Hello, and welcome to Harvia Q1 reporting. My name is Tapio Pajuharju, and next to me we have Ari Vesterinen, our CFO. Hello. Let's go straight to the work. I think most of you have been reading our pre-announcement, and I'm very happy to say that we experienced very strong top-line growth and exceptionally strong demand, also a very good profitability. On the previous reports, I think we had a bit of a tumbling in the steam category, but this one, all the markets and all the categories experienced very solid growth. I think the ones who've been following the sauna and spa market overall, I think the awareness has been increasing, the popularity has been increasing, and on top of that, we've been boosted by the pandemic a bit in most of the markets. It's good to remember that still some of the markets are not in a good shape. Still the same applies for the Southern European markets, Asian markets, and the markets with Arabian origin in that respect. Overall, we've been doing a management judgment. In the past we've been saying that the historical growth of the sauna and spa market has been slightly below 5%. Our ambition has been to increase the 5% and gain market share. I think for the years to come, maybe it's two to three years, I think the overall sauna and spa market will be experiencing clearly above 5%. Cannot say exactly how much above, but say double could be a good estimate for the coming two to three years. I think that's good to keep in mind. I think we are still in the manufacturing industry, and everything we sell, we also manufacture those. We develop and manufacture. In that respect, where we've been seeing the hike on the top line, our supply chain, together with the partners, the people, everyone on board on the Harvia team has done an excellent job. It's an amazingly good job done. Thank you for all who's been involved on this effort. The journey continues. We've been investing in increasing the capacity and improving our productivity. That will continue. On the first quarter, we completed the investments in the Romania factory. We've been installing and taking into account and into use a new saw, new profiling machines, dust removals, and couple of logistic improvements on that respect. Same applies for China. That's more on the metal processing. In Muurame, we've been introducing a new robotic cell for some of the metal processing. Later on, we'll come back on the big expansion in the Muurame. We've been finalizing the Renick investments in the U.S., and those are now fully intact. I think what we've been now foreseeing, we need to keep our eye on the ball and continue making sure that we have enough capacity, especially on the sauna componentry and the sauna rooms. On top of that, some of the sauna heater and equipments we need to boost our capabilities over there. The Lewisburg factory, which is the factory of the future for U.S., we got the title just recently, and we have the transition plan for that. For the Muurame expansion, we've been now out of the digging mode, and now we are starting to build and are going above the ground level. On the integration, I think we are now beyond integration. We consider EOS being part of the family. Even though we've not been able to travel and meet face-to-face, I think we have the family feeling and everything going according to the plans. I think on the new markets, still working on the Asian market and for the U.S. market, the approvals are in the process. We are estimating that on the last quarter or towards end of the last quarter of this year, we should obtain most of the licenses to sell in the U.S. and Asian markets in that respect. Let's have a look on the numbers. Top line growth, almost 100%, organic growth exceeding 60%, I consider that to be a good job done, the team has done an excellent job. As you can see on the currencies, we unfortunately got a bit of a headwind, with the constant currencies, we could've been doing slightly better. The same applies on the profitability. We lost roughly about half a million due to the currencies, altogether, still a very good performance on the profitability. Earnings per share, a nice increase to EUR 0.44 per share. Cash flow, even though the conversion is slightly below our average, it's good to remember that we've been paying out of the pocket the investments, and on top of that, we've been buying in inventory so that we have buffer to operate with the new demand. That's visible on the net working capital, and most likely, Ari Vesterinen will entertain that in more detail. Net debt amounting slightly shy of EUR 27 million, leverage on 0.7, which is clearly below our benchmark going forward. Maybe a bit, having a review how we've been doing on our strategic profitable growth path, and first taking the increasing the value of the average purchase. I think on the sauna, the digitalization of the sauna, we've taken a big step forward when we have easy to use, fully safe, remote operation for the sauna use with MyHarvia. That has been received by the market extremely well. Having said that, still there is some difficulties in getting all of the componentry. Together with our partners, we are working hard on alternative sources to boost up the volume on the MyHarvia, but we are very happy with the market intake on this one. EOS has been introducing a number of new models. Some of those are already available, and more to come on the coming quarters, and they've been received very well by the market. They are both on the professional commercial marketplace as well as on the premium residential market in that respect. The sales of the complete sauna rooms has taken a very good step forward, and I think that's also a good measurement of the ultimate success in increasing the average value of the purchase. That's where we've been doing a good job. Unfortunately, it's been now limited with the available capacity, and we've been forced to prolong some of our delivery times, which are now a deviation of the normal in the past. On the geographical expansion, the North American factory is now well equipped with the sauna manufacturing, and on top of that, with Harvia sauna heaters and equipment, we've been enjoying a very solid expansion over there. We've been taking a very selective number of new customers on board, mainly on the premium end of the heaters and equipment. We'll continue doing that. Russia, I don't know how much we've been actually opening this up. Towards the end of last year, we were taking a step into a new distribution model. We used to have, in the Harvia portfolio, three rather equal distributors in the Russian marketplace. We've been reducing the number of distribution into two. Now we have two very powerful players, both on the physical distribution as well as on the web store distribution for the Russian marketplace. That's becoming visible in the numbers as well. Scandinavia, even though we are still not number one in the Scandinavian marketplace, the team has done a good job. We've been gaining market share in Scandinavia, especially in Sweden and in Norway. Denmark, we're taking the baby steps, but I think there is still more to take. Sauna is actually experiencing a very nice, favorable trend in the Danish marketplace as well. Unfortunately, the markets are not fully normal yet, but we see some waking up of the southern part of Europe. Certain parts of the Asian markets are waking up. The Arabian markets are gradually opening. It's good news going forward. On the productivity improvement, I think we've been doing a good job in ramping up the capacity. Even though we've been increasing the number of employees and people working in the operation, we've been onboarding them extremely well. Usually, when you take a lot of new people on board, you will see a bit of a flattened curve on the productivity KPIs. Not this time with us. We've been able to continuously improve our KPIs on the operational level in that respect. It's very good. New machinery is up and running. Still a bit of learning curves with the machinery, but we've been taking them on board, the capacity is coming gradually in Romania and in the U.S. As I said, we are monitoring opportunities where to, first of all, enhance our capabilities and capacity, and on top of that, improve productivity. We are evaluating a number of programs going forward. Some of those materializing still later this year. I think the impact of the pandemic, first of all, we've been blessed having people very accurate and precise with the safety protocol, and we've been keeping our people safe and healthy. That's the most important thing. The same applies for our customers and our partners. In that respect, we are in a good ecosystem going forward. Availability of certain key raw materials and componentry has been volatile, and the volatility is not going away. In certain areas, it's getting even worse. On the other hand, we are fully prepared, and we have alternative sourcing, and we have alternative options going forward. When taking a mid-term review, we should be rather safe with these type of issues forward. At the same token, I think we've been experiencing some pricing volatility, some inflation. We've been working diligently with our suppliers and partners and with our customers, and we've been able to balance the equity in that respect. Going forward, we'll not see a dip in our profitability nor our margins. A bit about the geographical split. I think it's good to remember that Finland used to be a major part of the business. It still is, close to 80% of the business is outside of Finland. The ones who've been on the Sauna & Spa journey for a longer time remember that roughly 90% of the Sauna & Spa market is outside of Finland. That's why we focus on expanding outside of Finland. Still, Finland is full of opportunities to grow, and we've been doing a good job together with our partners how we can add value and bring new inspiration to the sauna market, also in the domestic marketplace, and that will continue going forward. European countries experiencing a very strong growth. Germany, especially strong. U.S., good, and mainly all the markets in good shape. Russia, it's visible with the new distribution plan. On top of that, the EOS team also has done a good job on the Russian marketplace. When having a look on the sales by product category, even though we are on a journey from the heater company becoming a sauna and spa company, and at the end of the day, healing with heat and delivering relaxing moments and natural wellbeing. Heaters still a big part of our business and actually boosted by the EOS joining the team. We landed roughly on the same, a bit more than half coming out of the heaters. Sauna rooms growing extremely nicely, but on the mathematics now looks a bit weak in this respect. When you compare the actual euro to euros, a good solid growth in all of the categories. In a good journey on this one as well. Having a look on the market by market growth, and maybe starting with the domestic marketplace, where we enjoyed slightly above 17% growth. It's a good job on growing ahead of the market. Scandinavia, clearly big time ahead of the market and gaining share very nicely. Even though the absolute number is just slightly shy of EUR 1 million, it's a good job done. Germany, a good work both on the heaters equipment and all related accessories, and then sauna rooms are going extremely strong on the German marketplace. Roughly the same phenomenon and the same picture applies for the rest of the European countries. Russia, as said, it's a combination of the Harvia new distribution model and EOS being extremely good on their territories. North America, solid sauna sales with our Almost Heaven Saunas, both on the web store partners with Costco, Wayfair, and the others. Especially happy with the own almostheaven.com web store, as well as the direct sales performing extremely well. The other countries coming back to life, also the Arabian markets are becoming closer to normal as well as the Asian market. Altogether, a solid growth. On the full last year numbers, I think we estimate that we've been reaching at par with the number one on the marketplace, maybe even slightly ahead with these numbers and not knowing how they've been performing. I think we are at least on the same position, if not slightly better on that race. Now we can claim that we are at least a shared number one or number one in the industry for the time being. By the way, the ones who monitor clubs in closer detail, they were bought by private equity, Egeria, and now they made an add-on acquisition, a smaller mid-price point, unique sauna maker, FINNJARK. It's a German company, I think they will continue expanding on their territory going forward. Having the category look, sauna heaters experiencing a very solid growth. Sauna rooms, extremely good growth and are limited by the capacity. Control units, thanks to the strong performance in the Central Europe and EOS altogether close to 200% growth in that respect. Steam, finally, we are on plus numbers, solid plus numbers. Having said that, we are still not the masters of steam, and we need to work on that going forward. On the others, a solid growth in that respect. Maybe just a bit of a reminder how our year was looking last year, and I'm good to remember that now EOS was joining Harvia team on the 1st of May last year. In the industry in general, the first quarter and the last quarter are usually the strongest, and I think the same type of a pattern and phenomenon will continue. Now from, actually from the 1st of May onwards, we have then comparable numbers also EOS included. Just taking a bit of a wrap-up on our categories. We'll continue mastering the classical traditional sauna, where Harvia has a very strong position. On the steam, we are still not where we would like to be, and I will investigate our own efforts and resources, potentially some M&A on that arena. infrared, we've been learning the market is actually much stronger and bigger than we estimated, and our capabilities on that area are not really good on the complete solution. We are good in the componentry, but we need to find ways how to improve our presence in the complete solutions. I think later, the ones who'll be monitoring, especially the U.S. marketplace, and if you have access to Instagram, please have a look even today's posting of Mr. Joe Rogan. When he tells what he's doing with his sauna, there is a pattern of what they call alternation. It's a hot sauna, 15 minutes, cold water, hot sauna, cold water, hot sauna, cold water, repeated three times, and then you will have the best outcome of the wellbeing in that respect. I think we're also evaluating potentially the water element, how we could have something in common in our journey with the water element. We'll stay loyal and focused on the three paths for the profitable growth. No major steps on this one. I think I will pass the word to Ari, and Ari will have a deeper look on the numbers. Ari, welcome. Okay. Thank you. You already noticed the very good growth rate what we had. It was actually slightly higher than in Q4. Also, the newest acquisition, EOS, was also growing quite nicely compared to the last year. That was good development. The profitability figures have improved a lot, and that's nice. What hasn't improved as much is the cash conversion, and that's really on purpose. We are now investing more for our production capacity, and we've been also assuring that we have enough stock, enough inventory, so we have been also investing in our networking capital. EUR 1.5 million for the investments and EUR 3 million compared to end of last year to the net working capital, just to be able to serve the customers and grow the business. Okay. The return of capital figures, they are extremely good and the equity ratio has been also improving compared to end of the last year. We have altogether almost 700 employees in the group. End of 2020, we had 620. You can see from our interim report how they are divided between the different countries. We are mainly having the majority of the employees are outside of Finland nowadays. Harvia is getting really an international group. The net debt is going down thanks to very strong cash flow. We had about EUR 32 million cash at the end of quarter one. That's EUR 5 million more than end of last year, and thus the leverage is also going still down. As said, we pay our investments out of our own pocket and still the cash flow is very strong. The net financing costs, they were quite much because of IFRS and some currency exchange reasons, but the dotted line you see in the right picture shows the cash effect of the financing costs. They went up due to the EOS acquisition in April/May 2020. Now they are going slightly down again. Here you can see the increased level of investments we had in Q1, EUR 1.5 million investments when that figure was last year just EUR 0.3 million. We've been investing in machinery in different locations and our estimate for the total investments for this year is something between EUR 5 million-EUR 8 million altogether. Now Harvia is investing in the production capacity. Here you can see a picture of the new production facility in West Virginia. We own now this building since April 26th. Now we are preparing, moving a part of the production to that facility and start the production there approximately in September, October. We have had a lot of interest among shareholders and the amount of shareholders end of Q1 was almost 20,000. The basic structure of the shareholders outside Finland nominal register and inside Finland, it hasn't changed a lot. The outside Finland investors have been going down slightly, but not very much. We had end of Q1, 43.5% of the international investors and especially the private households are now investing or have been investing in Harvia shares, which is very nice. That supports also our reputation as a customer goods provider. We haven't changed our long-term financial targets, but as Tapio told, we are expecting some step up of the market during the next two to three years. We don't change the long-term expectations, but mid-term, we see slightly or clearly over this level right now. We will be over 5% in net sales growth and profitability over 20%. That's our target. Currently, the leverage is under the lower limit, but well, we'll see what we will do with that cash, but at least we will use it for our internal investments. The dividend policy, well, we paid already dividends almost EUR 6 million mid of April and the board of directors is authorized to decide another EUR 0.19 dividends in fall. The meeting will be someday in mid-October to decide that. Now we are open for questions and comments. Please feel free to give your questions. I think we have both lines. The chat is open as well as the telephone line is open or to be opened in a minute. Thank you. Ladies and gentlemen, if you have a question for the speakers, please press zero one on your telephone keypad. Our first question comes from Maria Wikström from Danske Bank. Please go ahead. Perfect. Can you hear me? Yeah, loud and clear. Welcome, Maria. Okay. Thank you very much. What an amazing quarter. I have a few questions. I might go back on the line. If I start with some two, three questions and then I go back in the line. I think you touched upon it a little bit on Ari's section because you don't give the short-term guidance, but you said that you don't see that this demand that we're currently seeing is impacting on the long-term sales guidance, which is this 5% annually that the market is growing. At the same time, you say that, I guess, if I read it correctly, that demand currently is trending well, but you see that part of this is so-called advanced demand. How all this gets together? Yeah, I think, overall, what we see, and that's in a way clear, and that we can state in most of the markets, that the popularity and the awareness of the sauna is increasing, and the wellbeing benefits are clearly more known, and people are willing to use and invest in that respect. I think what we don't know completely is the impact of the pandemic, and that's why we remain, what I would say, careful in analyzing and stating how the forward demand will look like. Currently, we've been experiencing some advanced demand, and I think the advanced demand will continue for some time. I think no one knows the exact magnitude, timing, and scope of that's why we remain, what would I say, maybe careful on analyzing that. The underlying growth on the sauna market, it's evident, and it's there. The impact of the pandemic and the advanced demand is hard to say and predict, and at least to estimate exactly. We've been discussing this with our partners in all of the markets, in all of the continents, and no one seems to know exactly how this is going to be played out. We just need to wait. Sure. That's fair enough. Yeah. I just wanted to give, just that I have the numbers correct on the capacity expansion. If you could walk me through that, I think you said in Muurame, 20% that you add the capacity. In North America, it was one third, is this now the Renick factory, What about when we take the new factory? If you walk through the capacity increase in Romania. I'm kind of trying to get a grip that overall, how much more capacity you would have at the end of this year compared to what you have had before. Good. Maybe starting with the Muurame. The Muurame expansion is for the early part of the processing. The metal componentry for the heaters and steam generators we are making, there we will have roughly 20% increase in that. That will be coming to play late this year, and we estimate roughly before Christmas or about that time. For the U.S., for the current Renick factory, we've been upgrading the capacity from 5,000 saunas up to 7,500 saunas. Now when we've been operating the new machinery for a number of weeks, we realized that maybe we can do slightly better than the 7,500 saunas per annum. With the new facility, with the new layout and the new flow, with the same equipment, roughly would reach 10,000. On top of that, we are planning what else we would need to invest and how to do the layout and how to do the flow. Most likely we'll go beyond that, but don't have that in an exact number as we speak. The Romania, I tried to figure it out and don't remember the exact number in terms of pieces of saunas, but roughly, putting an incremental 35%-40% capacity on the Romania factory. It's okay. Yeah. Yeah. I made the math based on the euros, not on the pieces of sauna sold. Okay. Yeah. Couple of percentages here or there. That's perfect. I think that gives a good picture. Then, I think my final questions on this set, obviously, I think you guys were brave doing the EOS acquisition in the middle of the, or the early days of the COVID crisis. If I look at the numbers, it seems that it has been doing fantastically. Let's put it that way. If you could give a little bit of color that if this EOS demand that is currently what is taking place in Central Europe, are they taking market share, or is the underlying market growing in Central Europe as fast? How would you elaborate the current growth that EOS is seeing that where is it coming from? EOS growth is coming from the German and other European markets. I think it's almost evenly split. On top of that, the Russian market has been starting to do better. I think EOS has been gaining share, and EOS has been growing very nicely and keeping in mind their size and scope. They've been stretching also their resources and are gaining share in Central European marketplace as well as in Germany and Russia. Based on the performance, I would estimate that they at least par or gaining share even over there. EOS is, first of all, serving the sauna industry in Central Europe, and the demand of sauna has been increasing. The small sauna manufacturers or bigger, they have good order stock right now, and EOS is their local quick, high quality sauna heater manufacturer. I think EOS has basically three different business divisions. One is the heater and steam generator business under the EOS brand, doing extremely well. The Spatronic is for the electronics, the control units, and the relevant accessories to that, also doing solid good work. Kusatek is the gas-driven or gas-burning heaters for the large commercial saunas. They have a very solid demand, due to the pandemic, installations and overhaul and then servicing has been complicated and not according to the plans for the time being. The demand is there, but we have difficulties of implementing and installing projects. EOS has been growing really clearly during Q1, also internally. That's a very lucky situation. There is really a job well done. Are they considered lucky? I say it's very professional management. Both. Do I read it right that, I think you mentioned potential sales synergies at the time of the acquisitions, and given that the approvals are still to be gained in North America, for example? The sales synergies, from these acquisitions, are yet to come. Yeah, like taking the new markets, we're not even started and not sold one piece in U.S., not sold one piece in Asia, apart from the normal EOS couple of pieces sold to global customers in Asia. Like Scandinavia, we have not started. Perfect. I'll just jump back on the queue and let the rest of the audience ask questions first. Thanks. I remind you that if you want to ask a question, please press zero one on your telephone keypad. We will now hold till we have further questions. If there are no other telephone questions right now, I have a list of questions coming through the chat, so we can discuss probably them now through. Here, Harri Wallenius from Nordea Bank has sent plenty of good questions. Thank you for them. He's first asking about our estimate of the organic growth in coming quarters. Tricky questions. We don't comment that. I think the only thing we can say is that the order book is strong. I think the ones who've been longer on board on the Harvia journey, our order book and the horizon has been two weeks on average. Now it's clearly longer, and I think we foresee favorable demand at least for some time going forward. Could we elaborate a little the measures we have taken to secure raw material and component availability? Have we somehow increased sourcing volumes, changed contracts, acquired new suppliers, or whatever? Yeah, a very good question and a very timely question as well. We've been working on multiple fronts on this one, and starting with the key componentry, we have, first of all, annual contracts with the main suppliers, and they are large companies, so they can cope with the increased demand quite well. On top of that, we have identified alternative sourcing and even executed some of those. When it comes to the electronics componentry, we've been also redesigning and finding alternative componentry, doing the same job as with the current ones, and then increased the inventories of the critical componentry. The most tricky one of all is the natural material lumber and all the wood materials. We've been also finding alternative sourcing, alternative grades, and for the time being, we've been capable of supplying everything we've been needed to supply. In that respect, no hiccups. Going forward, we pay extra careful attention that we have inventories that will enable us to supply according to the demand. There are some lead times, which some may be increased, but we keep very close eye on this one. A question about the cross-selling. How well we have been able to cross-sell products, for instance, Harvia products to EOS clients, or what is the future potential of cross-selling, and how fast we think that we can get full benefit of that to sell Harvia products through all Harvia companies? I think that's maybe a good question, and then I will take this very detailed, because the EOS distribution and Harvia distribution, basically, we try to keep separate and operating with independent distribution, independent sales forces. Only with very few exceptions, we have customers who can have both brands available. Those we've been identifying, with some of those, we've been starting to do business with both of the brands. Basically, the fundamental decision on this one is that they will remain independent on the distribution. That was already in the books when we made the acquisition, and that's something we will keep a very close eye that this will also continue going forward. When going into new markets, that's where we may have some benefits and cross-selling opportunities. Behind the scenes, we have lot of componentry and lot of other synergies we can execute. As a distribution channel and selling the final products, that's where we will keep the distribution separated. Harri would like to know some details about EBIT forecasts for the future. We probably can't disclose them, but let's discuss generally. Is Almost Heaven Saunas already profitable on EBIT level? That was first question. The second question, what is our expectations of the EBIT impact of EOS in future? Okay. Good questions. If I may start with the Almost Heaven Saunas. When we acquired the company, they were slightly on the red figures. We made them, together with the team over there, quite fast into break even. We were single-digit EBIT, rather fast, slightly ahead of the schedule. We learned that the sauna business can be double-digit. We took it to the low teens. I think on the last quarter, it was not much below, very close to par with the average profitability of Harvia in 2020. A very nice improvement on the profitability. The story with the EOS is very different. When we acquired the company, it was in an extremely good shape, both on the top line as well as on the bottom line. We've been able to maintain and improve the profitability gradually. In that respect, it's in a good shape as well. Okay. Harvia's largest global competitor in the sauna and spa industry, and what are Harvia's competitive advantages towards it? First of all, even though we are in the same industry, we play in very different fields. KLAFS is known for the luxury and super luxury markets for the residential thing. They are known for the commercial. They do five-star hotels, super premium fitness clubs, cruiser lines, spas. That's an area where Harvia is not currently playing. I think the only areas where we may face each other in a competition is some of the Arabian markets, some of the Russian projects. We are competing in a very different play field, even though we operate in the same industry. They have a B brand called Röger, and Röger Sauna is closer to Harvia price point, but still clearly above and on the premium residential marketplace. The FINNJARK, they both, it's more of a unique, large type of a sauna solution for the free time and holiday homes. In that respect, not really meeting them on a day-to-day basis. Okay, generally speaking, what are the main competitive advantages of Harvia in the competition? Well, I think we've been stating those quite loud and clear. Basically, we develop and manufacture everything we sell. We don't leave a dime on the table on that compared to our peers, not KLAFS, but I mean the other ones. I think we work very closely with our customers, and we've been working long-term. I think the Harvia equipment and the saunas have an unbeatable functionality with a good value for money ratio in that respect. That's our stronghold. I think our long history has one of the best insight into the sauna and spa, and we know the healing with heat, relaxing moments, and natural wellbeing inside out. We've been doing the journey quite well together with our customers, and we are clearly ahead of the game in that respect. Question about our estimate of the sauna market growth in 2020 and possibly, for quarter one 2021, how much we think the market has been growing and what are our expectations for the coming two to three years? I think this is an industry where Nielsen does not measure, there is no public data available. Our own estimate is that the market has been growing clearly ahead of the 5%, and that's why we, after analyzing the market together with our partners and customers, can state that at least for the coming two to three years, most likely the market growth will beat the 5%. My judgment at least is maybe double the estimated 5% going forward. How do we see the direct-to-consumer sales? What kind of role it could be playing strategically in future? I think that's something where we've been, especially on the new markets, it's been a pleasure to realize how well that can come into play, and we've been exercising it quite well in the U.S. Also going forward, I think there are pockets of markets where we can go direct. I think it's beyond any question that we will not step on the toes of our current partners and customers, so that's why we do it very carefully. Not to steal business from our current partners and customers is the plan. The development of our sales was rather soft in the other countries region during Q4. Now there wasn't any weakness anymore. We touched upon it briefly during the presentation, but how would we describe the development of these markets, the other countries? If seeing the activity on the southern hemisphere of Europe, they were almost closed for the last quarter of 2020. Now they are gradually opening, but they are not even half open. They are maybe one-fifth open in terms of activity. In the Arabian countries, I think some of the projects, they've been just pushing the button and undoing it. Hopefully, it's also going forward on that respect. The Asian markets, which were mainly closed due to the pandemic, now are gradually opening, and every now and then we are receiving inquiries and shipping orders, still in a small scale, but gradually waking up. Okay. Any plans to adapt the design of smaller saunas in order to market the saunas as a piece of residential equipment? More compact saunas to fit in garage, bathrooms, or other smaller home spaces. Excellent question. We've been working on this one already for some time, and we have had already, I think in our portfolio for more than six years, a sauna concept called the SmartFold. The SmartFold is an excellent innovation, and I think we are figuring out how to make it on the next level and how to make it more in the 2020 design and outlook. I think the functionality is there. Maybe some of the mechanism has to be for the modern consumers, and then we are good to go on this one. I think the adaptability and the multi-use of the sauna space is coming into play, and I think we are well ahead with our plans on this one. Still nothing concrete. Stay tuned, I would say. How do we see this year's annual revenue split between the quarters? I think that's what I tried to educate on one of the slides. Roughly the same pattern in the sauna and spa industry will prevail, even though the market split will maybe smoothen it a bit. Quarter one strong and quarter four strong in general, and I think that will not change a lot. Okay. How important are the influencers in social media or marketing in U.S.? I think that's difficult to estimate, but what we see, and if you take a couple of the influencers, and I mentioned Joe Rogan, even though he's not a sauna influencer at all, but he's building presence on the sauna market as well. Rhonda Patrick is one of the ones. They generally don't link themselves to any of the brands. They do general publicity and awareness and popularity of the sauna. I think it's becoming very valuable, and when you open any of the social media in the U.S., the frequency of sauna posting and especially boasting about the health benefits is evident. I recommend to have a bit of a follow-up on the traditional sauna as well as on the infrared sauna, and then figuring out the sportsmen and the fitness active people or the fitness freaks, where the alternation seems to be the new thing going forward. Okay. Somebody asking here for Harvia fan articles. That's out of our scope today. I don't have any other questions in the chat. Are there new questions on the telephone line, please? Yes. We have a question from Maria Wikström from Danske Bank. Please go ahead. Your line is open. Thank you. I still have a couple of follow-up questions. One is, you mentioned that you will be actively looking at acquisitions, and there was quite a few during 2020. Can you describe that? Is there ongoing negotiations or potential transactions that you're currently elaborating? Giving a little bit of feel that if we should actually expect something already in 2021. I cannot comment on that one, but I can ensure that we remain active on this one. If there is something which is fitting into our portfolio and is with an attractive valuation, we have the ability and the ambition to act. Okay. One final question, which is that given that you have progressed in many fronts of the business and really going through your strategic targets, and little bit getting a view of the management focus areas at the moment. How would you say that currently, there is quite a lot of things going on with the capacity expansions. We have EOS getting the approval for the North America market. There are acquisitions. How would you as a CEO devote your time with the different initiatives that you currently have ongoing? First of all, a very good question. I think on the capacity expansion and balancing the supply and demand is high on the focus. Working closely with our customers and partners is still one of the key success factors why Harvia is what it is today. On top of that, I think M&A deserves a fair share of the time allocation. On top of that bit of a more, I would say, forward-looking actions, we've been honing quite a bit of our sustainability, which I think we've been good in the industry, if not one of the best, but how to tell the story. On top of that, I think on the journey of becoming a spa and sauna company delivering healing with heat and the wellbeing benefits of the sauna, I think over there we've been progressing quite well or if not extremely well. We'll come out with some very good concepts on this type of a platform, which is basically adding value on top of selling the actual componentry. Perfect. Thank you so much. I have no further questions. Thank you, Maria. Thanks. Thank you. There are no further questions at this time. Please go ahead, speakers. I think we covered all of the questions. Thank you for active participation. I wish you a very good day. Thank you. Bye now. Thank you. Bye.