Hello, and welcome on board Harvia's 2022 review, and also a deep dive on the last quarter of last year. My name is Tapio Pajuharju. I'm the CEO, and next to me we have Ari Vesterinen, our CFO. Hello. Hello. Let's jump on the journey. I think we have a very nice background picture. We hope that our customers and customer's customer have been enjoying the sauna and the health and wellbeing on that one. We've been doing something else as well, and I will share what we've been doing in a short while. Here we go. I think all in all, solid performance in a rather challenging market environment. I would maybe even call it a good performance. On the last quarter we had a strong EBIT exceeding 20% despite of the headwind on the marketplace. Total revenue declined close to 18%, mainly driven by the European market and even more precise on the European market, still the so-called DACH region, especially Austria, Germany, soft. Switzerland already gradually, I would say, recovering. Rather polarized, I think especially in the Northern America and the Americas completely enjoying a very solid growth, then the Asian markets and the new sauna markets gradually reopening after the pandemic. I think on the European marketplace, we've been seeing high inflation, some geopolitical issue after the Russian invasion to Ukraine, and on top of that, I think consumer confidence due to the energy prices has been record low. Gradually improving, but still rather difficult. Initially in the past quarters, it's been mainly focused on the entry-level offering. We've been experiencing that even the luxury premium and professional end has been hit a bit, and I think people are very careful on the higher spendings as well in that respect. I think overall still a solid good picture in that respect. The higher prices of the electricity has been visible in the demand of the electric sauna heaters. On the other hand, as a consequence of this, we've never seen a so strong quarter on the wood-burning heaters on the last leg of the year. That's not only limited to Finland. It's a Scandinavian phenomenon also in the Central Europe, Americas included. I think this is a good example of the people's willingness to enjoy the healing with the heat and the wellbeing organized by the sauna, and I think they are considering alternative options for the sauna heating in that respect. That's good. Keeping in mind that on the EOS portfolio, we also have the gas-driven heaters available. Now when the gas prices have been taking a bit of a step back, I think we have more opportunities on the multiple energy solutions in that respect. Overall, I think we've been addressing to the conditions quite well. We've taken measures on the cost base. We've been taking measures on the pricing, quite dynamic in that respect. Also we've been negotiating with our partners on the sourcing and related systems on that. Net working capital, despite of the turbulence in the demand, the team has done a good job. Especially on the inventories we've been adjusting quite nicely, both on the ready-made goods as well as on the raw materials and components, and that resulted in a rather favorable cash conversion at the year-end. Most of you've been following the events in Russia. Already at the end of February, beginning of March, Harvia branded products were discontinued in the Russian marketplace. Now finally we have a full solution for the EOS Russia as well. I will have a bit of a more to share on that one at a later stage. Production capacity we've been addressing quite a bit. I have to say once again that the team Harvia has been very professional, highly ambitious in a very uncertain environment and been doing a good job. Special thanks on behalf of me and also from the board for the entire Harvia team and our partners in that respect. I think, as an example of the excellent performance, the Q4 outcome exceeding 20% adjusted EBIT is a good sign, and I think we consider, rain or shine, this is in a way level we could deliver. Having said that, if something really bad would happen, maybe occasionally we will be slightly below. I think in general we would be above 20% EBIT in that respect. Longer-term perspective, despite of the not so good visibility for the near future, I think is unchanged. Sauna penetration continued to be going up in all of the markets, and even the, on the markets would have been impacted by the inflation consumer confidence. We see that people go to the web pages, lot of traffic, lot of activity, and I think when things are easing out the push button on the, on the buy will also happen in a much, much more frequent manner than today. In that respect, rather optimistic. Product development has been addressing, first of all, convenience, safety, and lately also the energy efficiency. We've been tweaking our offering slightly towards the more premium, more luxury and more professional because that market seems to be going steady in global marketplace. Investment levels going forward, we are more than willing to invest, and we have invested, on the other hand, the previous levels on 2021 are now landing on a normalized level. I think 2023 will be roughly on that type of a numbers, between EUR 4 million and EUR 5 million in that respect. Still when looking at the sauna market and the health and wellbeing and the healing with heat, I think we are absolutely in the right positioning, and that's gonna be gaining share. Our sauna penetration in the newer sauna market is still in the beginning, and there are many emerging markets opening up at the same time. I think the company will have a very good long-term perspective on that respect. I think a bit on the numbers. As said, revenue decreased 18%. We had a bit of a tailwind on the currency, not a lot. I think some of you may wonder why the organic growth is something else than the 18%. It's good to keep in mind that we have exited Russia and that's in a way taken into account on that one. Adjusted operating profit, slightly shy of EUR 8 million, almost 21%. I think it's a good achievement. Earnings per share roughly on the right ballpark. Operating free cash flow, I would say rather good if not excellent on the last quarter. On the full year numbers, roughly above EUR 170 million, a bit of a decline from prior year. Profitability solid, 20%, slightly down from prior year. Earnings per share roughly in the right ballpark. Ari will explain the exact details on that one. Cash flow, very good performance on the cash flow. Net debt and leverage, I think we're in a good shape. You may remember that our guidance on the leverage is we are at the lower end of our leverage in that respect. That gives lot of room to maneuvering in that respect. Equity ratio is also very healthy in that respect. I think we stay loyal to our three pillars for the profitable strategic growth. Increasing value of the average purchase, we've been doing actually rather good job when calculating the absolute pieces sold and taking the average price on that respect. Our sauna sales have been improving a lot. That's in a way the ultimate success in our part of the business. Especially in the U.S. with the updated and upgraded offering, we've been very happy to see the reception on the marketplace. Also the newer sauna models which have now been introduced in the Harvia offering, globally, they are gradually getting attention and getting traction on the marketplace. New markets, I think they are opening and they are performing better. Pandemic still prevailing in some of the Asian market, if you've been following the news, China has now been gradually opening, Korea following most likely the same pattern. I think we're gonna see a lot of good activity over there. Outside of our stronghold, the Scandinavian sauna, we've been gradually making baby steps on the steam. We have introduced our own self-standing steam sauna unit for the global marketplace. Still not lot of orders in that respect, but I think a lot of attention on the fairs and lot of interest. I think gradually that will be converted into orders going forward. Infrared, we are still a micro company on the infrared marketplace, but I think during the year, we've been doubling our infrared business, and I think we have good ideas and good, I would say, openings to take that in a next level. On the geographical expansion, on top of the USA, the whole of Americas have been developing well. There are a number of smaller new markets where we have activities, and I think we've been planting the seed and seeing already the first orders. I think as most of you remember, this is a bit of a snowball effect. The first orders may be EUR 10,000, EUR 15,000, EUR 20,000, but they tend to be doubling in the function of the time. In that respect, we have a good planted seeds in the marketplace. EOS, we've been rather European and rather successful on the European professional as well as on the premium marketplace. Now we have opened the first doors in North America. By the way, now finally we can happily say that we have the approval for the control units as well, and the first shipments to, for the U.S. have been done. At the same time, we are contemplating new opportunities in the Asia marketplace. They will not be any express route, but I think gradually with the hard work, we will gain share in new markets where professional and premium is highly appreciated. In terms of the productivity improvement, capacity expansion and I think in general continuous improvement, the team and the company has been doing a good job at despite of adjusting the capacity towards the lower demand. We've been able to keep the productivity and improving the productivity and actually getting the benefits out of the investments we've been making in 2022 and also 2021. They are now in full force. Net working capital, I think we have found ways how to address that, especially in the inventory levels. On top of that, we've been gradually working on other components of that. In the U.S., I think well most of you may remember that we were in a old factory in Renick. We moved to the new factory in Lewisburg, and then we invested quite a bit on the new layout, automation level one and two. Gradually as we speak, we are installing the level three automation in the U.S. factory. We really have our best sauna factory in the group in the North America and had a luxury to visit it last week and the team has done an amazing job over there. It's a job well done. I'm very happy to have that factory in the team. Regarding Russia, I will not go in all the details, but I think we've been taking the steps, very decisive and gradually, but landing on a sustainable solution. Maybe for some of you it took a bit more than time than expected, but now we have the solution. We have also finally exited the EOS Russian business, and we sold it to the founder of the company and the minority shareholder, and he paid now EUR 400,000 that we have in our cash books and balance sheet. There is still EUR 200,000 to be paid, and that's based on performance, and we expect that to be paid in the beginning of 2024. I think closing in Russia is not a walk in the park. We've been working on that quite detailed. Now we have at least based on yesterday's information, we have received all of the needed stamps from the local authorities, so we are ready for the closing in the very short term. In that respect, I think we are finally completely out of the Russian business. I'm very happy for the effort our team has done together with our partners on the Russian marketplace. Job well done. On the geographical split, I will not spend a lot of time. I will more go to the waterfalls, but I think on this chart, good to see that, okay, Finland is coming back and a rather good performance over there. USA and the Americas completely doing good. Then I think sometimes we tend to forget that the Scandinavia has done a good job. We've been doing a continuous three-year improvement in Scandinavia. I'm very happy to see that. I think now we are no longer at par. I think we are ahead of the competition, and we can claim that we have the number one position in the Scandinavian heater business in that respect. Having a look on the sales by category, we can say that, okay, the continuous development in the sauna has remained strong. On the heater business, we have got a bit of a drawback, and that's in a way seen in the figures. On the category of the other product groups, I think that's where we are most likely not hiding, but they are not so visible. That's where we have the steam and infrared. On the steam and infrared, we've been doing a good job, and now that's becoming rather visible over there. By the way, just to make everyone clear, steam generators are on their own category, but then the steam rooms and the steam saunas fall into this category, and that's where we have had good success in the Arabian markets and in some of the faraway markets where we've been doing projects and doing some cruise liner business on that respect. On the waterfall for the Q4, I think on this one, North America is rather evident, a good development over there. Other countries I think looks gloomy on this one. In real life, it's not. It's been rather good. Just on the fourth quarter, a lot of the projects were booked in the third quarter, and that's why it looks on this respect. The other European countries, that's a mixed bag. We have countries where we have rather good performance. The closer you get to Germany and then the German-speaking countries, the figures are soft, and they follow the trend on the German marketplace. Scandinavia, our good performance on the heaters unfortunately is hidden bit behind the number. On this number, we're also booking the Kirami hot tubs. They've been having a rather tough ride, and I think they are not the must-have purchases. The heater business have been doing good, the Scandinavian hot tub business has been suffering quite a bit. On the Finnish numbers, it's the same. Heater business doing better than this, and the hot tub business has been suffering. That's in a way, behind the scenes picture on this one. For the full year, roughly the same. Other markets rather favorable. That's because of the Arabian markets, some of the Far East markets where we've been doing good job on the steam saunas, heaters and on the Scandinavian sauna business. I think the rest is roughly the same as on the fourth quarter. On the categories, last quarter, sauna heaters really suffering mainly due to the softness in Central Europe. Sauna rooms doing a good job. Once again, the Scandinavian hot tubs is in a way skewing the picture towards more gloomy than it is. Control units, I think, following rather close with the general heater and equipment business. Having said that, almost 90% of the heaters we sell in Germany or DACH area come with a control unit, whereas rest of the world is still operating with the integrated knobs which are at the equipment. That's why the control units is a bit deeper dive than the heaters in general. Steam, a good journey, but I think hampered bit by the Russian impact and hampered bit by the, I would call, ex-Soviet countries where we've been also discontinuing business and having challenges on this one. On the full year picture, roughly the same. On this one, sauna rooms still having a good performance, the other markets do other category doing good because of the infrared and steam saunas in general. I think this is an important picture. This takes us basically beyond the pandemics having a bit of look in the back mirror. I think quarters are not alike, I think in the historical performance, and Ari knows it very well, the Q1 and Q4 have been traditionally rather strong in the sauna business. I think it's going to be like that when the markets are normalizing. On the profitability, our ability to really ramp up the profitability with the lower volume is visible on this chart. I think one thing to remember is the Q1 of 2022. I think the markets are now normalizing, but still Harvia is up against a all-time high quarter in 2022. In that respect, I think we assume it to be very solid, very good, but we will not reach the top line nor the profitability of the Q1 of 2022. Still doing a very, very good job in that respect. Having a bit look on the aggregate growth levels, when comparing quarter-against-quarter on a longer perspective, we can book 11% growth on the quarter-against-quarter basis, and then on the operating profit, 18% growth. When taking the full year perspective, the numbers get slightly better. We book a 19% growth on the top line and a 30% growth on the profitability. I think these are well aligned actually, ahead of our own ambition and guidance. Company has been doing a good job on the journey. Maybe just back on the basics. We remain very, I would say, eager to strive the business also beyond the Scandinavian saunas. That's why the steam and infrared are in the high visibility on this visual as well. Having said that, we are not expecting any miracles. They're gonna be baby steps. Now then on top of our organic normal business as usual, we remain open for opportunities for the M&A. I think we made our shortlist. We stay utmost loyal to the shortlist. We stay in good dialogue with the potential partners in that respect. When the time is right, valuation is right, the company is ready to act in that respect. On our plan forward, no major changes on that one. I think increasing the value, we have more on the convenience, more on the digital platforms, more on the luxury and more on the professional, the energy efficiency comes as a new component on that one. Geographical expansion. On top of the Americas expansion, we are working on the Asia, Japan, Korea and some of the other markets on top of that. We keep on opening gradually small new markets in order to plant the seeds for the new business going forward. On the productivity, I think the plans we have in place, they will enhance our capability in productivity on the operations as well as on our commercial capability in that respect. We're in a good shape on this one. I think, Ari, it's time for the financials and please have a deep dive on the numbers. Yeah, thank you. Actually, Tapio told already the most essential parts of the profit and loss statement. I will give some additional information behind the numbers. First of all, we had quite big non-recurring items, restructuring costs, during the Q4. They were altogether EUR 1.4 million and the biggest part of that is the loss we booked from the sale of EOS Russia. It was about EUR 1 million. So last year we didn't have almost any restructuring costs in Q4. This point reduced the earnings per share quite heavily, EUR 0.05. And then we had some restructuring costs, saving costs also in our operations. This increased also the annual restructuring costs to EUR 1.8 million altogether. Those numbers reduced really the earnings per share. We wanted to clean the table with all these Russian things now until the end of the year. Now here we see the results. Operating free cash flow was of course great. We were generating really nicely cash during Q4. The fact is that that was extraordinary strong. You can't ever have a cash conversion rate of over 100% over the time. Now we had 150%. We were actively reducing the net working capital and without sacrificing any level of the customer service or so. Now it has been easier to reduce the inventories, when the purchasing and material flows are easing. Investments, CapEx have been rather low compared to last year. We will have another slide for that. It's simply because we invested very well during 2021, increased the capacity in many places and improved also the efficiency. Now it was more like replacement and efficiency improving investments we did during 2021, 2022 and Q4. Net debt increased by about EUR 11 million and the biggest reason of that was the acquisition of the EOS minority shares in July last summer, and we paid for that EUR 11 million and that's the main reason for the increase of net debt. In fact, we also generated a lot of cash, so it didn't lend everything to the net debt. Leverage. We are still outside or under our long-term target, which is 1.5-2.5. We have there really room to maneuver as well as in the high equity ratio. We have been right-sizing our working capacity during Q3 and Q4. We see the results then in the number of employees at the end of the period. End of last year, we had over 800 people, and now end of 2022, over 600. Currently we are not reducing anymore. We have now the right level. In some places we may have still shortage of working hours, now we have the right capacity, right people for that capacity. Here we see really the huge cash flow, what we had during Q3 and Q4, and it will not continue on that level. Traditionally, Harvia has been very cash generating company in the past, and that and we are back on that track again. During 2021 we were investing quite heavily to the new factories and also increasing the value of the net working capital. Now we are back from that track again since the business situation is much easier in that respect. The net debt increased, yes, but we are on the other hand generating cash all the time. So it went down already about EUR 6 million from the end of Q3, and this will continue if nothing special happens. The interest rates have. The market interest rates, they have increased actually during 2022 quite tremendously from, let's say zero or even under zero to 3%. That's not hitting us very much since half of our interest bearing bank debt is actually hedged or covered with interest rate swaps, which actually set us a rather favorable level of interests until the end of 2026. This interest rate swap, we have to evaluate separately every quarter and it brings these big changes in the net financial items. The dotted line actually in this right picture shows the cash-based financing costs what we are paying now. Well, the interest rates have increased, yes, and we have slightly more net debt, but it's still quite on a low level compared to the size of the company on the balance sheet, the interest costs. Okay. The level of investments, as discussed already earlier, has been clearly lower over the last four quarters. We have been investing almost in all our operations something, but nothing special now. We have enough capacity in all of our places and great machinery which can be used for future growth. The structure of our shareholders. End of last year, 2022, we had about 40% nominal registered or international shareholders. About one-third households, and they are Finnish households, since the foreign households, they are in the nominal registers. Corporations, they have been also increasing their share. Only the international part of the shareholding has decreased during 2022, but the household and corporation part of the shareholding has increased actually. We have plenty of shareholders. On the right chart, we see that end of 2022, we had 46,000 shareholders. Most of them are Finnish households, so it's nice they may also be our customers. They are consumers, and they hopefully buy also Harvia heaters in future. The Harvia's long-term financial targets, they haven't changed. They are really long-term. We don't give guidance for special years and now we still believe that the market is growing about 5% annually despite of the some turbulences what were there during the COVID time and after the COVID time during this war time and inflation. In a long trend, the market is definitely growing, but there are just some disturbances on it, and we think that we are able to grow over the market rate, and we have really been that as Tapio showed earlier. The profitability rain or shine, we are targeting an adjusted operating profit always over 20%. As you see, we were able to do that also during Q3 and Q4 last year, and we will do it and we will hope to be able to do it also in future. There might be some single quarters where we are with some measures, for instance, late, then might happen something. As we have seen during the best years, we had even 26% of the adjusted operating profit. There is also a potential when one time the sales could also increase better. As discussed also earlier, the leverage range in our financial targets is between 1.5-2.5, and we are still below that. Harvia's dividend policy, regularly increasing dividends and payout twice a year. Here is the Harvia's board of directors' proposal to the annual general meeting, to distribute, for the result of 2022, EUR 0.64 per share. The payments would happen, EUR 0.32 in April and EUR 0.32 in October. For 2021 results, we paid out EUR 0.60, so this dividend payout is increasing as it is in our dividend strategy. Questions, comments? I think now we are ready for the operator on the telephone line, so please go ahead. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. If you are using speakerphone, please make sure your mute function is turned off. Voice prompt on phone line will indicate when your line is open. Please state your name before your question. There are no questions at this time. I hand the conference back to the speakers for any closing comments. Okay. I think we are ready for the questions on the chat. Yes. We have a few, questions in the chat. Okay, that was partially already, answered earlier, but let's discuss it a little more. Is EOS able to deliver products to North and America market at this point? Yes, we have a condensed offering which is now approved by the North American authorities, and we have sent the first shipment. At the same time, we are expanding the range. I think today we have like a half a dozen heaters on the portfolio and then control units according to that. I think during the time we are expanding the offering, but we only gradually expand the offering. M&A-related question. Fully bearing in mind that, it is a decision for the board to appoint a new CEO, could you, Tapio, describe... Sorry, that was not the M&A question. Let's talk that first. Yeah. Okay. Yeah. Could you, Tapio, describe what kind of qualities, competence, and work experience do you think would be important for the next Harvia CEO to possess? Oh, that beyond my turf. It's a question for the board of directors. I know that Harvia is a very strong company, and I know that strong companies will get capable leadership as well. In that respect, I think we are in a good shape and will have a good succession in the certain time. I'm not able to entertain this question any longer. I know that Harvia is a global known company, and we have lot of, I would say, interest on the Scandinavian marketplace, but also on the global marketplace we have interest. Let's see how it goes, but it's beyond my turf to comment this one. This is more for the board of directors. When the time is right, they will come out with the announcement. Now the M&A-related question. How has the turbulence in the sauna and spa demand influenced the availability and price of the M&A targets? Have the sellers become more willing to sell? First of all, very good question. We monitor this in a very timely manner. Most of the companies in our target list are owned by private individuals or families. They tend to follow what is happening in the marketplace, maybe a bit having a delay compared to the stock exchange valuations. When the time is right, valuations are right, there will be a matching valuation for both parties, and then Harvia is ready to address the cases. Currently, I think we are not there as of yet, but I think time will help us in that respect. Yeah. Okay. North America-related question again. Can you discuss your thoughts on North American demand? Is it just coming after Europe what comes to the weaker consumer demand, or would you be ready to bet that the growth sauna, the growth sauna penetration is so strong that Harvia would be immune to a weaker consumer environment? How has the demand been so far in 2023 in North America? I think no one is immune. I think that's in a way clear. I think the, how would I say? The laws of the physics apply also on this one. When you see the sauna penetration in North America, it's still on its infancy, and it's really an emerging market. Sauna is not something people general have in U.S. When you see what is written on the social media, I think even The New York Times, not this weekend, but the weekend before, see what is broadcasted on the TV channels, what celebrities and famous people are talking and telling about their sauna experiences. It's bound to grow. The question is how fast and how much market share we can take. We have made a bet on our own Almost Heaven Saunas business. We have made a bet together with our sauna builders and partners at the American marketplace. We are not the only game in town where there is competition, but I think we are in a very good position to gain share. We are in a very good position to be number one on the marketplace when time is evolving. In that respect, I think a U.S. market is very strong for a long time, and it's not related to U.S. alone. It's also for the Canadian marketplace, and it's also cascading down to the Americas and even though it's a bit, I think for the Finn, unique to see that you have saunas in Colombia, Argentina, Brazil, where Chile, they are emerging, and they are coming. In that respect, I think we are in the beginning of a good long journey. On a long journey you always may have bit, ups and downs, I think the long-term trajectory is very good and solid for Harvia. In some investor meetings, we sometimes tell that there are about one sauna in Finland for two persons. In Germany, there is one sauna for 30 persons. Mm-hmm ...there is one sauna, for 300 persons. If the penetration in U.S. would reach at least the German level, it would be a huge business. Yeah. Then on the demand, what do we see what is happening on the marketplace? It looks solid. I think you yourself can go on the internet and see what is happening on the Costco, Wayfair and all of the platforms in the U.S. I think lot of activity on the sauna. It's not gonna fade away. Yeah. Okay. Wood-burning, wood burner question. In Q4, wood-burning heater volumes developed favorably. Is there a risk that these volumes are away from Q1 to Q2, 2023 when the season is normally the highest? I don't think so. Currently we are in the pre-sales mode for the starting season, and we don't see any impact in that respect. How Japanese market has developed? Other countries were decreasing when it comes to the sales. What caused that? Other markets, I think it's mainly some of the other Asian markets that China has been closed because of the pandemic. No saunas open. As said, I tried to explain that on the early part of the presentation. The projects, we had a strong project for the Arabian markets and some other faraway markets on the Q3. For the Q4, we did not have these projects. I think overall, the other markets is gonna be expected to have a good solid growth going forward. Revenue drivers for 2023. I see negative revenue drivers for 2023 coming from disposal of EOS Russia's business, weakening U.S. dollar. What other negative revenue drivers do you see for 2023? What about the positive revenue drivers for 2023? I think the negatives we all know. It's not only the EOS Russia, it's also the Harvia Russia, which we exited in the month of March. That's in the game. I think all in all, Ari may remember the exact percentage, but roughly 6% of the top line was Russian-related. Mm-hmm. Then some of the nearby markets, because of the war, they've been impacted. I think now it's too early to say what's gonna happen on the DACH region. I think on some other categories we see at least flat if not gradual improvement. Saunas may be a bit late on the cycle. Let's see how it goes. On the other things, geopolitics is an interesting issue. If something would happen on that area, we are not immune either. I think on the growth, sauna penetration is gonna continue and Harvia being the number one in the heaters and equipment is gonna enjoy the ride on that one. On the profitability, I think too early to comment, but at least what we have seen, some of the key raw materials and componentry, they are either flat or gradually going down. That's in a way providing an opportunity. I think the availability of most of the raw materials, which used to be very difficult, and we were working day and night to get the supplies and keep our customers happy, that's now easier. I think people are a bit polarized, and I think still what you see happening on the luxury markets, people with more spending power, they are capable of spending more. If markets are easing up, maybe they're also willing to spend more, and I think that's something which will impact our sauna market in that respect. I think we have ingredients in both baskets: one for the negative, one for the favorable. I think all in all, they are wash in that respect, so it should be a steady journey. Probably it's good to follow the consumer confidence, especially in Central Europe. The experience shows that it's actually quite important measure since we are in a consumer business. All the effects they come a bit late in this business. They don't happen immediately, but consumer confidence is also important. Could you please comment on distributors destocking? Do you see the phenomenon continuing in Q1 '23? When do you see it coming to the end? I think we have seen the destocking. It's in a way come and go, with the exception of... We still have these four rather large e-commerce platforms in Europe. We monitor their inventory, or maybe not on a daily basis, but a weekly basis. Their destocking has been slow, and they still have some inventory. All the rest is normal or close to normal. Could you please remind us how much Harvia sales go through distributors and are, they generally impacted, by channel destocking? We partly answered that also. I think, from the European marketplace, in the entry-level category, quite a bit of the heaters and the entry-level saunas used to go through these, four e-commerce platforms. In general, where destocking could impact, that's limited to these customers. In U.S., we don't have, None. None. any stock at all. Yeah in the distributors. We have very straight. Same ... distribution chain. Same in Asia, same in Scandinavia, where I think the destocking has already been happening and the rest of Central Europe, no issue. Okay. There are no other questions on the chat. Very good. Excellent questions. Thanks for your participation. I wish you a good day. Thank you. Dealing with heat. Take care. Bye now.