266.3

Non-IFRS adjustments in EBITDA

€m	Q1 2022	Q1 2021	Q1 2022	Q4 2021
Total IFRS 2 charges	(5.4)	(15.0)	(5.4)	14.4
TeamViewer LTIP	(0.1)	(0.9)	(0.1)	1.5
M&A related share-based compensation	(3.3)	(7.2)	(3.3)	(3.3)
Share-based compensation by TLO	(2.0)	(6.9)	(2.0)	16.2
Other material items	(7.7)	(3.3)	(7.7)	(6.5)
Financing, M&A, transaction-related	(0.0)	(1.3)	(0.0)	2.2
ReMax	(4.8)	(0.0)	(4.8)	(6.6)
Other	(2.8)	(2.0)	(2.8)	(2.2)
Valuation effects	0.0	(2.8)	0.0	0.5
Total	(13.1)	(21.1)	(13.1)	8.3

M&A related and TLO share-based compensation not cash relevant
Lower IFRS 2 expenses due to scheduled stock plan for M&A related share-based compensation (first tranche expired) and TLO related portion due to new vesting period
ReMax related costs mainly contain severance payments & ReMax projects support costs
Other relates mainly to Ukraine donation and IT projects (ERP)

Full time employees by functional area

In FTE	Q1 2022	Q1 2021	∆
Sales	563	576	-2%
Marketing	88	99	-12%
Tech Support	66	76	-13%
R&D	401	411	-2%
G&A	224	216	4%
Total	1,342	1,378	-3%

Financial Statements

Profit & Loss Statement

€ thousand	Q1 2022	Q1 2021	∆ %	Q1 2022	Q4 2021	∆ %
Revenue	134,494	118,330	14%	134,494	132,252	2%
Cost of sales	(18,199)	(18,380)	-1%	(18,199)	(17,288)	5%
Gross profit	116,295	99,950	16%	116,295	114,964	1%
Research and development	(16,793)	(13,814)	22%	(16,793)	(17,267)	-3%
Marketing	(31,838)	(12,994)	145%	(31,838)	(28,481)	12%
Sales	(22,864)	(24,625)	-7%	(22,864)	(13,793)	66%
General and administrative	(12,734)	(13,676)	-7%	(12,734)	(13,055)	-2%
Bad debt expenses	(4,430)	(4,495)	-1%	(4,430)	(3,689)	20%
Other income	565	1,494	-62%	565	2,851	-80%
Other expenses	(118)	(3,078)	-96%	(118)	(242)	-51%
Operating profit	28,083	28,761	-2%	28,083	41,288	-32%
Finance income	70	403	-83%	70	201	-65%
Finance costs	(4,808)	(5,248)	-8%	(4,808)	(5,198)	-8%
Foreign exchange income	6,754	4,738	43%	6,754	7,892	-14%
Foreign exchange costs	(7,683)	(18,718)	-59%	(7,683)	(9,356)	-18%
Profit before tax	22,416	9,936	126%	22,416	34,827	-36%
Income taxes	(7,724)	(6,690)	15%	(7,724)	(6,386)	21%
Profit after tax	14,692	3,246	353%	14,692	28,441	-48%
Basic number of shares issued and outstanding	196,193,045	200,000,000		196,193,045	200,356,977
Earnings per share (in € per share)	0.07	0.02	361%	0.07	0.14	-47%
Diluted number of shares issued and outstanding	196,193,045	200,380,918		196,193,045	200,356,977
Diluted Earnings per share (in € per share)	0.07	0.02	362%	0.07	0.14	-47%

Balance Sheet

€ thousand	31 Mar 2022	31 Dec 2021
Non-current assets
Goodwill	667,362	667,224
Intangible assets	238,722	248,159
Property, plant and equipment	44,221	45,484
Financial assets	4,801	4,848
Other assets	6,924	3,824
Deferred tax assets	692	496
Total non-current assets	962,724	970,035
Current assets
Trade receivables	10,638	11,560
Other assets	28,756	13,029
Tax assets	4,962	1,513
Financial assets	675	0
Cash and cash equivalents	424,265	550,533
Total current assets	469,295	576,635
Total assets	1,432,019	1,546,670

Balance Sheet (cont'd)

€ thousand	31 Mar 2022	31 Dec 2021
Equity
Issued capital	201,071	201,071
Capital reserve	399,744	394,487
(Accumulated losses)/retained earnings	(262,111)	(276,803)
Hedge reserve	637	12
Foreign currency translation reserve	1,807	1,320
Treasury share reserve	(148,857)	0
Total equity attributable to shareholders of TeamViewer AG	192,291	320,087
liabilities Non-current
Provisions	368	366
Financial liabilities	847,426	842,495
Deferred revenue	7,387	6,095
Deferred and other liabilities	1,698	2,032
Other financial liabilities	8,801	8,769
Deferred tax liabilities	30,349	29,764
Total non -current liabilities	896,030	889,522
liabilities Current
Provisions	2,004	1,893
Financial liabilities	34,604	34,973
Trade payables	8,125	7,272
Deferred revenue	258,881	244,480
Deferred and other liabilities	35,401	41,784
Other financial liabilities	3,516	5,911
Tax liabilities	1,166	749
Total current liabilities	343,698	337,061
Total liabilities	1,239,728	1,226,583
Total equity and liabilities	1,432,019	1,546,670

Cash Flow Statement

€ thousand	Q1 2022	Q1 2021	∆ %

Profit before tax	22,416	9,936	126%
Depreciation, amortisation and impairment of non-current assets	13,131	11,937	10%
Increase/(decrease) in provisions	113	1,217	-91%
Non-operational foreign exchange (gains)/losses	2,355	15,306	-85%
Expenses for equity settled share-based compensation	5,257	14,115	-63%
Net financial costs	4,738	4,845	-2%
Change in deferred revenue	15,693	13,062	20%
Changes in other net working capital and other	(24,144)	(23,851)	1%
Income taxes paid	(10,374)	(12,586)	-18%
Cash flows from operating activities	29,184	33,981	-14%
Payments for tangible and intangible assets	(1,317)	(3,859)	-66%
Payments for financial assets	0	0	n/a
Payments for acquisitions	(1,977)	(19,097)	-90%
Cash flows from investing activities	(3,293)	(22,956)	-86%

Cash Flow Statement (cont'd)

€ thousand	Q1 2022	Q1 2021	∆ %

Repayments of borrowings	0	(52,730)	-100%
Proceeds from borrowings	0	400,000	-100%
Payments for the capital element of lease liabilities	(1,428)	(1,107)	29%
Interest paid for borrowings and lease liabilities	(4,540)	(3,975)	14%
Purchase of treasury shares	(148,857)	0	n/a
Cash flows from financing activities	(154,825)	342,188	-145%
Net change in cash and cash equivalents	(128,934)	353,213	-137%
Net foreign exchange rate difference	2,795	1,516	84%
Net change from cash risk provisioning	(129)	(930)	-86%
Cash and cash equivalents at beginning of period	550,533	83,531	>+300%
Cash and cash equivalents at end of period	424,265	437,330	-3%