Hi!
The 5 circles is showing the regatta countdown timer. Basically the 1345 has a second hand that is always sweeping.
When the single "chronograph" pusher is pressed, the second hand will go to 12'o clock in Flyback style.
The countdown will go into a 2x5 minute mode. At first the 5 circles will be light blue, and gradually be replaced by red.
When all 5 are red, the dial background color will start to fill the first field and so on, until the last circle is red (then you will have 1 minute before start). When all indicators are back to the color as shown in my initial photo, and the second hand reaches the top, it is race time!
The flyback reset function is very handy as a start may be postponed, and then restarted. It only requires one push on the chrono button to reinitialize a new countdown process.
Since the International Sailing Federation changed the starting procedure it is not fully compliant any longer, however it still works since the last section of the start procedure is signaled (horn) when 5 minutes remains.
Some pics enclosed: