Good morning. Nice to see people in the audience. Good morning also to all who are online. Welcome to Oriola's Investor Day 2022 here at Sanomatalo's Eliel Studio. My name is Mikael Wegmüller. I'm Vice President of Communications and Sustainability. I will be acting as the host for this session, also moderating the Q&A. Let's have one safety instruction before we start. That is in case of evacuation, which I hope we don't need to do, there are two doors on the left side and one there. If something, you know where to go. The second note is the disclaimer presentation, anything communicated by our speakers and also verbal forward-looking statements are under the disclaimer. The presentation itself has already been uploaded on our website. The webcast will be uploaded right after the session itself and available for everybody. Let's have a look at the program. We'll be starting with Katarina Gabrielson, Oriola's CEO, talking about the transformation and the way forward. Continuing with Petri Boman, who will talk about supply chain as a service. He is the Chief Supply Chain Officer. A brief introduction of Timo Leinonen, our new CFO. We'll head out for a short break, 15, 20 minutes, and continue with data-driven commercial model, Hannes Hasselrot, Chief Commercial Officer, and then take and conclude the key takeaways. We will have Q&As in between the speakers, but then the final Q&A at the end. As you know, online, you can start posting questions already during the presentation. I would say that that's more or less for my intro, and I give the word to Katarina Gabrielson. The stage is yours. Thank you, Mikael. I agree absolutely with what Mikael said here. I have had some of this webcast during, three of them, I think, since quarter 2, and it has been like very much one-way communication. I really hope we can have a little bit more like questions and so during this meeting. I'm Katarina Gabrielson. I'm the CEO of Oriola, I've been that since springtime. I have a quite extensive number of years in the company. I've been here for 10 years, working both in Finland and Sweden, but with different positions. I will then try to guide you through now this presentation. If we look for what Oriola really is doing, you can say that we have a long tradition in the pharmaceutical sector. We have like a well-established name and are well known in the Nordics. Our main goal is really to secure the distribution and availability, and that is really the core of our company, and that's also what you have seen, what we have been doing during the year. We enhance the safe use of medicine and healthcare products, and it's really, really important for us that all the patients and all our customers in the end get the right amount of products in the right time, when we deliver it. If someone would ask me what Oriola really is like an elevator pitch or what we're doing in a nutshell, you can say that we are serving the customers for more than 100 years. We have like a long track record in both countries, a little bit longer in Sweden than we have in Finland. We are also then securing the availability of pharmaceuticals in both countries. We have a quite extensive market share in both countries. This long tradition is on setting a foundation for the knowledge that we have, and we are experts in the pharmaceutical sector. We're also then working with our purpose, and that is health for life. Our customers sees us as a trusted partner, and we are enhancing the sustainability in our value chain. You can say that, yes, you're distributing a lot of things, but it's really, really important for us to have like environmental thinking in everything we are doing. We're seeing ourselves as a forerunner in providing advisory services to pharmaceutical companies. Normally, we call that as expert services. You will hear about expert services more during this presentation. This is one of the areas that we are working together with the core of our business. What we can see here is then, like I said before, we have a strong position in the health and well-being markets. We are working both on the pharmaceutical side, but also with other things. We are having then a strong position in both Sweden and Finland. We are working through the local markets, but we're also working in the management team especially, but also in other areas across borders. That's really important for us because by working cross borders, but also being local, we can take an advantage of what's happening faster in the markets. We have a wide offering of high quality expert services, like I said here before, and that also is providing us with insights that can help us to support our customers in the end. Hannes will tell more about this later on. We are working on a highly regulated market. The thing here is that this both pros and cons, of course, because of course, we need to adopt the regulation that we have, but we also have then higher entering barriers to the markets in these cases. We are also working then as a professional supply chain and warehouse management, and that's will Petri Boman tell a little bit more about later on. The good thing to remember here is in fact that also, the European Commission have now done a proposal or a directive it's called, for the resilience of critical entities. This part of the market has then now been taken into this recognition that full service healthcare providers should be deemed as critical infrastructure. That means that when we come to like, for example, energy shortages and other things, we will be like higher up in this parties who will then have the energy and not so much energy shortages, for example. If you look at then, what we have done during this year, we have gone now during 2022 with short-term initiatives, and we will go more towards a long-term transformation process. I will take you through what else we have done and what we will do. During last year, we start with the turnaround, the reason was very much a low profitability that we had. We have done complexity in the structure and also in the operations that lacked focus. During this year, we have worked very heavily with that one. Our short-term focus on the turnaround activities that we have done is really about achieving cost savings, you will see later on that we have achieved this one. We have also announced a new operating model, like I said here before, working like on a high level, cross-border, but on a local level, local. We also have completed a combination of Euroapotheca, Apoteksgruppen, and our Kronans Apotek to the new Kronans Apotek. During now, what we are doing, we can say that we are focusing now on the core, of what we should do during this year. We are harvesting successfully on the actions that we have done, and we will continue to deliver on our strategic agenda for 2022. What we are looking at here is then, in a way like the deliverables that we have done during 2022. If you look for the simplifying operating model, we announced the renewal of our operating model in the mid-September. It was active from 3rd of October, and it has impacted on the composition of the management team with this cross-market that I already talked about. We are also then combining the knowledge and expertise to become more agile and more efficient. This is to capture the full value of the core of our operations and also the wholesaling and distribution of pharmaceutical, but as well also the expert services to our pharmaceutical companies. We will continue now to provide a wide portfolio of health and wellbeing products and also dose dispensing to the markets. We have like these three or four maybe these areas to work on. We will also looking down during the year on the rigorous cost management. In the end of 2021 last year, we completed the cooperation negotiations in both Finland and Sweden. That's something that you can see in the money that we have already saved. We have executed also the plan to optimize and restructure the organization to reduce the complexity and improve our profitability. This is then also very much about mitigating our general cost increases. I'm normally saying like this, if we haven't started this program, we will have been in a quite bad situation right now. I'm really happy that we have done this during the year and also in fact implemented the mindset of cost control in the organization. Now, if we should start the journey now, it would have been like much worse for us. What we can see in the business structure, we have done two tactical changes during the year. During the first quarter, we announced the planned combined Kronans Apotek and Euroapotheca. We also then announced divestments, it's called, not a merger. The divestments of Farenta, the staffing business that we had before. We have also improved the relationship, the customer relationship management. It's about continuous improvements of the delivery accuracy and supply chain planning, and it's also about developing our comm services. We have worked very much on the digital platform, so we have new digital services tools for customer, and that is serving now more than 10,000 business-to-business customers and their end users. We have, in fact, details here to show that we have worked very much and succeeded with the performances that we can see. I will not go through all of these ones, but one that I think we also brought up during the quarter three is in fact the savings. We had a savings target of EUR 7 million during this year, and we have achieved that one. I'm really proud and really thankful for the full organization to help with this. We are also growing at the market growth. We are a stable partner in this case, a stable company. We are growing in market growth. We are not above it, but we are on where we should be. The adjusted EBIT has also increased from the 2021 level. We have increased in quarter three from EUR 8.3 million to EUR 16.8 million. Of course, this is also affecting the net working capital in a positive way. We'll come a little bit more to the financials later on. The response is also, of course, important, but I will not go through the whole list here. One thing that we then did during the year is then the combination of the pharmacy businesses into a new company. This is much more about a reminder what we have done, but you can say that it is now from 3rd of October, a new company. The name of the company is Kronans Apotek. That will be the brand that this [audio distortion] using. It will be the third largest chain, or it is the third largest chain in Sweden, but more strong than it was before. You can also say then, "Okay, how is this then affecting our, like, financials?" You can see some parts of it here. I will also add here that if you look at the distributable funds that we have in the company, in end of 2021, we had EUR 265 million in the distributable fund. During 2022 now, we have distributed a dividend of EUR 7 million, and that leaves us now with EUR 258 million as distributable funds. It means, like, that we are a stable company, even after this closure here. The transformation. You can say that what we do now is to go from a turnaround to a transformation phase, and that's a little bit more long-term active. We will continue to work on the turnaround things that we have done with the short-term initiatives to drive the profitability. The focus has been very much on delivering the action plan that we have set during this year, and also to work with efficiency across the businesses. The transformation that we then have now gone into will then continue during 2023, and that will focus on driving profitable growth and also further improve our commercial and supply chain excellence. You can say that during the next year, our focuses will be mainly the parts that we can see on the right side here in the picture. If you go for profitable growth, it's very much about finding new customers. It's about productivity improvements and all these areas that you can find in here. We will have the commercial policies and also work more in efficient way in the commercial model setup. We will renew that, and Hannes will most likely come back to that also later today. What we'll come back to is operating model evolution. We will look at data-driven businesses and also take more fact-based decision when we are doing these kind of things. The governance and culture renewal is very much about like info security, information security. It's about monitoring capabilities and also security of digital services and so on, and the environmental parts we have there. Operational sites improvements projects, we'll come back with Petri in his presentation. This is a lot about working with efficiency improvements, technology renewals, and also safety and quality improvements. Very basic parts you can say. We have the mitigation, of course, of the inflation. We are not immune of inflation. I think I have said that in all presentations I've had during the year. We are still not immune. There is no vaccine for that one, and this is something that we really need to do. Of course, we need to do the general efficiency improvements and also price increases to really be able to mitigate this. If we take the key priorities and group them together, it will be done in three different areas. You can say that the main topics here is in three areas. It's profitable growth, it's efficiency, and then it's culture. We'll go through each one of them a little bit deeper here. If you look for profitable growth, yes, of course, it's about getting new customers. It's about, like, having a proactive service and joint business opportunities with the customers. They want to buy the things we should sell and want to sell, and that's something we should work within our, like, capabilities for the, for the commercial sector. We are knowing a lot about both sides of the customer scale. Both the pharma companies and also the pharmacies is something that we know about, and also veterinarians, et cetera. We should use this to look at the full service. You can say it's about the life cycle, and also adding value at the services, not only the distributing part. Of course, we need to also to look at the streamlined portfolio, because if we do everything, we will not be efficient, and we can't do it in a good way. We need to go more into data-driven business and also take data-driven decisions and work on our digital platforms. Even if we have now started with some digital customer service tools, et cetera, it's more to come. If we then go into the efficiency part, and highlighting some example of that, it's a lot about, like, the stability and the performance in the delivery that we do every day. Our customers are really, really expecting that they get the medicines every day because otherwise, in the end, there is a patient who is not feeling well or might even be worse in this aspet. We will also work a lot with strategic sourcing and also optimizing the indirect buying processes. You can say that this is a way where we also mitigate our cost pressure from the outside. Also improving inventory rotation. Of course, going very much to both, like, how we do cost savings, but also the net working capital parts in these cases. Going to the culture part. Yes, we have a new organization. When you have a new organization, you always need to look at how you implement it. We have not made a revolution in the organization model. It's more like an evolution, and it's important that we are, like, taking care of that and that all our people feel secure and also that they have an accountability that we really, like, know what we're doing in the organization. We will take a lot of trainings. There will be trainings both for the top management and also on the commercial side. Fo r example, to, like, implement this one and get, like, more to the culture where we want to be. Going to some financials. We are jumping a little bit back here. Or back and forth. If you look for our invoicing and net sales, you can say that invoicing for us, for Oriola, is more like showing the volume that we are, like, distributing and net sales is a little bit more like what we really do. It's like, we have a lot of consignment stock in our business and therefore, like, we quite often looking at net sales when we are looking at our figures. Invoicing is also important. We can see a small seasonality visible in our sales and the invoicing figures. You can see it quite much here. It's like in quarter 2 and quarter 4, we normally have, like, the strongest trend to be the strongest quarters for invoicing and net sales. We can also say that especially now when the SEK is quite weak, that's also affecting the net sales. If we look at the growth that we have, it's in line with the market, but what we have here then is like... I think at least I know there's one more for here from Sweden, and we know that it's very expensive now to sometimes visiting Finland since the SEK is as it is. Looking at the EBIT, this is also old figures for you. You can see that quarter-on-quarter we have, like, then beaten last year's quarter. I know that all of you want me to say something about quarter four, but I will not do that. Let's go with that one in February later on. We will continue to do what we can to deliver in the best way. If you look for the cash flow, we have a strong cash flow in the year-to-date figures. It has further strengthened our balance sheets and when including both continuing and discontinuing operations, we can really see this. The net debt has declined and was EUR 36 million at the end of quarter 3, and for the year of 2022 this figure includes then the only continuing operations. Including the discontinued operations, the net debt at the end of quarter 3 was EUR 69 million, that's also down if you look at year-over-year. The decline in the net debt was driven then by improved cash flow and also the results. Compared to the previous year, it's quite, as I see, it's good way of improving. We can also say here that in the comparison period, the consumer lease liabilities were included in the net debt, so it's like not apples- to- apples to some extent, but it still shows where we are going. You can also say here that the operating activities that we have is very much done something that is, like, bringing us to a positive net debt or better net debt. Looking at the long-term financial targets, this is mainly for the continuing operations. The Roche is still with the discontinued operations. The reason why it's there is that it's hard to then open the books and, do this kind of thing. The Roche will be without the discontinued operations after the quarter 4. In three of these four areas, we have reached our long-time financial targets, and I think that's really good. And I also want to highlight here the dividend policy because we are, like, a company that has maybe a track record of not being, like, paying that much dividend. We have a policy that it is about increasing the annual dividend of at least 50% of earnings per share. The management team, of course, is like, we don't have a policy just for fun. Let's say it like that. We will do what we can to deliver on the policy. Going to markets and trends. If you look in Sweden and Finland, the combined wholesale markets in Sweden and Finland for pharmaceuticals has reached about EUR 8 billion. It's quite a big market. We can see that the growth rate is around 6%, and we are on that level in Oriola. We are like we are not losing market shares. We are not taking that much either, but we are where we should be. The market growth is impacted, as you can see here, by COVID. Especially you can see it down, it's a little bit flattened in 2020 and 2021. We've also now looked when we're going to inflation periods and so on, and we can see that it's not that much affecting, like, our business. It's quite stable business in that aspect. I know Hannes will come back to some extent later. So in that aspect, a stable position. We will also come back later on in this presentation about market trends and drivers. Because we see that the markets are growing, and this is driven by these trends. There is aging populations, and it's also increase in well-being all over the markets in both countries. There is also increased volume in the generics medicines, and also the regulations is safeguarding the availability. It's like I think some of you has read in the media now that there is a shortages of pharmaceuticals to some extent. What we can do is that we deliver the things we have in the warehouse every day, and try to get that out to the customers. We can also see that the rise of the online pharma is increasing, and also that there has been more pet owners, especially during the COVID times. Both veterinarians is an important customer group, especially in Finland, but also for Sweden. It's a growing group that we are, like, not touching so much in this presentation, but still an important one. Of course, what I said many times, we are not immune to inflation and cost inflation. We have seen it especially in two areas. That's electricity prices and also, of course, diesel prices, fuel prices. We haven't seen it so much in labor costs yet. Let's see what's happening now in the, in the next year when it comes to union negotiations, so on. Time will tell, but we need them to mitigate this inflation, and we have already been touching that before. I mentioned before sustainability, and sustainability is something that is really, really important for us. It's like something that we not only try to say, it's something that we really want to live also. It's the core of our business, and we are committed according to the UN Sustainable Development Goals. We're mainly working then with four goals. It's the goal 3, that's about ensuring healthy lives and promote well-being for all at all ages. It's about goal 8, that is then about promote, sustained, inclusive, and sustainable economic growth. It's about, like, productive employment and decent work for all. So it's very much about how do we are as, like, an employer. Goal 12, it's about sustainable consumption and production patterns, how do we work in our warehouses, et cetera. Goal 13, to take urgent actions to combat climate changes and its impacts. This is the ones that we see is, like, most close to our businesses. We have also have done long-term sustainability goals, and I think this has already been communicated. It's about society, about people, and it's about planet. We have, like, then that we should be carbon neutral by 2030. We should have a sustainable employee journey, and also improving people's health. That's very much what we work with in the long-term sustainable parts. We also have sustainability- linked targets in our in our revolving credit facility. That's important to remember that. We are also then having achieved here good ratings and this is then four different, like, external parties, third-party agencies that has done recognize this and have performed ratings on us. I'm really happy about that. The peoples. Peoples are the enablers for us. If we don't have good people and a good organization, it will be really, really hard to achieve the next steps that we are. We can see it already in the turnaround, also of course now, for the transformation it will be more and more important. The people and the culture we have in the company will enable the success that we should have. We have started a cultural change during the past 12 months, and that has been building down on leadership, on transparency, on communications and cooperation and teamwork. It's also really important with us for psychological safety. Another part that we are like, really also working with was in fact something that you were noticing in the beginning of this presentation from Mikael here. Where are, like, the escape routes if something happening? As you can say, like, really being a responsible employee is important and that people are safe when they come to us. We work very much then with modern people services. We are working, like you heard before, with the organization. It's important that we have leaders and that they lead, and also then capable people that is supported by the leaders and the team. One way of then also doing the change is of course the management team. The Oriola management team has been changing quite much during last years, I can even say. I've been in the company for quite a while. I've been in the management team for some years now. There is also Petter Sandström, who is sitting here in the room, who is then also of course like one of the, should I say, old stable ones, maybe. He's nodding. He has been even longer than me in the company, and that is then also one part of the stability that we have. We have Hannes Hasselrot, that I think is you will see later on here on stage. He is in fact new in Oriola, in Oriola core, if you say it like that, but has been in the company for more than years, he's also known in the company. We have Elina Niemelä, who is also here in the room, who has been here a year. We have some new persons, and you will then later meet Timo here. He will present himself on stage. The good news with this one is that in fact, he will be the CFO already from tomorrow. From 1st of December, we will have a new CFO in Oriola. I'm really, really happy to be able to tell that today, and it will absolutely help me a lot. We have Mikael Nurmi, who will start somewhere in the beginning or the first half of next year doing then the CDO role. After that, in fact, there is a full team. I'm certainly hoping that this team now will stay here and be stable. And sorry, Petri. Also Petri Boman. He's almost old here now because he has been here since October. And so that's most likely why I forgot you. Sorry. You will also be on stage later on. You can say everyone in the team is like even if we're a new team, we are, like, starting to feel that we have worked quite much together, and all these people has a lot of competence in their background and so on. I'm satisfied, and I think this will be a good journey forward. The key takeaways of this presentation, then, that I have had now before we go to some questions, is that we are the preferred partner in securing the availability of pharmaceuticals in the countries where we are acting. Sustainability is really, really important for us. It's something we're not just saying it, we really try to live it every day. We have also delivered a strategic agenda in 2021 and 2022. We have, like, figures showing that. The transformation continues or, like, the turnaround will go into transformation. The key, three key priorities is profitable growth, efficiency, and culture. We group the things under them. What I want to send here is that we operate in a stable and growing market. Like this now, being part of the infrastructure part is really important for us. That was my last picture here. Mikael, please. Thank you. We are off to a good start. Thank you. Let's see. Do we have any questions in the audience? We have a microphone, so if somebody wants to ask something, just wave your hand. There is one. Yes, okay. Hello. Rauli Juva from Inderes. Just on your business structure, you didn't really talk about that. The current structure and the businesses you now have basically the one that you are planning to go forward or how are you thinking about the potential divestments or expansions? There is no decisions about any divestments at this point. You can say that we are, like, really focusing on the core, like I said here before. When it comes to investments, it's less, like, prioritized during the transformation period now. We are very much focusing on the things that we are doing and really do them well. On the financial targets, you kept them as they are, so I presume you think they are relevant going forward as well. Yeah. I know that they have been there for quite a while. I'm very well aware of that. Yes, we will keep them now because it's relevant for the transformation where we are. Of course, at one point, there might be change, but that's also a discussion that need to take with the board. Okay. How should we view the return on capital target since your kind of P&L and balance sheet structure changes quite a bit with the JV? Should that be interpreted for the core operations only or for the reported figures or what figure? Oh, I think I need some guidance before I answer that one. We'll come back to that. Thank you. Yeah. Okay. That's all. Thanks. Any other questions? Yes, please go ahead. Yeah. Hi, Joni Sandvall from Nordea. Maybe a question related to cultural journey now that you have been doing. Could you give us some description at what part are you now? As you said, the management team there has been quite much rotation. When you think that you have the culture in place in the company? I'm not saying it completely in place. I'm saying something that we are working with. You can say management team is new and of course, like, if I see the management team, it's relevant background for us to also drive this further. You could also see in one of the performance keys here that we have quite high turnover. I think it is 18% or something like that. Of course, in the situation where we have been, it's in a way good. Of course, this need to stabilize for the future, but that's also a sign that we are changing and some people is less comfortable with change than other ones. We need to be more agile in the future and be more responsive to what's happening, and that's the culture we are building. Everything is not finalized. Absolutely not. If I said that, it's like lying. This culture is also something that you always need to build. It's a long journey. It's also something that it's easier to destroy than to build. I think that's also important to remember in this case. Working very much like leaders, being leaders, being like we said here also, like someone who is, like, responsible for decisions and so on, getting people understanding their role, all these kind of basic things have started and will continue. It's important to have fun at work. Yeah. Thanks. Second question related, you said that investments have not been so in the central now during the transformation. I'm just thinking about the digital capabilities. Do these need additional investments-? We are. to be implemented? We are always looking at, like, how do we change? Digital part is absolutely something we can be better in. That's also one of the reasons why we now hire a CDO, of course, and not a CIO in these cases. Yes, we need to look at our, like, infrastructure and so on. It's like the notice system that we did in this, as I said, like, it's going down to 10,000 users, the customer service parts and so on. These kind of things need to be better, and we need to also invest to be more digital driven and have that part. Okay, thanks. Good. We'll take some questions from online, which I have here. Mm-hmm. A little bit of continue on the structure, but can you shed some more light on the country-based reorganization, and what benefits does it bring in terms of efficiency? Efficiency-wise, you can say that we can take Petri's area since I forgot him before. It's like if we find a way of working with production in one of the sites, we shouldn't, like, develop the same kind of parts in another site. It's better to learn from what we do in one site and then implement it in another one. That's one part of the, like, the investments or like, not investments. Efficiency. Developments or efficiency that we are looking into. I think this is important because if we have, like, boxes that is working only for one side, you're not using it in the other country, and we can see that. We have seen that happen before. This is in a way, like, doing the right thing once. Good. One more question. Yeah. And then let you off the stage. Market share or market growth or our growth, you're saying that we're growing at the pace of market, not more, not less. Mm-hmm. Why are we not being more ambitious to grow faster? I also said that we, in the future, should have profitable growth. That might mean, of course, that we are changing. You can also say that we are two players or mainly two players in the market, and we really want to have profitable growth, and that's really important for us. If you are two players and if you are too aggressive, I think all of you understand what will happen. Good. Thank you. Thank you. We'll continue with supply chain as a service, and please welcome Petri Boman. Stage is yours. Thank you, Mikke. Good morning, everybody. My name is Petri Boman, and I'm the Chief Supply Chain Officer. Last Katarina was saying that I'm already old in Oriola, being in this role for two months, has been exciting time. What I'm gonna talk about today is a supply chain as in a service, and that is the key takeaway after the presentation, because that is the thing what we actually do in Oriola. What I'm gonna take you through is first to give you a glimpse that where our facilities are and what type of roles they play in the supply chain network. On the left-hand side of it, if we start from the Sweden side of it, we basically have three different facilities in there. We have Mölnlycke, which is in the south. That's a central warehouse. We have in Enköping, which is closer to Stockholm, there we have our distribution center. Close to Enköping, we also have the dose business, which is in Uppsala. On those boxes, you can get some kind of idea what type of a number of transactions they are happening every day or every week with the inbound and outbound trucks going in and going out. The percentages, what you see on the geographical map, they are indicating that where the main volumes are. On the Sweden side of it, you can see that actually about 78% of the volumes are from middle Sweden towards the south, and the remaining is up north. What is out of those in total of 100% is the export, what we do from Sweden as well. One thing what I'm going to talk about also is the vaccine distribution. There's one case what I want to take you through, and that is related to Mölnlycke, and that's why it's saying that vaccines, it's influencer vaccines. If moving to Finland side, on the right-hand side of it, on the map, we have the facility warehouse or central warehouse and distribution center. That's in Espoo. It's one location. Then we have the dose in Helsinki. Dose Finland, Sweden, they are similar type of production as well. In Finland map, if you look at the below Jyväskylä in terms of the roughly around the central part of Finland, you have majority of the volumes in south. That's why also the locations of the facilities are pretty much aligned with where the majority of the volumes are. At the end of the day, this is pretty much a distribution business. Hence the supply chain as in a service. If I move on, to give you a bit more insight that what is happening in different countries. It's especially on the GDP, what we good at, in Good Distribution Practice in the pharmacy business. It is heavily regulated, like Katarina was saying. That is the core competence what we have in this game, when we're selling the supply chain as in a service. We are obviously audited several times in a year. We have regulations to follow so that we are eligible of transporting the medicines. That chain is basically starting all the way from the left-hand side, going all the way to the right-hand side of it. In Sweden, for instance, we have the central warehouse where we get most of the goods from the pharma suppliers. From the central warehouse, we do some of the distribution already, like the vaccines, what I gave an example about. Majority of the volumes are then going into the distribution center, which is then distributing and maybe repackaging some of the bigger packages depending where the needs are. We obviously have partners as well who will take the deliveries to the final destination, whether that's a hospital, nursing home or pharmacy, et cetera. This chain needs to also be temperature- controlled. That's one thing I'm going to come back with on the vaccine side of it as well. We can't have any gaps on these chains. Similar type of setup in Finland. If you look at from the left-hand side of it, and now remembering that we have in Espoo, we have one location for the central warehouse and distribution center. We get all the goods in Espoo, and from that we then distribute it throughout Finland. We also have them partners who have terminals, like in a further up in the north, that we take the goods with the bigger trucks, and then we split it on the smaller trucks in order to distribute it to the final destinations. Also, we have buffer stocks. Location changes depending on the time and the needs what we have. Same thing in here, GDP, Good Distribution Practice. Whole chain continuously monitored, continuously audited to fulfill the requirements what we need on a pharmacy. The partner side of it, because we also are relying on partners, especially on the transportation, that they are also GDP-audited, and they need to have or fulfill the requirements in there as well. Not just on the trucks itself, but also the drivers. We have a continuous monitoring that where the goods are moving, because as you can imagine that we have a different kind of medicines. You can have actually a drugs going there. You can actually have the strong medicines as well. We need to know that where the loads are going and what type of temperature they are in. There are limits that what needs to be kept throughout the whole chain, all the way from the producer all the way to the pharmacy where you might actually visit when you go and take a prescription out from the pharmacy. With those partners, of course, we developed this further. We developed it on the emission side of it as well, but also on the performance side of it. Continued work because the world is also changing around us. About the transactions. Katarina was talking about the invoicing, and that is the true figure if you think about the transactions, that how much transactions are happening within the company and what is actually the volume coming in and going out. If you take Oriola in the center, on the left-hand side of the picture, we have the pharmaceutical companies, they are providing us the goods, what they produce or make or distribute, we are then invoicing them for the service what they have purchased from us. We invoice them for the service, what we do for them. We don't actually buy the goods by ourselves. We go on the right-hand side of the picture, we have pharmacy as an example. The pharmacy is issuing a purchase order to us, we are then delivering against that purchase order. That is, to put it simply, that is the business model, what we have in terms of the transactions. We sell the service, and hence the supply chain as in a service is describing quite well that what we do. Of course we have value-added services on top of that, and Hannes is talking more about those in a couple of minutes. This is the bulk and how it works. That's why the invoicing level is the true measure of the busyness, if you like, and what is happening within the company. There's a couple of examples that what are those services, not just that, yes, it's supply chain as in a service, but if you look at the pictures and the columns, hopefully it gives a bit more insight that what type of services we are selling to pharmacy producers and what we are then invoicing them about. We have them just in the basic warehousing operations going all the way to the picking, packing, also returns, claims, stock counting. As you can imagine, there are a lot of different things what you can then do for them. I mean, there could be a relabeling, for instance. There could be products which are expiring or recalls. All those are kind of services, what we have service models, and we do them if we've been agreeing to do that with the pharmacy manufacturers. That's what is then setting also our internal operations that we need to have a fairly good and strict control that what people are doing and what kind of services we have so that we are doing them efficiently, but also providing the stability on it, reliability. Going into from that example into one concrete case, and this case is now from Sweden, and it's about influenza vaccine. What we have been doing several years in Sweden, we are the main distributor of influenza vaccines. Its operation, what happens once in a year, it is high-paced operation. It's only a window of about five-six weeks within which you need to receive all the vaccines from the producers, pack them, store them, and they are cold chain operation, and then distribute them in different locations within Sweden, roughly about 2,500 different locations throughout Sweden. We have a time limit within which we can transport them. We pack them obviously on the boxes which are withstanding cold at a certain time so that they can take the transportation. W ith the longer routes, we have also the transportation equipment so that they are actually cold-controlled as well. They produce the cold as well. During that time, there's 15 or so dedicated people what we need to basically put in place to get this operation running. That's been practiced several years, and it is in a fairly efficient way at the moment. That happens once in a year, as an example. What we are doing then for the future, and Katarina was slightly touching this on her presentation as well, that we've been building up the capabilities on supply chain obviously over the several tens of years. There's a lot of improvements and a lot of things been happening, and they are in a great shape. So far, we've been building them slightly in a different way in different countries and with the different speed, if you like. At the time now, we are taking that we are building kind of a new platform where we can then maybe accelerate the developments on this area further. That trying to find the synergies between the countries so that we are in the same level and we utilize the people across the different sites instead of that there's somebody in Mankkaa trying to figure out how to develop this one in further, whether it's a digitalization thing or whether it's just about the one how to execute the process, but u tilize the expertise from different sites. Not highly rocket science as such, but that's something which is kind of untapped potential what we have within the company as it's not been utilized that often. It is also meaning that more empowerment for the people across the countries that we can put the teams together as well and let them basically a mandate to develop and implement new ways of working that how they see that what is the best way of doing. Those people of you who have backgrounds have been hearing about the supply chains and logistics, it's fairly simple game. Efficiency is the number one thing what you're looking at because that will bring you the quality, that will bring you also the agility. Anyway, well, in the most part, it will bring you basically the stability of the process as well. If you make it too complicated, all those three tend to suffer in one way or the other. We need this space as well also to further improve on the automation and also on the digitalization tools. If they're talking about digitalization, something what our customers are utilizing, we need to have that fully and firmly integrated so that whatever orders are coming there, it is going straight to the right place in the supply chain instead of that there's somebody manually touching it. Like I said at the beginning, if there's one thing you remember from this presentation, it is the supply chain as a service. That's pretty much the key what we are doing. Couple of examples that what those services might be. The third point is that with this transformation what we are going through and also the turnaround, we are looking the base from which we can then accelerate the development on this side of it as well, which has obviously directly impact to P&L side of it, but also the customer satisfaction as well. Okay, thank you. Thank you, Petri. Compact presentation. Any questions from the audience? Yes. Can we have the microphone here? Yes. Rauli from Inderes. Hello. One question just on the scope of the changes. Basically, you're of course kind of efficient supply chain is pretty much. Mm. What you do as a business. What's the magnitude of this change or changes you're talking about? Is it a significant internal change and/or process, or is it more like just streamlining further the processes? I would say it's a combination of both. I mean, the culture part, what Katarina was mentioning is maybe mentally the biggest to have people actually working across different sites, even within one country, regardless of different country completely. Processes side of it, there's a small improvements, but there's also new. We are looking at the new way of how to basically do the efficiency or efficient way of in the warehousing that internal logistics. That may be a slightly bigger one as in a change, because it's also not just the physical way of moving the goods within the warehouse, but it's also coming back to the mental side of it. I would say that it's a combination, but I'm not saying that we have maybe some minor investments there as well, which are more towards the efficiency improvement side of it, but nothing in mega big ones at the moment. Yeah. That would have been my follow-up question. Yes. No, no major investments related to this. Thank you. Thank you. Next. Yeah. Thanks. Joni from Nordea. Just one question actually related to, you know, what are the main competitive advantages of Oriola? I'm thinking from supply chain perspective, and a pharma company is choosing to which company they are operating with. In this market, t here is basically two players. Yes. Which are the main, you know, decision-making choices that the companies are doing when they are choosing Oriola as a partner? Yeah. I would say, as I see it, reliability, number one. Reliable partner, we can deliver what they are asking and what we are promising. Second one is the quality. We keep the quality also. It comes in a reliability in many sense on the quality side of it, but also on the distribution efficiency side of it. Okay, thanks. Maybe actually one additional question about the Finnish buffer stocks. Is this your own warehouse or are you outsourcing this part? It's outsource. It's a rented one. Okay, thanks. That's all. Good. We have some questions from the web: "Which country is more efficient in terms of the supply chain, Sweden or Finland?" I would say at the moment, they are pretty much in equal stand. That was a diplomatic answer. Yes. Okay, let's, one more here for you: " Would it make sense for you to expand your logistics operation into adjacent or even completely new markets and start distributing a wider range of consumer goods?" Okay. If looking at what we have today, that we are working in the pharmacy business, we have the GDP as in our core guidance within the supply chain and our customer base at the moment, hospitals, pharmacies, et cetera. I would say that whatever those current customers are currently needing, that may be the area where we could be thinking of some other things to distribute as an add-on for the medicals. We are anyway working with those pharmacies and hospitals, and they will need the medicines as well. We have a kind of a license to approach them, if you like. Good. Thank you. That's all for the questions. Okay. Thank you. We'll take our new CFO to make short introduction on himself. Thank you. Hi, everyone. As it says on the slide. My name is Timo Leinonen, and I'm incoming CFO. As Katarina said already earlier, I'm starting tomorrow. It's kind of better for me and hopefully better for the company as well. We can just start a little early, a month before. A little bit about myself and then about the philosophy. Basically people have been asking me lately that why Oriola and what I can bring there. Hopefully I can answer at least those questions. A little bit of disclaimer. When we are talking about Oriola, of course, I cannot yet comment the numbers and stuff because I'm not working for the company, please don't ask them from me. My background, about 20 years from the beginning of this century, I have been working for the listed companies since ups and downs in Finnish and also in different branches. In environment. Started with the ICT when there were kind of internet bubble and then go into the Nokia subcontracting and so on. Been on health care, Suomen Terveystalo, and then latest listed company was Lassila & Tikanoja. Last four years, I have been working for the private equity company and companies there, so b asically in personal hire business and so on. Broad experience about different businesses and so on, and listed companies as well. I think one thing to think is that what I have learned about businesses during those times. There are actually two sides in normally business where I'm focusing when being in the CFO position and so on. Of course, there's reporting and everything, that kind of things, but they are kind of a little bit side when helping businesses and so on. First of all, strategic accounting or strategic finance. When we are going to do in some stage new strategy or we are thinking our business like two or three or five years forward. Basically trying to think that what we are doing now, what we want to do in the future, how we are going to kind of make money from that one, and what kind of investment allocations we should make in the future to make us kind of more attractive for the owners and also make a profit for the owners. That kind of thinking, what you have to constantly do, but basically especially when you are having strategic processes, so you are having those targets. I think the key thing there is that how you are allocating your investments for the future, what are the horses you are trying for. That's one side. The other side, when we are coming more in the kind of current business, is that what is your business logic, how you are running your business? Basically when you are coming to your business model, where the money is coming from and where it is going, and so on. It's not just the supply chain, for example, what Petri was telling now, but who are your customers, how you are making value added to your customers, how you are benefit from that one, how you are as efficient as possible, again, to make profit for your owners and kind of value added for the company as well. I think that's simple like that. Basically when you are kind of modeling those in your head, so basically then we have actually some kind of process, processes and things to follow and go forward as planned and so on. Then of course if we are talking about investor relation and how we are going to change that business model and strategic finances to the investor kind of story. That's one thing what we have to do. Then of course when coming to the discussions with you analysts and everyone, so how we can tell you what really is our business model, how we are doing things, and so on. I think that, or at least with my 20 years of experience, so if we are just talking about numbers, so you know the numbers, that's the kind of common language everyone understands. How go behind those numbers a little bit, get the insight how we are doing things. I hope in the future that will help Oriola as well, but we'll see. Nothing else from me. Thank you. Thank you, Timo. Yeah. I think we will now head for a break. It's 4 past, 5 past, so 15 minutes for everybody there online also. We'll start at 11:20 sharp. For everybody here, restrooms are behind that door to my right. Thank you. Welcome back to Oriola's Investor Day 2022. We will continue with the program now after a short break, and next we will have Hannes Hasselrot, the Chief Commercial Officer, talking about data-driven commercial model. Hannes, please. Thank you. Thank you. Yes, data-driven commercial model. In this section we will focus on how we can build on our turnaround, accelerate our transformation, and harvest in our stable markets. As you said, my name is Hannes Hasselrot. I've been in the company for about two months, but really it's more than three years. I've been in the consumer business, Kronans Apotek, latest year as the managing director leading their digital transformation and turnaround for them. Me and Petri here started on the same day and now the full focus is on the new operating model and the transformation of Oriola. As you've heard from Katarina, Oriola has been serving the customers in this area, pharmaceutical life cycle, for a long time. The company's heritage has a great foundation in our knowledge and expertise in the pharmaceutical sector. We focus on our purpose, which is health for life. Simply put, we support the pharmaceutical life cycle. Oriola's near-term focus now is then the successful implementation of its ongoing transformation, we are focusing on creating in a more agile and profitable Oriola. Again, we will try then to effectively build on our turnaround, accelerate our transformation, and harvest in our stable markets. We looked at some of these mega trends, Katarina mentioned them earlier this morning. I was going to focus more on three of them more specifically and how they can serve as a growth factor for us. Let's start with aging population. Being here in Finland, I think everybody in this room is very aware that the Finnish population is aging. Around 2000, the Finnish population, the share of number of people above the age of 65 was 15%. That has grown from 15 to around 22%; n ow 2022, is projected to reach around the levels of 30. This of course becomes important for us and we need to then have a response for this. We have services like dose dispensing and home care services and medical advice, but we also then have an entire different market in the future which we are catering to. There's a big trend of digitalization, we talked about this for a long time, I believe, that has accelerated during the pandemic. If we look at Sweden as an example, the share and the penetration of digital sales in our industry has gone from around 10% to 20% during 2020. This means that our response needs to be quite quick in how we deliver to these new players in markets like Sweden, delivering in bulk or other types of services. It's also affecting on how we work. We've talked about culture and how we work with digital tools as a team cross-country. I think there was probably hardly nobody before the pandemic that knew the word Teams or "you're on mute." If we focus more on the growth in specialty pharmaceuticals, one of the main key topics has been precision and personalizatio, a lso in this industry. Growth of specialty pharmaceuticals is something that we see is one of the main growth factors for pharmaceutical companies. We cater for and have research services and advanced logistics services, cold chain distribution. We talked about vaccine earlier, Petri here. Which means that we can cater for that particular growth, which is also something that we already have, and we can harvest upon. Those are three of the megatrends that we talked about earlier. As you heard from Petri, that was my takeaway, that Oriola is a service company. Oriola is very much a full service company, and I would add on the point of our USP being that we are reliable and we have a lot of quality, is also that we are full service. Meaning that we are leading in some of these aspects where we cater to both customers downstream, in terms of pharmacies or veterinarians, where we are market leading in Finland, but we're also focusing then upstream to our pharmaceutical companies. We have now a new operative model, which me and Petri is very much a testament of, which enhances our glocal mindset. Meaning we can think globally and act locally. Katarina mentioned that quite in her, in her section. Meaning that we can use global benchmarking and ways of working cross-country, we don't have to reinvent the wheel. We can act locally. That's something that we will focus even more in going forward. We work with a lot of partners. We work with a lot of partners with leading global pharmaceutical companies for sustainable and profitable growth. These are important to us, we of course provide distribution, advanced distribution services to these players. We have a full spectrum of expertise from then all GXP, GDP in particular, which Petri talked about. Also, we can also work with other players in our markets, maybe smaller players that doesn't have that local footprint, and we can sell, and we do, expert services for them, to be more agile and for our local knowledge. Here we see the main market players in the two main markets that we've been focusing on today, which is Finland and Sweden. We are a strong number two. We are a value creator. We have the USP that we've just discussed. We have differences in these markets, but there's loads of similarities as well, which we intend to harvest upon in our new operating model. If we focus then more on the similarities and differences between these two markets. If we look then at the similarities first, I think you see here in the picture that there's a big similarity between Sweden and Finland, that we have a single-channel system, which means that a pharmacy, if we take that as an example, can only work with one pharmaceutical distributor at a time. That's the similarity and then also becomes good practice for us because it's also regulated and our GDP knowledge and skills are highly valuable. There are also differences, and you can say that in general, Sweden is a little bit more deregulated. We have expertise in both these countries, which increases our overall readiness from then a knowledge-sharing perspective. Let's take one example of the differences. In pharmacy chain operations is allowed in Sweden, and having been the managing director for 1 of them, I know that very well. In Finland, it's not allowed. There are then significant differences we can then find learnings from being experts then in both markets. Being a little bit more forward-looking, we are implementing a new commercial excellence model fit for future. There's three Ps: purpose, personalization, and precision that we're focusing on. We're trying to tie this together again with this cross-market, a new operating model. Starting with purpose from the left, we are working and focusing on a new improved segmentation model with new accepted attributions. Meaning, what does that mean? Well, it means that we really are viewing our offering and our service offerings to maximize our optimal mix. That's something that you usually also do in a consumer business, and you can do also in a B2B business. Meaning you find the essential financial purpose for each segment and channel and way of distribution. Number two is personalization. We, in this model, attempt to improve our customer centricity and unify our customer experience. Part of this comes from training and commercial upskill in general. Part of this comes from our new operative model, where there's a much clearer focus on execution, conversion in the commercial side, and much clearer ownership and focus of efficiency and finding a lean operative model in the supply chain in Petri's. However, personalization is a trend word that's been around for a long time, and personalization done wrong can often cause more complexity and more cost because you need to do everything for everybody. However, personalization done right increases lifetime value and secures retention. Again, coming back to our new operative model, having a clearer ownership of the customer-facing interaction keep us more light with lower central cost base. Precision, finally. I think this is our backbone in Oriola, precision. This is what we work with. We are highly focused on our GDP expertise. We can further harvest on that expertise, also our data. In Oriola, we have a significant amount of data that we need to utilize better, that's something that we will do in our focus going forward, where we can be more predictive in our steering. Myself and Petri have, during these two months, worked closely together to focus on how we can do the right thing at the right time, at the same speed. We do that via our annual clocks and new steerings, but also of these new operative models. With this data-driven decision-making that we are implementing, we are also then improving our clear ownership. Let's move forward. We have also more of a specific case, and because Petri has spoken so much about distribution in general, but also specifically the case of vaccination in Sweden, where we are also market leading, I'm gonna focus more on the ancillary services and things that we can do on top to create more value, both for us and for our shareholders, but also for our customers. We have a lot of cases where we offer services like customer lifecycle management. These are services include mandatory lifecycle management tasks required by law, but they could be then medical information or scientific and medical review of promotional materials. There's a multitude of areas where we can actually monetize on our expertise via our expert services. Key takeaways from me. What we focus on is that we create value via our data-driven services. We have a lot of data, we can harvest more upon them. We offer a unified customer experience through the entire healthcare value chain. We partner with leading global pharmaceutical companies for sustainable growth, but we can also be a perfect partner for a smaller pharmaceutical company or other player that doesn't have the same local presence or local knowledge. We are e-experts then in two unique markets from a regulatory perspective, and our future is more focused than on our commercial excellence model, which involves then the three Ps: Purpose, personalization, and precision. If we do this well, then we can build on our turnaround, accelerate our transformation, and also be a perfect partner for the future. Mikke? Thank you. Thank you, Hannes. Anybody from the audience wanting to go for some questions? Okay. Yeah, thanks. Joni Sandvall from Nordea. Maybe coming back on the commercial excellence model. I'm just thinking, could you give us some practical example what it could mean when you are saying that you are streamlining your offering and optimizing the mix? Any practical example of this? I think it's of course a business- as- usual perspective that we continuously need to work with. I think we are focusing on tailor-making more of an easy-to-understand offering for our customers, both upstreams and downstream, what they're actually buying and how do we package it so we understand it's full service. I don't wanna give any too practical examples because that's also then explaining too much of the secret sauce which brings us the profitability in the future. It's more focusing and making sure that we cater to a cluster or a segment more clearly in the future. Thanks. Second question relating to aging population and more closely with dose dispensing. What kind of market opportunities there is, as we know that there is lack of nurses, for example, and this is of course easing the pain there, and do you need to make additional investments on the dose dispensing? It's, well, there's of course a constant improvement, focus in terms of investment. That's reflected in our estimates and the guidance that we've been given. There are challenges in the multitude of these areas in terms of finding the right resources, nurses. However, based on our perspective and our figures today, we don't see the threat thereof. There are opportunities catering to this elderly new, public. Okay, thanks. All right, let's take, one question from online. In the single channel distribution, did Apoteksgruppen use Oriola or their main competitor in Sweden? Is it possible to change? I have to look at you if I'm allowed to answer that. Then, yes. Yes. They are using us, yes. Short and simple. Thank you. Yes. No more questions at this point, so thank you. Thank you. Thank you. We'll continue with, closing remarks from Katarina. Thank you. Let's see if we can get that. Yes. I told some of you in the break here that it was in fact so that we had the last CMD on Investor Day in Oriola in 2015. That was also one of the reason why we thought it was quite important, in fact, that we had this session today. We will now continue to work on the strategy and all the things that is, like, going. From our side, we will not promise when we will have the next one, because I know that there might be a question later on. We will come back and as soon as we are ready, tell more about where are we going. Now, like, in the near term future, we will, like, focus on what I said here before, the profitable growth and efficiency. This is also one of the really, like, key takeaways that I really want you to have here. We have, like, dedicated people, and we have, like, building the culture to really, like, start to deliver on this one. Like you heard here, both Petri and Hannes like saying here that both, like, digital capabilities, data-driven business, and commercial excellence in combination with then the supply chain and supply chain services is really important. I'm fully committed to that, and I know that the team is fully committed to that. I'm quite sure that me and Timo have a possibility to next year than staying in the quarterly reports and really show more like maybe not so much on figures but maybe then more like how should I say, with content than we have done before. As someone has said, not in this forum in fact, but in other forums, that the figures is also in the reports. Last but not least, sustainability. It's really important for us to have, like, sustainable environment, but also sustainability amongst our people. And of course a sustainable business. If there is only one point that you should remember, then profitable growth and efficiency. I think, Mikael, there is some, maybe some more questions. Yeah. We'll be opening for closing Q&A. Either to Katarina or then to Petri or Hannes, and we can start from the audience here. He's on. Yep. On the market structure, I got two points from the presentation. You said that you are specialties, or like, specialists on the single- channel distribution, and then you are committed to long-term ownership of the stake in the Swedish pharmacy chain. Well, are you agnostic, or are you a proponent for change, or is it a strategic threat for you that if there's change in this, we will have again, election in Finland and always, every fourth year there's a discussion of pharmacy structure might change. What is it? Is it something that you want the current status to continue because it's good for you and you have created a niche for that? Or do you wish for some of this to change, or are you completely agnostic? That's a hard one, and it's always speculative also. You can say it like this: We are like, as it is now, as I said, a stable market. You never know what will happen in an election. There might be changes, there might not be changes. Everyone knows that we have been like, have different kind of joint ventures also in Finland, like, in the past. We are not [audio distortion] I remember that in Finland. Yes. There is a lot of pharmacies. I know that. They are our customers, and we should remember that they are our customers, and we are delivering to them in the same way as we are like then also having pharma companies as customers. At this point, we are not in a business-to-consumer business. We are like in a business-to-business business. That's where we are going, and that's where we are, like, focusing at this point. There is nothing else in our, like, strategic target at this point. Take that you are agnostic to change? Depends on how you see it, but that's a little bit the answer we will have here. We are not planning at this point to, like, go into a pharmacy business. We are not in the consumer business. Let's, second question from the audience. No? No. Yes. Thank you. Just, well, kind of all this is pretty understandable and clear that you want profitable growth and efficiency- Mm-hmm ...as would most of the companies. Can you give any kind of quantitative context to it, given you don't have any earnings or margin targets, you didn't present any figures, basically, where this should lead? I'm not expecting you to give it now either, but just in verbal terms, should we expect kind of a step change in profitability from the efficiency improvements, or is it more... I think- ...a gradual path to profitable growth? How should we understand it. I think you should see it more like verbally, like the path. You will not see, like, a jump. There is too many, like, environmental parts around us also for that one. We will continue the path we have, like, started with the turnaround and go into the transformation. Like we said here before, we are following this market growth. I think for me, it's important to have, like, profitable growth because that's also telling quite much into the company, to our people, that it's important to be profitable. All right. Thanks. Other questions from the audience? If not, we have couple of questions. One a bit related to the question we had just. In terms of margins, what is the long-term potential for the continuing business? Should we expect 1.5% EBIT? That's a good question. Please, no clear guidance, but... Yeah, exactly. We have a guidance. We don't, like, really maybe go into that one. Of course, our job is always to try to get as much profitability left. I will not comment exactly on that 1.5, no. There is a question about the pharmacy business of Kronans Apoteks group's EBIT margin, but I can already say that we are not commenting that. No. I'm not gonna read that question. That's out of our scope nowadays. There is one question here: " What are the biggest risks related to your transformation?" Overall, I would say that as I see it's in fact the environmental part, or not environmental part, but what's happening around us. It's like what will happen with the fuel prices, what will happen with electricity prices and inflation parts. That is the risk, and I think that's also, like, one most likely generic answer that you will have from most of the companies that you are, like, listening to during the last, like, the coming year, and maybe years. You don't know how long it will be, but that's how I see it. The things that we can handle, we will handle them as good as we can. Of course, what's happening on the outside. I think here's a question for Hannes. You, please, if you can share the stage here. Yes. It's about the regulated business and price increases that what is our potential in margin improvement from price increases point of view? Of course, I think most people in this room understand that we have a reimbursement system in both countries. Here we don't have the regulatory flexibility. However, there are parts of our business where we are much more free in expert services and other trading goods, meaning OTC, over- the- counter, or other health-related products. There is also a way of steering, and that comes back to the purpose which we got a question for earlier. What is our optimum mix in affecting our profitability from a top-line perspective? Good. I have no further questions online. Anything in the audience at this stage? If not, I think we can start to conclude the Investor Day for 2022. Next time we're up in February 16th with the financial statements. You will receive a SMS message today. Please, why not give feedback? A simple rating on numbers, and then we at least know how we did. Thank you for participating, attending. Have a nice continuation on the day. Thank you. Thank you. Thank you.