Good morning, everybody, welcome to Terveystalo's Q4 and full year 2021 results webcast. My name is Kati Kaksonen. I'm responsible for Terveystalo's communications, investor relations, and corporate responsibility. Today, as usual, we'll have a presentation by our CEO, Ville Iho, and our CFO, Ilkka Laurila, on the key highlights of the results, and then we'll follow that with a Q&A. We'll take questions through the phone lines as well as through the webcast, so that you remember, and we'll get back to the questions after the presentation. Without further ado, I'll give over to Ville. Thank you, Kati. From my behalf, good morning from Helsinki. It's a great pleasure to introduce Terveystalo's last year's results and key highlights. Before going into results from last year, I just want to remind us all who we are. Terveystalo is a Nordic healthcare company with a clear purpose. We are fighting for healthier lives for our customers. We have very strong core markets. We are leader in Finland, in Finnish healthcare market. We have made a successful entry into Sweden and intend to be leader in that market over time as well. We have a stable and strong core business generating strong cash flow. We are number one employer in this industry. Looking at 2021, there are three key highlights that we want to make today. First of all, we finished last year very strongly. We'll comment on that one. We are growing as a stronger business. The core business is doing great, and finally, we have opened new growth avenues for Terveystalo, so we are back on track when it comes to growth. Exciting times ahead for Terveystalo. Key highlights from 2021. As you can see, we have been hitting the targets in all fronts. Revenue was up by 17% to almost EUR 1.2 billion. As I said, growth is back, and we'll discuss growth opportunities in later stages of the presentation. Adjusted EBITA, our profitability, grew nicely also up to EUR 141 million and adjusted EBITA margin over 12%, which exceeds our long-term financial targets. Financials were performing great last year. Indebtedness net debt to EBITDA at 2.5, which is all-time low for Terveystalo during its life as a listed company. The balance sheet is strong, very important for us going forward, especially when we are discussing new growth opportunities and our investment capability looking at those. Financials in great shape, giving us great strength when we are going forward as a business. Financials were not the only areas where we exceeded our targets last year. When you look at almost any operational KPI, we were hitting targets last year. Customer satisfaction, very important, of course, in our business, all-time high at 83. Employee satisfaction also at all-time high, 32. We are again and still a number one employer in Finland, which is very important going forward. We all know that healthcare is a supply-constrained business, and our ability to increase productivity but also recruit new people is a key to our success in the coming years. All in all, a great performance, great year from Terveystalo in all fronts, and with that one, I want to express my humble thanks to Terveystalo team, both in Finland and Sweden. Great job from everybody. Great effort. Two key levers that I'll comment on last year's results behind the great performance. First of all, our good operational performance. We were in a high-demand environment during last two quarters, so latter part of the year, and to really squeeze out the result that we got from that environment, we have improved the productivity of our service system. As you can see from the graph, firstly on the left side our historical max when it comes to our sort of productivity KPI, our utilization KPI, doctor booking rate has been at 93. Due to the fact that we have been investing in our system in demand supply management, customer steering, et cetera, we have been able to increase the max level of the utilization by three percentage points, so up to 96, which is a new max level. This corresponds obviously to higher productivity, more services to our customers, more help to patients. At the same time, and partly with the help of development in digital visits, we are able to provide digital visits in addition to physical visits. Physical visits with higher productivity, more services to our customers. On top of that one, digital visits with higher productivity compared to physical visits. All in all, our development during last year, when you net it corresponds to roughly 1 million appointments more from the same physical capacity, from the same fixed assets. There's a benchmark for every and any healthcare organization, be it public or private. Great development from Terveystalo on that front. This also tells a story about our sort of nimbleness, agility, ability to react to changing environments. We all know the volatility that we have been experiencing during pandemic. The other driver for results obviously has been COVID testing. The development you can see here, it has been giving us a tailwind, but one needs to remember that this is not a free lunch. First of all, Terveystalo team has worked hard to cater for this new demand. We have been able to gain market share in this field. Once pandemic eventually and hopefully fades away during the course of this year, we'll see that underlying demand for different services will then compensate for this service. All in all, it has been operationally great year. We have been able to react to changing circumstances, improve our productivity, meet the demand from our customers, operate in high demand environment, that gives us a great confidence going forward and continue development during this year. With that confidence, with the strong performance, Terveystalo is proposing a dividend of EUR 0.28 per share from last year, up by EUR 0.02 from a previous year. We are able to reward our shareholders due to our strong balance sheet, due to our strong cash flow. At the same time, it's very important to note that this increased dividend level does not in any way jeopardize our ability to invest in growth. Balance sheet is strong. We are able to both reward our shareholders with the increased dividend. At the same time, when we are later looking at the growth opportunities we have dry powder to go in the direction chosen by Terveystalo and those growth opportunities. With that one I will hand over to Ilkka, who will dive deeper into nuts and bolts of financial statements. Over to you, Ilkka. Thanks, Ville. Good morning on my behalf as well. You just heard that our continued progress and strong performance operationally our core business is in a good shape and has been growing stronger. Plus we have been making strong strategic progress when it comes to our development, and we are seeing actually more exciting growth opportunities also in the future. Obviously growing as a stronger business also means stronger financials. The highlights for 2021 are that we have delivered strong revenue growth and profitability. We achieved our financial targets in revenue. Our revenue was that EUR 1.5 million, a nice 17% year-on-year growth. Our EBITA was that EUR 141 million, excellent 38% year-on-year growth, and it was 12.2% of the revenue in relative terms. We have maintained our disciplined financial strategy and grown our financial strength, increasing our capacity to further invest in growth in the future. Our net debt was that 3.5 x EBITDA and cash flow from the operating activities amounted EUR 195 million. We have continued to invest in our strong digital platform. Like Ville said, we exceeded all our financial targets in 2021, be it in revenue growth, profitability, capital structure, and the dividend. If we take a look at the operational performance, as Ville said, we are hitting lots of new records operationally in 2021. 8 million customer visits in Finland, 1 million digital appointments, 2 million remote appointments, which is actually 25% of all appointments in 2021. 1.3 million individual customers and 1.5 million occupational healthcare end user, Finland and Sweden combined. These sort of strong operational performance metrics was a key enabler for our revenue growth as well. First we have achieved a strong growth in our core business. One highlight obviously is that our largest customer group, corporate segment, typically very stable business, growing now 15% year-on-year. Private business growing 13% after a tough season 2020 due to COVID-19 situation, and now it's growing steadily. Our core business is in a good shape and we are seeing strong performance in all customer groups. You can actually see this strong momentum and high growth in our Q4 numbers as well. In Q4, high growth continued across all the businesses. If we compare to pre-pandemic levels, our corporate segment growth is again that 15%, and that private customer group growth compared to pre-pandemic level is at 13% in Q4. In addition to that strong top-line growth, we delivered even stronger growth in profitability, so that our underlying profitability both reach actually our targeted level and stands above the pre-COVID level. If you take a look at the right-hand side of the slide, you can see that our EBITDA was now at 12.8%, compared to 12% in Q4 2019, when we had no pandemic yet. It was actually slightly down compared to 2020, 14%, and the reason for that is actually two-folded. It's good to remember that, first of all, we still had cost-saving measures in place at the end of 2020. Secondly, there has been a clear sales mix change after end of 2020. We acquired that Feelgood business in Sweden, and our appointments-driven business is developing even more strongly than other businesses. You can see that the business is in a good shape and performing strongly. We delivered clear step-up in profitability, achieving now EBITDA of EUR 202 million, up by 27%. This was actually despite the increased personnel costs, which were mainly related to COVID-related services as well as, again, the Feelgood acquisition in Sweden. In addition, our other operating expenses increased 31%, and again, the sort of the key driver behind that is that during 2020, we had cost-saving measures in place. Now we are investing more in marketing, IT, et cetera. On the other hand, if you take a look at the material expenses, it has remained actually quite stable even though we've been growing quite strongly. Also in surgeries, which typically increases the material expenses, and also in COVID-related sales, which typically increases the protective equipment usages. The reason for that is actually, you can call it maybe a global situation that we had in 2020 when all the sort of the material expenses related to protective gearings actually tenfolded within a quite short period of time. Now the situation on that front has also normalized. That's why we were able, even though that our surgeries developed favorably and our COVID-related sales developed favorably, we were able to keep our material cost on a stable level. One further aspect behind our step-up in profitability is the strong trend in digital sales as well as in well-being. Well-being sales still was growing 9% against quite tough comparison period at the end of 2020. The digital visits are growing still 20% and obviously are in a completely different ballpark if we compare to pre-pandemic levels. We are actually seeing that these are as growing in its importance also in the future. They will also facilitate the growth in our key sort of strategic focus areas that we'll explain you further later as well. We continue to invest well in our digital platform. Investments in intangible assets for the last 12 months amounted now that EUR 25 million compared to, as an example, for the period before pandemic, if you take a look at the Q4 2019, it amounted EUR 18 million. Significant increase in our digital investments in our platform. Digital is already an important part of our business, and we are seeing lots of exciting opportunities in the future, which we'll talk about more in the next section. At the same time, we maintained our discipline financial strategy. We are growing our financial strength. Ville said, we had our lowest leverage ratio since the IPO. Importantly, we have a greater capacity to invest in attractive growth opportunities. As we are generating a good, solid cash flow amounting EUR 195 million last year, we have strong cash flow to invest in growth, be it an organic or inorganic M&A-driven growth. At the same time, we are even able to increase our dividend, like we now propose for the last year. In terms of short-term outlook, we finished 2021 strongly with actually very good momentum. The underlying growth drivers in all our businesses remain strong. This means that we expect to see demand continuing to grow in our core markets. To meet this growing demand, we are working really hard to minimize the supply restriction. We are recruiting more staff and using our digital services to increase the operational efficiency. Overall, we expect further good progress in both our core business and in our new market in Sweden. To summarize, you have seen strong business, strong financial performance in 2021. You have seen how the business is growing stronger, has a good positive momentum ongoing. On top of that, we are actually seeing quite interesting new growth opportunities in the future. With that, I would now want to hand back to Ville, who will talk you more about those future growth opportunities. Thank you, Ilkka. You just heard about the performance of Terveystalo during 2021. Strong KPIs on all fronts, records being broken on all of the key KPIs that we follow. That of course, creates a great momentum for Terveystalo going forward. I want to talk about growth a little bit in more detail. We are back on track, as Ilkka said already with growth. There I want to highlight three elements. First of all, our core business. Core business fundamentals are there. Our operational machine is working fine. Underlying currents of healthcare demand in Finland are in place. A demand for healthcare services will continue to grow. At the same time, we have opened new growth avenue in Sweden. I will talk about that one in a little bit more detail. Finally, we see new exciting opportunities also in digital healthcare. First, a little bit alongside on our core business. We are talking about 2021, but obviously, one needs to remember that Terveystalo is not a one-year wonder. Looking at the progress of the company, we have been able to grow our business way beyond Finnish healthcare market growth, both organically, but especially on top of that one with acquisitions. Throughout the years, we have been able to roughly double the organic growth of Finnish healthcare market and on top of that one, do value adding, value creating acquisitions. Growth trajectory is there. As I said growth fundamentals in our core market, Finland are in place. If you look at the healthcare system as a total, there is a need for new services, trends are supporting that one, be it mental health or long tail of COVID-related issues. There is a scarcity of resources. We are number one employer in this field, so we can play a role in there. Undercurrent is very strong for our core business. Sweden. We made our move across Finnish borders last year. The assumptions behind Terveystalo becoming a Nordic company was basically twofold. First of all, we felt that Terveystalo has capabilities when it comes to integrated care and especially when it comes to digital capabilities that are scalable across Finnish borders. Also, we saw an opportunity in Sweden in a form of Sweden being much less consolidated market and us being, as you all know, highly experienced M&A machine. Also, we saw a great opportunity to consolidate market as we have done in Finland during past years. Now we, of course, have been there for slightly over half a year, and we know more, but the assumptions are still valid. We felt that we are good in digital, we are good in care chains, and now we still feel that we are very good in those areas. We have a role to play in Sweden to improve healthcare, to create value for Swedish customers as well as Finnish customers. We have seen that the market consolidation is a possibility for us. At the same time of supporting Feelgood's organic growth and improving their core services, they have been able to, jointly supported by us, to do already three bolt-on acquisitions, and the growth funnel in Sweden looks good. All in all, I'm really excited about the fact that with one move, we have doubled the addressable market. The assumptions when going into Sweden are valid and prospects for growth in that market are really positive and good. Really excited. That's a very important step for Terveystalo. Finally, digital front. As I said, when entering into Swedish market, we of course cannot 100% copy what we are doing in Finland, but we still felt that digital capabilities that we have shown in Finland, it's already part of our core business, can be deployed in Sweden and scaled there and support Swedish healthcare. As I said, in Finland, digital is already a core business. Last year, we had 1 million digital visits, 1.5 million customers on our digital platform. That tells a clear story. Now we are seeing two imminent opportunities for digital business emerging on top of what we are already today doing. Firstly, public sector in Finland is in need for digital solutions, as we all know. The healthcare districts are organizing themselves, and part of that need that they have is digital tools, digital infrastructure to support hybrid models also in public primary healthcare services. We want to be in that space. We want to be able to provide solutions for public sector, and we invest in the area. Secondly, we have now thoroughly studied Swedish market. We know the gaps that that market has digitally. We have benchmarked market opportunities against our tools, and now we have a clear and crisp plan how to scale our tools into the Swedish market. We'll step up the game. We'll see these two imminent opportunities. In longer term, we see also inbound demand for our digital tools from other healthcare companies, and that will follow in longer term. Primary target for us with the digital is to accelerate the scaling of our hybrid model. A secondary goal is to provide services for public organizations and other healthcare organizations alike as solutions. Exciting opportunities. Just to sum up 2021, very strong finish for 2021, as Ilkka explained. Good momentum in the business. The core business, the growth drivers are there. There will be some volatility when it comes to COVID and Omicron fading away and maybe coming back. Of course, we all hope for normalized situation in that environment. The healthcare demand will be there. Drivers are very strong, and our operational machine, as explained earlier, is in good shape. Finally, very exciting for Terveystalo is the fact that we have opened new growth avenues for us. As Ilkka explained, with our strong balance sheet, we have the dry powder to do the investments needed into the targets and areas that we choose. in those new areas. With that one, I will thank and close the session, and I'm sure we'll continue into Q&A. Yes. Thank you, Ville and Ilkka, and we are now ready for your questions. Do we have any questions from the phone lines? Thank you. Ladies and gentlemen, if you have a question for the speakers, please press 01 on your telephone keypad. Please hold until we have the first question. The first question comes from Grace Li Jefferies. Please go ahead. Your line is now open. Hello. Thank you for taking my questions. I've got two questions, please. On Sweden, you sort of mentioned about the growth outlook in terms of organic and bolt-on acquisitions you've done. Can I ask you to a little bit quantify that growth you aim to achieve sort of near term as well as midterm and sort of relevant margin expectations that you're expecting it to add up be helpful? That's my first question, and I'll follow up with my second question. Thank you. If I start and Ilkka can then continue. When we are talking about first the core of Swedish platform, which is occupational healthcare, that's unconsolidated market with a lot of small players. The bolt-ons that we are seeing in our radar right now are fairly small, but they are value-creating big time. We are concentrating as to the margin question, we are concentrating in the first phase into growth of the platform. We have seen in our Finnish model that you need to have a certain scale to really then pump up the margins. The funnel for the bolt-ons is strong. They are small pieces, but there's plenty of them for us to go after and digest. At the later stage, we'll obviously look beyond our core and extend our portfolio to new services in excess of occupational healthcare. Yeah. I think Ville summarized it quite well. Now we are sort of in a growth mode and looking for further consolidation opportunities in Sweden, and that's why actually as we don't know, obviously, the profitability of the acquired entities that we will acquire in the future. That's why we haven't even internally set the specific target. Feelgood being only kind of a platform for our opportunities in Sweden. Thank you. Can I just a little bit follow up on that? If you can sort of mention a little bit about organic growth and on the inorganic growth, you mentioned internally not set specific target, are we saying sort of inorganic growth potentially like doubling the organic growth that you're looking? Just any sort of quantification will be really helpful. Specifically, if the question relates to Sweden, it's really difficult to sort of specify any number, and that is due to the fact that we are seeing actually our sort of M&A funnel is quite strong. We've been in the market now for that a bit more than half a year. The funnel is strong, but like always with the M&A, it's kind of difficult to forecast and budget the M&A, and that's why it's a sort of tricky thing to do, put any number for the M&A activities. I think the sort of the key point is that we see actually quite good value-creating opportunities and quite good M&A pipeline in Sweden at the moment. Obviously, there's a sort of organic growth opportunities in Sweden as well as in our home market than, but that's then maybe a different question than Ville can take. Yes. Just sort of thinking about long-term target of Sweden. Of course, we intend to be a major player in that market. Also, Sweden needs to be a major business for Terveystalo, and with that one, of course, you can quantify the long-term targets. We have inside the company now three customer groups that we are driving as internal separate businesses, and they have certain sizes, and to be a sort of equal player in that field, of course, you need to grow to certain size. All of these businesses are growing at the same time. Okay. Thank you so much. My second question is on the digital side, which was one of the growth opportunity you highlighted. Can I ask you about those sort of public sector you mentioned as well as the Swedish market? Can you give us how much sort of opportunity do you see in terms of the materiality of that growth opportunity and maybe like competition you might face and the timeframe of those different opportunity you've sort of highlighted for us? Thank you. If I got it right, you were asking about the sort of magnitude of the opportunity and then the. Yeah timeframe and the competition. Okay. First of all, we specifically mentioned these two opportunities, which are imminent. We know these opportunities well. We also know what we are facing as the competition. These are very short term. Going into public solution business in Finland and deploying our occupational healthcare digital suite to Sweden are on the agenda for this year. When it comes to occupational healthcare tools that we have in our suite, I would say that we are number one in the market, so the competition needs to really catch up with us. Of course, we need to productize the tools, and we need to adjust them to the markets that we are then approaching. From a competitive point of view, we are in a good shape when it comes to occupational healthcare, and these are the solutions that are spearheading this digital business for us in countries outside Finland. As to the magnitude, priorities are such that scaling this digital business firstly and primarily serves our scaling of our hybrid model in new markets. That's number one. Secondly, it can serve as a separate business if and when there will be inbound demand for our tools, as we are seeing today. That's the sort of priority order. Thank you. Our next question comes from Sami Tarkkamies, Nordea Markets. Please go ahead. Your line is now open. Hi, I have three questions. Firstly, on the financial targets where you made the point that all of those were met last year. Do you think you will be able to meet this also in the coming few years despite the potential impact from easing pandemic and expansion in Sweden? First of all, targets are targets, and we are not about to change them right now. We are targeting at meeting the targets. That's self-evident. On capital allocation, you're hinting at possibilities for higher shareholder remuneration going forward. Do you think this will be the case even if you end up making larger acquisitions in Sweden? Looking at the cash flow profile and our balance sheet at the moment, as Ilkka said in the presentation, we are able to increase the returns for shareholders as dividends. At the same time, it doesn't limit our capacity to invest into basically any potential acquisition targets. It's a good place to be. We have new opportunities to allocate capital, and we have good capacity to allocate capital. Basically, maybe to put it in the number context, even though that we made 11 acquisitions last year, including that a bit more sizable acquisition in Sweden, at the same time, we obviously shared dividend during the last year, not so much less than that is now proposed. In addition to that, we had a share buyback program. All these combined, our cash flow is still such that we were able to decrease our leverage ratio with sort of 0.5 down to 2.5. Yes. Maybe still continuing on the target setting of Terveystalo. What you see now as a company profile, when we are talking about these new growth opportunities, of course, we are stepping into higher growth phase of a company. There will always, of course, be a balance of growth and then margin. We have the growth opportunities, but as I said, long-term targets and midterm targets will, for the time being, remain as they are. Okay, thanks. Finally, on the public segment outlook, you're saying that you're expecting stable revenues from the outsourcing business. Are you not seeing opportunities to grow this related to the sort of pending healthcare reform? Well, of course, outlook is for coming six months, right? That's what we are commenting here. The healthcare districts, of course, are only getting their act together. They are now in a process of really designing the service processes that they are then deploying. We see opportunities there, but it will take time until we see the final shape of any solution in any district, and hence for this half a year period, it's warranted to say that it's stable. Okay, thanks. I don't have any further questions. Yeah, maybe still commenting on that. I think the one thing that I would like to highlight that Whatever will happen with the pandemic, it's good to note that when taking a look at our market outlook and outlook itself, we will have our hands full when it comes to post-pandemic backlog and pent-up demand. It's quite obvious that the demand, even in a post-pandemic situation, will remain on a high level for the time being, at least. We can see the sort of wide range of services that we are able to provide for that demand, be it then surgeries, be it then mental health services and other kind of services. The customer itself can be either private or the public. It doesn't necessarily mean that we have much more public contracts. It can as well be private customer that sort of opts out the public system and the public use. Okay, thanks. The next question comes from Panu Lonttila, Danske Bank. Please go ahead. Your line is now open. Thank you. I have two questions. First one is on the acquisitions you have done several in Finland. Would you have a kind of rough number? What is the revenue contribution for 2022 that will kind of add to your growth? I am not meaning Feelgood, but the small ones in Finland. Secondly, on the outlook for 2022, you don't obviously give a guidance and just commented that you would like to reach the targets also this year, but can you kind of give any color on the main drivers? Where do you see the biggest organic growth opportunity and which would be the slower segment this year? On the margins, what are the main drivers? Probably we should assume that operating leverage works, how do you see the kind of margin impact from decreasing COVID tests and so on? Any color on the 2022 drivers basically is the question. Thanks. On that M&A, the sort of the impact of the acquired entities in Finland in Q4, the impact was that roughly EUR 7 million. For the full year 2021, it's a ballpark, let's say EUR 12 million to EUR 13 million or so. Obviously 2022, it depends how the sort of the acquired businesses will develop, but that's kind of a ballpark of the impact that it had for 2021 numbers. All right. When it comes to growth drivers in our core business, actually the demand drivers are strong in all of the customer groups that we are serving in Finland. We discussed Sweden in the presentation. We will have our hands full in meeting the demand based on the backlogs and society normalizing. It will take a lot of effort from the organization on the other hand to sort of reorganize our setup for normal times to ramp up the supply for normal services. Hence it's safe to say that given that we are able to ramp up the supply as we intend to as number one employer in the industry and with our investments in efficiency, meeting the growth targets will be, let's say, easier than meeting the margin targets because of all of the hassle related to mix changing over time. As I said, targets are targets and that's what we are driving for. All right. Thanks. Can I just ask a follow-up on this kind of demand outlook? It sounds quite positive how you comment on the market and if I think about two years ago when we spoke, the market outlook was quite good back then as well, but maybe the tone was not as positive. Had the pandemic kind of changed things structurally or is this about pent-up demand or what has changed for the better, how would you say? If I first comment on the public supply of services, there has been a lot of discussion in Finland around the fact that sort of pandemic is hindering the supply and services for reaching the customers. That's partly true, but actually what we have seen over the two years and even longer is the sort of supply all the time lacking behind the increasing demand. Demand drivers as mega trends are there. Healthcare demand will grow in Finland. Supply has not been able to keep the pace with that one on public side and it's evident more than ever after pandemic. There is pent-up demand, but there's also sort of a structural deficit of services that we see emerging. All right. Thank you. The next question comes from Sami Tarkkamies, Nordea Markets. Your line is now open. Hi. Sorry to bother. Can you still repeat the impact from M&A in Finland regarding last year and then tailwinds going into this year? I missed the numbers. The impact in Finnish operations, it was roughly EUR 7 million in Q4 and roughly in a ballpark, let's say, I tried to do it in my head, it is roughly EUR 12 million-EUR 13 million for the full year 2021. Okay. What's going to be the sort of tailwind for this year from the acquisitions that were made during the year? The sort of the run rate impact for this year is somewhat higher than that EUR 12 million-EUR 13 million, obviously it depends as well how the sort of the acquired entities will develop, it is higher than EUR 12 million-EUR 13 million, obviously. That's the sort of the financial impact for the last year. Okay, thanks. We haven't received further questions at this point. I will hand back to the speakers. Great, thanks. We have a couple of questions from the webcast. Just as a reminder, if you have any other questions, please send them over through your webcast link. First one may be broadly speaking on the inflation impact going forward for this year. How do you see it affecting the cost base this year? For example, how relevant are energy costs in our P&L? Well, yeah, I think we are all facing now first time in many, many years the kind of the inflation we are now or the healthcare sector is now in the middle of the sort of the salary negotiation, so it's still too early comment on that. When it comes to procurement, most likely we are seeing. Historically, we have said that we have been able to tackle the sort of the inflation by outgrowing it, so to speak. Now I think it's quite evident that we are facing some kind of impact from that. To quantify it for the full year, it's obviously quite difficult as it is for all industries and all businesses. The good thing is that our sort of procurement is heavily sort of tilt to services, and the expectations for the inflation in services is not as high as is for materials and that kind of supplies. When it comes to electricity, that is not that significant part of our P&L. Obviously, it will have an impact, but we have also hedgings in place in our electricity, so we have fixed prices for that for a certain period of time. It's good to know that our operational model is such that we don't own our real estates. The sort of the electricity that we use is mainly related to sort of the lighting and the sort of the laptops and PCs and the medical equipment. It's not that significant. Typically, we don't in clear majority of our facilities, we don't pay, let's say, heating and air condition and sort of that kind of expenses. Great. Thanks, Ilkka. Then maybe following on the social and healthcare reform and new regions, how do you see the regional election result impacting our business opportunities going forward and especially the outsourcing of public healthcare services to the private sector? Well, it's maybe not our role to comment on any election results, what I see in the discussions with healthcare districts, I see a pragmatic and balanced approach to healthcare and providing services for the taxpayers and patients. There was before the healthcare reform was locked in the parliament, there was a lot of discussion, which was a lot of on ideological front. Now we are in a phase when rubber hits the road and these districts need to start delivering healthcare services, this pragmatic solution-driven space is where we want to be. As said, discussions are balanced. They are pragmatic, and I think that's a very good base for developing new type of cooperation. Good. We don't have any other questions from the webcast, with that, we thank you for your time, have a great rest of the week. Thank you. Thank you.