Today, I'm pleased to present Rita Uotila. Please begin your meeting. Thank you, operator. Hello, everyone, and thank you for joining Neles Financial Statements Report 2020 briefing. We will first hear a presentation from our CEO, Olli Isotalo, and CFO, Simo Sääskilahti, then followed by a Q&A session. Also, today's presentation, an audio will be recorded and available on our Neles website later on. Now we're ready to start with the full year presentation, and we will start with our CEO, Olli Isotalo. Please go ahead. Thank you, Rita, and l adies and gentlemen, welcome on my behalf as well. I jump to the slide number four. We have three topics to be covered today. Well, first of all, we have predominantly and only positive news today. I will first cover the Q4 highlights, then 2020 full- year business review or highlights as well. Simo will cover the same, but from financial point of view and showing a bit more in detail and the figures. I will end the presentation by making some notes and remarks regarding 2021 focus. To start with the highlights of last quarter, last year. Well, first of all, despite the market conditions, despite the challenges due to the pandemic, I think we are by ourselves, we are very happy with our financial performance. We were able to keep the solid adjusted EBITDA margin levels. That is basically a result of two components. First of all, our cost structure, which is relatively light, permanently light, but a lso then in addition to that, we, of course, were supporting the profitability by cost-cutting exercises throughout the year and still continuing during the last quarter. Some of them actually still ongoing. The other area on the financial side where we succeeded well was that we were actively managing our net working capital, then resulting to strong cash flow and good cash position at the end of the year, which is also reflected in the board's proposal to the AGM regarding the dividends. We will come back to that. On the market, pulp and paper project business continued at a good level. When I'm referring to the market, I'm mainly talking about the activity and orders, order intake. On chemicals plus oil and gas projects, the market continued at a satisfactory level. Low coming down from the good levels in the beginning of the year though. On invoicing side, in sales side, in projects, they were peaking. They were actually gradually improving quarter by quarter and then peaking finally during the Q4. One of the highlight at the end of the year was signs of improved services business, and it was indeed improving from Q3 going to Q4, and e specially at the end of the year, there were some positive signals, and I would say a light in the tunnel. We actually momentarily reached also already the levels where we were in 2019 or let's say the second half of 2019. Overall, the customer-driven MRO business, meaning services and then our own daily, so-called day-to-day valves business, it continued to be on peak level. That's due to the same reasons we have been communicating before, meaning maintenance shutdowns were postponed and then customers continuing tight cash management in many areas. There were some, of course, as always, some geographical differences. North America, that was quite suppressed, and has been quite suppressed. We saw the lowest quarter actually already in Q3, and t he sentiment has gradually improved, maybe not that much. Okay, on the figures as well, we went up from the lowest, and the sentiment clearly improved quarter by quarter. What comes to EMEA, we saw the gradual improvement in services, but also in the rest of MRO, meaning the day-to-day in Q4, but a lso, the overall project business in EMEA was quite good. In Asia-Pacific, the opposite when it comes to the services and MRO-driven customer business. It was still quite weak and subdued because of the COVID-19 restrictions. On the other hand, the project business continued on a good level, both in pulp and paper, but also in chemicals and oil and gas approach, and e specially here, I would like to say that China plays an important role in this positive development. In South America, business activity is on good level and was on a good level, especially, of course, pulp and paper projects. They were peaking already during H1, but s till, the last half of the year and the fourth quarter, it was actually a good level. If you would have a bit longer perspective, let's say 2018, 2017, you would see that the current level is actually good when putting that on the historical perspective. Looking then the next coming months, the next coming six months, we expect the market activity in pulp and paper to continue at a good level. The other part of the project business, meaning chemicals plus oil and gas projects, we expect it to continue at the same satisfactory level as it did during the second half. There, I want to make a note, though, that the near-term visibility is still quite limited, especially in oil and gas side. In services and customer MRO-driven business, we expect gradual recovery during the second quarter from the weak levels of the second half of 2020 and continuing weak levels at least during the first quarter. Last shutdowns are still being postponed and the same cash management actions are continuing in many places in the world. We expect the recovery gradually during Q2, meaning that we would expect to see also picking up order intake during Q2, but then materializing really on sales then during the second half. We also made this time now a kind of a small table. You can see at the bottom of the slide. It's just to help you to kind of compare how the situation has been and what is the outlook now. You can see from the right-hand side that we are expecting the market outlook to continue the same level as it was during Q4. However, with the note that services and MRO business, we were a bit debating internally, is it weak or could it possibly turn to satisfactory? We remained on the cautious, or we took a cautious position, and decided we still think because the visibility there and especially the Q1, which we already know that it's not going to be very strong. Then going to the full- year 2020. Well, I'm not going to repeat the same as you guys probably are hearing in all the calls in these days. I mean the pandemic, the generational experience. Let's put that aside, but the biggest b y far the biggest highlight in 2020 for us here in Neles, and I have noted that it was so also to many of our shareholders was to launch the launch of independent Neles, 1st of July. Project business went well. We saw good levels throughout the year, especially very high levels during the first half of the year. Services and MRO-driven orders were slightly over 60%, still by far the majority of our business. I will come back to this a bit later. We made good progress in growing the installed base, and h ere, when I'm referring to install base, our real install base is really multiple millions. Here we talk about the installed base that we know exactly where it is, what it contains, what is the service status, and also based on this recorded so-called tagged installed base, we are also able to help our customers to plan their service and shutdowns. We were able to continue with that installed base by 20% since the Capital Market Day in May. We are actually growing that installed base from the both ends, both, when we are delivering new valves, well, that goes without saying. Currently we are registering all the relevant valves to the system, but we also growing the install base on the other end, meaning already delivered existing installed base in operation in various customer side. We are actively tagging, meaning recording that installed base as well. Our services did great work in that front. We were developing the new virtual ways of working, of course, internally. Many of those ways, meaning less traveling to start with, maybe less office space in the future, they will be permanent. We do not believe that the world will be the same after this one. A big part of these new ways will be part of our everyday work. However, I would like to highlight that the most important part in this was the new ways to talk to our customers, to keep the contact with the existing customers, to make the good customer service even in these conditions. I think that's quite well reflected in the next highlight, which is the Net Promoter Score index. We conducted a customer engagement survey that we are actually repeating every year, basically. We now conducted in late November and in December. The results were convincing. Our customers have not forgotten us. The opposite, we got the all-high NPS score this time, 38. This is one of our biggest highlights for 2020. To prepare, and actually in these conditions, we were also able continue the R&D work, not fully because the cost-saving actions, but the most critical ones. We made lahk launches last year as well, both on Jamesbury products and Neles products, and m aybe not to highlight, should I say, rather a low light, the tight cost management to keep the profitability at a good level, of course, worth of mentioning. Coming to our statement of how resilient our business model is. This as we've been communicating throughout and since the Capital Market Day. We now updated the same slide. Many of you maybe have seen this before, but it's now updated by also 2020 full- year figures. You can see that from the earlier bottom, the previous bottom of the cycle, 2016, after the dramatic oil price decline, oil price crisis, the annual growth has been 4% to this bottom, which is again exceeding the industry growth in our space. If you would see also the kind of the financial crisis a bit earlier than this case start, it would follow the same pattern. We have been showing the resilience, and we have been delivering the results also in the bottom of the cycles. Yes, back to this share of customer MRO driven business. Well, the share of that important part, giving the resilience to our business model, that share fell to 60% or a bit over the 60% from the good 70% levels last year. That is, first of all, because of the good success in project business, which I think is a kind of positive reason. The other reason was that the crisis hit this time differently than before because of the travel restrictions and the maintenance shutdown, postponement, et cetera, et cetera, v ery simple. We actually expect the ratio between these two components to return at some point in time going forward. We also updated our industry split to various industries, but not only that, we also kind of are proactively answering to the frequently asked question that what is our oil and gas business? Now we have opened it here also kind of what comes to the 2019, and a s you can see, there is a movement. We split the oil and gas now to oil and gases because the logic is a bit different. Actually, the biggest part of the gases, they are industrial gases, and t here is LNG as well included, but most part of that is actually industrial. Oil, of course, the fossil oil and the fuels, basically, and then p ulp, paper, and bio. You can see there a slight movement to pulp and paper and bio representing now almost 1/3, also at least 29% of our industries that we are serving today. Meanwhile, oil reducing to 24%, and it is, a gain, maybe I can verbally open the oil bit a bit more. There are two main components. It's midstream and downstream. Really the upstream, the oil drilling, it's just kind of a low single-digit percentage of our total business. It's not very material, I would say. It's really transportation in North America and then refining globally. Refining, there our focus is mainly on complex refining, less of so in commodity fuels, which is also kind of, let's say, good from the reduced volatility point of view. Well, then last but definitely not least, for many of you online, our board decided to propose to the shareholders meeting a dividend of EUR 0.18 per share reflecting two things. First of all, better than expected cash flow and cash position as we are having currently, but also reflecting the confidence on our capability to deliver when going forward, and n ow Simo takes over. Okay. Thank you, Olli. Looking at our figures, we can first note that our orders during the last three quarters have been pretty stable at the same levels between EUR 130 million and EUR 134 million. That is down 13% year-on-year, but as we point out, we are also kind of impacted by the foreign exchange rate changes. On comparable currencies, the drop would have been only 6% in comparing Q4 2020 to Q4 2019. Sales, on the other hand, as you can see, has been progressing throughout the year, reaching EUR 155 million in the fourth quarter, which is 7% down compared to the previous year. If you look at the current or comparable currencies, we are pretty much at the level of last year. Like Olli said, the project sales have been increasing throughout the year. That's one major contributor, and then l ike you can see from our reports, the MRO side and the services has actually been still impacted by the COVID situation. Profitability is something that we feel that we've done a pretty good job in keeping that up at the 14.6% adjusted EBITDA, which is actually an increase of 28% year-on-year. The adjustment items, they still continued during the fourth quarter with the value of EUR 3 million. These included now basically costs related to the carve-out of Neles, launch of Neles, the ownership situation development, and some of the restructurings that we've been doing. Most of those activities are actually completed but some will actually carry over to next year. In particular, we mentioned that we are in midst of harmonizing our IP, and in particular ERP landscape. That is one program that will continue until next year, and we will book those costs then going forward in the kind of the normal operating costs. Here, you can see the kind of the annual comparison, a gain, currencies playing quite a notable role in terms of the decline, so 13% orders and sales down year-on-year, but comparable currencies of 9%. Services sales 15% down year-on-year, and t he order backlog for the end of the year, EUR 270 million, which is on a good level, only 4% below last year's or the level that we started the year with. Overall, like Olli mentioned, keeping the profitability close to 15% on adjusted EBITDA basis and looking at including all the adjustment items, which total to EUR 11 million during the year, the operating profit was EUR 70 million, a bit over 12% of sales. Balance sheet is in good shape. Olli mentioned that one thing that we felt we were successful or not just felt, but we were successful with was the work on the net working capital. You can see here that our cash position has developed positively and our balance sheet is quite strong. Net debt, EUR 81 million. Cash and cash equivalents, EUR 136 million, and then l ooking at the net debt here, EBITDA 0.9, gearing 31%. We kept investing in the future during the year. You can see that there was EUR 13 million of CapEx. Those relate to a large part of that is the overall kind of debottlenecking of our systems but a big part of was the China factory completion. That investment started already in 2019, and now we've completed that program during the year, and now the factory is up and running. We also started this investment in our IT systems which will continue also this year. We are kind of foreseeing that the CapEx levels will be staying at about similar levels this year with the same kind of themes that for developing our operations continuously renewing them and keeping them in good shape, and then these ERP investments. Coming back to the point about cash flow, we talked already in the previous meetings like three months ago that that's something that we are focusing on. We've been looking at our receivables, paying attention to collecting them, and really during the pandemic, we haven't really suffered any material credit losses. We've been able to improve that situation, but also the inventory management. That was a focus area where we've been kind of working on, and we can see the results and basically improved, net working capital position and a pretty good cash flow during the fourth quarter. We will continue with the same themes, working on improving the net working capital management with the focus on, for example, on our project business, how we are managing that more effectively taking into more benefits of the new systems that we are implementing and, o bviously, the distribution development is a key factor there to help us improve availability for our customers, at the same time managing the balance sheet. Finally, supporting the strategy, as Olli showed, our strategy targets are the same. We will continue that, and basically there will be an element of looking at the capital deployment. There will be an element of continued kind of investment into our production capabilities. IT, I already mentioned about at the end of this. At the same time, we believe that we have now the balance sheet we have supported by the strong cash flows, that we continue the work on growing towards the 1 billion orders. M&A is part of that equation. As we showed this year, we are at the same time able to reward the shareholders also with the dividends that are in line or exceeding this year our dividend policy. Olli, back to you. Thank you, Simo. Just to end the presentation with this last slide, making some remarks regarding the 2021 strategic focus area. The first one may be being super strategical. It's more like stating the fact that we still believe that we need to continue the cost control, especially during the first quarter, and probably also during the second one. But then I'm personally, and we are quite optimistic, and more optimistic regarding the second half, that we would then go back to the full growth mode. It remains to be seen so t hat's our view today. The strategy is, of course, very much increasing the industry diversification. This is something what the product launches will help. In fact, there are actually quite big product launches in the pipeline to come this year, helping the diversification to new chemicals, to new industries. We continue to do the good work in services and have a lot of focus to grow the install base, but especially to do business, leveraging that one, but a lso some kind of a recovery. We are not expecting an explosion in recovery in the shutdown process, but we are of course expecting the situation to be normalized then starting from the Q2, and that's, of course, we need to put a lot of attention to be able to serve the customers if there are many planned to happen at the same time. One thing in our current strategy that was hit quite badly by the COVID badly, but also it was not optimal time to launch new product offering to the global markets for many reasons. That's Easyflow by Neles offering India-made standardized product to global markets. That's going to be on our focus this year, especially towards the year end. There we got clearly a delay compared to our original plans because of the situation. To respond to some customer concerns when it comes to our ability to deliver by having short lead times and the flexibility during the process phase with all kinds of process changes, et cetera. We will continue to improve our project business at the internal processes in there. Those will be then visible to our customers as well, but there is a bit of a delay before it will be visible. We have continued that work this year and last year, but that will remain in the focus this year as well, and then a lso related to the second bullet point, to improve the delivery capabilities in some parts of the world. When we talk about more standardized products, the customer expectation for the lead time, it's very short. That calls for new ways of serving the customers, meaning planned stocking as well. Good. Thank you. That was our presentation this time and now I think the lines will be opened for questions. Thank you. Ladies and gentlemen, if you have a question for the speakers, please press zero one on your telephone keypad now. We have a question from the line of Antti Suttelin from Danske Bank. Please go ahead. Thank you. This is Antti. Hi. Two questions, please. First of all, the first half outlook in terms of order intake and sales, if I look at your verbal guidance, it looks like things are slower anticipated in the first half compared to where they were a year ago. Does this mean that your order intake, as you see it, will be lower now in the first half versus a year ago, and the same for sales, will it be lower than a year ago? Yeah, p retty much correct what comes to really comparing the first half of the year last year and our expectation now, s ee on the table in the bottom that slide, like I told you, table. We are expecting to stay at the same level during last quarter. After I said that, as I said, I think that are kind of cautiously optimistic that we might see the recovery coming somewhat early already this year. That remains to be seen. Maybe? Yeah. That summarizes and of course, last year Q1 was still largely unaffected by COVID. That really is taking effect now. Yeah. Hey, okay, I think the other comment you made was then the invoicing, the sales. That is a bit different case. We have a strong order backlog, as you can see from the charts. We have strong project order backlog which will be served also during the second half, only first half. That is kind of balancing that side. All right. Thank you and then a question on the, I don't know how to call it, active installed base, which you know where it is and you serve it. What percentage can you say is that out of your total installed base? It's not a huge portion. I can say because we have said this before. In the Capital Market days, I made a rough estimate that our total installed base is somewhere, say, 7 millions, 8 m illions maybe today more close to eight million already. That is including then all standard stuff also sold to some third party distributors, North America, for example. That you really do not know the end destination of all the valves, and they are not serviceable valves either. That is actually the bulk of our volumes in terms of number of valves. Our really big install base of the kind of serviceable valves, meaning that it makes financially sense, technically sense to open the valve services and r eturn back closer. During the capital market days, that was about EUR 1.2 million. That's kind of a major service. Not only to us, but it's also an asset when serving the customer. When customers have 1,000s of valves in their refinery or pulp and paper, when they are planning to shut it. We think from our point to be able to customer service that we are able to help planning phase. I hope that answers to your question. Yes. Thank you. The line was little bit bad. Did you say EUR 1.3 million? EUR 1.2 million, EUR 1.2 million. EUR 1.2 million, okay. How big part is this of your service sales and then replacement sales? That is such a detailed question that I'm actually not able to say if I would be billing. I'm not sure. I'm not able to say how much that is exactly. I don't think we have that record. Also, this, let's say unknown installed base for the correct word, that is also generating business every day. That's actually a big part of our day-to-day business because it's quite obvious that when customer wants to replace a valve, it is not serviceable. Of course, if you have a Neles or Jamesbury valve there installed, it's quite a natural choice for the customer to at least start with that. That is obviously generating repeating business all the time. We do not record that or we are not able to record that accuracy or granularity. Okay. Thanks for the clarifications. Thank you. A s a final reminder, if you have a question, please press zero one on your telephone keypad now. We have another question from the line of Manu Rimpelä from Nordea. Please go ahead. Manu, if your line is on mute, can you please unmute yourself? Can you hear me now? Yes. Okay, p erfect, t hank you for taking my question. Could you comment around the cash flow behavior in the cycle? Normally do we kind of typically have a working capital outflow in this situation where order intake is down, sales are also down, and then when we start to see the kind of pickup in activity that you talked about, so we should see working capital getting tied up again, so we should expect negative working capital in the kind of second half of the year and going forward into 2021 and 2022? Well, obviously, one thing is that we have been able to deliver the house, which is helpful. As I said, big thing is that also the active management of it. We started from poor kind of levels, if you look at the terms, et cetera, in the beginning of the year, and there's been active work on the receivable side and inventory side to reduce it, and we plan to continue that. Olli mentioned that there are activities that we can continue, and we will continue. Obviously, if growth starts happening fast, of course, that will put some pressure to our networking capital position, but a lso there, we talk about the better ways to deliver projects. We talk about working with our distributor partners, being smarter, managing it, so w e are trying to still mitigate those effects. We believe we have activities ongoing for that. Okay. Well, it's fair to say that without these internal self-help measures you're doing in a normal cycle, we should start seeing working capital build up again as the business expands. Obviously, yes, if we would not be doing anything, but that's not our strategy. Okay. Do you think that you could be able to keep the positive cash flow momentum from the working capital in 2021 with all these measures and your expectations about the business plan? Yes. We are working, continue to work on that, and O lli said one part of the equation is that we will be still continuing with being careful and managing tightly the cash. That's one aspect to manage the profitability, all the other activities that we plan to do to support profitable growth, shareholder value creating growth. That's what we're working. Okay. Thank you. Another question on the order intake. Is it fair to say that the order intake in this project or equipment business, or whatever you want to call it, that was actually up this year, or 2020 compared to 2019? Yep. You mean the projects business? Yes. Okay, so t hat order intake did grow. Any comments around was it low or high single digits? Well, we saw, like I said, very good momentum there in all the businesses and in pulp and paper that continues, and also looking at the chemical, oil, and gas also, t hat started strong. Now we are a bit more on the, I would say, satisfactory level. As Olli said, there's also a bit more questions about the timing and how the program projects are ongoing, but s till, we are seeing that there's good activity there supporting our business. Okay. Thank you. If you can comment around this maintenance shutdowns business. What size of an annual order intake or sales business is that for you? It depends very much on the year, and a ctually, to say exact figure that it's almost, let's say, impossible because part of the so-called day-to-day business, meaning that we are just selling valves in small or a bit bigger batches. They are actually going to different kind of customer maintenance projects, but we are not doing the service work, but the customer taking care of that by themselves. I suggest we updated this one graph where we are showing what is the CapEx-driven business, where project is a big part, not the only part. There's also some OEM business, et cetera, but then t he other part, which was now slightly over 60%, it is really the services MRO and day to day, which includes all that work that is going to the pure service proposal, these kind of smaller expansions, et cetera. That used to be, like Olli said, that closer to 70 earlier. Now because of the good momentum on one hand on the project side and then the COVID impact on these services and MRO, that share of the business is only slightly over 60 now this year. Can we attribute that drop in that part to the lack of these sort of maintenance shutdowns mainly or is it other things as well? Well, it is, but t hat's one reason. The pure kind of lack of shutdown or customers having these restrictions on entering the site, that is also impacting it. We talked about it, and then p retty soon after the COVID start hitting, we started seeing customers also taking similar measures as us, looking at very carefully the spend and that's also, so it's not necessarily a shutdown, it's overall their MRO spend. Obviously, we also saw that, as we said, that the North American market, there was COVID, but there were also other things like related to oil price, et cetera, which impacted that part of business. It's many things there, but o verall, coming into this a round the uncertainties, the pandemic, and the cash or cost savings from customers. Okay, t hank you, then t he final question from me. Can you comment on the oil business that how much of that can be attributed to traditional refineries, their production levels are not that much impacted by the overall pandemic situation? How much is related to either refineries that have been shut down or have been more exposed to more cyclical end products? Any way to better understand the drop in the oil business? Yeah. Now we go to such a granularity that we are not actually very willing to open that because I think, as I said, that this oil, which was now last year 24% of our total, it basically contains two main components. It's refining and then oil transportation in North America. The latter one being really quite a big part of it. No very material exposure to the upstream. Are those two oil transportation was the one that took the bigger hit in 2020? Well, you can say so. Actually, we saw the decline starting in that front already at the end of 2019, even before the COVID, and then COVID came on top of that. We think we saw, actually, the bottom in that business already during the first half of this year. We are not expecting that part, at least, to go down anymore, t he opposite. Okay. Thank you. No further questions from me. We have one more question from the line of Magnus Kruber from UBS. Please go ahead. Hi, just a couple of follow-ups from me. First on this last part from when he talked about the split between refining and oil transportation, you said it was quite a big part of it. Is it fair to say that oil transport is more than half of oil? Well, as I said, we don't want to open that one because then we go to such a granularity that we are starting to tell too much. Yep. Okay. No, that's fair, then o ther follow-up, also networking capital there. Do you have a sense for where you will end up for networking capital to sales for full year 2021? What do you see at the moment? Then you would need to have the crystal ball on saying how the recovery starts happening. Obviously, we are expecting that, like Olli said, that the MRO side starts to see more activity during the second quarter, which will then be more on the sales on the second half, while the project business is kind of continuing. I would say that in terms, we don't want to go back in the terms ratios. That's something that I already said, that we want to keep on pushing and improving it. Got it, t hank you very much, and then a ctually in the first question regarding the invoicing of sales through 2021, the line broke up quite badly there. Could you just repeat your answer to that question? You said orders may be a bit different pattern compared to sales. What did you say about sales realization in 2021? What I was actually saying that yes, of course, order intake plays an important role. There is proper maybe half a year or a bit more d elay between the order intake and sales. The delay is a bit bigger in the project business. As you can see, we have quite a strong order backlog to build on, so t hat was pretty much what I was saying. We are expecting when the order intake is picking, that also will show up then during, let's say, during the second half, especially towards the year-end, that will play a role, and e arlier part of the year's order backlog, of course, on top of the additional orders we are getting every day, plays a role. I think the one point that was mentioned that you can look at the numbers, that the orders were particularly strong in the first quarter of last year, which was still quite, well, I would say unaffected by the current troubles, j ust noting that also. Troubles, I mean the pandemic was the big fear. Yeah, absolutely, and then j ust finally, on the savings side, could you comment a little bit on what you realized in savings in the quarter and what do you see for 2021 there? Well, can you repeat the question? Yeah, sorry, c ould you comment a bit on what kind of savings, what level of savings you realized in the fourth quarter and how you see that developing into 2021? Well, during the year we have done both structural changes, permanent savings, reducing headcount, but also looking at the infra and how to operate better. We also had these kind of temporary savings, which in the second and third quarter, they related to travel external spending, but also quite broad arrangements around working time and these kind of temporary layoffs. Those, not fully, but in many countries, those ended already in the fourth quarter. From that point of view, we were getting more to the normal levels. We continued them in some areas. This basically traveling and managing the other kind of costs in terms of external spending, that continued, and we've also been quite careful in adding resources, more looking into kind of resource, reallocation things. We will plan to keep more or less similar type of approach in the start of the year. When we are starting to see the kind of business pick up, then we of course need to scale up and also start to then speed up the implementation of our strategy. That's only when we are seeing the market pick up. Beginning of the year, we continue more or less with the similar type of management approach to the costs as in the fourth quarter. One thing we know. Yeah. Okay. Does that mean you have some tailwind year-over-year on initiatives in Q1 then, and then maybe from Q2, you should be able to start to see maybe, if not a negative, at least a balanced year-over-year impact from different kind of savings? Yeah, this is actually not very easy to open in a very short, because, of course, we are a new company, and we heritage something from Metso. We have been working actively with that heritage, and to build our own way to work and having a very lean, permanent kind of an organization on the SG&A side. We have succeeded well, some of maybe better than we expected, which is also reflected in the figures. We made an additional permanent savings, even on those parts that were quite independent from the Metso structure, like operations, and many other functions, and then o n top of that, those temporary things, which some of them are still ongoing and will be ongoing during the first half of the year, and especially during the first quarter of the year. Yeah, I guess to say that there's not something that's dramatically changing. Again, I mentioned that basically some of this one program, we talk about this ERP harmonization that used to be It's been ongoing, but it will be speeding up, and that's going to be reported in our normal operating cost. Apart from that, we are entering the first quarter in a pretty similar setup as we were in the fourth quarter. Perfect. Thank you so much. As there are no further questions, I'll hand it back to the speakers for closing remarks. Okay. Thank you very much. Thank you, operator. That concludes our call today and thank you for participating. Next date to take note of are our upcoming AGM, which invitation will follow on the 26th of March, and then eventually Q1 report on the 27th of April. Thank you and have a good day. This concludes our conference call. Thank you all for attending. You may now disconnect your lines.