Dear all, warmly welcome and thank you for tuning in for Kesko's full year and Q4 2023 release call. My name is Hanna Jaakkola. I work as IR director at Kesko. We have a slightly enhanced agenda today, as this is the last time we had the honor of having President and CEO Mikko Helander with us before his well-deserved retirement. Jorma Rauhala, currently Deputy CEO and President of Building and Technical Trade, has been appointed by the Board of Directors President and CEO of Kesko as of first of February 2024, as Mikko retires. We had the great pleasure of having our chairman, Esa Kiiskinen, here with us today to introduce Jorma and to give some background thoughts behind the appointment. So first, Mikko will give the full year Q4 presentation. As always, we have here together with us our business division presidents, Jorma Rauhala, Ari Akseli, and Sami Kiiski, as well as CFO Jukka Erlund. After the presentation, it is time for questions, both by phone and via chat. After the Q&A session, the chairman of the board, Esa Kiiskinen, will give his presentation. But now, Mikko, the virtual stage is yours. Please. Thank you, Hanna. Ladies and gentlemen, welcome also on my behalf to this release call. Today's headline is a good result from all divisions, and it describes well our year. Now, I will first give an overview of our business performance in 2023, and then the fourth quarter. After the presentation, we will be happy to take your questions. Kesko's profit-making ability is excellent. Operating profit, EUR 701 million, is a good result in a weak cycle. As you can see in the graph on the right, the result and profitability has risen to a new level. Key events in 2023. Very good, good profitability in Grocery trade. Profitability in Building and Technical Trade remained good despite weak construction cycle. Sales and profit improved clearly in all Car Trade business segments. During the year, we acquired Elektrosk andia in Norway, and in August, we announced that Kesko will acquire a Danish builders' merchant, Davidsen, and enter Denmark. In December, I announced that I would retire from Kesko's President and CEO position, and soon after, Jorma Rauhala was appointed as new President and CEO as of 1 February. The number of domestic shareholders has increased during the year for more than 27% to above 105,000 owners. The board proposes to the annual general meeting a dividend of EUR 1.02 per share to be paid in four installments. Net sales for 2023 totaled EUR 11.8 billion, and it decreased by 0.8%. Net sales increased in Grocery Trade as well as in Car Trade. Comparable operating profit for last year was EUR 702 million. It decreased by EUR 103 million. Operating margin was 6%. Operating profit increased in Car Trade. Return on capital employed, one of our strategic targets, was 13.4%. Return on capital employed increased in Car Trade year-on-year and decreased in Building and Technical Trade, as well as Grocery Trade. Our financial position is strong. Cash flow from operating activities rose above EUR 1 billion. Cash flow strengthened on the comparison year, thanks to further improvement in working capital management. Interest-bearing net debt increased year-on-year as a result of investments in store sites, logistics, and acquisitions. Net debt to EBITDA was 0.7. We continued the investments in growth. Capital expenditure grew due to acquisitions and logistics projects, especially the construction of Onninen and K-Auto's shared logistics center in Hyvinkää, Finland. In accordance with our growth strategy, last year, we continued consolidating the Scandinavian Building and Technical Trade market by acquiring two companies in Norway and one in Sweden. We have succeeded well in focusing on cost efficiency. We were able to reduce personal expenses despite significant wage inflation. Also, other expenses decreased. Depreciations increased due to investments and cost increases related to rental agreements. Now, to Q4 results. Net sales in Q4 totaled over EUR 2.9 billion. It was down by 3.7%. The net sales grew in Grocery Trade by 1.3% and Car Trade by 3.8%, but decreased in Building and Technical Trade. In Q4, comparable operating profit was at EUR 170.5 million, and operating margin was 5.9%. Comparable operating profit increased in Grocery Trade and decreased in Building and Technical Trade and in Car Trade. Grocery trade key topics in Q4. Improved purchasing power and slowing inflation impacted the market positively. Tight price competition continues in Finland grocery trade, as in the Q3, also in the Q4, decline in grocery retail market share continued to slow down further. Campaigns and other marketing efforts worked well. Customer visits in K- stores increased. Also, the number of K-Ruoka application users grew significantly. Grocery sales in our stores grew by 2.6%, and online grocery sales grew by 17.9%. Kespro sales grew by 4.9%, again, clearly exceeding market growth. Kespro's comparable operating profit rose to EUR 17.9 million, and operating margin was 6.3%. Price inflation for groceries continued to decline. Building and technical trade, Q4 key topics for building and home improvement trade. Construction activity has declined in Northern Europe due to inflation and rising interest rates. The biggest drop has been in residential construction. Q4 operating profit for building and home improvement was EUR 5 million despite seasonal fluctuations and weak market. Our market share grew further in our biggest market, Finland. Net sales for building and home improvement trade decreased in all operating countries in both B2B and B2C trade. Share of result reported by Kesko from the Kesko Senukai joint venture was EUR 13.5 million, up by EUR 2.3 million. In Q4, we continued the successful cost and working capital management. Credit losses were low. Then to technical trade. Net sales for technical trade decreased by 0.7%, in comparable terms by 9.4%, due to the weakening of the construction market. A significant part of the decrease in comparable sales came from solar power products. In solar power product sales in the comparison period were exceptionally high due to a fast rise in electricity price at the time. In Q4, technical trade operating profit was EUR 22.1 million. Market share continued to grow in only in its biggest market, Finland, and operating margin was 5%. Also, in technical trade, credit losses were low. Car trade key topics in Q4: New car deliveries were at the same level as the year before. Used car sales increased clearly. Market share in used cars continued to grow. Also, service sales development was good. Q4 profit for the division was at a good level, EUR 10.6 million. Order book for new cars took an upturn in Q4. Net sales for sports trade were down by 15.1%, but profitability was good at 7.5%. And then outlook and guidance. Outlook. In grocery trade, B2C trade and the food service market are expected to remain stable despite tightened price competition, and inflation is expected to slow down in 2024. The profitability in grocery trade is estimated to remain to remain good also in 2024. In building and technical trade, the market is expected to continue to decline in 2024. The economic cycle will have the biggest impact on new residential building, while the decline in other building construction, renovation building, and infrastructure construction is expected to be smaller. The cycle is expected to turn in 2025. Profitability in building and technical trade is estimated to fall short of the 2023 level, but to still remain at a reasonably good level in 2024. In car trade, new car sales are expected to fall short of the 2023 level. Sales of used cars and services are expected to grow. Profitability in car trade is estimated to still remain good in 2024, but to fall short of the 2023 level. Guidance for the current year, Kesko's operating environment is estimated to remain challenging in 2024. Kesko's net sales and operating profit are estimated to remain at a good level in 2024, despite the challenges in the company's operating environment. Kesko estimates that its comparable operating profit in 2024 will be in the range of EUR 620 million-EUR 720 million. The guidance is based on an estimate of a relatively short recession in Kesko's operating countries. Key uncertainties impacting Kesko's outlook are developments in inflation and interest rate levels and geopolitical crises and tensions. Dividend proposal. Board of Directors is proposing a dividend of EUR 1.02 per share to the annual general meeting. It is proposed to be paid again in four installments. This proposed dividend represents 80% of the comparable EPS.... And now, ladies and gentlemen, let's look at Kesko's transformation. The strategy has the key role in the company's transformation. We have experienced, I would say, an amazing transformation from traditional fragmented retailing company into one unified K. Earlier, the company did not have a unified identity from customer's point of view. Today, Kesko is a unified focus company, where we also utilize synergies between the businesses and divisions, and the customers recognize the orange K and appreciate it. The strategy works, and the sales increase proves it. I can proudly report that we have been able to increase the sales of our core businesses by EUR 6 billion since 2014. Also, sales via digital channels have continued to increase steadily. Currently, digital sales exceed EUR 2 billion. Digitalization is an important growth driver for Kesko, not only as a sales channel, but also more holistically in, for example, improving efficiency and customer experience. Customer satisfaction has risen to a new level. 2 million customers visit K- stores every single day. In the field of sustainability, Kesko is global leader. In the recent Global 100 listing, Kesko was ranked as the best company in its sector. We are the only company in the world to have made this list every year since its start in 2005. The sustainability work is in our DNA, and we have put a lot of effort to improve it constantly in all our operations. This work has been noticed also in other ratings, where Kesko has received excellent scores. Thanks to growth, thanks to successful implementation of our growth strategy, we can see a strong development in our comparable operating profit. Despite weak economy, we are able to report strong numbers. The profit guidance of EUR 620 million-EUR 720 million in this year's market environment is a strong message that Kesko's profit-making ability is excellent. The mission of a listed company is to create value to its owners. Since 2015, the total shareholder return paid dividends reinvested, and the latest dividend proposal included is EUR 8.3 billion. Hence, the excellent profit-making ability can be seen in total shareholder return. Our success is created by people. Performance bonuses paid to personnel since 2015 total EUR 300 million. Thank you all for the great work. We published a book last December that makes a deep dive into Kesko's history. The author, well-known historian Anitra Komulainen, said in the book, "The success of Kesko and K Group is not a coincidence. Throughout its history, Kesko has been able to transform and adjust its operations and find success, and will continue to do so also going forward." I have had the privilege of leading Kesko for over nine years. I wish the best of luck to my colleague and new successor, Jorma Rauhala, as the next President and CEO of Kesko. As I now retire, I want to express my gratitude to all our customers, shareholders, the people of K Group, and our partners for their trust and collaboration over these past nine years. Thank you so much! Thank you, Mikko. Now it's time for questions. We will first go to the conference call line, as always, and then to the chat. If I may, could you please ask just one question at a time, so it's easier for us to answer? Without further ado, conference call line is open. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Fredrik Ivarsson from ABG Sundal Collier. Please go ahead. Thank you. Good morning, all. Thanks for the presentation. I've got a couple of questions. I'll take them one by one, I think. So first, on the outlook, you say you expect a stable food retail market with fierce price competition in 2024. Does this mean that you expect price deflation in 2024, or how should we sort of understand this last statement? The firs t competition has been always very tough in Finnish grocery market, and we have succeeded very well in that tough competition. 2023 was not easy, not at all, but also it was not unusual, and market will continue quite challenging also 2024. But we are unique also in Finnish grocery market, and we are confident that we will succeed very well also in coming year. Of course, price competition is fierce, but we are in excellent position to succeed in that. But Ari, please open more detailed, especially actions and measures, what we have done and what we will do to continue this great development. Thank you very much. The market has been challenging during the last year, and it will keep on being challenging this year. We are estimating that the inflation will continue, but it will be much lower than during this year. We have all the actions needed to be able to adapt to the changes in market, especially lots of campaigning, lots of using Plussa loyalty card data to give customer, customers excellent services. And we think that it will be tight year, but we will manage it. Maybe, Ari, we can also add amazing development in digitalization. Yeah. K-Ruoka app is a great success story. Already more than 800 Finnish households are downloaded this app. Yeah. More than 500,000 Finnish households weekly are utilizing this K-Ruoka app. Yeah. We was able to increase the use of the K-Ruoka applications. It was in the beginning of the last year, about 200,000. Now, the active users are something like 600,000, and total number of the uploaded customers is more than 1 million customers. So the these are very impressive numbers. Because if we compare these customers who has loaded this K, K-Ruoka application, the average shopping basket is EUR 12 higher, so it has actually quite big impact. Another very important tool for us in this difficult market challenge is the private labels. We have been able to increase the sales of the K-Menu, which is able to—it's actually the price fighter in the market. Best prices for the customers and still reasonable margins for the retailers at the same time. And we also have Pirkka private labels and premium Pirkka label, Best of the Pirkka. So these are the good tools in this market situation. And share of these are increasing, and actually, the margins for the retailers are a little bit better comparing to the A brands. Last but not least, please remember, we are still most profitable grocery trade company in Europe. Will do. Thanks. That's good color. Second question on, on PTT and the margin specifically, which obviously came down a bit, this year, but it's still quite well ahead of, of pre-pandemic levels. So how, how should we think about PTT margin on a more mature basis? Is this, level of 4, around 4.5, 5% sustainable, you think? No, thank you for this question. We are, we are extremely happy that our operating profit in Building and Technical Trade was last year above 5%, despite very challenging market. And we see and we feel that this is extremely strong message, that we have succeeded to create very solid, very well-functioning Building and Technical Trade operation to the northern part of Europe. And of course, we expect that when, sooner or later, business environment market starts to recover in Northern Europe, we are in excellent position to report, again, wonderful numbers and very strong financial performance. But please, Jorma, please open, open more detailed your businesses and operations. Yes, yes. Yes, I remember when I started as a president of this division, and we did, did something like 2% EBIT. It was 2017, 2018. And then we kind of set of kind of a very long-term target, that someday we could do as best European players do, something like 6%-8% EBIT, EBIT level. 2021, 2022, we reached more than 7% EBIT. Last year, as we know, was very, very low activities in construction business, and still, we did more than 5% EBIT. I think in the-- and at that circumstances, the level was, was good, even, even very good. What comes this year, as we have stated, the market is not strong yet this year, what we are waiting, but still, we think that the margin and EBIT will remain at a reasonable good level. Also, in Building and Technical Trade, we are nowadays among the best profitable companies in Europe. But Jorma, I'm very confident that when you will start as the CEO, you will remind new president of Building and Technical Trade that in North America, they can make even more than 10% operating profit. Definitely. Maybe this is the first visit. That's great. Thanks. Last question from my side. On CapEx in 2024, it seems like you're accelerating on the store site investments after a couple more slow years, I guess. If you could provide some guidance on the 2024 CapEx, that would be helpful. If you didn't mention it, sorry about that. I missed that in that case. No, as you know, we have, we have very, very well-functioning growth strategy, and already years we have put lot of efforts to implement this strategy and invest on growth. And definitely we will continue investments. But maybe Jukka can a little bit more open our investment, investment programs and investment plans. Yes. Yeah. So first of all, like we said earlier, our CapEx to our grocery trade stores at existing network is roughly from EUR 200 million to EUR 250 million. On top of that, of course, we have some CapEx to building and technical trade and car trade as well. What makes the CapEx this year higher than normally, obviously, is then only the logistics warehouse, which we are still building. So we will invest to that one close to EUR 100 million still during this year. And also the Danish acquisition, Davidsen, will increase our CapEx this year higher. So this will be a year of another higher CapEx. But then going forward, obviously, when the Onninen logistics warehouse's CapEx goes down, of course, the CapEx is then coming down after this year. Perfect. Thanks. That's all my questions. So thanks for that. And then congrats, Mikko, on a good career, and enjoy retirement. Thank you very much. Thank you for asking questions one by one. That was lovely. Next question, please. The next question comes from Maria Wikström. Please go ahead. Yes. This is Maria from SEB, and I would like to join congratulating Mikko, and thank you for the years that we worked together. And, I gotta say that it has been a fun years. So, hopefully with your might will be as, as fun, as much fun. Thank you, Maria. But, uh- Thank you. My first question is to the grocery trade, if you could give a little bit more insight on the timing of the new hypermarket openings, and then also a bit more color on how the profitability is impacted on these new upcoming openings, please. Yeah. Very, very important question, and we are so pleased, and we have been very pleased today to publish those new hypermarket investments, Ideapark in Lempäälä, very close Tampere, the second biggest city in Finland. New hypermarket, Kuopio, very close city center of Kuopio, capital of Eastern Finland. Our strategy is to increase amount of hypermarkets, invest money on new hypermarkets in capital areas of Finland. Capital area in Helsinki capital area and regional capital areas. And those investments, what we have published, are very well in line with our strategy. And we have learned that our hypermarkets are real money-making machines, especially big hypermarkets close city centers in regional capitals. Helsinki capital area are real money-making machines, and, we are very confident that those latest hypermarket investments, will have also very good return, on capital. But, Ari, please, maybe you can, you can open a little bit more our, programs and plans. Yes. I would like to underline that if you are willing to gain market share, you have to open hypermarkets to the growth centers of the Finland. Just the one hypermarket, for example, in Helsinki city area or in the Espoo area, could mean like a 0.2% more market share. And we have plans to open several of these, and in the long term, like Mikko mentioned earlier, they are usually the most profitable business of the company. And that's the, that's the reason, and, and when we are getting this in our own balance sheet, it actually means good earnings in the long term. Always remember, when we talk about modern hypermarkets, as we have already 81 modern hypermarkets, and now very soon more, those massive hypermarkets, we always combine successfully also online business to traditional hypermarket. And that will be definitely also important part of our latest hypermarket announcements. Perfect. Just to get my numbers right, so how many new hypermarkets are expected to open this year, and how many in 2025? Maria, you should remember that those hypermarkets are always massive investments, and it takes always time to construct and complete construction work. But Vuosaari, we are transforming a supermarket in Vuosaari, eastern part of Helsinki, to hypermarket this year. Kivistö, massive new city market construction was started in Vantaa, northern part of Helsinki area, last year, and that will be opened early 2025. And yes, and six in Lempäälä, what we announced, will be opened this year or 2025? I think it will be 2025. Yeah. Twenty... Yes. Yeah. Yeah. Kuopio 'twenty-six. Yeah. Hopefully, Porvoo construction permission, we hope we will receive very soon, and the construction in Porvoo would be started, very, very soon and a couple of other. But, let's say 2025, 2026, we believe, quite many new openings.... And just to underline how difficult these projects actually are, that I have been waiting for this new city market for Porvoo now 30 years. Yeah. Yes, hopefully it's worth waiting. Then one more on the grocery trade and increased price competition, as it seems that especially like these customer loyalty programs, there have been a lot of talks and a little bit very aggressive in payback. And you mentioned that, I mean, you will have—I mean, you will respond to the price competition, but how should we think about it in terms of like how much Kesko contributes and how much the retailer contributes? I mean, now when we have a more focus on these campaign products. So how do—will this impact on Kesko's grocery profitability? Yeah. No, first we should remember that the cooperation between Kesko K- retailers is seamless. Nowadays, it works extremely well. And, weekly, and our chain people, together with the all retailing entrepreneurs, are planning short and long-term measures and actions and implement. Nowadays, very big topic, of course, campaigns and how we react price competition, and we have succeeded very well. I'm very confident that this seamless cooperation will support strong development this year, coming years, and help us also to succeed in tough competition. Once again, I remind that we have succeeded very well. The big issue, new store openings, and now when we will open more new hypermarkets, we are very confident that we will gain back also market share, what we have a little bit lost last year. Hanna, Hanna is pushing me and hurry up, but this was very important question. Maria? Yes. And if I may, the last question on the building and technical trade. So you say that you expect the market to continue difficult in 2024. How can you split a bit, little bit your view, I mean, between the building and technical trade and then the Onninen side? As Onninen, I think we saw the sales to decline much later compared to the building or the DIY part of the business. So how do you see, I mean, the comparables here now for Onninen and the building and technical trade part? And if there are some cost-saving measures you still plan to take during this year that we should take into account. Not just plan, we have implemented a lot of cost-saving measures, but Jorma can open definitely more detail this market. But before that, I remind that we expect that 2024 will be still challenging year, but we are expecting that 2025 will be already much better in business and especially also in building a technical trade. But Jorma, please open a little bit more of- Yes, as we have said that we expect that the market will continue to decline. But of course, there can be some differences, for first of all, between countries. I think that maybe Norway, Denmark, Poland, Baltics can be a little bit stronger than Finland or Sweden. And what comes to building and home improvement and technical trade, we have to remember that the consumer were the first which start to decrease already to 2021. So I believe that the consumer business will recover first, and then building and home improvement and technical trade. But definitely, the second half of the year will be a stronger one than the first one. Exactly. Exactly. Thank you. I have no further questions. Now we have more questions on the conference call line. Yes, please. The next question comes from Anna Schumacher from BNP Paribas Exane. Please go ahead. Hi, good morning, everyone. I have two questions, if that's okay, both on grocery. So the first question: You reported more than 7% EBIT margin for 2023. Given competition and tough environment, do you think this is sustainable going forward? No, definitely we believe that this is sustainable, but, once again, we remind that competition is tough. It has been always very tough, and it will continue tough also in the future. But we are very confident that our concept works. We have seamless cooperation with the retailing entrepreneurs, and we are, in many respects, a unique grocery trade, company in Finland, and our market share is unusual high. Plus, we should remember that, beside successful, well-functioning consumer business, we have massive, B2B business, and our market share is, closing 50% in Finnish market. We are, in many respects, a unique grocery trade company, in Europe, and, that is definitely the reason why our profitability is, best in class in Europe. ... Okay, great. Thank you. And then a final question, could you please elaborate by what you meant when you said that your purchasing power had improved in grocery in the quarter? Ari. Yeah, we can notice that, you know, if you think about the increase of the, for example, in salaries, and at the same time for the, for the retired people, they also have got increases in pensions. So we can see that currently, buying power in Finnish market is increasing, and it's this is big change, first time for a long time. And I would also like to add that we have lots of new earnings coming from the data businesses and also from the retail marketing, and these are one of the explanation why we have so good EBIT margin. Okay, great. Thank you. Couple of more questions. The next question comes from Miika Ihamäki from DNB. Please go ahead. Hi, everyone. It's Mika from DNB. Congratulations to Mikko on a great achievement, and Kesko, and all the best for your retirement from my side as well. First question: so profits in building and technical trade in both segments halved, but Kesko Senukai profits increased. So can you first explain what's the dynamic behind this? Yeah, I can start, and Jorma can... No, maybe Jukka can open more detail, but, as well as we have done great job in Kesko, they have done also great job in Kesko Senukai to reduce operational expenses, as well as, they have worked very hard together with suppliers to improve margins. Plus, we should remember that economy in Baltic countries has started also to recover. I believe that those are very important elements. But Jukka, definitely you are well prepared to open more detail this, Yeah this development. Yes, sure. So comparing those two, like you, Mika, said, obviously the reason is on the top line there. So the top line development in Baltics for Kesko Senukai, the decrease was smaller than it was for the rest of building and technical trade business, where it's more sort of professional builders and technical trade-driven. So the top line development was the main reason, and for Kesko Senukai, operating profit development was good during the Q4. Top line came down somewhat, but the gross margin and and cost efficiency side was in good order, so that improved the profitability. Okay, great. And then question on Kespro. So also there, strong, strong margins. Maybe you're, you're citing stable outlook. What do we see there in terms of competition? Is there still room to expand margin if, if we assume that your strong market share momentum continues? Yeah, definitely there is still space for expansion as well as for profit improvements. And Ari can open more detail, but I remind that our position is exceptional, exceptional strong, and we succeed extremely well against all other food service companies in the Finnish market, and that promise, of course, strong development also in the future. We see the future of the Kespro very bright because we have been transforming the whole company to be more like a platform company currently. So we are able to provide customer new services, which are very, very good and making more customers more happy and more profitable. So we have been seeing that many of the customers has been reaching the buying to the Kespro, and we have been gaining market share during the recent years, more than 7%. So we have very good position in Finnish market also in the future. Okay. That's all from my side. Thank you so much. One more, and since we have Esa's presentation coming up, so if you could please be a bit fast, my colleagues as well, please. The next question comes from Øystein Inge from Watch Media Norge. Please go ahead. Yes, hello, this is from Norway. Thanks for a good presentation. I will go, yes, will be fast. The first thing I wanted to ask you about was if you could give a heads-up about the first year with Elektrosk andia, and how do you see your presence in Norway in the future? Thank you. Thank you. Very, very good question, and Norway is extremely important market for us, and we are so pleased that we have succeeded to strengthen our market position in Norway so well. Big market, strong development, very strong growth, and today, Onninen, Onninen Elektrosk andia market leader in all segment in Norway. And, very easy to repeat, according to Kesko's strategy, we are seeking all options to continue this strong growth in Norway. But Jorma, definitely you are right man to open more this status of Elektrosk andia acquisition and integration. Yes, maybe I open that a little bit. Yes, this integration with between Onninen and Elektroskandia is maybe the biggest integration process what we have had in Kesko. But everything has gone as planned, and our plan is that in second quarter of this year, we are ready, that then we will have only one company, Onninen, and then we will be the... We will be the clear market leader in electric wholesale business. And of course, we'll gain all of those synergies that what we have planned. ... Yeah, thank you. Who of you said that? I didn't catch. Yes, it was, it was, CEO, um- First you, Mikko, and then it was- Building and Technical Trade President was the second speaker. Yeah. Okay. Yeah, it was second speaker. He was the second speaker. And then I take a couple of really short questions before Esa's presentation. Since we haven't touched car trade here, there is a question regarding car trade here, going: "You mentioned uptick in car trade order book in Q4. Can you give any additional information of the absolute level of the order book, and how long does it take to deliver a current order book?" Is the question from Joni Sandvall. Okay, thank you for the good question, and fortunately, yes, we saw a shift to a better in Q4, but of course, the market in general continues to be soft. Order book is not exceptionally high anymore. Order book is below average. In general, the orders are below long-term average in the market as well. When it comes to, you know, order book or deliveries, deliveries have been improving, and it depends on the brand, but in general, you may say that the two to nine months are the delivery date times currently. Very good. Thank you, Sami. Then I'll take one more question, and then I'll get back to you on the questions you have posed here. There is a question about the technical trade. What is your visibility in technical trade, and what are your measures to keep profitability at reasonably good level in a weak market? I think that the published numbers already are strong message that our technical trade also in excellent shape, despite such a big challenge on the market. For example, in Finland, Jorma, Onninen operating profit was about 5% in the last quarter. Last quarter, yes. Yeah, last quarter. [crosstalks] Yes. Yes, a full year, much- Yeah ... better. All that means that our machine is in excellent condition, and when economy starts to recover, we are very confident that our building and technical trade will report again excellent numbers and all-time best numbers. And Jorma, maybe sooner or later, will exceed even this 10% threshold. I didn't succeed-... but, but I know that you are better. Very good. Thank you, dear colleagues, for the good discussion. Thank you, analysts, very good questions. I'm sorry to rush you on, but since we have the great pleasure of having Esa here, I will now turn to Esa, please. Thank you, and welcome also on my behalf. I would like to present Jorma Rauhala, who was appointed Kesko's President and CEO as of 1st of February. Jorma holds a Master of Science in Economics and has a strong track record in result-driven leadership. Jorma joined the company more than 30 years ago, and he has a long career in Kesko with many different responsibilities. He has been leading the Building and Technical Trade division since 2017 and has had a significant role in growing the business in recent years. Before that, he was responsible for the Grocery Trade division for some 5 years and was, among other things, very much involved in Suomen Lähikauppa acquisition and its integration. Jorma has also headed food service business, Kespro, for several years. As a director, Jorma is modern and approachable leader. The execution of Kesko's, Kesko's growth strategy continues. Kesko is today a strong, modern, and international trading sector company. We have an established strategy that has proven to be effective, and it has yielded excellent results. Under Mikko Helander, Kesko has undergone a major transformation with growth and a significant increase in shareholders' value. On behalf of the whole board of directors, I would like to express our gratitude to Mikko for the great work he has done as a Kesko's President and CEO. Thank you, Mikko. As said, strategy execution continues. We see no reason to make any notable changes to the strategy. During the annual strategy review this spring, it is possible that some adjustment can be made to teams and focus areas. Our main focus is on maintaining our strong position in all areas of food trade.... Further growing our building and technical trade business internationally. Kesko is well-positioned to continue to grow profitably also going forward. Thank you. Thank you, Esa. Now it's time for some questions. Was it a tough race, and what made you choose- In reality, the process was very extensive and well-prepared. Thank you. Then, the next question is, Was it a tough race, and what made you choose Jorma in the end? Kesko is one of the biggest listed companies in Finland, so being the President and CEO of Kesko is one of the most interesting roles you could have. We considered many experienced high-level candidates from outside the company, so it was a tough race, but in the end, it was not a difficult decision. Jorma's very strong track record in Kesko's two biggest divisions, his extensive understanding of the company, and his easy and approachable personality won the race for him. Thanks. And then I have one more here. What are your main expectations for the new President and CEO? Jorma gets to lead a company that is in excellent shape and has a strong strategy that works and brings results, so there's no need to change the course. A key objective for a listed company is to increase shareholders' value strongly. Our main expectations are related to further development and strengthening of our food trade business and growing the building and technical trade business and making it even more international. I also expect Jorma to empower the members of the group management board to lead their respective areas, setting them up for success. Thank you, Esa, and there's no more questions at this time. I could actually ask a couple of questions on, on... to Jorma. So, day after tomorrow, you will be the President and CEO of Kesko, so what are your thoughts and, and feelings before you take the role of the President and CEO? Thank you, Hanna. When I joined Kesko 32 years ago, I could never have imagined that one day I would become the President and CEO. This shows what a great company Kesko is, as it makes such careers possible. I'm naturally happy and excited, and as the Board Chair, Esa Kiiskinen, said, "Kesko today is a strong international and modern trading sector company." We have a strategy that works and brings results. Of course, we can always find things we can do better and develop further. This is not the first time in my career that there have been big changes, and I have had to take over significant areas of responsibility, like Managing Director of Kespro in 2007, President of Kesko Food 2013, and then President of Building and Technical Trade 2017. I feel very focused and full of energy as I take on this new role to lead Kesko to future, to future growth and success. Thanks, Jorma. As we have heard today, Kesko's strategy is working, and we see no reason to make any major changes at this point. What can we expect from the strategy review process this spring? Yes, as mentioned earlier, at this point, there will be no massive changes to our strategy. We will have our annual strategy review this spring. Our focus is on further developing our strong food trade operation, further growing our Building and Technical Trade, and making it even more international, and on growing the three cornerstones of car trade. In the strategy review process, we will focus on our operating environment, investments, and our goals for potential acquisition, and I would say that maybe the most important one is that we have to be sure that our competitive strategies in each businesses are clear enough and our action plan is also clear and effective. And I'm sure that our strategy execution will lead to Kesko become increasingly international. This also means that Building and Technical Trade will be Kesko's biggest division someday. I don't know when, but someday it will be the biggest one, and that doesn't mean that Grocery Trade becomes smaller. Our goal is also that our customers, personnel, and other stakeholders will value Kesko, Kesko highly. Thank you, Jorma. Thank you. And before we thank everybody else, Mikko, any last thoughts before the retirement, well-deserved retirement? What are your last message to the international community of investors and analysts? My last, or now very last, message is that Kesko K Group is amazing company, amazing company, and one of the biggest company in Finland and amazing success story. Guys, I can tell you that I'm so pleased that I have had opportunity to participate almost 10 years Kesko's and K Group's development, and I have had privilege to work with amazing people. We have amazing people, amazing K- retailers, 45,000 people working in this group, and everybody has done a great job. Once again, I'm so pleased that I have had opportunity to participate this success story. Once again, also, thank you so much also for amazing cooperation, what we have done together. Also, big thanks for our amazing stakeholders. Thank you.