Welcome to Scanfil's Capital Markets Day 2024. This is Scanfil's second Capital Markets Day ever, and first one to be arranged in Stockholm, so outside of Finland. Couple of practicalities before we go. First of all, we are using Zoom, so there is a chat function. So use the chat if you want to ask a question or raise your hand, and then you will be given permission to speak. So that's about it. It's very simple and easy going forward, and if there are any questions from the floor in here, so just raise your hand and I will hand over the microphone for you. So, today's Capital Markets Day, the first presenter will be our CEO, Christophe Sut. Please, Christophe, go ahead. Thank you, Pasi, and thanks to all of you for joining us today, either physically or online. We appreciate the effort you are making and the time you are spending with us today. We will walk you through a few topics during the afternoon. For that, I have a few of my colleagues that have joined us, and we will try to give you an overview of Scanfil market position, and also an update on our strategy. I will move back to the presentation. Just to start, we wanted to give you a little bit of a glimpse of what has been Scanfil's history since 1976, when the company was created out of Sievi. And remind you a few important dates we have had as part of our history. Not going through all the elements, but I think one of the major happenings for Scanfil was probably the PartnerTech acquisition close to us, that gave a new dimension to the company, both in terms of customer base, but also in manufacturing footprint. And it's quite interesting to see how we leverage on it to be able to reach the level of revenue we have reached last year, around EUR 900 million, through development of a healthy portfolio of both factory and a healthy portfolio of customers. When we look at Scanfil today, we have operations in America, Europe, and Asia. The two main site outside of Europe is Suzhou in China and Atlanta in USA, where we will come back to it later, where we started to have manufacturing of electronics. Then, looking at our European footprint, we have a mix of factories that are close to our customer in the Nordics. Two factories in Sweden, also one in Finland. And then we have factories in Eastern Europe, where we have a bigger volume, competitiveness. And when you look at our distribution today, you can see that our two sites in Sieradz and Mysłowice in Poland are some of our biggest site, and have today about 40% of our employees located out of Poland. So that's a very important element for us. And those factories, they are serving global customers from around the world. We have a customer portfolio, as we have discussed in the different quarterly reports, that has become quite balanced. I mean, we have around 10 customers that are weighing 50% of our revenue, and we have had a good balance here on their weight, and it has rebalanced in a good way between all of them. So quite good picture in terms of the different sites we have and how our customers are spread across those sites. Now, what I think is also interesting is when we talk about our customers and say, okay, 10 might weigh 50% of the revenue, it's usually quite big companies that are different units, different activities. Those companies usually leverage on, on all our sites. I mean, it's not uncommon to see out of those customers, people that we manufacture for in maybe 8 out of our, out of the total of our sites. So again, a quite interesting picture on how we combine global customers and how we sell them through a global network of factories. All in all, what we have seen around Scanfil over the last 10 years is a positive development. When we look at again, we are talking about double digit number or getting very close to 20, with 17%. Which has been actually the, the, in a way, the fruit of the history. You have seen both building organic growth, but also from time to time, having M&A that have allowed us to change dimension. Obviously, you see back 2014, 2015, the impact of PartnerTech that we have leveraged on also creating organic out of that over time. It has resulted also in the development of our profit in a quite continuous way from 16 to 63 million EUR, a growth of 16% over the period. I will say navigating between 6% and 7% profit depending on the cycle we have been in, depending also on the different moment in the history of the company. So this is the high level picture of the profit development, and that has resulted in an increased dividend. I mean, Scanfil has been pretty stable delivering profit and pretty stable on year after year, increasing the dividend that it has been delivering to shareholders in the range of 30% of the earnings. So that is, I will say a little bit about our history. Based on that, I would like to go a little bit and give you some indication around how we see the market, how and how the market we are living is developing. And there is two ways to look at it. First of all, you could look at it from a geographical perspective and say: Okay, this is a real global market. You can see that there is today EMS manufacturing in all continent and in all part of the world. What we can see looking forward is clearly a strong development of Asia Pacific that should continue to grow maybe a little bit faster than the rest of the world. But the development for almost all geographies that is, that is scheduled already. It's a sizable market. We are talking about around $760 billion, that's obviously split between different sub-segments. And it's a market that has a growth between 5%-6%. Here we have a number foreseen around 5.79%, for the next five years, but it's a market that has a growth path in that range. And when you look at the destination of those industries, I mean, you see many different customer segments today. And obviously, there is a business done around custom consumer electronics that is a very important part of that industry. I mean, you can see it's about 20+%, 23% of the total industry. Obviously, also, automotive is a big part of a big part of the total market. However, those are not markets where we are acting. We are mainly acting on the other markets that are summarized under Industrial, Medtech, Energy and Cleantech, and also a little bit around aerospace and defense. But you in a way have a split between those markets of consumer goods and automotive that are very big volume markets, where you have a big quantity of units that are produced, usually pretty simple type of manufacturing. And then you have the more Industrial part of the business, where here you find the smaller batches, more complexity, and more diversity in what gets produced. And I will say that's mainly where we operate. And from a consequence of it, when we look at the different players on the market, we can see that Scanfil has been over the time being in a good position in the delivery, both from a CAGR perspective and also from an average level of profitability. If you look at the period of 10 years, you can see that we have been in the leading part on both the level of CAGR we have delivered and the level of profit we have delivered. So all in all, I will say, if we talk about the market, it's a market that has a growth path around 6%, where there is different sub-market segment, from consumer good to Industrial goods, with all having different characteristic and different interests. And it's a market where Scanfil has been evolving in a quite good way in terms of performing on growth, performing on profitability, and keeping a good position on the market. That was an overview of how we see the past. And maybe let's move to the future now, because that's probably why we are here today. What we want to try to share with you today is how we are planning to move forward and how we are planning to develop in the future. First of all, we will like to get back on our vision, and our vision is to be the most preferred supply chain and manufacturing partner for our customers. And the way we do it is we help our, our customers to, to succeed by providing effective and innovative solution that we bring products from idea to life and maintain product competitiveness over the lifespan of those products. And I think that this is, this is something very important, because what we can see in the field we are evolving is our customer have been through a journey. Most of the customer we have had their first generation of electronic products 15 years ago and are now moving to the second generation. And for that, they need people that are partners, that they can team up with in order to maintain the old product but also build the new product. They need people that can support them in that journey of digitization and increasing weight of electronics, and that's where our mission is so important. How can we create this relationship? How do we create this partnership? And the way we have been try to look at our company is simplifying a little bit, what are the main things we should do in order to enable that. And first of all, we, we believe that we, we have a way to do things that brings value for our customers. And then, we see our business in a very simple way. On one hand, we want to serve our customer in a good way and increase the number of our customers, and that will bring us some growth, and I will get back to how we plan to do it a bit later. In the same times, you could say we are in a very simple industry. It's all about being good and being efficient. And being efficient, what does it mean? It means being there, delivering on time, at the right cost, and with the right quality. And you can do a lot of things fantastic, but at the end of the day, that's what they should bring. So, we have in a way a way to look at our company and our customers in a simple way, which is how we go and how we serve our customers, and how we build efficiency to remain and be still competitive. So today, we will try to walk you through the different areas we are covering in order to actually deliver to that promise. And on the growth side, I mean, there is a few things that are key and that we have identified as key for us. One is our segment strategy. We are not playing in the full market. We are trying to identify which segment we want to play into, and we will and are building focus around it. The second topic is geographical expansion. As you will see, and as you know, we have a lot of our customer that are global customers that have a global presence, so they expect us to support them in their development, and their development is international, is global in many ways. So the geographical expansion is important to Scanfil. The second element is the customer offering. It's important also to offer them what they need. And I mean, you could say, okay, we are doing manufacturing, but there is many things in manufacturing. It's not only producing, it's product and how you support them. It's supporting them during lifetime of the products, and making sure that the products remain competitive and stable, it's managing components, et cetera. So there is a broad... number of things we do to support our customer in that case. And then the last things that we have identified as key, as part of Scanfil strategy is acquisition. I mean, we want to continue to grow. We need to be present in a new geographical area. We need to be present with more customers, and acquisition and M&A will have to become something that is done in a systematic way for Scanfil. In parallel to that, we will cover also the efficiency side of our business, through our Dream Factory, which is aiming at modernizing our tools and creating a better factory footprint for our customers. We'll cover later in the afternoon. And also obviously, a productivity element that is related to that. And then we will also cover supply chain excellence. As you know, I mean, when you look at our P&L, a big part of our spend is actually related to components management, and that's obviously something where we need to be excellent in order to be in that business. So those are the two areas we will cover. And then finally, we have a certain number of strategic enablers that we need to have as part of the company, and that we have in order to make sure that we are running in a good way. And all of this happens through people, so obviously, people and culture is something that is important and that we will also touch upon. So, maybe a bit ambitious agenda, so we will try to cover all those things during the day and hopefully keep you with us on board during that journey. To start, I would like to give you a little bit of a flavor on what we see and how we see the growth path for Scanfil. Christina, that is with us today, and that is running business development for Scanfil, will come back to it later, more in detail, but I would like to introduce a little bit the topic. First of all, as I said before, I mean, when you look at the EMS industry, it's many segmented, many type of activities. What we can see is, Scanfil, we have decided, and we are reiterating and fine-tuning our positioning towards what we call low to mid volume. And it's not something that we picked up alone. I will say it's a combination of things, the way we are seeing ourselves. We are seeing ourselves as a player that plays in the field of customer that needs to have a low to mid-volume manufacturing, usually linked to a very high mix. Customer that are usually in the evolving in the, what we call Industrial field, which is either Energy Cleantech, Medtech, Industrial player, they can build many, I would say many different type of device. And for them, we will do different type of things. We will obviously do PCBA manufacturing, but we can also go much further than that, and it can go to box build or full system integration, and in some scenario there, we will actually build the full product for the customers, even take care of the logistics eventually. And where Scanfil has been quite good and where we believe that we should continue to dig into is, we have been quite good at helping those global clients that are leader in their field, in their market, and delivering them a mix of services that allow them to grow their business. And we believe that it's a trend that is going to continue, because we see that those clients are facing a complexity of their offering that is growing every day, and they have to make choices. And the first choice they usually make is to invest in R&D, to invest in product development, and to invest in market presence. And from that perspective, they need a partner to help them to do the manufacturing part of it, and eventually more than that. So that's where we are, continuing to focus and continuing to work for. So this is something that is important for us when we try to look at, okay, where are we acting and what we are trying to offer? Then, we have in the past been reporting five customer segment, and we have decided that we will simplify that. We will move from those five customer segment to three customer Medtech and Life Science, Energy Cleantech, and Industrial. I think there is two reason for that. I think that it becomes a much more clean-cut for our follow-up and our measurement. We can map from market data. But also, what we will do based on that, and Christina will get back to it, is we will organize ourselves to face those customer segment in a different way in order to create focus, expertise, and leverage on the knowledge we have on those segment. And we believe that those segment are of interest because they are all, in a way, historically, have been providing a growth that is higher than the overall EMS market. I mean, even if you look at Industrial, over the last three years, we have a growth of around 6% on that part of the business. And then when you look at both Energy Cleantech and Medtech, there you have a growth that is double digit, between 17%-20%. For us, we feel it's the time has come for us to really leverage on that knowledge. These are clients that value what we do, that we have built an understanding on what they need from us and how we can operate. So we want to do that. And the way we will do that is by making sure that we specialize our team in order to face the customer that have similar needs and move forward this time. When we look at the long-term plan, I mean, this is a picture of the history in terms of growth. When we look at the long-term plan and what is foreseen, we still foresee that those customer segment will have a CAGR over the coming five years that is above the average. I mean, we talk about 6%-8%. Welcome to Scanfil's Capital Markets Day 2024. This is Scanfil's second Capital Markets Day ever, and first one to be arranged in Stockholm, so outside of Finland. Couple of practicalities before we go. First of all, we are using Zoom, so there is a chat function. So use the chat if you want to ask a question or raise your hand, and then you will be given permission to speak. So that's about it. It's very simple and easy going forward, and if there are any questions from the floor in here, so just raise your hand and I will hand over the microphone for you. So, today's Capital Markets Day, the first presenter will be our CEO, Christophe Sut. Please, Christophe, go ahead. Welcome to Scanfil's Capital Markets Day 2024. This is Scanfil's second Capital Markets Day ever, and first one to be arranged in Stockholm, so outside of Finland. Couple of practicalities before we go. First of all, we are using Zoom, so there is a chat function. So use the chat if you want to ask a question or raise your hand, and then you will be given permission to speak. So that's about it. It's very simple and easy going forward, and if there are any questions from the floor in here, so just raise your hand and I will hand over the microphone for you. So, today's Capital Markets Day, the first presenter will be our CEO, Christophe Sut. Please, Christophe, go ahead. Welcome to Scanfil's Capital Markets Day 2024. This is Scanfil's second Capital Markets Day ever, and first one to be arranged in Stockholm, so outside of Finland. Couple of practicalities before we go. First of all, we are using Zoom, so there is a chat function. So use the chat if you want to ask a question or raise your hand, and then you will be given permission to speak. So that's about it. It's very simple and easy going forward, and if there are any questions from the floor in here, so just raise your hand and I will hand over the microphone for you. So, today's Capital Markets Day, the first presenter will be our CEO, Christophe Sut. Please, Christophe, go ahead. Welcome to Scanfil's Capital Markets Day 2024. This is Scanfil's second Capital Markets Day ever, and first one to be arranged in Stockholm, so outside of Finland. Couple of practicalities before we go. First of all, we are using Zoom, so there is a chat function. So use the chat if you want to ask a question or raise your hand, and then you will be given permission to speak. So that's about it. It's very simple and easy going forward, and if there are any questions from the floor in here, so just raise your hand and I will hand over the microphone for you. So, today's Capital Markets Day, the first presenter will be our CEO, Christophe Sut. Please, Christophe, go ahead. Welcome to Scanfil's Capital Markets Day 2024. This is Scanfil's second Capital Markets Day ever, and first one to be arranged in Stockholm, so outside of Finland. Couple of practicalities before we go. First of all, we are using Zoom, so there is a chat function. So use the chat if you want to ask a question or raise your hand, and then you will be given permission to speak. So that's about it. It's very simple and easy going forward, and if there are any questions from the floor in here, so just raise your hand and I will hand over the microphone for you. So, today's Capital Markets Day, the first presenter will be our CEO, Christophe Sut. Please, Christophe, go ahead. Welcome to Scanfil's Capital Markets Day 2024. This is Scanfil's second Capital Markets Day ever, and first one to be arranged in Stockholm, so outside of Finland. Couple of practicalities before we go. First of all, we are using Zoom, so there is a chat function. So use the chat if you want to ask a question or raise your hand, and then you will be given permission to speak. So that's about it. It's very simple and easy going forward, and if there are any questions from the floor in here, so just raise your hand and I will hand over the microphone for you. So, today's Capital Markets Day, the first presenter will be our CEO, Christophe Sut. Please, Christophe, go ahead. Welcome to Scanfil's Capital Markets Day 2024. This is Scanfil's second Capital Markets Day ever, and first one to be arranged in Stockholm, so outside of Finland. Couple of practicalities before we go. First of all, we are using Zoom, so there is a chat function. So use the chat if you want to ask a question or raise your hand, and then you will be given permission to speak. So that's about it. It's very simple and easy going forward, and if there are any questions from the floor in here, so just raise your hand and I will hand over the microphone for you. So, today's Capital Markets Day, the first presenter will be our CEO, Christophe Sut. Please, Christophe, go ahead. Welcome to Scanfil's Capital Markets Day 2024. This is Scanfil's second Capital Markets Day ever, and first one to be arranged in Stockholm, so outside of Finland. Couple of practicalities before we go. First of all, we are using Zoom, so there is a chat function. So use the chat if you want to ask a question or raise your hand, and then you will be given permission to speak. So that's about it. It's very simple and easy going forward, and if there are any questions from the floor in here, so just raise your hand and I will hand over the microphone for you. So, today's Capital Markets Day, the first presenter will be our CEO, Christophe Sut. Please, Christophe, go ahead. Welcome to Scanfil's Capital Markets Day 2024. This is Scanfil's second Capital Markets Day ever, and first one to be arranged in Stockholm, so outside of Finland. Couple of practicalities before we go. First of all, we are using Zoom, so there is a chat function. So use the chat if you want to ask a question or raise your hand, and then you will be given permission to speak. So that's about it. It's very simple and easy going forward, and if there are any questions from the floor in here, so just raise your hand and I will hand over the microphone for you. So, today's Capital Markets Day, the first presenter will be our CEO, Christophe Sut. Please, Christophe, go ahead. Thank you, Pasi, and thanks to all of you for joining us today, either physically or online. We appreciate the effort you are making and the time you are spending with us today. We will walk you through a few topics during the afternoon. For that, I have a few of my colleagues that have joined us, and we will try to give you an overview of Scanfil market position, and also an update on our strategy. I will move back to the presentation. Just to start, we wanted to give you a little bit of a glimpse of what has been Scanfil's history since 1976, when the company was created out of Sievi. And remind you a few important dates we have had as part of our history. Thank you, Pasi, and thanks to all of you for joining us today, either physically or online. We appreciate the effort you are making and the time you are spending with us today. We will walk you through a few topics during the afternoon. For that, I have a few of my colleagues that have joined us, and we will try to give you an overview of Scanfil market position, and also an update on our strategy. I will move back to the presentation. Just to start, we wanted to give you a little bit of a glimpse of what has been Scanfil's history since 1976, when the company was created out of Sievi. And remind you a few important dates we have had as part of our history. Thank you, Pasi, and thanks to all of you for joining us today, either physically or online. We appreciate the effort you are making and the time you are spending with us today. We will walk you through a few topics during the afternoon. For that, I have a few of my colleagues that have joined us, and we will try to give you an overview of Scanfil market position, and also an update on our strategy. I will move back to the presentation. Just to start, we wanted to give you a little bit of a glimpse of what has been Scanfil's history since 1976, when the company was created out of Sievi. And remind you a few important dates we have had as part of our history. Thank you, Pasi, and thanks to all of you for joining us today, either physically or online. We appreciate the effort you are making and the time you are spending with us today. We will walk you through a few topics during the afternoon. For that, I have a few of my colleagues that have joined us, and we will try to give you an overview of Scanfil market position, and also an update on our strategy. I will move back to the presentation. Just to start, we wanted to give you a little bit of a glimpse of what has been Scanfil's history since 1976, when the company was created out of Sievi. And remind you a few important dates we have had as part of our history. Thank you, Pasi, and thanks to all of you for joining us today, either physically or online. We appreciate the effort you are making and the time you are spending with us today. We will walk you through a few topics during the afternoon. For that, I have a few of my colleagues that have joined us, and we will try to give you an overview of Scanfil market position, and also an update on our strategy. I will move back to the presentation. Just to start, we wanted to give you a little bit of a glimpse of what has been Scanfil's history since 1976, when the company was created out of Sievi. And remind you a few important dates we have had as part of our history. Thank you, Pasi, and thanks to all of you for joining us today, either physically or online. We appreciate the effort you are making and the time you are spending with us today. We will walk you through a few topics during the afternoon. For that, I have a few of my colleagues that have joined us, and we will try to give you an overview of Scanfil market position, and also an update on our strategy. I will move back to the presentation. Just to start, we wanted to give you a little bit of a glimpse of what has been Scanfil's history since 1976, when the company was created out of Sievi. And remind you a few important dates we have had as part of our history. Thank you, Pasi, and thanks to all of you for joining us today, either physically or online. We appreciate the effort you are making and the time you are spending with us today. We will walk you through a few topics during the afternoon. For that, I have a few of my colleagues that have joined us, and we will try to give you an overview of Scanfil market position, and also an update on our strategy. I will move back to the presentation. Just to start, we wanted to give you a little bit of a glimpse of what has been Scanfil's history since 1976, when the company was created out of Sievi. And remind you a few important dates we have had as part of our history. Not going through all the elements, but I think one of the major happenings for Scanfil was probably the PartnerTech acquisition close to us, that gave a new dimension to the company, both in terms of customer base, but also in manufacturing footprint. And it's quite interesting to see how we leverage on it to be able to reach the level of revenue we have reached last year, around EUR 900 million, through development of a healthy portfolio of both factory and a healthy portfolio of customers. When we look at Scanfil today, we have operations in America, Europe, and Asia. Not going through all the elements, but I think one of the major happenings for Scanfil was probably the PartnerTech acquisition close to us, that gave a new dimension to the company, both in terms of customer base, but also in manufacturing footprint. And it's quite interesting to see how we leverage on it to be able to reach the level of revenue we have reached last year, around EUR 900 million, through development of a healthy portfolio of both factory and a healthy portfolio of customers. When we look at Scanfil today, we have operations in America, Europe, and Asia. Not going through all the elements, but I think one of the major happenings for Scanfil was probably the PartnerTech acquisition close to us, that gave a new dimension to the company, both in terms of customer base, but also in manufacturing footprint. And it's quite interesting to see how we leverage on it to be able to reach the level of revenue we have reached last year, around EUR 900 million, through development of a healthy portfolio of both factory and a healthy portfolio of customers. When we look at Scanfil today, we have operations in America, Europe, and Asia. The two main site outside of Europe is Suzhou in China and Atlanta in USA, where we will come back to it later, where we started to have manufacturing of electronics. Then, looking at our European footprint, we have a mix of factories that are close to our customer in the Nordics. Two factories in Sweden, also one in Finland. And then we have factories in Eastern Europe, where we have a bigger volume, competitiveness. And when you look at our distribution today, you can see that our two sites in Sieradz and Mysłowice in Poland are some of our biggest site, and have today about 40% of our employees located out of Poland. So that's a very important element for us. The two main site outside of Europe is Suzhou in China and Atlanta in USA, where we will come back to it later, where we started to have manufacturing of electronics. Then, looking at our European footprint, we have a mix of factories that are close to our customer in the Nordics. Two factories in Sweden, also one in Finland. And then we have factories in Eastern Europe, where we have a bigger volume, competitiveness. And when you look at our distribution today, you can see that our two sites in Sieradz and Mysłowice in Poland are some of our biggest site, and have today about 40% of our employees located out of Poland. So that's a very important element for us. The two main site outside of Europe is Suzhou in China and Atlanta in USA, where we will come back to it later, where we started to have manufacturing of electronics. Then, looking at our European footprint, we have a mix of factories that are close to our customer in the Nordics. Two factories in Sweden, also one in Finland. And then we have factories in Eastern Europe, where we have a bigger volume, competitiveness. And when you look at our distribution today, you can see that our two sites in Sieradz and Mysłowice in Poland are some of our biggest site, and have today about 40% of our employees located out of Poland. So that's a very important element for us. The two main site outside of Europe is Suzhou in China and Atlanta in USA, where we will come back to it later, where we started to have manufacturing of electronics. Then, looking at our European footprint, we have a mix of factories that are close to our customer in the Nordics. Two factories in Sweden, also one in Finland. And then we have factories in Eastern Europe, where we have a bigger volume, competitiveness. And when you look at our distribution today, you can see that our two sites in Sieradz and Mysłowice in Poland are some of our biggest site, and have today about 40% of our employees located out of Poland. So that's a very important element for us. The two main site outside of Europe is Suzhou in China and Atlanta in USA, where we will come back to it later, where we started to have manufacturing of electronics. Then, looking at our European footprint, we have a mix of factories that are close to our customer in the Nordics. Two factories in Sweden, also one in Finland. And then we have factories in Eastern Europe, where we have a bigger volume, competitiveness. And when you look at our distribution today, you can see that our two sites in Sieradz and Mysłowice in Poland are some of our biggest site, and have today about 40% of our employees located out of Poland. So that's a very important element for us. The two main site outside of Europe is Suzhou in China and Atlanta in USA, where we will come back to it later, where we started to have manufacturing of electronics. Then, looking at our European footprint, we have a mix of factories that are close to our customer in the Nordics. Two factories in Sweden, also one in Finland. And then we have factories in Eastern Europe, where we have a bigger volume, competitiveness. And when you look at our distribution today, you can see that our two sites in Sieradz and Mysłowice in Poland are some of our biggest site, and have today about 40% of our employees located out of Poland. So that's a very important element for us. And those factories, they are serving global customers from around the world. We have a customer portfolio, as we have discussed in the different quarterly reports, that has become quite balanced. I mean, we have around 10 customers that are weighing 50% of our revenue, and we have had a good balance here on their weight, and it has rebalanced in a good way between all of them. So quite good picture in terms of the different sites we have and how our customers are spread across those sites. Now, what I think is also interesting is when we talk about our customers and say, okay, 10 might weigh 50% of the revenue, it's usually quite big companies that are different units, different activities. And those factories, they are serving global customers from around the world. We have a customer portfolio, as we have discussed in the different quarterly reports, that has become quite balanced. I mean, we have around 10 customers that are weighing 50% of our revenue, and we have had a good balance here on their weight, and it has rebalanced in a good way between all of them. So quite good picture in terms of the different sites we have and how our customers are spread across those sites. Now, what I think is also interesting is when we talk about our customers and say, okay, 10 might weigh 50% of the revenue, it's usually quite big companies that are different units, different activities. And those factories, they are serving global customers from around the world. We have a customer portfolio, as we have discussed in the different quarterly reports, that has become quite balanced. I mean, we have around 10 customers that are weighing 50% of our revenue, and we have had a good balance here on their weight, and it has rebalanced in a good way between all of them. So quite good picture in terms of the different sites we have and how our customers are spread across those sites. Now, what I think is also interesting is when we talk about our customers and say, okay, 10 might weigh 50% of the revenue, it's usually quite big companies that are different units, different activities. And those factories, they are serving global customers from around the world. We have a customer portfolio, as we have discussed in the different quarterly reports, that has become quite balanced. I mean, we have around 10 customers that are weighing 50% of our revenue, and we have had a good balance here on their weight, and it has rebalanced in a good way between all of them. So quite good picture in terms of the different sites we have and how our customers are spread across those sites. Now, what I think is also interesting is when we talk about our customers and say, okay, 10 might weigh 50% of the revenue, it's usually quite big companies that are different units, different activities. And those factories, they are serving global customers from around the world. We have a customer portfolio, as we have discussed in the different quarterly reports, that has become quite balanced. I mean, we have around 10 customers that are weighing 50% of our revenue, and we have had a good balance here on their weight, and it has rebalanced in a good way between all of them. So quite good picture in terms of the different sites we have and how our customers are spread across those sites. Now, what I think is also interesting is when we talk about our customers and say, okay, 10 might weigh 50% of the revenue, it's usually quite big companies that are different units, different activities. Those companies usually leverage on, on all our sites. I mean, it's not uncommon to see out of those customers, people that we manufacture for in maybe 8 out of our, out of the total of our sites. So again, a quite interesting picture on how we combine global customers and how we sell them through a global network of factories. All in all, what we have seen around Scanfil over the last 10 years is a positive development. When we look at again, we are talking about double digit number or getting very close to 20, with 17%. Which has been actually the, the, in a way, the fruit of the history. You have seen both building organic growth, but also from time to time, having M&A that have allowed us to change dimension. Those companies usually leverage on, on all our sites. I mean, it's not uncommon to see out of those customers, people that we manufacture for in maybe 8 out of our, out of the total of our sites. So again, a quite interesting picture on how we combine global customers and how we sell them through a global network of factories. All in all, what we have seen around Scanfil over the last 10 years is a positive development. When we look at again, we are talking about double digit number or getting very close to 20, with 17%. Which has been actually the, the, in a way, the fruit of the history. You have seen both building organic growth, but also from time to time, having M&A that have allowed us to change dimension. Those companies usually leverage on, on all our sites. I mean, it's not uncommon to see out of those customers, people that we manufacture for in maybe 8 out of our, out of the total of our sites. So again, a quite interesting picture on how we combine global customers and how we sell them through a global network of factories. All in all, what we have seen around Scanfil over the last 10 years is a positive development. When we look at again, we are talking about double digit number or getting very close to 20, with 17%. Which has been actually the, the, in a way, the fruit of the history. You have seen both building organic growth, but also from time to time, having M&A that have allowed us to change dimension. Those companies usually leverage on, on all our sites. I mean, it's not uncommon to see out of those customers, people that we manufacture for in maybe 8 out of our, out of the total of our sites. So again, a quite interesting picture on how we combine global customers and how we sell them through a global network of factories. All in all, what we have seen around Scanfil over the last 10 years is a positive development. When we look at again, we are talking about double digit number or getting very close to 20, with 17%. Which has been actually the, the, in a way, the fruit of the history. You have seen both building organic growth, but also from time to time, having M&A that have allowed us to change dimension. Those companies usually leverage on, on all our sites. I mean, it's not uncommon to see out of those customers, people that we manufacture for in maybe 8 out of our, out of the total of our sites. So again, a quite interesting picture on how we combine global customers and how we sell them through a global network of factories. All in all, what we have seen around Scanfil over the last 10 years is a positive development. When we look at again, we are talking about double digit number or getting very close to 20, with 17%. Which has been actually the, the, in a way, the fruit of the history. You have seen both building organic growth, but also from time to time, having M&A that have allowed us to change dimension. Those companies usually leverage on, on all our sites. I mean, it's not uncommon to see out of those customers, people that we manufacture for in maybe 8 out of our, out of the total of our sites. So again, a quite interesting picture on how we combine global customers and how we sell them through a global network of factories. All in all, what we have seen around Scanfil over the last 10 years is a positive development. When we look at again, we are talking about double digit number or getting very close to 20, with 17%. Which has been actually the, the, in a way, the fruit of the history. You have seen both building organic growth, but also from time to time, having M&A that have allowed us to change dimension. Those companies usually leverage on, on all our sites. I mean, it's not uncommon to see out of those customers, people that we manufacture for in maybe 8 out of our, out of the total of our sites. So again, a quite interesting picture on how we combine global customers and how we sell them through a global network of factories. All in all, what we have seen around Scanfil over the last 10 years is a positive development. When we look at again, we are talking about double digit number or getting very close to 20, with 17%. Which has been actually the, the, in a way, the fruit of the history. You have seen both building organic growth, but also from time to time, having M&A that have allowed us to change dimension. Obviously, you see back 2014, 2015, the impact of PartnerTech that we have leveraged on also creating organic out of that over time. It has resulted also in the development of our profit in a quite continuous way from 16 to 16.3 million EUR, a growth of 16% over the period. I will say navigating between 6% and 7% profit depending on the cycle we have been in, depending also on the different moment in the history of the company. So this is the high level picture of the profit development, and that has resulted in an increased dividend. Obviously, you see back 2014, 2015, the impact of PartnerTech that we have leveraged on also creating organic out of that over time. It has resulted also in the development of our profit in a quite continuous way from 16 to 16.3 million EUR, a growth of 16% over the period. I will say navigating between 6% and 7% profit depending on the cycle we have been in, depending also on the different moment in the history of the company. So this is the high level picture of the profit development, and that has resulted in an increased dividend. Obviously, you see back 2014, 2015, the impact of PartnerTech that we have leveraged on also creating organic out of that over time. It has resulted also in the development of our profit in a quite continuous way from 16 to 16.3 million EUR, a growth of 16% over the period. I will say navigating between 6% and 7% profit depending on the cycle we have been in, depending also on the different moment in the history of the company. So this is the high level picture of the profit development, and that has resulted in an increased dividend. Obviously, you see back 2014, 2015, the impact of PartnerTech that we have leveraged on also creating organic out of that over time. It has resulted also in the development of our profit in a quite continuous way from 16 to 16.3 million EUR, a growth of 16% over the period. I will say navigating between 6% and 7% profit depending on the cycle we have been in, depending also on the different moment in the history of the company. So this is the high level picture of the profit development, and that has resulted in an increased dividend. I mean, Scanfil has been pretty stable delivering profit and pretty stable on year after year, increasing the dividend that it has been delivering to shareholders in the range of 30% of the earnings. So that is, I will say a little bit about our history. Based on that, I would like to go a little bit and give you some indication around how we see the market, how and how the market we are living is developing. And there is two ways to look at it. First of all, you could look at it from a geographical perspective and say: Okay, this is a real global market. You can see that there is today EMS manufacturing in all continent and in all part of the world. I mean, Scanfil has been pretty stable delivering profit and pretty stable on year after year, increasing the dividend that it has been delivering to shareholders in the range of 30% of the earnings. So that is, I will say a little bit about our history. Based on that, I would like to go a little bit and give you some indication around how we see the market, how and how the market we are living is developing. And there is two ways to look at it. First of all, you could look at it from a geographical perspective and say: Okay, this is a real global market. You can see that there is today EMS manufacturing in all continent and in all part of the world. I mean, Scanfil has been pretty stable delivering profit and pretty stable on year after year, increasing the dividend that it has been delivering to shareholders in the range of 30% of the earnings. So that is, I will say a little bit about our history. Based on that, I would like to go a little bit and give you some indication around how we see the market, how and how the market we are living is developing. And there is two ways to look at it. First of all, you could look at it from a geographical perspective and say: Okay, this is a real global market. You can see that there is today EMS manufacturing in all continent and in all part of the world. I mean, Scanfil has been pretty stable delivering profit and pretty stable on year after year, increasing the dividend that it has been delivering to shareholders in the range of 30% of the earnings. So that is, I will say a little bit about our history. Based on that, I would like to go a little bit and give you some indication around how we see the market, how and how the market we are living is developing. And there is two ways to look at it. First of all, you could look at it from a geographical perspective and say: Okay, this is a real global market. You can see that there is today EMS manufacturing in all continent and in all part of the world. I mean, Scanfil has been pretty stable delivering profit and pretty stable on year after year, increasing the dividend that it has been delivering to shareholders in the range of 30% of the earnings. So that is, I will say a little bit about our history. Based on that, I would like to go a little bit and give you some indication around how we see the market, how and how the market we are living is developing. And there is two ways to look at it. First of all, you could look at it from a geographical perspective and say: Okay, this is a real global market. You can see that there is today EMS manufacturing in all continent and in all part of the world. I mean, Scanfil has been pretty stable delivering profit and pretty stable on year after year, increasing the dividend that it has been delivering to shareholders in the range of 30% of the earnings. So that is, I will say a little bit about our history. Based on that, I would like to go a little bit and give you some indication around how we see the market, how and how the market we are living is developing. And there is two ways to look at it. First of all, you could look at it from a geographical perspective and say: Okay, this is a real global market. You can see that there is today EMS manufacturing in all continent and in all part of the world. What we can see looking forward is clearly a strong development of Asia Pacific that should continue to grow maybe a little bit faster than the rest of the world. But the development for almost all geographies that is, that is scheduled already. It's a sizable market. We are talking about around $760 billion, that's obviously split between different sub-segments. And it's a market that has a growth between 5%-6%. Here we have a number foreseen around 5.79%, for the next five years, but it's a market that has a growth path in that range. And when you look at the destination of those industries, I mean, you see many different customer segments today. What we can see looking forward is clearly a strong development of Asia Pacific that should continue to grow maybe a little bit faster than the rest of the world. But the development for almost all geographies that is, that is scheduled already. It's a sizable market. We are talking about around $760 billion, that's obviously split between different sub-segments. And it's a market that has a growth between 5%-6%. Here we have a number foreseen around 5.79%, for the next five years, but it's a market that has a growth path in that range. And when you look at the destination of those industries, I mean, you see many different customer segments today. What we can see looking forward is clearly a strong development of Asia Pacific that should continue to grow maybe a little bit faster than the rest of the world. But the development for almost all geographies that is, that is scheduled already. It's a sizable market. We are talking about around $760 billion, that's obviously split between different sub-segments. And it's a market that has a growth between 5%-6%. Here we have a number foreseen around 5.79%, for the next five years, but it's a market that has a growth path in that range. And when you look at the destination of those industries, I mean, you see many different customer segments today. What we can see looking forward is clearly a strong development of Asia Pacific that should continue to grow maybe a little bit faster than the rest of the world. But the development for almost all geographies that is, that is scheduled already. It's a sizable market. We are talking about around $760 billion, that's obviously split between different sub-segments. And it's a market that has a growth between 5%-6%. Here we have a number foreseen around 5.79%, for the next five years, but it's a market that has a growth path in that range. And when you look at the destination of those industries, I mean, you see many different customer segments today. What we can see looking forward is clearly a strong development of Asia Pacific that should continue to grow maybe a little bit faster than the rest of the world. But the development for almost all geographies that is, that is scheduled already. It's a sizable market. We are talking about around $760 billion, that's obviously split between different sub-segments. And it's a market that has a growth between 5%-6%. Here we have a number foreseen around 5.79%, for the next five years, but it's a market that has a growth path in that range. And when you look at the destination of those industries, I mean, you see many different customer segments today. What we can see looking forward is clearly a strong development of Asia Pacific that should continue to grow maybe a little bit faster than the rest of the world. But the development for almost all geographies that is, that is scheduled already. It's a sizable market. We are talking about around $760 billion, that's obviously split between different sub-segments. And it's a market that has a growth between 5%-6%. Here we have a number foreseen around 5.79%, for the next five years, but it's a market that has a growth path in that range. And when you look at the destination of those industries, I mean, you see many different customer segments today. What we can see looking forward is clearly a strong development of Asia Pacific that should continue to grow maybe a little bit faster than the rest of the world. But the development for almost all geographies that is, that is scheduled already. It's a sizable market. We are talking about around $760 billion, that's obviously split between different sub-segments. And it's a market that has a growth between 5%-6%. Here we have a number foreseen around 5.79%, for the next five years, but it's a market that has a growth path in that range. And when you look at the destination of those industries, I mean, you see many different customer segments today. And obviously, there is a business done around custom consumer electronics that is a very important part of that industry. I mean, you can see it's about 20+%, 23% of the total industry. Obviously, also, automotive is a big part of a big part of the total market. However, those are not markets where we are acting. We are mainly acting on the other markets that are summarized under Industrial, Medtech, Energy and Cleantech, and also a little bit around aerospace and defense. But you in a way have a split between those markets of consumer goods and automotive that are very big volume markets, where you have a big quantity of units that are produced, usually pretty simple type of manufacturing. And obviously, there is a business done around custom consumer electronics that is a very important part of that industry. I mean, you can see it's about 20+%, 23% of the total industry. Obviously, also, automotive is a big part of a big part of the total market. However, those are not markets where we are acting. We are mainly acting on the other markets that are summarized under Industrial, Medtech, Energy and Cleantech, and also a little bit around aerospace and defense. But you in a way have a split between those markets of consumer goods and automotive that are very big volume markets, where you have a big quantity of units that are produced, usually pretty simple type of manufacturing. And obviously, there is a business done around custom consumer electronics that is a very important part of that industry. I mean, you can see it's about 20+%, 23% of the total industry. Obviously, also, automotive is a big part of a big part of the total market. However, those are not markets where we are acting. We are mainly acting on the other markets that are summarized under Industrial, Medtech, Energy and Cleantech, and also a little bit around aerospace and defense. But you in a way have a split between those markets of consumer goods and automotive that are very big volume markets, where you have a big quantity of units that are produced, usually pretty simple type of manufacturing. And obviously, there is a business done around custom consumer electronics that is a very important part of that industry. I mean, you can see it's about 20+%, 23% of the total industry. Obviously, also, automotive is a big part of a big part of the total market. However, those are not markets where we are acting. We are mainly acting on the other markets that are summarized under Industrial, Medtech, Energy and Cleantech, and also a little bit around aerospace and defense. But you in a way have a split between those markets of consumer goods and automotive that are very big volume markets, where you have a big quantity of units that are produced, usually pretty simple type of manufacturing. And obviously, there is a business done around custom consumer electronics that is a very important part of that industry. I mean, you can see it's about 20+%, 23% of the total industry. Obviously, also, automotive is a big part of a big part of the total market. However, those are not markets where we are acting. We are mainly acting on the other markets that are summarized under Industrial, Medtech, Energy and Cleantech, and also a little bit around aerospace and defense. But you in a way have a split between those markets of consumer goods and automotive that are very big volume markets, where you have a big quantity of units that are produced, usually pretty simple type of manufacturing. And obviously, there is a business done around custom consumer electronics that is a very important part of that industry. I mean, you can see it's about 20+%, 23% of the total industry. Obviously, also, automotive is a big part of a big part of the total market. However, those are not markets where we are acting. We are mainly acting on the other markets that are summarized under Industrial, Medtech, Energy and Cleantech, and also a little bit around aerospace and defense. But you in a way have a split between those markets of consumer goods and automotive that are very big volume markets, where you have a big quantity of units that are produced, usually pretty simple type of manufacturing. And then you have the more Industrial part of the business, where here you find the smaller batches, more complexity, and more diversity in what gets produced. And I will say that's mainly where we operate. And from a consequence of it, when we look at the different players on the market, we can see that Scanfil has been over the time being in a good position in the delivery, both from a CAGR perspective and also from an average level of profitability. If you look at the period of 10 years, you can see that we have been in the leading part on both the level of CAGR we have delivered and the level of profit we have delivered. And then you have the more Industrial part of the business, where here you find the smaller batches, more complexity, and more diversity in what gets produced. And I will say that's mainly where we operate. And from a consequence of it, when we look at the different players on the market, we can see that Scanfil has been over the time being in a good position in the delivery, both from a CAGR perspective and also from an average level of profitability. If you look at the period of 10 years, you can see that we have been in the leading part on both the level of CAGR we have delivered and the level of profit we have delivered. And then you have the more Industrial part of the business, where here you find the smaller batches, more complexity, and more diversity in what gets produced. And I will say that's mainly where we operate. And from a consequence of it, when we look at the different players on the market, we can see that Scanfil has been over the time being in a good position in the delivery, both from a CAGR perspective and also from an average level of profitability. If you look at the period of 10 years, you can see that we have been in the leading part on both the level of CAGR we have delivered and the level of profit we have delivered. And then you have the more Industrial part of the business, where here you find the smaller batches, more complexity, and more diversity in what gets produced. And I will say that's mainly where we operate. And from a consequence of it, when we look at the different players on the market, we can see that Scanfil has been over the time being in a good position in the delivery, both from a CAGR perspective and also from an average level of profitability. If you look at the period of 10 years, you can see that we have been in the leading part on both the level of CAGR we have delivered and the level of profit we have delivered. So all in all, I will say, if we talk about the market, it's a market that has a growth path around 6%, where there is different sub-market segment, from consumer good to Industrial goods, with all having different characteristic and different interests. And it's a market where Scanfil has been evolving in a quite good way in terms of performing on growth, performing on profitability, and keeping a good position on the market. That was an overview of how we see the past. And maybe let's move to the future now, because that's probably why we are here today. What we want to try to share with you today is how we are planning to move forward and how we are planning to develop in the future. So all in all, I will say, if we talk about the market, it's a market that has a growth path around 6%, where there is different sub-market segment, from consumer good to Industrial goods, with all having different characteristic and different interests. And it's a market where Scanfil has been evolving in a quite good way in terms of performing on growth, performing on profitability, and keeping a good position on the market. That was an overview of how we see the past. And maybe let's move to the future now, because that's probably why we are here today. What we want to try to share with you today is how we are planning to move forward and how we are planning to develop in the future. So all in all, I will say, if we talk about the market, it's a market that has a growth path around 6%, where there is different sub-market segment, from consumer good to Industrial goods, with all having different characteristic and different interests. And it's a market where Scanfil has been evolving in a quite good way in terms of performing on growth, performing on profitability, and keeping a good position on the market. That was an overview of how we see the past. And maybe let's move to the future now, because that's probably why we are here today. What we want to try to share with you today is how we are planning to move forward and how we are planning to develop in the future. So all in all, I will say, if we talk about the market, it's a market that has a growth path around 6%, where there is different sub-market segment, from consumer good to Industrial goods, with all having different characteristic and different interests. And it's a market where Scanfil has been evolving in a quite good way in terms of performing on growth, performing on profitability, and keeping a good position on the market. That was an overview of how we see the past. And maybe let's move to the future now, because that's probably why we are here today. What we want to try to share with you today is how we are planning to move forward and how we are planning to develop in the future. So all in all, I will say, if we talk about the market, it's a market that has a growth path around 6%, where there is different sub-market segment, from consumer good to Industrial goods, with all having different characteristic and different interests. And it's a market where Scanfil has been evolving in a quite good way in terms of performing on growth, performing on profitability, and keeping a good position on the market. That was an overview of how we see the past. And maybe let's move to the future now, because that's probably why we are here today. What we want to try to share with you today is how we are planning to move forward and how we are planning to develop in the future. First of all, we will like to get back on our vision, and our vision is to be the most preferred supply chain and manufacturing partner for our customers. And the way we do it is we help our, our customers to, to succeed by providing effective and innovative solution that we bring products from idea to life and maintain product competitiveness over the lifespan of those products. And I think that this is, this is something very important, because what we can see in the field we are evolving is our customer have been through a journey. Most of the customer we have had their first generation of electronic products 15 years ago and are now moving to the second generation. First of all, we will like to get back on our vision, and our vision is to be the most preferred supply chain and manufacturing partner for our customers. And the way we do it is we help our, our customers to, to succeed by providing effective and innovative solution that we bring products from idea to life and maintain product competitiveness over the lifespan of those products. And I think that this is, this is something very important, because what we can see in the field we are evolving is our customer have been through a journey. Most of the customer we have had their first generation of electronic products 15 years ago and are now moving to the second generation. First of all, we will like to get back on our vision, and our vision is to be the most preferred supply chain and manufacturing partner for our customers. And the way we do it is we help our, our customers to, to succeed by providing effective and innovative solution that we bring products from idea to life and maintain product competitiveness over the lifespan of those products. And I think that this is, this is something very important, because what we can see in the field we are evolving is our customer have been through a journey. Most of the customer we have had their first generation of electronic products 15 years ago and are now moving to the second generation. First of all, we will like to get back on our vision, and our vision is to be the most preferred supply chain and manufacturing partner for our customers. And the way we do it is we help our, our customers to, to succeed by providing effective and innovative solution that we bring products from idea to life and maintain product competitiveness over the lifespan of those products. And I think that this is, this is something very important, because what we can see in the field we are evolving is our customer have been through a journey. Most of the customer we have had their first generation of electronic products 15 years ago and are now moving to the second generation. And for that, they need people that are partners, that they can team up with in order to maintain the old product but also build the new product. They need people that can support them in that journey of digitization and increasing weight of electronics, and that's where our mission is so important. How can we create this relationship? How do we create this partnership? And the way we have been try to look at our company is simplifying a little bit, what are the main things we should do in order to enable that. And first of all, we, we believe that we, we have a way to do things that brings value for our customers. And then, we see our business in a very simple way. And for that, they need people that are partners, that they can team up with in order to maintain the old product but also build the new product. They need people that can support them in that journey of digitization and increasing weight of electronics, and that's where our mission is so important. How can we create this relationship? How do we create this partnership? And the way we have been try to look at our company is simplifying a little bit, what are the main things we should do in order to enable that. And first of all, we, we believe that we, we have a way to do things that brings value for our customers. And then, we see our business in a very simple way. And for that, they need people that are partners, that they can team up with in order to maintain the old product but also build the new product. They need people that can support them in that journey of digitization and increasing weight of electronics, and that's where our mission is so important. How can we create this relationship? How do we create this partnership? And the way we have been try to look at our company is simplifying a little bit, what are the main things we should do in order to enable that. And first of all, we, we believe that we, we have a way to do things that brings value for our customers. And then, we see our business in a very simple way. And for that, they need people that are partners, that they can team up with in order to maintain the old product but also build the new product. They need people that can support them in that journey of digitization and increasing weight of electronics, and that's where our mission is so important. How can we create this relationship? How do we create this partnership? And the way we have been try to look at our company is simplifying a little bit, what are the main things we should do in order to enable that. And first of all, we, we believe that we, we have a way to do things that brings value for our customers. And then, we see our business in a very simple way. And for that, they need people that are partners, that they can team up with in order to maintain the old product but also build the new product. They need people that can support them in that journey of digitization and increasing weight of electronics, and that's where our mission is so important. How can we create this relationship? How do we create this partnership? And the way we have been try to look at our company is simplifying a little bit, what are the main things we should do in order to enable that. And first of all, we, we believe that we, we have a way to do things that brings value for our customers. And then, we see our business in a very simple way. And for that, they need people that are partners, that they can team up with in order to maintain the old product but also build the new product. They need people that can support them in that journey of digitization and increasing weight of electronics, and that's where our mission is so important. How can we create this relationship? How do we create this partnership? And the way we have been try to look at our company is simplifying a little bit, what are the main things we should do in order to enable that. And first of all, we, we believe that we, we have a way to do things that brings value for our customers. And then, we see our business in a very simple way. And for that, they need people that are partners, that they can team up with in order to maintain the old product but also build the new product. They need people that can support them in that journey of digitization and increasing weight of electronics, and that's where our mission is so important. How can we create this relationship? How do we create this partnership? And the way we have been try to look at our company is simplifying a little bit, what are the main things we should do in order to enable that. And first of all, we, we believe that we, we have a way to do things that brings value for our customers. And then, we see our business in a very simple way. On one hand, we want to serve our customer in a good way and increase the number of our customers, and that will bring us some growth, and I will get back to how we plan to do it a bit later. In the same times, you could say we are in a very simple industry. It's all about being good and being efficient. And being efficient, what does it mean? It means being there, delivering on time, at the right cost, and with the right quality. And you can do a lot of things fantastic, but at the end of the day, that's what they should bring. On one hand, we want to serve our customer in a good way and increase the number of our customers, and that will bring us some growth, and I will get back to how we plan to do it a bit later. In the same times, you could say we are in a very simple industry. It's all about being good and being efficient. And being efficient, what does it mean? It means being there, delivering on time, at the right cost, and with the right quality. And you can do a lot of things fantastic, but at the end of the day, that's what they should bring. On one hand, we want to serve our customer in a good way and increase the number of our customers, and that will bring us some growth, and I will get back to how we plan to do it a bit later. In the same times, you could say we are in a very simple industry. It's all about being good and being efficient. And being efficient, what does it mean? It means being there, delivering on time, at the right cost, and with the right quality. And you can do a lot of things fantastic, but at the end of the day, that's what they should bring. On one hand, we want to serve our customer in a good way and increase the number of our customers, and that will bring us some growth, and I will get back to how we plan to do it a bit later. In the same times, you could say we are in a very simple industry. It's all about being good and being efficient. And being efficient, what does it mean? It means being there, delivering on time, at the right cost, and with the right quality. And you can do a lot of things fantastic, but at the end of the day, that's what they should bring. On one hand, we want to serve our customer in a good way and increase the number of our customers, and that will bring us some growth, and I will get back to how we plan to do it a bit later. In the same times, you could say we are in a very simple industry. It's all about being good and being efficient. And being efficient, what does it mean? It means being there, delivering on time, at the right cost, and with the right quality. And you can do a lot of things fantastic, but at the end of the day, that's what they should bring. On one hand, we want to serve our customer in a good way and increase the number of our customers, and that will bring us some growth, and I will get back to how we plan to do it a bit later. In the same times, you could say we are in a very simple industry. It's all about being good and being efficient. And being efficient, what does it mean? It means being there, delivering on time, at the right cost, and with the right quality. And you can do a lot of things fantastic, but at the end of the day, that's what they should bring. So, we have in a way a way to look at our company and our customers in a simple way, which is how we go and how we serve our customers, and how we build efficiency to remain and be still competitive. So today, we will try to walk you through the different areas we are covering in order to actually deliver to that promise. And on the growth side, I mean, there is a few things that are key and that we have identified as key for us. One is our segment strategy. We are not playing in the full market. We are trying to identify which segment we want to play into, and we will and are building focus around it. The second topic is geographical expansion. So, we have in a way a way to look at our company and our customers in a simple way, which is how we go and how we serve our customers, and how we build efficiency to remain and be still competitive. So today, we will try to walk you through the different areas we are covering in order to actually deliver to that promise. And on the growth side, I mean, there is a few things that are key and that we have identified as key for us. One is our segment strategy. We are not playing in the full market. We are trying to identify which segment we want to play into, and we will and are building focus around it. The second topic is geographical expansion. So, we have in a way a way to look at our company and our customers in a simple way, which is how we go and how we serve our customers, and how we build efficiency to remain and be still competitive. So today, we will try to walk you through the different areas we are covering in order to actually deliver to that promise. And on the growth side, I mean, there is a few things that are key and that we have identified as key for us. One is our segment strategy. We are not playing in the full market. We are trying to identify which segment we want to play into, and we will and are building focus around it. The second topic is geographical expansion. So, we have in a way a way to look at our company and our customers in a simple way, which is how we go and how we serve our customers, and how we build efficiency to remain and be still competitive. So today, we will try to walk you through the different areas we are covering in order to actually deliver to that promise. And on the growth side, I mean, there is a few things that are key and that we have identified as key for us. One is our segment strategy. We are not playing in the full market. We are trying to identify which segment we want to play into, and we will and are building focus around it. The second topic is geographical expansion. So, we have in a way a way to look at our company and our customers in a simple way, which is how we go and how we serve our customers, and how we build efficiency to remain and be still competitive. So today, we will try to walk you through the different areas we are covering in order to actually deliver to that promise. And on the growth side, I mean, there is a few things that are key and that we have identified as key for us. One is our segment strategy. We are not playing in the full market. We are trying to identify which segment we want to play into, and we will and are building focus around it. The second topic is geographical expansion. So, we have in a way a way to look at our company and our customers in a simple way, which is how we go and how we serve our customers, and how we build efficiency to remain and be still competitive. So today, we will try to walk you through the different areas we are covering in order to actually deliver to that promise. And on the growth side, I mean, there is a few things that are key and that we have identified as key for us. One is our segment strategy. We are not playing in the full market. We are trying to identify which segment we want to play into, and we will and are building focus around it. The second topic is geographical expansion. So, we have in a way a way to look at our company and our customers in a simple way, which is how we go and how we serve our customers, and how we build efficiency to remain and be still competitive. So today, we will try to walk you through the different areas we are covering in order to actually deliver to that promise. And on the growth side, I mean, there is a few things that are key and that we have identified as key for us. One is our segment strategy. We are not playing in the full market. We are trying to identify which segment we want to play into, and we will and are building focus around it. The second topic is geographical expansion. As you will see, and as you know, we have a lot of our customer that are global customers that have a global presence, so they expect us to support them in their development, and their development is international, is global in many ways. So the geographical expansion is important to Scanfil. The second element is the customer offering. It's important also to offer them what they need. And I mean, you could say, okay, we are doing manufacturing, but there is many things in manufacturing. It's not only producing, it's product and how you support them. It's supporting them during lifetime of the products, and making sure that the products remain competitive and stable, it's managing components, et cetera. So there is a broad... As you will see, and as you know, we have a lot of our customer that are global customers that have a global presence, so they expect us to support them in their development, and their development is international, is global in many ways. So the geographical expansion is important to Scanfil. The second element is the customer offering. It's important also to offer them what they need. And I mean, you could say, okay, we are doing manufacturing, but there is many things in manufacturing. It's not only producing, it's product and how you support them. It's supporting them during lifetime of the products, and making sure that the products remain competitive and stable, it's managing components, et cetera. So there is a broad... As you will see, and as you know, we have a lot of our customer that are global customers that have a global presence, so they expect us to support them in their development, and their development is international, is global in many ways. So the geographical expansion is important to Scanfil. The second element is the customer offering. It's important also to offer them what they need. And I mean, you could say, okay, we are doing manufacturing, but there is many things in manufacturing. It's not only producing, it's product and how you support them. It's supporting them during lifetime of the products, and making sure that the products remain competitive and stable, it's managing components, et cetera. So there is a broad... As you will see, and as you know, we have a lot of our customer that are global customers that have a global presence, so they expect us to support them in their development, and their development is international, is global in many ways. So the geographical expansion is important to Scanfil. The second element is the customer offering. It's important also to offer them what they need. And I mean, you could say, okay, we are doing manufacturing, but there is many things in manufacturing. It's not only producing, it's product and how you support them. It's supporting them during lifetime of the products, and making sure that the products remain competitive and stable, it's managing components, et cetera. So there is a broad... As you will see, and as you know, we have a lot of our customer that are global customers that have a global presence, so they expect us to support them in their development, and their development is international, is global in many ways. So the geographical expansion is important to Scanfil. The second element is the customer offering. It's important also to offer them what they need. And I mean, you could say, okay, we are doing manufacturing, but there is many things in manufacturing. It's not only producing, it's product and how you support them. It's supporting them during lifetime of the products, and making sure that the products remain competitive and stable, it's managing components, et cetera. So there is a broad... As you will see, and as you know, we have a lot of our customer that are global customers that have a global presence, so they expect us to support them in their development, and their development is international, is global in many ways. So the geographical expansion is important to Scanfil. The second element is the customer offering. It's important also to offer them what they need. And I mean, you could say, okay, we are doing manufacturing, but there is many things in manufacturing. It's not only producing, it's product and how you support them. It's supporting them during lifetime of the products, and making sure that the products remain competitive and stable, it's managing components, et cetera. So there is a broad... As you will see, and as you know, we have a lot of our customer that are global customers that have a global presence, so they expect us to support them in their development, and their development is international, is global in many ways. So the geographical expansion is important to Scanfil. The second element is the customer offering. It's important also to offer them what they need. And I mean, you could say, okay, we are doing manufacturing, but there is many things in manufacturing. It's not only producing, it's product and how you support them. It's supporting them during lifetime of the products, and making sure that the products remain competitive and stable, it's managing components, et cetera. So there is a broad... As you will see, and as you know, we have a lot of our customer that are global customers that have a global presence, so they expect us to support them in their development, and their development is international, is global in many ways. So the geographical expansion is important to Scanfil. The second element is the customer offering. It's important also to offer them what they need. And I mean, you could say, okay, we are doing manufacturing, but there is many things in manufacturing. It's not only producing, it's product and how you support them. It's supporting them during lifetime of the products, and making sure that the products remain competitive and stable, it's managing components, et cetera. So there is a broad... number of things we do to support our customer in that case. And then the last things that we have identified as key, as part of Scanfil strategy is acquisition. I mean, we want to continue to grow. We need to be present in a new geographical area. We need to be present with more customers, and acquisition and M&A will have to become something that is done in a systematic way for Scanfil. In parallel to that, we will cover also the efficiency side of our business, through our Dream Factory, which is aiming at modernizing our tools and creating a better factory footprint for our customers. We'll cover later in the afternoon. And also obviously, a productivity element that is related to that. And then we will also cover supply chain excellence. number of things we do to support our customer in that case. And then the last things that we have identified as key, as part of Scanfil strategy is acquisition. I mean, we want to continue to grow. We need to be present in a new geographical area. We need to be present with more customers, and acquisition and M&A will have to become something that is done in a systematic way for Scanfil. In parallel to that, we will cover also the efficiency side of our business, through our Dream Factory, which is aiming at modernizing our tools and creating a better factory footprint for our customers. We'll cover later in the afternoon. And also obviously, a productivity element that is related to that. And then we will also cover supply chain excellence. number of things we do to support our customer in that case. And then the last things that we have identified as key, as part of Scanfil strategy is acquisition. I mean, we want to continue to grow. We need to be present in a new geographical area. We need to be present with more customers, and acquisition and M&A will have to become something that is done in a systematic way for Scanfil. In parallel to that, we will cover also the efficiency side of our business, through our Dream Factory, which is aiming at modernizing our tools and creating a better factory footprint for our customers. We'll cover later in the afternoon. And also obviously, a productivity element that is related to that. And then we will also cover supply chain excellence. number of things we do to support our customer in that case. And then the last things that we have identified as key, as part of Scanfil strategy is acquisition. I mean, we want to continue to grow. We need to be present in a new geographical area. We need to be present with more customers, and acquisition and M&A will have to become something that is done in a systematic way for Scanfil. In parallel to that, we will cover also the efficiency side of our business, through our Dream Factory, which is aiming at modernizing our tools and creating a better factory footprint for our customers. We'll cover later in the afternoon. And also obviously, a productivity element that is related to that. And then we will also cover supply chain excellence. number of things we do to support our customer in that case. And then the last things that we have identified as key, as part of Scanfil strategy is acquisition. I mean, we want to continue to grow. We need to be present in a new geographical area. We need to be present with more customers, and acquisition and M&A will have to become something that is done in a systematic way for Scanfil. In parallel to that, we will cover also the efficiency side of our business, through our Dream Factory, which is aiming at modernizing our tools and creating a better factory footprint for our customers. We'll cover later in the afternoon. And also obviously, a productivity element that is related to that. And then we will also cover supply chain excellence. number of things we do to support our customer in that case. And then the last things that we have identified as key, as part of Scanfil strategy is acquisition. I mean, we want to continue to grow. We need to be present in a new geographical area. We need to be present with more customers, and acquisition and M&A will have to become something that is done in a systematic way for Scanfil. In parallel to that, we will cover also the efficiency side of our business, through our Dream Factory, which is aiming at modernizing our tools and creating a better factory footprint for our customers. We'll cover later in the afternoon. And also obviously, a productivity element that is related to that. And then we will also cover supply chain excellence. number of things we do to support our customer in that case. And then the last things that we have identified as key, as part of Scanfil strategy is acquisition. I mean, we want to continue to grow. We need to be present in a new geographical area. We need to be present with more customers, and acquisition and M&A will have to become something that is done in a systematic way for Scanfil. In parallel to that, we will cover also the efficiency side of our business, through our Dream Factory, which is aiming at modernizing our tools and creating a better factory footprint for our customers. We'll cover later in the afternoon. And also obviously, a productivity element that is related to that. And then we will also cover supply chain excellence. number of things we do to support our customer in that case. And then the last things that we have identified as key, as part of Scanfil strategy is acquisition. I mean, we want to continue to grow. We need to be present in a new geographical area. We need to be present with more customers, and acquisition and M&A will have to become something that is done in a systematic way for Scanfil. In parallel to that, we will cover also the efficiency side of our business, through our Dream Factory, which is aiming at modernizing our tools and creating a better factory footprint for our customers. We'll cover later in the afternoon. And also obviously, a productivity element that is related to that. And then we will also cover supply chain excellence. number of things we do to support our customer in that case. And then the last things that we have identified as key, as part of Scanfil strategy is acquisition. I mean, we want to continue to grow. We need to be present in a new geographical area. We need to be present with more customers, and acquisition and M&A will have to become something that is done in a systematic way for Scanfil. In parallel to that, we will cover also the efficiency side of our business, through our Dream Factory, which is aiming at modernizing our tools and creating a better factory footprint for our customers. We'll cover later in the afternoon. And also obviously, a productivity element that is related to that. And then we will also cover supply chain excellence. As you know, I mean, when you look at our P&L, a big part of our spend is actually related to components management, and that's obviously something where we need to be excellent in order to be in that business. So those are the two areas we will cover. And then finally, we have a certain number of strategic enablers that we need to have as part of the company, and that we have in order to make sure that we are running in a good way. And all of this happens through people, so obviously, people and culture is something that is important and that we will also touch upon. So, maybe a bit ambitious agenda, so we will try to cover all those things during the day and hopefully keep you with us on board during that journey. As you know, I mean, when you look at our P&L, a big part of our spend is actually related to components management, and that's obviously something where we need to be excellent in order to be in that business. So those are the two areas we will cover. And then finally, we have a certain number of strategic enablers that we need to have as part of the company, and that we have in order to make sure that we are running in a good way. And all of this happens through people, so obviously, people and culture is something that is important and that we will also touch upon. So, maybe a bit ambitious agenda, so we will try to cover all those things during the day and hopefully keep you with us on board during that journey. As you know, I mean, when you look at our P&L, a big part of our spend is actually related to components management, and that's obviously something where we need to be excellent in order to be in that business. So those are the two areas we will cover. And then finally, we have a certain number of strategic enablers that we need to have as part of the company, and that we have in order to make sure that we are running in a good way. And all of this happens through people, so obviously, people and culture is something that is important and that we will also touch upon. So, maybe a bit ambitious agenda, so we will try to cover all those things during the day and hopefully keep you with us on board during that journey. As you know, I mean, when you look at our P&L, a big part of our spend is actually related to components management, and that's obviously something where we need to be excellent in order to be in that business. So those are the two areas we will cover. And then finally, we have a certain number of strategic enablers that we need to have as part of the company, and that we have in order to make sure that we are running in a good way. And all of this happens through people, so obviously, people and culture is something that is important and that we will also touch upon. So, maybe a bit ambitious agenda, so we will try to cover all those things during the day and hopefully keep you with us on board during that journey. As you know, I mean, when you look at our P&L, a big part of our spend is actually related to components management, and that's obviously something where we need to be excellent in order to be in that business. So those are the two areas we will cover. And then finally, we have a certain number of strategic enablers that we need to have as part of the company, and that we have in order to make sure that we are running in a good way. And all of this happens through people, so obviously, people and culture is something that is important and that we will also touch upon. So, maybe a bit ambitious agenda, so we will try to cover all those things during the day and hopefully keep you with us on board during that journey. To start, I would like to give you a little bit of a flavor on what we see and how we see the growth path for Scanfil. Christina, that is with us today, and that is running business development for Scanfil, will come back to it later, more in detail, but I would like to introduce a little bit the topic. First of all, as I said before, I mean, when you look at the EMS industry, it's many segmented, many type of activities. What we can see is, Scanfil, we have decided, and we are reiterating and fine-tuning our positioning towards what we call low to mid volume. And it's not something that we picked up alone. I will say it's a combination of things, the way we are seeing ourselves. To start, I would like to give you a little bit of a flavor on what we see and how we see the growth path for Scanfil. Christina, that is with us today, and that is running business development for Scanfil, will come back to it later, more in detail, but I would like to introduce a little bit the topic. First of all, as I said before, I mean, when you look at the EMS industry, it's many segmented, many type of activities. What we can see is, Scanfil, we have decided, and we are reiterating and fine-tuning our positioning towards what we call low to mid volume. And it's not something that we picked up alone. I will say it's a combination of things, the way we are seeing ourselves. To start, I would like to give you a little bit of a flavor on what we see and how we see the growth path for Scanfil. Christina, that is with us today, and that is running business development for Scanfil, will come back to it later, more in detail, but I would like to introduce a little bit the topic. First of all, as I said before, I mean, when you look at the EMS industry, it's many segmented, many type of activities. What we can see is, Scanfil, we have decided, and we are reiterating and fine-tuning our positioning towards what we call low to mid volume. And it's not something that we picked up alone. I will say it's a combination of things, the way we are seeing ourselves. To start, I would like to give you a little bit of a flavor on what we see and how we see the growth path for Scanfil. Christina, that is with us today, and that is running business development for Scanfil, will come back to it later, more in detail, but I would like to introduce a little bit the topic. First of all, as I said before, I mean, when you look at the EMS industry, it's many segmented, many type of activities. What we can see is, Scanfil, we have decided, and we are reiterating and fine-tuning our positioning towards what we call low to mid volume. And it's not something that we picked up alone. I will say it's a combination of things, the way we are seeing ourselves. To start, I would like to give you a little bit of a flavor on what we see and how we see the growth path for Scanfil. Christina, that is with us today, and that is running business development for Scanfil, will come back to it later, more in detail, but I would like to introduce a little bit the topic. First of all, as I said before, I mean, when you look at the EMS industry, it's many segmented, many type of activities. What we can see is, Scanfil, we have decided, and we are reiterating and fine-tuning our positioning towards what we call low to mid volume. And it's not something that we picked up alone. I will say it's a combination of things, the way we are seeing ourselves. To start, I would like to give you a little bit of a flavor on what we see and how we see the growth path for Scanfil. Christina, that is with us today, and that is running business development for Scanfil, will come back to it later, more in detail, but I would like to introduce a little bit the topic. First of all, as I said before, I mean, when you look at the EMS industry, it's many segmented, many type of activities. What we can see is, Scanfil, we have decided, and we are reiterating and fine-tuning our positioning towards what we call low to mid volume. And it's not something that we picked up alone. I will say it's a combination of things, the way we are seeing ourselves. We are seeing ourselves as a player that plays in the field of customer that needs to have a low to mid-volume manufacturing, usually linked to a very high mix. Customer that are usually in the evolving in the, what we call Industrial field, which is either Energy Cleantech, Medtech, Industrial player, they can build many, I would say many different type of device. And for them, we will do different type of things. We will obviously do PCBA manufacturing, but we can also go much further than that, and it can go to box build or full system integration, and in some scenario there, we will actually build the full product for the customers, even take care of the logistics eventually. We are seeing ourselves as a player that plays in the field of customer that needs to have a low to mid-volume manufacturing, usually linked to a very high mix. Customer that are usually in the evolving in the, what we call Industrial field, which is either Energy Cleantech, Medtech, Industrial player, they can build many, I would say many different type of device. And for them, we will do different type of things. We will obviously do PCBA manufacturing, but we can also go much further than that, and it can go to box build or full system integration, and in some scenario there, we will actually build the full product for the customers, even take care of the logistics eventually. We are seeing ourselves as a player that plays in the field of customer that needs to have a low to mid-volume manufacturing, usually linked to a very high mix. Customer that are usually in the evolving in the, what we call Industrial field, which is either Energy Cleantech, Medtech, Industrial player, they can build many, I would say many different type of device. And for them, we will do different type of things. We will obviously do PCBA manufacturing, but we can also go much further than that, and it can go to box build or full system integration, and in some scenario there, we will actually build the full product for the customers, even take care of the logistics eventually. We are seeing ourselves as a player that plays in the field of customer that needs to have a low to mid-volume manufacturing, usually linked to a very high mix. Customer that are usually in the evolving in the, what we call Industrial field, which is either Energy Cleantech, Medtech, Industrial player, they can build many, I would say many different type of device. And for them, we will do different type of things. We will obviously do PCBA manufacturing, but we can also go much further than that, and it can go to box build or full system integration, and in some scenario there, we will actually build the full product for the customers, even take care of the logistics eventually. And where Scanfil has been quite good and where we believe that we should continue to dig into is, we have been quite good at helping those global clients that are leader in their field, in their market, and delivering them a mix of services that allow them to grow their business. And we believe that it's a trend that is going to continue, because we see that those clients are facing a complexity of their offering that is growing every day, and they have to make choices. And the first choice they usually make is to invest in R&D, to invest in product development, and to invest in market presence. And from that perspective, they need a partner to help them to do the manufacturing part of it, and eventually more than that. And where Scanfil has been quite good and where we believe that we should continue to dig into is, we have been quite good at helping those global clients that are leader in their field, in their market, and delivering them a mix of services that allow them to grow their business. And we believe that it's a trend that is going to continue, because we see that those clients are facing a complexity of their offering that is growing every day, and they have to make choices. And the first choice they usually make is to invest in R&D, to invest in product development, and to invest in market presence. And from that perspective, they need a partner to help them to do the manufacturing part of it, and eventually more than that. And where Scanfil has been quite good and where we believe that we should continue to dig into is, we have been quite good at helping those global clients that are leader in their field, in their market, and delivering them a mix of services that allow them to grow their business. And we believe that it's a trend that is going to continue, because we see that those clients are facing a complexity of their offering that is growing every day, and they have to make choices. And the first choice they usually make is to invest in R&D, to invest in product development, and to invest in market presence. And from that perspective, they need a partner to help them to do the manufacturing part of it, and eventually more than that. And where Scanfil has been quite good and where we believe that we should continue to dig into is, we have been quite good at helping those global clients that are leader in their field, in their market, and delivering them a mix of services that allow them to grow their business. And we believe that it's a trend that is going to continue, because we see that those clients are facing a complexity of their offering that is growing every day, and they have to make choices. And the first choice they usually make is to invest in R&D, to invest in product development, and to invest in market presence. And from that perspective, they need a partner to help them to do the manufacturing part of it, and eventually more than that. So that's where we are, continuing to focus and continuing to work for. So this is something that is important for us when we try to look at, okay, where are we acting and what we are trying to offer? Then, we have in the past been reporting five customer segment, and we have decided that we will simplify that. We will move from those five customer segment to three customer segment that are Medtech and Life Science, Energy Cleantech, and Industrial. I think there is two reason for that. I think that it becomes a much more clean-cut for our follow-up and our measurement. We can map from market data. So that's where we are, continuing to focus and continuing to work for. So this is something that is important for us when we try to look at, okay, where are we acting and what we are trying to offer? Then, we have in the past been reporting five customer segment, and we have decided that we will simplify that. We will move from those five customer segment to three customer segment that are Medtech and Life Science, Energy Cleantech, and Industrial. I think there is two reason for that. I think that it becomes a much more clean-cut for our follow-up and our measurement. We can map from market data. So that's where we are, continuing to focus and continuing to work for. So this is something that is important for us when we try to look at, okay, where are we acting and what we are trying to offer? Then, we have in the past been reporting five customer segment, and we have decided that we will simplify that. We will move from those five customer segment to three customer segment that are Medtech and Life Science, Energy Cleantech, and Industrial. I think there is two reason for that. I think that it becomes a much more clean-cut for our follow-up and our measurement. We can map from market data. So that's where we are, continuing to focus and continuing to work for. So this is something that is important for us when we try to look at, okay, where are we acting and what we are trying to offer? Then, we have in the past been reporting five customer segment, and we have decided that we will simplify that. We will move from those five customer segment to three customer segment that are Medtech and Life Science, Energy Cleantech, and Industrial. I think there is two reason for that. I think that it becomes a much more clean-cut for our follow-up and our measurement. We can map from market data. So that's where we are, continuing to focus and continuing to work for. So this is something that is important for us when we try to look at, okay, where are we acting and what we are trying to offer? Then, we have in the past been reporting five customer segment, and we have decided that we will simplify that. We will move from those five customer segment to three customer segment that are Medtech and Life Science, Energy Cleantech, and Industrial. I think there is two reason for that. I think that it becomes a much more clean-cut for our follow-up and our measurement. We can map from market data. So that's where we are, continuing to focus and continuing to work for. So this is something that is important for us when we try to look at, okay, where are we acting and what we are trying to offer? Then, we have in the past been reporting five customer segment, and we have decided that we will simplify that. We will move from those five customer segment to three customer segment that are Medtech and Life Science, Energy Cleantech, and Industrial. I think there is two reason for that. I think that it becomes a much more clean-cut for our follow-up and our measurement. We can map from market data. So that's where we are, continuing to focus and continuing to work for. So this is something that is important for us when we try to look at, okay, where are we acting and what we are trying to offer? Then, we have in the past been reporting five customer segment, and we have decided that we will simplify that. We will move from those five customer segment to three customer segment that are Medtech and Life Science, Energy Cleantech, and Industrial. I think there is two reason for that. I think that it becomes a much more clean-cut for our follow-up and our measurement. We can map from market data. But also, what we will do based on that, and Christina will get back to it, is we will organize ourselves to face those customer segment in a different way in order to create focus, expertise, and leverage on the knowledge we have on those segment. And we believe that those segment are of interest because they are all, in a way, historically, have been providing a growth that is higher than the overall EMS market. I mean, even if you look at Industrial, over the last three years, we have a growth of around 6% on that part of the business. And then when you look at both Energy Cleantech and Medtech, there you have a growth that is double digit, between 17%-20%. But also, what we will do based on that, and Christina will get back to it, is we will organize ourselves to face those customer segment in a different way in order to create focus, expertise, and leverage on the knowledge we have on those segment. And we believe that those segment are of interest because they are all, in a way, historically, have been providing a growth that is higher than the overall EMS market. I mean, even if you look at Industrial, over the last three years, we have a growth of around 6% on that part of the business. And then when you look at both Energy Cleantech and Medtech, there you have a growth that is double digit, between 17%-20%. But also, what we will do based on that, and Christina will get back to it, is we will organize ourselves to face those customer segment in a different way in order to create focus, expertise, and leverage on the knowledge we have on those segment. And we believe that those segment are of interest because they are all, in a way, historically, have been providing a growth that is higher than the overall EMS market. I mean, even if you look at Industrial, over the last three years, we have a growth of around 6% on that part of the business. And then when you look at both Energy Cleantech and Medtech, there you have a growth that is double digit, between 17%-20%. But also, what we will do based on that, and Christina will get back to it, is we will organize ourselves to face those customer segment in a different way in order to create focus, expertise, and leverage on the knowledge we have on those segment. And we believe that those segment are of interest because they are all, in a way, historically, have been providing a growth that is higher than the overall EMS market. I mean, even if you look at Industrial, over the last three years, we have a growth of around 6% on that part of the business. And then when you look at both Energy Cleantech and Medtech, there you have a growth that is double digit, between 17%-20%. For us, we feel it's the time has come for us to really leverage on that knowledge. These are clients that value what we do, that we have built an understanding on what they need from us and how we can operate. So we want to do that. And the way we will do that is by making sure that we specialize our team in order to face the customer that have similar needs and move forward this time. When we look at the long-term plan, I mean, this is a picture of the history in terms of growth. When we look at the long-term plan and what is foreseen, we still foresee that those customer segment will have a CAGR over the coming five years that is above the average. I mean, we talk about 6%-8%. For us, we feel it's the time has come for us to really leverage on that knowledge. These are clients that value what we do, that we have built an understanding on what they need from us and how we can operate. So we want to do that. And the way we will do that is by making sure that we specialize our team in order to face the customer that have similar needs and move forward this time. When we look at the long-term plan, I mean, this is a picture of the history in terms of growth. When we look at the long-term plan and what is foreseen, we still foresee that those customer segment will have a CAGR over the coming five years that is above the average. I mean, we talk about 6%-8%. For us, we feel it's the time has come for us to really leverage on that knowledge. These are clients that value what we do, that we have built an understanding on what they need from us and how we can operate. So we want to do that. And the way we will do that is by making sure that we specialize our team in order to face the customer that have similar needs and move forward this time. When we look at the long-term plan, I mean, this is a picture of the history in terms of growth. When we look at the long-term plan and what is foreseen, we still foresee that those customer segment will have a CAGR over the coming five years that is above the average. I mean, we talk about 6%-8%. For us, we feel it's the time has come for us to really leverage on that knowledge. These are clients that value what we do, that we have built an understanding on what they need from us and how we can operate. So we want to do that. And the way we will do that is by making sure that we specialize our team in order to face the customer that have similar needs and move forward this time. When we look at the long-term plan, I mean, this is a picture of the history in terms of growth. When we look at the long-term plan and what is foreseen, we still foresee that those customer segment will have a CAGR over the coming five years that is above the average. I mean, we talk about 6%-8%. For us, we feel it's the time has come for us to really leverage on that knowledge. These are clients that value what we do, that we have built an understanding on what they need from us and how we can operate. So we want to do that. And the way we will do that is by making sure that we specialize our team in order to face the customer that have similar needs and move forward this time. When we look at the long-term plan, I mean, this is a picture of the history in terms of growth. When we look at the long-term plan and what is foreseen, we still foresee that those customer segment will have a CAGR over the coming five years that is above the average. I mean, we talk about 6%-8%. For us, we feel it's the time has come for us to really leverage on that knowledge. These are clients that value what we do, that we have built an understanding on what they need from us and how we can operate. So we want to do that. And the way we will do that is by making sure that we specialize our team in order to face the customer that have similar needs and move forward this time. When we look at the long-term plan, I mean, this is a picture of the history in terms of growth. When we look at the long-term plan and what is foreseen, we still foresee that those customer segment will have a CAGR over the coming five years that is above the average. I mean, we talk about 6%-8%. For us, we feel it's the time has come for us to really leverage on that knowledge. These are clients that value what we do, that we have built an understanding on what they need from us and how we can operate. So we want to do that. And the way we will do that is by making sure that we specialize our team in order to face the customer that have similar needs and move forward this time. When we look at the long-term plan, I mean, this is a picture of the history in terms of growth. When we look at the long-term plan and what is foreseen, we still foresee that those customer segment will have a CAGR over the coming five years that is above the average. I mean, we talk about 6%-8%. So a little bit lower than what has been seen before, but still a level of growth that is above the average. And from that perspective, we believe that both our customer portfolio from today help us to have the critical mass to serve even more customer in those segments tomorrow. And that's what we want to focus on. And in the same times, those are customer segment that we have a growth that is higher than the rest of the market. To support those customers, and as I said before, many of those customers are either very sizable customers that have activities around the globe, or we have a few of them also, some start-ups very successful, that are growing at very high pace. We need to be able to serve them where they need to be served and where they want us to be present. Today, we have a footprint, as I mentioned before, in the U.S., in Europe, and in Asia. But we also see that in the future, we will have to evolve and develop new areas. I mean, the USA is definitely an area where we need to have more presence, as well as Southeast Asia, outside of China. And that's also why we will be looking at potential acquisition. We have also, in the same time, been working on increasing our capacity. That has been an exercise over the last years, which is an important exercise to do, because we need to make sure that we can continue to support our customer in their development. On that picture, I mean, we announced recently the major investment we are doing in Sieradz, where we will double our capacity by 2025, which will help us to support a certain number of our customers. But it's not the only one. We had also Atlanta, where we launched our new line for electronic manufacturing this year. And I've also done other investments in other facilities, Malmö, Wutha-Farnroda, and also Mysłowice, over the last year, that have given us capacity. Those are things that are important, because obviously, to grow, you need customers, but you also need to be able to produce something for them and to grow. And what we can see is even if we have been keeping good level of profitability, we still have capacity to serve those customers, and we are building extra capacity for future development. So we are at a steady pace on keeping ourselves on our toes to continue to propose a possibility to our customer to grow with us. Another component in growth is our offerings, and Christina will cover that more in detail later. But today, we can see that we have a certain number of services we offer our customer that are close to manufacturing. It's how you design, how you do VA/VE, how do you manage components? And all those services are very important to us. How do you do testing of your product? And how you use our platform to test your product. Those services are important to us. Obviously, they generate some revenue, but more than that, they create stickiness with our customer. I mean, when we look today at the number of product we have touched one way or the other, either by doing VA/VE, either by doing management of components for a customer, then you realize that's actually a very big number of our revenue, a very big part of our revenue. So we believe that those services are very important for Scanfil's future and Scanfil development. And then the last element from our growth journey and our growth pillars is M&A and acquisition. When we look at Scanfil's history long term, it has been a few M&As that has been transformational for the company. I mean, if you look at PartnerTech acquisition, for example, it's something we still benefit today. I mean, we have a lot of customers that we are leveraging today that come from that time. And we have a lot of sites that we are growing today that come from that time. And from that perspective, we see it as something that has been part of our history, but that we should now leverage on and continue the journey with. And you will see a little bit later, we have, over the last couple of months, built a quite solid financial position. We believe we are in a shape now to go and look for potential target, which we have started to do. And we want to do it in a more systematic way. So we want that to become part of Scanfil strategy, to have a continuous flow on acquisition that will allow us to either, build our network of factories in areas where we see a need for increasing our footprint, or also to take new customer on board that will then benefit on the rest of our factories. And in many ways, it is not rocket science. It is what has made Scanfil successful. I mean, we have a few very successful customers today that come from, as I was saying, this PartnerTech acquisition, and one I have in mind that is now spread around eight of our sites, came from PartnerTech. We have also, in terms of footprint, the same example. Sieradz came from that acquisition, is now a very big site, and Timo will talk about that site later. So from that perspective, it is a positive development, and it has been a positive development. And we feel now it's time for us to become systematic on that approach and have it as a constant part of our strategy and a regular part of our activities. Taking a break that I can continue. The second part is the efficiency part, and there is three elements that are very important to us. I will start with supply chain. As you know, a big part of the money we manage is actually transaction. We have our suppliers and inventory and element like that. We believe that. There it's very important that we keep the focus and we make it part of our DNA to be good in what we do and good across all our factory. We have set a certain amount of target when it comes to quality, when it comes to inventory rotation, that we believe are something are keys. When you are part of the Scanfil family and run a factory, those are things you should be working on. I think it's important for our financial performance, it's important for our financial health. It's also important for our customer relationship, where they expect us, I would say, both to create connection with some of the suppliers. Despite their size, many of our customers don't have access to the top-notch manufacturer of electronic component, so they rely on Scanfil, and they appreciate the support from Scanfil in that field. But also, they appreciate the stability and the professional way to handle inventories. So this is something that we will continue to work on, and we have built competence across our organization to have a good performance on it. The second element that we are very proud of is how we have combined, I would say, the strengths of a group with a multiple number of factory, and also keeping the right ownership in the different units and the different countries. We have had a program related to creating modern, automated, and digital factory that will, in a way, take a new step in the future, and that has allowed us actually to make sure that we keep our factory up to date and competitive, and we keep our factory as modern tool. We will cover that a little bit later today. But definitely, to keep competitive, we need to have factories that are modern, that are up to date with both their equipment and their way to do things. We have a few very successful examples that are prized by our customers, but I will let my colleagues talk about it later. Sorry for the teasing. But we are very proud of that, and we feel it's the time to move forward. What we feel also, it's very important that we get the push from those factories to identify what they need. I mean, we have a palette of choice and a few things that we can do and best practices. And then our factories are really acting, depending on the business they are in and the type of customer mix they have, to modernize their tools. And that has been done in a very successful way, and that's why we felt now it was time to take the next step in that journey. So, all in all, those are for those two pillars. Then, when we look at both the culture part and the people part as well, that the... I would say, the enablers to make this happen, I think there is a few things we have decided to adjust and work upon. The first of them, and it's impacted, obviously, I would say, all the people in Scanfil and the people outside Scanfil, because the way we work with our customer impact them as well, is our values. And we have had values for long times that are around customer focused, and that we definitely want to keep. I mean, it is important that we keep close relationship and a partnership with our customers. We have a strong willingness to achieve things together. I would say, as a new CEO, I was extremely impressed when I came in the company by the willingness of people to do things together, to focus on the task, to focus on the challenges, and to solve them. And that's definitely we want to share and continue. And then, engagement and performance is also an important element. I mean, we are in an industry where it's not easy every day. You have small level of margin and you have to be very focused on performance and on efficiency. I mean, in the same times, you have also the chance that it's fairly long cycle. So performance is recognized by the customers, and those customers we have had for many years, and they remain many years with us. So performance matter. The one we will, we are introducing with the team is, empowered and empowerment. We have grown as a company from a small family company. We have now multi-site company, international players. And it's very important for us to make sure that the people in China, the people in U.S. or people in Poland, know what goods look like and get a very clear picture on the expectation and how they can evolve in that field. And it's important because we need to continue to create speed, we need to continue to advance, and we need everyone to be aligned. So, we are now working through making sure that we clarify expectation, we clarify the rules of the game, and we, from that perspective, are able to move to the next step and continue our growth with more people on board. The second element that is important to us is our sustainability policy. As you have noticed in our customer portfolio, I think there is two characteristic of our portfolio. The first one is we have in our top ten clients, a lot of major Nordic Industrial players that in many ways have decided to have a proactive policy when it comes to sustainability, and have had for, I would say, all of them, very strong commitment to that. In the same time, we are also benefiting from that new industry. I mean, I was talking, and I have been talking during our last report of the performance of our Energy and Cleantech segment, that has been growing at a very high pace. The third one, and it's related a little bit to the previous one, is sometimes a little bit on which company do you want to, to be? Do you want to, to be inspiring people or not? And I think that the sustainability topic today inspire a lot of people... And from that perspective, we see it as a chance for us to move forward. We see it as a chance to create stickiness with our customers. We have had, over the last couple of months, a lot of discussion with project manager to CEO in our customer to discuss, okay, how do you see the sustainability trajectory? How do you need us on that one? We have had very positive feedback. So, we have decided now, and we submitted last week our a letter to SBTi to commit to net zero by 2050. We have now started that journey, and we'll now move forward with that journey. We believe that it's no choice in a way, but also it's a very important inspirational element. It is also something very fun that we are going to do with our customers. So, a step forward for us that are moving towards building a more sustainable company and also making sure that we continue pushing the boundaries. All in all, as a final consequence of what I have been showing, we have decided to adjust our long-term target and adjust and maybe modify a little bit. On the growth side, we are aiming at the 10% growth over the cycle, which you know that. I mean, it means sometimes it will be higher, sometimes it might be slower, but a 10% growth above the cycle, and we believe it's fully achievable by a combination of the customer portfolio we have and the area where they operate in terms of sub-segment. But also, it will be made possible by a few acquisition, an M&A, that will complement our organic growth. In the same time, our operating margin, we have decided to move from 7% to a corridor that will be between 7% and 8%. I mean, we believe that we are reaching a position where our level of efficiency can allow us to have a more ambitious view on our profitability. In the same time, we want to have a balanced picture on our debt level, and we will cover that a bit later, but we have a net debt target of 1.5x EBITDA that we are going to cover a little bit, both in a way to have room for our expansion, but remaining a company that is stable and reliable on a financial basis. And then, I will say the only one we are not touching is the dividend piece, that will remain at one-third of EPS. So those are the new financial target we are going to proceed with from now on. So to close the first session and conclude that first session, first one, we believe that we are in a good position to growth, and we are now taking action to allow ourselves to grow. We will focus on three segments. Two of them have a perspective of growth that is much higher than average, so that we and where we have a strong position, and we want to capture. So that's the first element that should move us forward. We will start to work on M&A, and we have started to work on M&A in a way that is systematic, and we believe that M&A is going, from now on, to be part of Scanfil journey. And all of this, we will do by keeping efficiency. We believe that we are in the manufacturing industry, and being efficient is important. And the way we do that is by, on a constant basis, improving on our manufacturing tools and our company. And finally, we do it with people, and we believe that it's time for us to educate as many people as possible and make sure that we have a model that allows our teams to take responsibility and move forward. And that's very something very, very, very important to make sure that we have a scalable company. And we will finally engage ourselves in a stronger journey around sustainability, because we believe that it's the profile of Scanfil, and that's something that match very well the people we like to do business with on a daily basis. So with that, I will close that first session. Yeah. Thank you, Christophe. Couple of practicalities or one more practicality regarding the questions. We will take this as two different sessions. Now, after Christophe, Kai will be presenting his presentation, and after that, we will have a Q&A session. Then we will have a break, and after that, we will have actually three more presentations, and after that, we will have another Q&A session. So only two Q&A sessions instead of having a Q&A session after all the presentations separately. Hey, Kai, there you go. Thank you. CFO, Kai Valo. Thank you, Pasi. Thank you, all participants here and online. And now we talk about financing and financing, and looking first a bit to the victory history. And I started to... Maybe it's also victory, but I started my presentation from the investments. And talking of M&A, I think it's good to look- ... A little bit back mirror what we have done in the past. And here is also acquisitions or M&A and investments in tangible and intangible assets. And the light pillars are like normal investments for organic growth, and then we have the M&A with the darker pillars. And as you can see, the timeframe is 10 years, like in all of the upcoming pages, same timeframe, 2014 till 2023. Yep, starting from the beginning, there is small acquisition in the past, HASEC in Germany, and, but then, like already mentioned by Christophe, then we had major acquisition in 2015, EUR 45 million of cash investment. So here we talk about the cash flow. EUR 45 million cash flow, which was big investment on that time for us. And you can see later from the figures that how it was impacting to us. Then we had smaller ones in 2019. We acquired a company called HASEC in Germany. It's our factory in Wutha now, we call Wutha, Wutha factory that... In 2020, also, we have a divestment of Hangzhou factory, and I would say quite successful, EUR 13 million positive cash out of that, and maybe I would say that strategically, good timing and selection, a bit less or like a footprint in China, but more importantly than the manufacturing pure sheet metal without major integration was maybe not the best for us. And then last two years we could say that we have a high organic growth investments, and otherwise it has been about EUR 10 million a year, the organic growth investment, but last two years, EUR 20 million a year, for the like areas which were already mentioned, a lot of PCBA in the last year, as well as then in again PCBA in the USA, like a greenfield investment. But it is up because then it's impacting the upcoming result of the first significant acquisition in our revenue turnover or turnover growth, and it has been achieved 17.3% in the full period. And first speed, fast speed growth, 2014 to 2016, that was because of this acquisition of PartnerTech. And And it's showing like this because first year, 2015, was just 50% consolidated, and then 2016 was 100%. More than doubling the revenue those days. Then quite natural time of like integration and restructuring after that. And then, like mentioned, there was more small acquisition and then some divestment and then fast organic growth pace during the last three years. Ending up to this EUR 900 million of last year, which we are very proud of. Part of the story could you mention again impacting to the slides upcoming is that this light blue part of the bar, and that is called spot buy sales, meaning in practice that as you're all aware of the challenges in the like component market and challenges to find and deliver the product for that. And then, we've been working hard on the spot market and to find and be able to make the deliveries, which are as important as our customer as for us to make the deliveries. Sometimes those come with higher price, and then we have discussed and agreed the price difference separately. That's basically no margin, it's in very low margin basis. That's why it's separated here, a hundred and thirty million in three years in total, and 228 million impact. So that has a big impact to the next page, when we're looking the profitability figures. This, the adjusted operating profit, adjusted means that basically excluding, one-time cost related to M&A and such, or like, shutting down the site or such. But not like operational, excluding any operational expenses. And again, you can see the same pattern here in this page that then after the acquisition-... The profitability drop a little bit the, like, acquisition in 2015, and it's quite normal have a integration and restructuring activities, and then picking up to the level of nearly 7%. Now we are again on the level of 7% in 2021, 2022. The spot buy revenue and the low profitability for that part is heavily impacting as also the overall the challenging situation with the component market. Of course, it's impacting to the efficiency a bit. But the average growth in this period is more or less the same as what we have with the revenue. Net working capital, could say that we are targeting for, like, a 20% level. It has been a bit lower, but, but in the past it has been, like, 20% our, our target here. And now, for the same reason, when, when had the challenging component market, we were, forced and, and also willing to increase to certain extra inventories, and we needed to finance that as well. But that also was like, makes possible us to make the deliveries and make the organic growth what we have been showing in the, in the past, couple of years. So that was kind of, mandatory to do, and we needed to finance it as well. Now, in last year, we are, like, back on, on track in working capital and lowering 20, 24% finished the last year, and there is a new expectation that that could further, improve. Net debt is more or less following the same storyline first, but it's interesting to look at this twenty fifteen, when PartnerTech was acquired, the net debt to EBITDA, which we are now targeting to keep in average 1.5 level, was 2.5, almost 2.6 on that time. It was quite heavy, even value-wise. If compare our capability now, it was not so big, EUR 45 million cash, but now EUR 45 million in cash is not that big for us. We are in the different ballgame already. But that time it was big one. Then net debt also growing a bit, 2021, 2022, for the reason that the inventories were growing, and we were prepared for this to tackle the shortages of the components. Now, actually, we are in very good level, EUR 50 million, 0.6 is the net debt to EBITDA, and EUR 50 million. But if you compare back to this, the time when we acquired PartnerTech, EUR 45 million, and now we are net debt EUR 50 million, EUR 50 million. We are a bit less in total than on that time. Balance sheet is developing. This is showing comparison of last and the previous year in balance sheet. Just a few words about this, that, inventories were dropping EUR 20 million in the last year, and then equity growing about EUR 40 million, and then we were paying off the loans over EUR 30 million. So we are in a quite good shape with the balance sheet. Salespeople could say that we are in very good shape. Net cash from the operating activities, there is nice trend at first and then, then again, for the same reason, the inventories growth were driving the net cash from the operating activities even negative and very low in two years, 2021 and 2022. Last year, all-time high, extremely good, over almost EUR 70 million of positive cash flow. Out of the EUR 70 million, like said, that then we paid the loans, we paid dividends, EUR 13 million, and we invested EUR 20 million. So it was, well, used for many, many purposes. Already mentioned by Christophe that ten years behind and eleventh year coming with the growing dividend. Maybe more importantly, we can see the trend of earnings per share growing equally. 2020 is a bit peak for the reason that this Hangzhou divestment was impacting to the net profit. Return on equity, this is very important, and I want to highlight that this is how. From the investor point of view, probably one of the most important metric. In the last seven years, we are in a level average 19% on return on equity, and this is what we need to take care that going forward, when investing, we make sure that we are able to provide the return. We are trusted by the shareholders. In average, we keep two-thirds of the profits in the company, and one-third is paid out as a dividend. And this share, what we keep in the company, needs to be smartly invested to provide the future return, which is better than shareholder can find from the market, I hope. Equity ratio also growing gradually, but again, same pattern that then 2021, 2022, it's a bit lower than in average for the reason that our balance sheet was higher. Now the balance sheet is still almost the same, but then our profitability is significantly improved, so we are added added more equity. Okay, and then coming to, like, a peak of the future, what we are capable of considering, and look—I think it was good to look a bit history and then. We are in have a strong view that then, like our debt capacity, that means that what we could quite... Easy is not a good word, but without big struggle, we could invest and make M&A is like EUR 150 million. This is the value of debt we could, without big pain, add more, and with that, we would end up to like net debt to EBITDA 1.7, and very fast, likely coming down. So then it would keep us below average 1.5 still. And that would likely, of course, that's very much guessing, but then that could, if like a company like us, it could mean, roughly speaking, EUR 200 million more revenue. But that's, of course, case by case view, but some sort of thumb rule. Referring to that previous slide, I want to show that then what it means, this 10% growth organically—10% growth total in 5 years. That means organically we would end up to from EUR 900 million to 1.15 billion euro of revenue. And then we would close the—we need to close the gap with EUR 300 million revenue from inorganic growth. And yeah, again, referring to the previous slide, that is totally not out of scope. It's totally possible to do so. And still keeping the debt ratio kind of reasonable, and I think that that's important to keep the risk on the manageable level. So, from my side, the key takeaways are, like, the... We have done profitable growth over 10 years, 16%-17% level. We are very strong. I added the word very. It's very strong balance sheet, but it's important for us because we want to be reliable business partner for the customers, our suppliers, financers, as well as then public authorities, tax authorities, et cetera, so that then we are good national. Good return for the equity. Last 7 years, in average, 19%. Net debt is not limiting the future growth. Of course, there is always a limit, but not what we are targeting. In that range, what we are targeting for. And then, organic growth can be supplemented with this inorganic growth. Last but not least, the dividend is expected to increase one more year, eleventh time. Thank you. Yeah. Thank you, guys. Excellent presentation. Let's open up for questions. We have... Let's take first online questions. I think the first one goes to Christophe. Congratulations. "Do you have any revenues today from defense? What about future plans for defense exposure? We have some customer that are acting in the field, in that field. I mean, the most famous one, in a way, is Invisio that we advertised, I think it was in Q3 report, that has been growing very significantly and benefiting from the trend on that segment. So, so we have some activities there, but as I said before, I think that we are in an industry where you work through very long-term relationship. And therefore, the area where we have decided to have our focus on expansion, our Medtech and our Energy Cleantech. It doesn't mean that we don't have area in other field, but the area of focus are those two. So, defense, we have some customer we will continue to support, and we have opportunities that we pursue, but we believe very strongly on the other segment, actually. ... And thank you, Christophe. Maybe next two goes to Kai. What has been underlying long-term organic average annual growth in the past? Very specific one. Yeah, 17% total growth. But then isolated the organic growth, I cannot exactly do it right now. Of course, it can be actually calculated from the figures, I guess. In your organic, this might be actually going to Christophe. In your organic growth target, unchanged, is it your organic growth rate unchanged at 5%-7%, and acquisition now representing 3%-5% of the new target of 10%? I will say that the average growth trend is in the range of the segment we have selected between 6% and 8%. That's what we can hope from those opportunities, which is slightly higher than the 5%-6% of the market. Then we believe we will complement that by acquisition. Okay, thank you. Next one goes to Christophe. Still, what is your core competitive edge which makes you different from competitors? There is a few things here. I mean, first of all, we need to realize that the market we are evolving in is quite complex market. I mean, even when we say we deal with global customers, we actually deal with fairly complicated organizations that have different unit and different focus. And Scanfil is quite good at managing those clients that are global customers, and that in the same time need to have a local support. So the way we balance between a global key account management and local support from the operation where you are dealing with is a very good way to develop ourselves. That's one element. The second element is we have developed additional services around our offerings, around manufacturing, where we are good on uncovering the spot that is a sweet spot for those people that are managing their second generation of product and offering. So when we do VA/VE, when we support our clients in adjusting their components to the market situation, we create an edge. And then the last thing is the footprint of factory we have is quite unique. I mean, we cover all the customer segment. We manage those mid-high volume in many places in the world. So I will say the mix of how we handle those global customers or visible customer across different geography with a big complex mix makes our offering quite unique. And also this complexity makes some stickiness. I mean, sometimes from our presentation, you might think, "Okay, but there are 10 customers that represent half of the business." But one customer might be 10 or 15 units, 200 or 300 product lines. So that becomes a very different story. It's not something like you wake up in the morning and say, "Okay, let's move it to somewhere else." It also means that to win customers, it takes a little bit of time. So we need to make choices, and work very hard on it to win it. That's also why today we say, "Okay, Cleantech, Medtech, and Energy and Cleantech, we have a right path. We're gonna work on it, not only tomorrow, but the next five years in a consistent way, and it will bring us customers." So sorry, I was a bit long on that answer, but- Yeah, no problem. I think that actually Christina will continue from here at, in her presentation. Are there any questions from the floor? Just a sec. Yes, thank you. Could you please just, sorry if you if I didn't understand you correctly, but in the growth target, did you say that, Kai, you said that, you assumed 5% organic growth and 5% acquisitions? No, that maybe I can try to be a bit more specific. That was somehow like an illustration that if we would have 5%, which is the maybe normal market rate, 5%-7%, and we expected that if there would be 5% of organic growth and then another 5%, then of like completed with the inorganic growth. But of course, the combination can be a bit different, and we have also capacity to... Let's say, if organic growth would be lower, we have capacity to supplement that with inorganic growth, or it can be vice versa, or it's just the target ratio. Okay, but isn't that a bit conservative, given that you have a, you know, strong organic growth in the past, and you're- Yeah, yeah, well, I think, well, I can continue that, complement that. I think for us, what is important is to say, "Okay, how do we reach this mix of 10%?" That is more than what we have been claiming in the past. And there are two components out of it. One, as I said before, it's an organic growth that we believe should be between 6% and 8%, when the market is between 5% and 6%, because of the vertical market we are on. And then that we can complement by an M&A path that you could say, yes, it could be between 3% and 5%, so we could say 12% as well. Then you really don't know what comes at which time and in which moment. So that's why I think that the 10% is a realistic ballpark. Then will it be 5 and 5 or 6 and 4? That we can debate for a very long time. But that's just to give you a flavor on... We have the capability to finance the plan that we want to go after with M&A, and we believe that we are evolving in a market that is supporting our long-term target. ... Okay, thank you. Regarding the operating margin target of 7%-8%, is that an average, or is it over cycle, or how should we interpret it? I think that the way you should read it is over cycle, we would like to navigate between those two numbers, as consistently as possible. That's the way you should read it. Okay, thank you. Thank you. Any other questions from the floor? Just a second, I'll check if there are something online. Not at the moment, so we're actually getting ready for the break. So let's take a 50 minutes break. I don't think that we will take a longer one. And, we return to this room, so there will be coffee, tea, and other stuff actually served in the next door. Okay. Thank you. Hey, just a sec. We just got one more question, so don't go yet. Just when you say it, on end with A, could you elaborate on what you look for in the, in the terms of synergies? Let's start with that one. I will continue. It was a long one. Yeah. I think there is two things I mentioned before. I mean, we believe that a complementary footprint geographically will give us this chance to leverage even more on the current customers. I mean, we have a constant discussion with our global customer to understand where they would like to get support from us. So that's the first, I would say, synergy we can find, which is extra revenue for the company we acquired by bringing business from our current customers to the different facilities. Then there is also another angle, which is to find companies that have an interesting customer portfolio in the segment we are looking for, and help them to grow those customers through our network of factories. So I will say those are the main synergies and the main value creation we can have around growth through M&A. And in a way, it's not different from what the Scanfil history has been. I mean, all the PartnerTech acquisition has been a lot about using sites to bring all the Scanfil customers to go on those sites or vice versa. Okay, thank you. Then the continuation for the question is actually regarding the valuation. How is your valuation framework and approach? How sensitive are you to, are you buying, paying, premium increases earnings multiple? Many peers are valued at 10x EBITDA, and private targets may also not often to be that cheap. Yeah, I, I think that that's something that is, maybe a little bit premature to answer to. But I think that we can still see that we are in an industry that is still very fragmented. And obviously, I mean, you, you can look at our, at the peers that are visible, the people that are around us. But when we look at our market and the whole market, I mean, we see a lot of still family-owned company across the world that have a potential, and that probably are in a level of price, that are a reasonable level of price. Okay, thank you. Any further questions? When I'm saying this, there will be popping up a question in the chat directly, but, let's take a 50-minute break, and if there will be further questions, so just hit the chat and we will read those and post those questions later on. Okay, let's take a break of 15 minutes. Thank you all. Thank you, Pasi. ... Okay, thank you. Welcome back. So it's 20 past now, so we are actually 30 minutes ahead of the schedule at the moment, but we will continue still. So next one will be Christina, and she will be discussing our sales and our new customer segmentation. So, Christina, welcome. Thank you very much. Great to be here, and especially exciting to be able to talk about growth, because if there's something that's exciting, it's growth, and we are indeed geared up.... And overall capabilities to deliver with high flexibility and good customer service. We see segment growth drivers, and we'll talk more about them. It's an exciting time because actually now, on Monday, March eleventh, we're going live in Scanfil with a new structure, with sales and business development, with focus teams focusing on the three segments: Industrial, Energy, Cleantech, Medtech, and Life Science. Having people who wake up every morning wanting to eat, breathe, and drink the segment and really focus on that, coupled with strong customer focus teams at our sites. We do provide value during the entire product life cycle for our clients, and this gives value in the low to medium volume, high mix, where we play. When it comes to early engagement for development services and design, Industrialization into manufacturing, and here we play both with sheet metal manufacturing in certain sites, especially here in Europe, cable manufacturing at certain sites for vertical integration, for our own system integration offering, and also big, big focus on PCB electronics manufacturing, box building, system integration. It's kind of like the core of what we do. And then after-sale services, with helping with product maintenance. Christophe talked about the different generations. A lot of our larger, solid industrial clients and in Energy and Cleantech, they want to focus on new product lines. Where we can add value is really to take care of the older product lines that also need to be maintained, that are maybe not in the highest focus for the clients. So development services have become even more important lately, and especially, I would say, after the pandemic. Everybody, all our clients and ourselves, we were all affected in the pandemic with component shortages, trying to find alternative components, finding solutions to be able to deliver to the end client demand. It was a huge struggle for all of us in the EMS market and for our customers. This has now given us more opportunities for dialogue, especially with the customers where we've had really long partnerships, to look at how can we help with value analysis, value engineering? How can we help to cost optimize, to find solutions together? And this is kind of like where the magic happens. I was recently in Mysłowice, in Poland, in our factory, where we had advanced system integration and mechanical manufacturing, and we had a two-day workshop with one client looking at how can we cost reduce this unit? With the experts from the client and our experts from a global design and engineering perspective, our factory staff who work with manufacturability assessment, two-day workshop to find ways. And now we have a project cooking together to see, yes, how can we move forward? How can we give value? And someone asked in the Q&A question earlier here, why—what's so special about Scanfil and what can we do? This we can do really, really well, and this is so much appreciated by our closest clients. And I was thinking about this as I was sitting, listening to Christophe here earlier. There's this saying in Tanzania. I heard it once when I was there on vacation: "If you want to go fast, you go alone. If you want to go far, you go together." This is all about going together, and that's the goal of what we want to do and focus on. We also have a functional test platform that we have developed within Scanfil, and we help our clients with test development services. This, you know, leverages our expertise in manufacturing and test. It's not always an expertise that all of our clients have, so this can also add value. Wanted to just show how this can help us to grow as Scanfil. It increases value add for the customers, it increases value add for us, it also improves customer satisfaction, and it creates real stickiness. Because when you have projects like these to enhance the offering, the end customer offering, you get to kind of like a different stage with real partnership, not a transactional, kind of like traditional contract manufacturing, supplier versus client relationship. We talk about design-driven manufacturing, the green bars here. It shows here how work we have done and touched with development services, how this business grows over time. It shows the volume, the manufactured volume of products. So this is important for us. Also, the test development work we do and the functional test equipment that we supply, and that the customers can leverage, how this helps us to also increase our volume manufacturing revenue. So we touch a lot of the customer spend, when we do these kinds of services. So increasingly important, and the pandemic and its aftermath has really given this even more emphasis than it did earlier. So whom do we do business with? Industrial, Energy Cleantech, Medtech, Life Science is clear. That's where we play. Low to medium volume, high mix, also where we play. So maybe you ask, "What's low to medium volume?" Well, we say low volume is probably, you know, a product part number in volume below 10,000 units a year or so. When it comes to medium volume, maybe between 10,000 to, let's say, 500,000 units a year. That's where we play. When it comes to really, really high, high volumes, millions to millions of units of the same product a year, we don't really play there. We play best in low to medium volume, high mix. We're working with profitable, established growth clients, and we leverage the mega trends. We have focus on certain clients, certain areas. We don't go after anything. Very strategic focus is how we go to market from a sales and business development perspective. Sometimes we work with younger, established OEMs with growth potential, very selectively. Sometimes I get asked, "Oh, you don't want to do business with startups?" We do, from time to time, in areas where we see great potential, very, very selectively, and that's the focus. Long-term partnerships with a well-diversified customer portfolio, the more complex, the better for us. We enjoy that. So we are positioning ourselves for further growth, organic and inorganic growth, leveraging the strong track record we have all through these years that Christophe and Kai so eloquently described from the past decades. Also exciting is the fact that we now, during February, as I mentioned, have worked with the new segmentation, having so-called farmers, global account managers, and hunters, sales managers, working together in a segment organization. One organization, one team for Industrial, one for Energy Cleantech, one for Medtech and Life Science, to be able to really leverage the lessons learned, best practices, and the expertise we have in these segments. We want to play a leading role in the sustainability areas in EMS. Incredibly important for us, and if you look at many of our clients in all of these segments, this is on top of their agendas. Gives us a great opportunity to become even closer, working together to find ways to accelerate the work in the sustainability area. So focus on growth and really focus on what drives the market. We talked about this earlier today, 6%-8% component average growth rate for the different segments, and really a lot of growth drivers in the marketplace for the different segments. I wanted now to dive in into the three different segments quickly. Industrial, the Industrial segment is really our root and where Scanfil kind of grew from. We have, you know, all kinds of different products now within the segments, from elevator and escalator units, you have payment solutions, et cetera, surveillance systems, also different types of production equipment, control units, et cetera. You just see a few of our customer names there that we are able to disclose. It's a huge market, the Industrial area. Market research shows approximately EUR 89 billion of total available market space in the EMS industry. There is a lot of business to get in this segment continuously. We also have new clients not mentioned here in the elevator area. We have other clients we can't disclose in the other areas here, that fit really our portfolio, and our offering and where we can add value. Energy and Cleantech is a super exciting segment for us. And if you look at the really growth drivers in the market today, from everywhere, from recycling to renewable Energy, electrification in society, storage of Energy, I mean, it's on top of everybody's mind. You open a newspaper, or at least you slide across your iPad or whatever you use digitally, you see it across. It's such an important area, and we see great long-term growth possibilities in this segment. We have clients like Tomra, NIBE, ABB, Danfoss, Exide. They all play in this segment as just examples. And we see that we can really continue the growth journey with the momentum we have, with the fantastic track record we have with these clients, just a few of them mentioned earlier here, we, of course, have more, and also with the Energy transformation that we see is ongoing in virtually all regions globally. Huge growth. And we've been growing really fast. Why have we been growing really fast? Great foundation, good offering, a lot of collaboration when it comes to the entire product life cycle, and also, we've been able to cater to the client's needs when it comes to global footprint and capacity. We see that regionalization is on top of everybody's mind. This started a long time ago, more than two decades ago, with regionalization, where, you know, more than 20 years ago, everything was to be made in... First, it was made in Korea, right? Made in Japan, made in China, made in Taiwan for a while. So this happened a long time ago with regionalization. But what we see now, following the aftermath of the pandemic, is that there is a new drive for localization, regionalization. Still China for China, but also made in America and assembled in America, in the US, even though it may be, you know, sometimes a little bit more costly, it has a value. And the fact that finally, a lot of our clients are interested in looking at total end-to-end cost, not just looking at the small value-add portion of the assembly of a product, but actually looking at what is the cost to hub things around the world, to store, what's the cost of capital, keeping something on a ship for six weeks? Real total review of the supply chain. We are here ready to help with this, with our expertise, utilizing our footprint and helping to regionalize. Estimated global EMS market size, EUR 22 billion in 2028, gives us ample opportunities to grow. We have a lot to go after. To finish up with here, Medtech and Life Science. We have a super strong position, and here we have fantastic macro trends that give us the possibility to grow. Aging population, we live longer than ever in the developed world. This leads to the fact that solutions are needed when it comes to the latter stages of life. Digitalization and connectivity. Also, when it comes to emerging markets, more and more people today in the developing world get access to health services in a different way. Create, creates huge momentum. $84 billion size of market estimated in 2028 in the US market. It's great. It's a strategic focus, and here we are accelerating. We will now, in the new segment set up, invest even more. We want to expand our footprint here for organic growth. We have very strong experience in in vitro diagnostics. You may not know what it is, but it's equipment that you need to handle tests from the body. It could be blood tests or other kinds of fluids, and this is an area where we have very strong capabilities, thanks to our work with different clients in this field. We also have quite a bit of manufacturing and measurement devices today, and also laboratory equipment. Very, very complex equipment that fits our niche very well. We have, as an example, three major Medtech clients. One of our larger clients has a business size, including pharma, of more than EUR 40 billion, American headquarters. We have fantastic growth with this client. We also have medium-sized clients and smaller clients. Also, several of them are large corporations, headquarters in the US. Here we can use our capabilities globally to cater in the different regions, in the niche where we play, with lower to medium volumes and high mix. So what we're now doing, if you look at our footprint, there are 9 factories today. The existing footprint is that in 8 of the 9 factories, we already have the standard ISO 13485 to be able to provide, you know, medical devices to clients, but that's just the standards. And what we're now doing is that we are increasing our capability to also deliver finished medical devices. So what does this mean? Well, today we have one factory in Åtvidaberg, here in Sweden, that can deliver finished medical devices. It's also called QSR, which is a quality system for FDA-regulated processes. We're now investing. So in Suzhou, in China, we're on our journey together with a Nordic client. Unfortunately, I can't disclose the name of the client yet, but we're on our way to move that site with capabilities from component, key component medical manufacturing to finished medical device with QSR capabilities. Very exciting. This will enable us to grow even more when it comes to Medtech in China, and there's new regulation coming in the Chinese market, so this puts us in a very strong position. We have also taken a decision to increase Medtech capabilities in Eastern Central Europe, with taking Sieradz, Poland, our largest European site, where we are, you know, doubling the size of the factory to 2025, to also take this site from component level, from medical manufacturing, to finished medical device level. So investments in more business development people, investments in technical project staff who can work to ramp this. Later in the future, we will also likely ramp finished medical devices also in the United States. But this will keep us busy now for the coming couple of years. So very exciting times. So to summarize here, before I hand over to the next speaker, is we're geared for growth. We used to be a smaller EMS, if you look 10 years back. We're now at the stage of EUR 900 million a year of turnover that we had approximately in 2023. We now will have a segment structure that enable us to grow very effectively. Laser focus on Industrial, Energy Cleantech, Medtech Life Science, focusing on product life cycle offerings and where we can play and add value. We will be laser focused. We will not waste time where we don't play, and we're super excited. So with that said, thank you very much. Thank you, Christina. Now handing over to Riku. So she was selling, the other guy is actually producing. Okay, so greetings from the engine room. I'm Riku Hynninen, responsible for technology, processes, and people, and called Chief Development Officer at Scanfil. Been with the company for six years, and before that, I was spending more than 20 years of my life in Nokia Networks business in both supply chain and business management. And I want to tell you about one of the pillars in our strategy here, you see the word Dream Factory. This is our dream, how our factories will be five years from now in 2028. So the vision is that, starting from the why, we want to grow and we are geared for growth. And in this business, in order to grow, we need to be super good in our operations. We need to be best in class. That's our vision. We want to have best-in-class competitiveness and customer satisfaction in how we operate. What we are doing is that we are optimizing our factory performance. Not only by investing more and more into technology or digital devices, but also connecting the real-life things like the factory processes, the people, through digitalization together and optimizing our operations. So, those of you who might have been joining the CMD 21 when we were presenting the Smart Factory initiative, the Smart Factory was a program that we started back in 2019, and we were building our capabilities in terms of automation and digitalization. Then started to think that, okay, all the companies who have some investment power, they can buy the same automation, they can invest in the same digitalization solutions that we can. So does it really bring, bring competitive advantage? Not necessary. It's maybe a way to keep us competitive, but not create edge. So then, after visiting some of the world-leading manufacturing companies, we saw companies that were very much doing that. They were investing in technology. They had really nice control rooms, cockpits, everything in place. Looked really nice. Fine. That's one strategy. And then some other factories that, they had very simple tools: visual, paper, pens. And the reason for their being successful was their culture, the people, how they operate in the real world, the flows, optimizing even nitty-gritty details in the factory to create operational perf-- to improve operational performance. The Dream Factory is our dream to combine these two worlds: digitalization, automation from technical perspective, and then the people, processes, and practical tools and flows in the factories. So, to be more concrete on what we mean with this, so in the middle, that's a simplified workflow of a typical factory, starting from material supply, receiving them, putting in the warehouse, running the manufacturing operations, and then finally packing and shipping the products out. So, in Dream Factory, first of all, we are looking into generic capabilities, which is about using sophisticated digital tools to run multi-constraint planning. So planning based on materials availability, technical capacity, people availability. People with right skills, right place, right time. And then combining with more digital tools, providing capability to manage our materials flows in real time. And, and... But not only focusing on the digital tools, but also rethinking our factory layouts. How do we organize the different stations and the materials flow inside the factory to make the best out of every factory? For that, we also need labor that it's multi-skilled. One day, there might be product A that has very high demand. Next week, it might be product B, then there might be a lot of constraints coming from the material side. So the better we can move people from different line to another, the better we are in our operational efficiency. And then, we are also continuing to invest in automation capabilities, starting from incoming inspection to warehousing. Some of the warehouses that we already have in Suzhou, for example, are already very highly automated and completely digital. Then we are using, AIVs, the vehicles that are autonomously moving between different spots in the factory, transporting materials in the factories. And, we are then also investing more and more into automation that has a good ROI and, flexible automation. As Christina said, we are in low volume, medium volume, high-mix business. So that's not the place where you want to invest a lot of industrial automation because the payback times tend to be unattractive. But instead, we are leaning on flexible, pretty low-cost automation that we can use for multiple products. Adding AI on top, which is a hot topic today, we are looking into AI, and we already have our first proof of concept, related to using a generic AI in, optical inspection. So, this all will improve our operational excellence. A bit more describing what do we mean with smart technology? What kind of characteristics we are looking there. So all the investments that we are carrying out, they need to be adding value. They need to be having an attractive return on investment, and we are actively looking into AI possibilities. Some of the vendors for the automation equipment are already building in the AI capabilities in the system. And then in parallel, we are thinking our own use cases, how to enhance the automation with the data. And putting AI on top of the data, we can further optimize the automation. Digital flow, it's basically two main things that it's good to know. That, one thing is that we are building so-called Data 2.0, data environment, data architecture in Scanfil over the next few years, which will enable us to store immense amount of data that we are collecting, not only from our factory processes, but also our financial data, our supplier data, et cetera, that we can then run different use cases, build foundation models on, on that data, and use it to our benefit to make better decisions, make them faster, or even automate some operations that normally require human intervention and human decisions. And then the second thing is that, the advanced planning and scheduling, we are looking forward a digital solution. We are already implementing it in two factories, where we will be able to use the data that we are collecting from our systems to create our production plans very fast and very accurately, taking into account the people, technology, and materials constraints. What comes to the real-world factory flow, we are continuously optimizing our working process, rearranging the layouts, movements, utilization of the equipment, and we are improving the shop floor visual management, and very much moving from paper-based displays to digital displays. And we have also defined concepts for so-called Dream Factory production line concepts, which is like the optimum assembly line setup that we believe should be used in order to manage high mix, low medium volume products. And last but not least, the workforce. As I said, it needs to be multi-skilled so that we can have the flexibility. We are willing to invest in training the people who work in the production line with the problem-solving skills, with the Lean Six Sigma tools and methods, that we can push more and more of the problem-solving and continuous improvement from our management and engineers towards the line operators. And that is a great way to scale our ability to improve our operational efficiency and solve all the problems that supply chains and manufacturing tend to have. Let me give you an example. As I said, we started this Smart Factory initiative, created the concept in 2019, and then we made a digitalization pilot in Suzhou factory. We digitalized the warehouse management and put controls in place through manufacturing execution system. We implemented traceability in the process, that everything that happens in the, in the manufacturing line leaves a data trace, and we can, we can use that data to control the process, that no quality defects will go out of the factory. And we can also have a lot of possibilities for visualizing, making analysis, and again, better decisions to optimize the products. And then packing and shipping. We have a universal packing line that is able to handle multiple different types of packages, products, and also the controls are in place, also in the packing, that right items end up in right boxes that will be shipped to right locations on the right time. So let us look at what, what – how does the success look like after, after four years of running this project? So we have estimated the return on investment, 27% per annum. Our customer NPS score has increased from around 30 to 79. Our employee NPS is currently 80, so roughly on par with the customer NPS. Our customer quality has improved by 68%. Our asset efficiency, measured as a surface mount device equipment, has increased by 13 percentage points. We have reduced the scrap in the manufacturing processes by 67%. And also, at the same time, we have improved our on-time delivery performance based on the date that customer has wanted the product by 21 percentage points. Now, looking forward, what comes to our way of, way of working and, expected, investment rate, we are estimating roughly EUR 6 million per annum over the 5 years span to be invested in, in Dream Factory-related automation and digitalization. And the approach that we have is that, we have a very lean, small, team in the, in the global organization, so we are very closely working with the factories, collaborating with the planning, roadmapping-... and, and also laying out the investment decisions- Yeah. for the coming years. We are currently in the process of doing that, as I speak, and our guys are today working in Mysłowice, creating a Dream Factory roadmap and plan for Mysłowice, Poland. At the end of this exercise, we will have Dream Factory roadmaps and execution plans for all of our factories. Will they look the same? No. We are very pragmatically looking at what fits best in each factory. They have different types of product mixes, different types of processes, so we are very pragmatic and selective there. Here's the dream. It's my dream and our dream. So, by 2028, we want to see more than 26% increase in labor productivity. We want to see our customer satisfaction on quality and delivery performance being above 4.5 on the scale of 1-5. Also, we will improve our inventory turnover to 6 or above. With these words, I will give it to Timo. Thank you. Staggering figures. Now, from the engine room to grease pit, I would guess. My pleasure to be here. Since 1988, I've been working for, and actually living for EMS industry business, and last 11 years for Scanfil, so seeing this quite nice journey. We have been coming from a Scandinavian player to global player as we are today. Yes, as Pasi said, after sales, marketing, and technology development, let's produce the products. Today, we focus on our factory in Poland, in Sieradz, which is the main electronics and system integration factory in Europe we have. Some key milestones, how the factory has been developed during the years, and it was from 2001, it was a PartnerTech factory until Scanfil acquired PartnerTech in 2015. That time, about 500 people, 8,000-9,000 square meters factory. Immediately, we saw that, hey, we need more space. Space was limiting our growth, and we made the decision to have a more Building D, so doubling the capacity for 2017. That space has been enough for us until last year, so we have been growing nicely last five, six years. I will come back to those some figures. But now we see that last year, factory was starting to be quite full, 1,400 people and a good demand. So the decision has been made again to have more space. 14,000 square meters will be ready in next year, and doubling the capacity. Services we are providing from that factory, including some product design, a production ramp-up services, PCBA manufacturing, box build, module system integration, and some complete products. For sure, some logistics and distribution services. And once again, as Kristina highlighted, in a partnership together with customers, what is the best logistic model for each of them? Current factory in the picture. You saw also this life cycle service slide also, but the message is that, of course, our core processes in Sieradz are electronics manufacturing, box build system integration, but more and more, we are also focusing on early involvement when the production and product ramp-up is ongoing, together with the deep cooperation with the customers, what comes to component selection, technology selections, et cetera. Typically, our product life cycles are quite long, easily 10 years, 15, even 20 years. But sometimes, of course, products are going to die, and there is a ramp-down services also that we are working together with the customers to have a smooth ramp-down. The process itself, Riku already had some generic, our process, flowchart, but here we can see Sieradz factory. Everything, of course, start from the purchasing. Customer demand is the key. Customer orders, forecasts are driving our purchasing function. Whatever customer is forecasting and needing, then we are sending orders to our suppliers, and later, incoming inspection is the first working phase. We have a pallet warehouse function for big parts, and then for smaller items, automatic warehouse function. Feeding the production... On the preparing area, SMT lines have been split by two different areas. It depends on the product volumes and the complexity of the products to have the efficient up. But anyway, SMT lines feeding then through THT component assembly, inspection, module PCBA testing, and finally, either we ship goods after PCBA testing to packing and to customers, or we feed assembly and integration. More and more customers are requesting today final assembly in a module level or even complete products. And final testing for those modules, complete products before the packing and shipping to the customers. Some pictures from Dream Factory and Smart Factory program. What comes to our warehouse automation, Kardex system for the components, small Kardex in, you know, SMT lines, our own testing, build our own testing platform for PCBAs. Location-wise, it's a really good location in the central of Eastern Europe. Key customers are located mainly in Europe, where the delivery times are from 1-2, max 3 days. Some customers in North America, some in Asia, and we are saying 3-7 days by air shipment. Always, it's a cooperation and agreement with the customer, what's the best logistic solution to get the goods to the delivery destinations. Back to these investments, we did the decision in Q3 last week last year, roughly EUR 20 million, only the building itself. Doubling the capacity will be ready in Q2 next year, about one year from now. And here you can see that we are using latest technologies when it comes to heating, cooling, and solar, solar panels will be installed for the electricity to support our sustainability targets, as Christophe earlier highlighted. And Dream Factory find the best solution for that factory, and comparing what are the customer requirements, will be very high, efficient material flow. Space itself is not doubling, but the volumes are. So we are getting more output from that factory, 2 times comparing today. And investments, equipment, of course, will be done according to customer demand. So floor will be ready immediately, but then, of course, based on the customer demand, we are increasing the machine equipment. Some picture on the left side, how the new building will look like, and there is already construction work ongoing and in the middle of the slide. Here we can see how Sieradz's factory has performed. After we acquired, we can see that first four, five years, actually, until 2020, sales volumes, output volumes, quite flat. But at that time, we really focused on productivity, efficiency. So actually, EBIT was growing quite nicely from 3% level, already broke 7% target level 2019. So... And then, as I mentioned earlier, we decided to have a new space to be able to grow, and last three years, heavy growth. We have doubled now the volumes during last 3 years, and last year, we moved to utilize fourth shift, meaning 24 hours, 7 days a week, working model. And one more, actually, PCBA line was installed, including SMT machines, soldering machines, many testers, some robots, cobots. More than EUR 5 million investment for that line has been done last year. With the coming expansion, we are ready to continue this growth. Of course, machines, lines will be ordered based on the customer demand, but we are ready to do that, doubling within next 3, 4 years when the demand is coming. As Christina highlighted, focus in medical, Energy, Cleantech customers, as current ones are mainly coming. Some key KPIs we are measuring, also values was mentioned today. Key, one key value is customer focus. We are measuring customer satisfaction, and on the left side, last five years, scale from zero to five, and, let's say from three to four, it's already in a good level. Above four, we can say excellent customer satisfaction. So, Sieradz's factory was able to broke excellent level 2020, then we drop a bit. There was component availability issues. We had some capacity constraints. Satisfaction was dropping a bit. Still, we were able to keep it in a good level. But now you can see the trend has moved back, and this year, target is to go back to excellent level in customer satisfaction. What we have done mainly, of course, component, we focus on heavily for component availability issues. We increase the capacity. I mentioned some machine equipment, and we hire more people. And then very special attention with salespeople to have a proactive communication with the customers. It was really good to see latest customer survey result that, for example, this area, communication area, was already above excellent level from Sieradz. Our own employee satisfaction, we are also measuring, so you can see that last seven years, step by step, satisfaction is increasing and developing to the right direction, and we have set the target that every year we go up. Key elements to mention, open communication, for sure. Heavy training programs by the plant, by the global function, and some cooperation with the universities, et cetera. Gender diversity is already in quite good in Sieradz, 56% women and 44 men. Okay, back to this, today we have talked also and highlighted that where we are good and maybe a bit differentiate from the competitors, that we are really focusing on how to get some costs down and working some value analysis, value engineering case, and this is one project we did. The challenge or the issue was that the customer was highlighting that the module including to this product was too—cost was too high, and customer didn't have resources. They, their own R&D resources were focusing on new products. They didn't have resources to focus on this existing product, so to do some redesign. So we did them and formed some multifunctional team, analyzing the situation, what was the information, and we did some alternative options, how to do it, calculated some savings, payback times. And finally, we went to customer and proposed that, "Hey, how about we can do this, and this is the price tag, of course." And they accepted our proposal and then we did. Design itself was done by our partner, Sigma Connectivity, located here in Sweden. It was an IoT wireless module, so they are specialist for that. But project management, design for manufacturing, meaning that we gave strong feedback that it's good to use this and this component, this and this manufacturing technologies, to be able to produce the products at a lower cost as possible. Ramp up the production at the end. The customer was very satisfied. We were able to reduce the costs as targeted, and at the same time, we improved also production performance and quality for that unit. So this is just one example as we talk today, that this is the normal partnership model today with our key customers. Sieradz is a perfect match for the customers who has, let's say, medium volume needs, high mix, coming from those mentioned segments, Energy, Cleantech, medical, Industrial, and need some new product introduction process. We have a dedicated team by the project manager, who is running always from until to the mass production. Very strong design for manufacturing, assembly feedback to customer, that, "Hey, please change this one and this one. You can get the cheaper product in the future." As mentioned, PCBA more volume manufacturing, and also we have customer teams led by program managers, supported by global sales team, for sure. State-of-the-art machines, equipment we have already invested and will do in the future. Today, more and more customers are asking either some box build or module or even complete system-integrated products. So we are still shipping out like a PCBA. More and more PCBA manufacturing is feeding system integration, and that's good. That we are focusing on, and we have already more than 20 years experience to build those units. Christina highlighted also this medical, and we started to develop Sieradz factory to be able to produce finished medical devices. Today, those are either some PCB or module, but needed certification process has been started. Okay, as a last slide for me, key takeaways. Increasing customer satisfaction. Those four comments are coming from latest customer satisfaction survey two months ago, and good to see. Many customers are happy with our performance improved when it comes to OTD, quality, costs. There is those saving project, we are able to get the product costs down. And people is the key in many business, and especially in EMS business, without the good stuff, we are not so good. But it's really good to see that the customers are seeing our sales team as a very, very good team with a good attitude. We have a proven profitable growth. You saw those slides, health customer portfolio currently, and very good capability to produce high-mix, low, medium volume products with the people. So bases are there, looking for new business from existing customers and, of course, from selected new customer hunting as well. So let's say that we have an excellent factory in Poland, and will be even a bit better in the future. Thank you, Timo. There is one question which actually just came in when I said that, "Okay, we will close now for the, for the break." And, this one goes to Kai. One... Just a second, I'll scroll this. Too many messages. Have you already discussed with banks what the what would be interest rate level for EUR 100 million loan? Yeah, I think that we are not really disclosing our financing cost details or other such agreements, but I think that we are, from the financing cost point of view, we are in a very good position, and I think that it's very competitive in comparison to our peers, I would say. Maybe I can come back also to the previous question, which I didn't give answer, so maybe I can continue with that. And talking about this organic and inorganic growth, or the average, compound average growth rate. You can find several answers. Depends on here a bit how you approach it. But I would say that the best answer is exactly half is organic and half is inorganic. So 8.5% is coming from the organic growth. I don't tell what is the method of coming to that, but it's true. Thank you. Thank you, Kai. There are no questions actually on chat, at least at this point. Are there any questions on floor? Yes, thank you. If you exclude acquisitions, I was wondering, what are your investments needs in the coming years? You mentioned Poland and also automation, but if you could please elaborate a bit on that. I will use that one, hopefully. Okay. It seems to work. Yeah, I think that as Riku said on automation and the digitization, it's an average of EUR 6 million per year we are planning to spend on it. And then you will see that then it will depend a little bit on how much we do organic and how much we do through acquisition. When we have spent around 2% in investment over the past years, which we believe is a good enough level to sustain our growth path, I would say. So you could look at the history as a good level to sustain the development, since we have already been on that journey, and we have a good understanding on what it takes. Okay. Oh, great. I'm pretty new to the company, but I mean, one of your strength, I understand, is development services. Could you elaborate a little bit on the size of that? How many people are involved, and so on? Okay, see, so it can be looked at in two ways. One is, how much we are invoicing on development services, and then how much manufacturing business we are, we are getting from the products that have involved development services. So may I ask, is it either or you are interested in? Yes, both, yes. Yeah. So I would say kind of giving you ballparks that, the development services invoicing, if you talk about product development services, which is one of those three elements that Christina presented, that's about 0.5% of total. So it's a very minor element- Yes ... as like a growth driver, but the value we are getting from there is that we have a very deep partnerships and customer stickiness with the products that we are a partner for developing those. ... Yeah, beef, beef is really the manufacturing, as my colleague is reminding here. So we are not having, like, big targets of becoming a development or engineering company, but it's like a entry point value adder for our customers for wider range of services, and then creating stronger partnerships, with long-term partnerships with our customers. Okay, thank you. Okay, there were actually three, three questions online. I couldn't find them. Thank you, Jesper. Just a sec. What is the first pass yield in Sieradz and also in the group level? First pass yield? Yep. We are not disclosing first pass yields, but I would say that they are on a very competitive level. Yeah. Thank you. What are EBIT margin differences among you, your three, your three segments? If we have EBIT margin differences between different new segments. Yeah, this is. So what we can see in terms of the gross margin and profitability that we have over the three segments is, in a way, you have a slightly higher added value on the segment where you need more certification, or you have more complexity. Saying that, I think it's a bit difficult to just nail down and pick a number that is generic, because in each segment, there are sub-segment and different added value, different task we do. So I think that I will say the numbers are not that far from each other. Then once you look at the customers, what they operate into, their request in terms of level of certification, the level of complexity, the volume, then you get quite a variance. It's not enormous, but you get quite a variance. So I will say those segment are reasonably good segment in term of profitability, probably slightly higher for the one we are targeting. But again, a lot of variance, depending what we do for the customers. Okay, follow-up question on EBIT margins. What are EBIT margin differences among your different sites? We haven't disclosed those. Of course, in Kai's presentation, there was a bit of a description about, that was where we are, but... Yeah, I mean, this is not the number we usually disclose, but obviously, we have slides that are slightly above, slides that are, sites that are slightly below. I think what is important for us, it's a continuous work on, working on efficiency and adjusting those sites to be contributive to the group. Then from a moment to the others, some become much better because they are at full occupancy, and then suddenly we make an investment that might dilute it a little bit, and then they come back and contribute. But obviously, we have the target to continuously adjust our sites to be contributing to the group, and that obviously varies from time to time. We don't have sites just to have site. Yeah. Thank you. What is your underlying organic revenue growth target for this year? So going back again to this revenue growth targets and organic and inorganic, regardless, official guidance midpoint indicates says decline in 2024 year-on-year. Yeah, I think that we gave our guidance 2 weeks ago, so I mean, we are still on the same path in terms of guidance. What we have seen over the last year is that it has been a period of very fast growth, but also it has been a period with a lot of component sales. Then this market situation has been flattening out, becoming a little bit more normal. So what we believe is that we will get maybe this year the opposite of last year, with first half of the year that will be softer, and it... And then we can see indication that the second part of the year will be more dynamic, when last year was actually the opposite of that. So this year is for us a year to continue to prepare for growth, to continue to build capabilities and continue to deliver, in a way, a very high level, because we have been on a very high level of growth over the past years. So plus minus some zero around the plus minus 5%, which is what you look at when you look at the midpoint is what we are aiming at. And we believe it's still a very strong number for Scanfil and a good moment also for us to work also on efficiency and prepare for future growth. Okay, thank you. Next one, this would go to Christina. Are there any products, you would like to see more within the new Industrial segment? The new Industrial segment? Yes. I would say generally, industrial products that fit where we play the strongest. It could be, you know, production equipment type of systems. It could be automated solutions. We were during a break here talking a little bit about warehouse solutions and automation, and we can see that digitalization and streamlining and increased internet sales, et cetera, leading to more needs in this market. So typical type of industrial products, but all industrial clients that, you know, fit our portfolio, established clients are welcome. And we see the increased demands. So production equipment, manufacturing equipment, warehouse equipment. Also, we see growth as well with new clients in certain product areas where we didn't see growth earlier. So that's exciting. So it's a mixed bag, really. The Industrial segment is so large, so we are willing to look at different product categories where we can provide value and where we have a good fit with our offering. Okay, thank you. Are there any further questions from the floor? Okay, neither from chat, so maybe we can start to close the meeting after Christophe's final words. But when you actually leave the room, go to the left-hand side, there's a small package for all of you guys, so pick up one with you. So thank you on my behalf. Okay. Need to find the device. Here it is. First of all, I want to thank you for spending your time with us today. It was very nice to have you with us, and hopefully you got to know us a little bit more. I think there is a few things I wanted to get back to. I mean, the first thing is we have a positive outlook for the EMS market. And as I mentioned in opening, what we can see is our customer have been moving towards more digital and complex product, which is, at the end of the day, driving a need to capital allocation. And we have many, many customers, even very massive company, that have made the choice to invest in R&D and are turning to us to say, "Please, manufacturing, manufacture those products for us, because we gonna spend our time on something else." And that's a very positive dynamic. The second element is Energy, Cleantech, and Medtech have a positive potential and very long-term outlook and potential. And we have, sometimes you could say maybe by luck a little bit, we were at the right time 15 years ago and building relationship. We have fantastic portfolio that is extremely diversified. And when we talk about Energy and Cleantech, for example, I mean, we don't only do storage of Energy. We do recycling of bottles. We do a lot of different things which allow us to have a very spread exposure, because you know those market that develop fast. They develop fast for a year, and then suddenly it stagnate a little bit, and then they go fast again. And we have seen that even in the last quarter. Some customers were going a bit slower, but then some others were going fast. So we have a very good portfolio there, and that makes it very attractive to us and open up for a very good development. I think that also as another element to take into consideration. I mean, we have taken the decision to be active on the M&A side, and we complement our organic growth with inorganic growth. And that's a journey we need to build, future capability and expand our capabilities to support existing customers, but also to bring new customers on board. So that's also an important element. Then, as you have heard from Riku and then Timo, I mean, Scanfil has always been working on efficiency and, and it's also on keeping costs under control, but also making investment that develop our company and develop our capability in, in being an efficient manufacturer, both on the quality side, on the cost side, and that we continue. And, and here we have a good footprint. I mean, my first week in Scanfil, I spent in China, in Suzhou, and, that was, probably maybe not the best moment. There have been many good moment, but it was a very impressive moment. We were having 60 customers visiting that facility that was supposed to be in the forefront, and they have recognized that. And for us, it's extremely inspiring, and it shows that we have really something in hand that can create value for our customers, and that's something we want to continue, and we want to move forward. And because of that, I mean, we believe that our long-term targets are something that is fully achievable, that can create a good position for the company in the future, and that we are now working very hard to achieve. So, hopefully, you know us a little bit more, and we will continue to work towards those direction. And I want to thank you again for spending your time with us today. Thank you.