Systemair AB

STO:SYSR

Earnings Call Transcript 2021-Q4

[Operator]

Welcome to the Systemair Q4 Reports Conference Call. [Operator Instructions] Just to remind you, this conference call is being recorded. Today, I am pleased to present Roland Kasper, CEO; and Anders Ulff, CFO. Please begin your meeting.

[Anders Ulff, CFO & Secretary to the Board]

Good morning, everyone. Anders Ulff here with Roland Kasper.

[Roland Kasper, Group CEO & President]

Good morning.

[Anders Ulff, CFO & Secretary to the Board]

Good morning. We would like to remind you that you can find a presentation of today on our website group.systemair.com. So Roland, let's get started with our Q4 report.

[Roland Kasper, Group CEO & President]

Perfectly. Let's do that. Good morning, everyone. So our quarter 4 report 2021, let's directly jump to Page #1. So as you all know, our company was started and established here in Skinnskatteberg, in Sweden in 1974 by our Founder and Chairman, Mr. Gerald Engström. Last year, we had a turnover in annual net sales of around about EUR 850 million. And we're listed on the Nasdaq Nordic Stock Exchange Market since October 2007. Today, we have 54 sales companies all over the world, and we have 27 factories in 20 countries. All in all, we have round about 6,400 employees, and we have a constant export to 135 countries in the last year. Slide #3. Directly into our quarter report. In our quarter 4 in 2021, we had a total turnover of SEK 2.2 billion. This corresponds to the growth of 8.7%, whereof organic, 17.1%. On the right side of the slide, you see the graph, and you, of course, also see the development over the last quarters, which is a quite nice one is 17.1%. Going to break down the growth into growth analyzed in Slide #4. So organic, we had good organic growth, especially in Asia, North America, but also partly in Western Europe. And the contribution by acquisitions is rather small. In fact, here of the acquisition of the company Divid, Servicebolaget and Frico A/S, Denmark, which is 0.5%. And then we have the biggest -- correction here due to the strengthened Swedish krona, the currency effect of negatively 8.9%, bringing us to a total of growth of 8.7%. Slide #5. The operating profit in quarter 4. Our gross margin increased to 35.7% compared to 34.6% in the corresponding year before. During the quarter, we made an impairment of goodwill related to the acquisition of Menerga in Germany and made a write-down of SEK 35.5 million due to the relocation of parts production to Slovenia and that decision was taken and the impairment done. The sales and admin expenses for the quarter decreased to 3% for comparable units. And the resulting operating profits for the fourth quarter amounted to SEK 173 million compared to SEK 56 million in the quarter year before. Adjusted though for these impairments, the EBITDA amounts to SEK 209 million or 9.4% for the fourth quarter. Going to next slide, Slide #6, profit after tax in quarter 4. The net financial items ended in the fourth quarter at SEK 15.1 million negatively compared to SEK 46.6 million. The effects of the foreign exchange on long-term receivables, loans and bank balances are calculated SEK 8.6 million. The interest expense for the quarter totaled in SEK 6.6 million, and the estimated tax for the quarter amounted to SEK 41.7 million. All amounting include profit after tax of SEK 116 million for the quarter 4 compared to negatively SEK 2 million in quarter 4 the year before. Next slide, Slide #7. The cash flow analysis for the quarter 4. The cash flow from the operating activities in quarter 4 2021 amounted to SEK 272.3 million compared to SEK 94 million the quarter the year before. Change in working capital amounted to SEK 43.0 million, which is mainly due to the increased trade receivables. The net investment, excluding acquisitions, amounted to SEK 123 million, which is mainly due to the new production type investments in both Russia and Czech Republic. And thereby, the total amount of free cash flow is SEK 106.3 million compared to SEK 5.3 million in the year before. Also to mention our net indebtedness is the SEK 1.5 billion compared to almost SEK 2 billion, SEK 1.98 billion in the same quarter the year before. Switching to Slide #8, cash flow from operating activities. Just to follow up that I just presented those figures, you also see it here in the graph, and you see the development over the last years. And also the measures taken during the year '17, '18, '19 now showing the results. Going to Slide #9 and jumping a little bit into looking very, very brief only into the different markets, starting with Nordics. Sales in the Nordic countries here this quarter increased by 9.1% in the fourth quarter. Adjusted for foreign exchange effects and acquisitions, the organic growth was 8.4%. Especially Swedish and Norwegian market showed good growth during the quarter. Sales in Denmark and Finland decreased slightly. Looking at Slide #10, Western Europe. Sales in Western Europe market were 6.6% above corresponding period last year. Here, adjusted for foreign exchange effects and acquisitions, it's an organic growth of 13.2%. Most countries actually in the region, including Italy, France, Germany, showed good growth in the period, while Netherlands, Belgium and Portugal decreased slightly. Next slide, Eastern Europe and CIS. Sales in Eastern Europe and CIS decreased by 10.6% during the quarter. Here though, adjusted for foreign exchange effects and acquisitions, the sales increased by 0.5%. So organic growth, 0.5%. The sales in Russia, though, increased 5% compared with the previous period. The Russian markets now account for around about 30% of sales in this region, Eastern Europe and CIS. Other major markets that showed a slight decline in the region were Czech Republic and Poland due to the pandemic situation, while Lithuania and Slovenia showed good growth. Slide #12, North and South America. Sales in North and South America region increased by 7.8% during the quarter, and here, adjusted for currency effects and acquisitions, sales increased by 20.9% organically in this region. And here, North America, but above all, the sales of residential units and also classroom units for schools is the one that continues to develop very, very well in this region. The next slide, Slide #13, and giving you an insight about the Middle East, Asia, Australia and Africa. Sales in this region increased by 51.8% compared with the same period last year. And here, adjusted for currency effects and acquisitions, it's an whopping 80.4% increase organically. And here, of course, I have to mention it's due to the low comparable numbers as last year in this period, this area of the world was hit really severe by pandemic, and we had these close downs by governmental decrees. So very nice comparables, but an organic growth versus last year of 80.4%. Malaysia, South Africa and India showed strong recovery during the period. And as I mentioned, this last year's shutdown. So going to next slide, Slide #14. And here, you then have the summary of the markets in our year 20/21. So all in all, Eastern Europe and the CIS countries 14% today of our total turnover. North and South America has increased slightly to be 11% of our total turnover. Nordic region stable at 20%. Western Europe slightly increased to 43% and the other markets are 12%, also here a slight increase. This is the total picture of our markets. As this is the report of the quarter 4, the next slide, Slide #15, is then the summary of sales for full year of Systemair. So in the year 2021, starting from 1st of May last year to last of April this year, we had a total turnover of SEK 8.5 billion, which contributes to growth negatively of minus 4.4%, though organically 2.1% growth. Looking here at the growth analyzed on the next slide, Slide #16, shows that the good organic growth was the development in North America, Morocco, India and Turkey. Then a slight contribution due to acquisitions of small acquisitions, Pacific Ventilation, Australia and New Zealand, Systemair Maroc, Poly-Rek in Croatia, Frico in Denmark, Divid and Servicebolaget in Sweden, 0.6% contribution. And then we have the big part here, which is the strengthened Swedish krona, the currency effect that contributed negatively with minus 7.1% on the gross side, which then brings us to a total of minus 4.4% in growth on an annual basis. Looking at the next slide, the operating profit for the full year. The operating profit for the financial year in May 2020 to April 2021 amounted to a total SEK 676 million compared to SEK 625 million the year before. The operating profit under the item other operating income includes also COVID-19-related government grants, totaling of SEK 29 million. The total operating margin was 7.9% compared to 7%, adjusted for impairment of goodwill, both in Traydus in Brazil and Menerga in Germany, the operating margin is 8.5%. Sales and admin expenses for the year decreased by SEK 148.9 million or 6.2% of comparable units. The selling expenses have been charged with SEK 18 million for estimated customer losses. Next slide. To conclude, here, we can clearly and gladly state that our Raul Corredera Haener, who is our Director of Business Development and Manufacturing sites, has been elected to President of the Eurovent Association. He will have this leadership position within the association from 2021 to 2024. This tends to have our employee Raul here be elected to President is for us a very strategic break to have the focus on the building bridges and breaking trade barriers and represents interest of all the European members, which will drive a positive change in Eurovent. So while we're doing this is, of course, that what we see in coming here is a lot of local new certifications and also governmental initiatives of making energy certifications on local and national levels. This needs to be somehow though growth together on a European level to not create trade barriers. And that is what we will work for here. Also at the same time, we are today also sitting with our Technical Director, Mats Sándor being the President of AMCA in U.S. and also our mentioned Director in India, Mr. Asokdas, is then also in the Board of AMCA in Asia. And our MD, Morten Schmelzer, who is today also sitting in the Board of EVIA, European Ventilation Industry Association. So Systemair is contributing and also working hard to need to be a good player for the European and the international ventilation business. Looking then at the next slide, to show you a reference on Slide #19. We have delivered about the order to deliver to Yekaterinburg in Russia is for the Water Sports Palace for the 2023 Summer World University Games. This is a total construction with a floor area of 60,000 square meters, and here you have stands for the spectators of around about 5,000 seats, and the construction work will be completed by the end of this year. Here, we have the opportunity to deliver some ThermaCond units with preheaters for the pools and Adconair units for the spectator area. And here, the rating is the heat recovery rates of more than 90% and the unique reason for getting access to this project is our heat exchange capabilities. Total order value here for Systemair is around about EUR 1 million. As a summary of this presentation on the last Slide #20, what we are facing today is supply of components is troublesome and delivery times are increasing. We have a strong organic growth in quarter 4, driven by several regions. Eastern Europe still not recovered yet. The adjusted EBIT margin is 9.4% compared to 4.6% in quarter 4 and 8.5% for the full year 2021 compared to 7.4%. This is another step for us in the right direction towards our profitability targets despite COVID-19, and we also contributing -- continuing with investments in production capacity. The dividend suggested by the Board is SEK 3 per share. By that, I'll switch over to the last slide, say thank you and open up for questions.

[Operator]

[Operator Instructions] Our first question comes from the line of Carl Ragnerstam of Nordea.

[Carl Ragnerstam, Analyst]

It's Carl here from Nordea. A couple of questions from my side. Firstly, on the organic growth, obviously, very impressive with the 17% organic growth. And could you say anything if there's anything of a nonrecurring niche in it fueling the numbers in Q4? And also, on North America, obviously, standing out on the positive side, is it fair to assume a continued high organic growth pace the coming quarters given the good demand from the classroom ventilations and so on, when people are returning from -- after the pandemic?

[Roland Kasper, Group CEO & President]

Yes. Hello, Carl. Okay. To the organic growth, something on reoccurring. I think, first of all, we had quite nice comparables given where we were -- what situation we had last year in the same period. But as also reported, I mean, we had -- just for Asia, for example, 80% organic growth, which, of course, just to come back to normalized volumes. But what we see in the pipeline is that it's coming back with some hurdles maybe. Just now in Malaysia and India, there's still restrictions, as you know, from the newspapers, the pandemic is still quite severe in that region. But all over the other markets and regions, we see a good recovery. Talking about North America. Here, the organic growth is continuing. It's hard to predict the path or the, let's say, how well it will continue, but we see positive continuation. It's mainly driven by residential and also the classrooms. It's not that much about coming back to work, it's more about the upgrading existing residential and the new builds and on the school -- and the classroom investments is to really upgrade of existing.

[Carl Ragnerstam, Analyst]

Okay. Perfect. And on the order intake side during Q4, is it still looking as well as in -- or as the organic growth in Q4? Or I mean, how should we look at the organic growth number in Q4? And how much could we, I mean, possibly extrapolate from that?

[Anders Ulff, CFO & Secretary to the Board]

Yes. It's hard to say for us for the moment. Of course, it's partly a catch-up effect, we believe, that included in this also. But still, we are quite optimistic in many regions. I mean we can see underlying drivers in the market that really give us potential for further growth. And we believe, I mean, that we are going back towards at least 6% to 8% organic growth here going forward. But maybe, I mean, part of the extreme growth this quarter is some kind of catch-up effect as well.

[Roland Kasper, Group CEO & President]

But also to just complete what Anders is saying, Carl, is, of course, yes, we think that the organic growth that we normally historically have between 6% and 8% is going forward absolutely possible. The troublesome part of the outlook, I would say, is just now the material situation, not the cost increase to the availability. Order intake has been very good in quarter 4, as you can see in the figures, but we have a problem with the material availability and some of subsuppliers, not even confirming orders anymore because material is not available for them. Still, we can balance it, but the situation would need to stabilize.

[Carl Ragnerstam, Analyst]

Okay. Perfect. So I guess, slight on the negative side for Q1 on the component side then compared to Q4, I guess.

[Roland Kasper, Group CEO & President]

As I said, for the time being, we can balance it. It's just the outlook. We need to see some time down the road how this on midterm or long term, how it will stabilize. There are some good points that we can see on the horizon, but also some negatives. So we'll see how that ends up.

[Anders Ulff, CFO & Secretary to the Board]

At least, we are not the only supplier in the industry that have this kind of problems. So it's the same for our competitors as well.

[Roland Kasper, Group CEO & President]

Absolutely.

[Carl Ragnerstam, Analyst]

Okay. Perfect. On that note, I mean, the raw material prices, I mean, especially on the steel side, the prices are continuing up. So could you elaborate a bit on where you are in terms of pricing? And if you see risk of facing more headwinds in the coming quarters compared to Q4? How should we look at that?

[Roland Kasper, Group CEO & President]

We have, of course, been following that very close. We have done our price adjustments to the markets. We have, in some markets, for some products, we have done it twice. And we are seeing in some areas we see the need, but also a push from other suppliers to us that we will have a need -- might be to have some more price adjustments in summertime. But that is, for us, easier to handle as the market acceptance, I mean everyone is the same position, everyone has the same situation. So the acceptance level -- also our customer base is very, very good. It is more about material availability, which is the bigger headache than the price increase.

[Carl Ragnerstam, Analyst]

Okay. Perfect. And the final one, looking at the margin uplift in the quarter. I mean it's pretty clear that it's partly or the majority driven by SG&A and -- but of course, also positively impacted by the gross margin increase. So first, on the SG&A side, would you say that the current level is somewhat long-term sustainable? Or do you need to do a ramp-up here in the coming quarters due to more traveling fares or to meet the demand? Or -- and that's the first one. And on the gross margin side, what do you say is the main driver behind the increase year-over-year?

[Anders Ulff, CFO & Secretary to the Board]

I think you will see that sales and admin expenses will normalize, maybe not 100% back to where it used to be, I think we will challenge the need of certain sales activities going forward since we have seen that in some areas, it works pretty well, I mean, without participating in price. There are other ways of doing product launches and so on. So that's part of it. And -- but going to the gross margin, then, of course, it's different reasons. But of course, the improvement is partly due to the nice increase for the month, the growth, the organic growth and also the mix of which factories or so that are growing the most for the moment and what kind of products. So for us, it's very positive, for example, when we see growth in residential ventilation. That's one example.

[Operator]

And our next question comes from the line of Hjalmar Jernström of Erik Penser Bank.

[Hjalmar Jernström, Analyst]

Hjalmar here with Erik Penser Bank. I was wondering, could you elaborate a bit on the pace of the growth. Was there an even recovery or even growth? Or what's the growth, for example, focused towards particular months?

[Roland Kasper, Group CEO & President]

In that quarter -- sorry, in that quarter, all the 3 months were particularly good. I would say, started with a slow with a good growth, but then quite impressive growth for the last 2 months. But then at the end of the last month, we started to see this material availability problem. So please look at the conclusion of that.

[Hjalmar Jernström, Analyst]

All right. And also you mentioned the material availability and the price levels. Has this any effect on the inventory levels of your customers? And could there be a potential hamstring effect in the quarter?

[Anders Ulff, CFO & Secretary to the Board]

Yes. At least, we saw it. We also launched here during the period internal price increase. We saw also internally that there was some kind of hamstring of -- before the price increase. It's a little bit more hard to measure how much of that was brought out to the end customer, really. But we don't think it's a big effect really from the project.

[Hjalmar Jernström, Analyst]

All right. And also one final question. I mean you mentioned previously that you estimate that the 47% of your revenue is taxonomy eligible, if I recall correctly, is this still your assessment or do you have a more recent number available?

[Roland Kasper, Group CEO & President]

No, we're still on that number.

[Anders Ulff, CFO & Secretary to the Board]

Yes. We are working on this and following already all the updates coming on. But latest was that, I mean, the reaction reporting will not be due hereby for the quantitative amounts will not be due here end of the year, it will be delayed one there. So it will be more qualitative reporting done by the end of this year. But we are working on it, and we will come back as soon as we have some updated figures here.

[Operator]

And we currently have one further question in the queue. [Operator Instructions] And that next question comes from the line of Henrik Alveskog of Redeye.

[Henrik Alveskog, Equity Analyst]

This is Henrik. And just going back -- and going back to -- briefly to the gross margin discussion. Should we understand that in order for you to reach the 10% EBIT margin target, you will need to increase your gross margins a little bit further? Is that what you're aiming at?

[Roland Kasper, Group CEO & President]

I think looking at what has happened during the last 1.5 years is, of course, also as announced on our Capital Markets Day in 2019, we have done several areas or several projects where we have been working towards streamlining our internal processes and different things to be able to bring the company to the EBIT level. So I think we were in a good situation when the pandemic hit because we were working on a lot of internal things to be much better internal to be able to achieve it by own power, so to say. What we have seen now is that, of course, that what has been missing for us to come there in a faster pace has been volume. Now it's more volume-driven. So what we would need now is not that we maybe would expect that we need 2% or 3% more on the gross margin is what we need now is more volume.

[Henrik Alveskog, Equity Analyst]

All right. And then more specifically, could you comment on your outlook for the AC segment?

[Roland Kasper, Group CEO & President]

The AC segment was one of the areas that we are working on also in this restructuring, as you know, Henrik. And during the pandemic, they have been suffering volumes, but actually, the profitability was quite okay compared to what the outlook was. So I would say that the measures done on the AC had been very successful. And here is also, again, that now we're going into the season, and we see that these effects are quite positive for us. So I would say that the situation in AC is much less troublesome than it has been before. Absolutely.

[Henrik Alveskog, Equity Analyst]

And what about the -- well, your pipeline, order pipeline and the outlook for the demand for those products?

[Roland Kasper, Group CEO & President]

I think it's quite positive because what has been done, of course, during pandemic, we have not stopped the product development and all that. So in the pipeline has also partly already launched, we have some products that are quite ahead technical, like our Sysaqua Blue with global one potentially only three, but also a total renewed product portfolio when it comes to rooftops, when it comes to the heat pumps and that are all brought to the highest standards now when it comes to refrigerants to efficiencies. So we are just now, I would say, on the products, more competitive than ever before. So it's -- we -- I would say, we're coming into a situation where we can really take the benefits of the things that have been invested in today as before.

[Henrik Alveskog, Equity Analyst]

Okay. And just finally then, a while ago, you mentioned that you're making a push for Frico in the United States or maybe Canada also. And you had some quite ambitious goals there for growing your sales. Could you just briefly comment how that is progressing? And also maybe comment on -- well, heating products for the total group, if that was a significant impact on the product mix in this quarter?

[Roland Kasper, Group CEO & President]

So first, in North America, our Frico partner is continuing to develop really well. Meanwhile, I will not say before, but we have the opportunity now to open the local warehouse to employ some more people because it development is very positive for us. Has been mainly been driven by markets in Canada, some in U.S. and some key customers, as also reported before. And that is continuing quite well. As you know, the funding into the markets in North America has been quite well. So this is continuing the same pace. But for the time being, I would say that the pace is more positive on residential, I mean, as we have reported, it's really nice growth in residential, which maybe gives a little bit of a shade on the Frico business in North America, which is also developing really well. When it comes to the Frico development overall in the group, the development in the, let's call it, the cold season has been better than expected. But now we are going into the warm season, which normally is not the higher volume season for Frico. But I would say, overall, in the last year for us, Frico has been developing a little bit better than the years before.

[Anders Ulff, CFO & Secretary to the Board]

And also to mention there, we have a new member of the group management, who will be responsible for the Frico business globally. And he has good experience from Frico, for example, in Norway and U.K. and so on. So we hope he will bring in some fresh ideas and also boost in a sense Frico as we're optimistic in that area.

[Operator]

Our next question comes from the line of Carl Ragnerstam of Nordea.

[Carl Ragnerstam, Analyst]

Just one more from my side. And you mentioned in the report that you're taking impairments related to Menerga. And as you're moving part of the production to Maribor, and what is the rationale behind that? And should we see it as you, over time, will reallocate the vast majority of the production to more sort of low-cost countries? Or how should we look at that?

[Roland Kasper, Group CEO & President]

It's more about, how to say, refining what we have. We are actually moving the, let's call it, the absolute standardized units for private pools and smaller units, we're moving to Maribor. We -- 2 years ago, we acquired a company in Croatia, which is quite close to the border there that is producing that type of heat recovery units in polypropylene to be supplied to that factory there. So it's, I would say, strategic move to do that. Offloading and decomplicating the situation at Menerga and giving them the opportunity to focus on the core, which is the bigger, more complex, pool unit. So we're taking out some of the units that are some troublesome for the existing manufacturing and also being able to, by that, of course, reduce the total cost of staffing. So it's a step to make the Menerga business for us equal in Germany.

[Operator]

And we have one further question in the queue. That's from the line of Douglas Lindahl of Kepler Cheuvreux.

[Douglas Lindahl, Analyst]

Just a clarification question from my side. Roland, when talking about the 10% EBIT margin target, you sort of came back to the CMD efforts that you presented back in 2019. Did I get that correctly that you now sort of assume that all of these efforts have been materialized, meaning the IT and AHU casing platforms, the pricing and margin focus, the manufacturing efficiency and the Menerga issues, and you sort of said that you're missing the volumes, did I get that right? So that's question number one. And just going back to the 2019 CMD efforts, the ones mentioned just now, which of these have been more difficult to sort of execute than you thought? And obviously, I realized that COVID was not in the expectations at the time, but just trying to adjust for that, if that's possible?

[Roland Kasper, Group CEO & President]

So coming back to the Capital Markets Day. I mean the 5 main activities or 4 that we presented there, we have been, I would say, we said that we were in lucky position that all of them were on the way when we're moving into pandemic situation because they strengthened us. They are not all done, but they all have progressed according to plan through the pandemic. But they gave us an advantage internally that we were working on the right things already. So they are not done, but they're progressing according to plan and not being slowed down by the pandemic. So that has helped us. When it comes to -- if we could -- some of them are not contributing as they should. We had 4 major, but we also have one, which was to work more proactively with certain things at the customers. With them and out in the field and the market, which has, of course, been the one that we couldn't do in a planned way during the pandemic. But also as mentioned here by Anders for some other questions, we have, through the pandemic, also, of course, being able to establish a working process in sales and together with customers on a more digital basis that we think will prevail also after the pandemic and maybe make the sales efforts a little bit different than they have been before. So that will still be a little bit more unclear one.

[Douglas Lindahl, Analyst]

Okay. And just coming back to your answer then the first question. What is the main sort of lever left, you mentioned not everything is fully executed, which one is the main one that we haven't yet seen, would you say?

[Roland Kasper, Group CEO & President]

I would say it's a little bit in all the four, but the one being not problematic, but which is working quite hard just now that one of them was sourcing excellence that we have built, the sourcing organization. And of course, they have had quite a troublesome year when it comes to not only raw material price increases and renegotiations, but now also the availability as we mentioned before. We, of course, have a lot of work to do.

[Anders Ulff, CFO & Secretary to the Board]

But I mean, of course, one big problem for us is COVID-19 and it has affected the volumes for -- especially for AC but also for Menerga and I think in order to realize the full potential, we need more volumes. And -- but that's purely related to COVID-19. But underlying, I mean, this year has also given us the possibility to focus on internal work and investments and so on. So we have done a lot of the work that we presented here.

[Douglas Lindahl, Analyst]

Okay. No, I understand it's a difficult question given COVID. I missed the part of the call, but did you give any sort of comment now on Q1, current trading, what you've seen so far in May and then in June in terms of overall demand?

[Anders Ulff, CFO & Secretary to the Board]

No, we didn't give any outlook, really. We normally don't do that. But I mean, during the quarter, the order intake has been really good. And of course, that's visible through the sales, but also we have a nice backlog going forward.

[Operator]

[Operator Instructions] Okay. There seems to be no further questions coming through at this time. So I'll hand back to our speakers for the closing comments.

[Roland Kasper, Group CEO & President]

Okay. So then, ladies and gentlemen, thank you very much. Looking forward to the next report and maybe take this as the opportunity to wish all of you a very nice summer.

[Anders Ulff, CFO & Secretary to the Board]

Yes, we will present the next report, our Q1 report in connection to our AGM, Annual General Meeting, on the 26th of August at, I think it's, 2:00 or 1:00 as we present the report. All right. Thank you very much for today for calling in.

[Roland Kasper, Group CEO & President]

Thank you. Good bye.

[Anders Ulff, CFO & Secretary to the Board]

Bye.