Hello and welcome to the Nokian Renkaat Q4 2021 interim report. Throughout the call, all participants will be in listen only mode, and afterwards there'll be a question and answer session. Thank you. Good afternoon from Helsinki and welcome to Nokian Tyres Q4 and full year 2021 results conference call. My name is Päivi Antola and I am the Head of Investor Relations in Nokian Tyres. Together with me in the call I have Jukka Moisio, the President and CEO of the company, and Teemu Kangas-Kärki, the CFO of Nokian Tyres. In this call, as usual, we will go through the Q4 and full year results, followed by Q&A. Jukka, please go ahead. Thank you, Päivi, and welcome on my behalf as well. I would start the presentation with the prepared notes, and I have a PowerPoint presentation. The heading is Record high sales with improved profit in 2021, and I move to page two. Just to reflect the quarterly net sales, we reported EUR 513 million, about 18.4% up from prior year in comparable currencies. Demand continued strong in all main markets and also net sales increased in all business units and all business areas. Segment operating profit at EUR 88 million versus EUR 80.1 million in 2020, and that was driven by higher sales volume. We also had price increases to combat price cost inflation and that led to higher net selling prices. I move to page three. In full year, we had a strong performance across the whole organization in 2021. All in all, we reported net sales of EUR 1.714 billion, which is 29%, almost 30% above 2020 and EUR 1.7 billion is all-time high in our reported net sales and this with constant comparable currencies 10%, so 30% above prior year. Of course, the prior year, 2020 was impacted by COVID-19 pandemic and therefore the increase is significant. However, the reported top line is the highest we've ever reported. All business units and areas contributed to the growth. Heavy Tyres also had an all-time high full year net sales and segment operating profit. We also improved our market position in all key areas. Segment operating profit at EUR 325 million for full year, up from EUR 190 million in 2020. That was driven by increased sales volume and also we had the cost inflation with price increases and careful cost control. The board proposes a dividend of EUR 1.32 per share and that is to be paid in two installments, one in springtime and one in the final quarter. If I go to page four, there are highlights of the financials. I call out some key numbers on that one. First of all, the top line growth 18.4%, segment operating profit in the final quarter 17.2 versus 19.4 a year ago. Full year segment operating profit at 19% versus 14.5 full year 2020. Return on capital employed increased from 9.3% in 2020 to 15.8%. Also, cash flow in the final quarter was quite significant. We had an operating cash flow almost EUR 500 million versus slightly over EUR 400 million in 2020. Therefore, the full year cash flow is almost EUR 400 million, despite the increase in working capital and receivables. Net interest bearing debt at the end of the year is -98.7, which means that we have EUR 100 million of positive cash in our balance sheet and no debt. Capital structure, no net debt and capital expenditure at EUR 60 million in the final quarter and EUR 120 million in full year. We've guided that on the average, we have a capital expenditure at around EUR 150 million, which we had in 2020. This year, 2021, we had a little bit lower. If I then go to page five and reflect our progress towards the financial targets that we announced in September 2021, said that we are targeting net sales of EUR 2 billion midterm. Right now we are at EUR 1.71 billion in full year 2021. We said the segment operating profit ambition is 20%. We are full year at 19% and return on capital employed, we target 20% and we are 15.8%. As we discussed already at the time when we announced these targets, we said that biggest gaps will be in net sales and we made good progress in 2021 and also in return on capital employed, where we also made a significant progress from 2020 to 2021. However, work remains to be done to achieve our financial targets. We also had a financial target to grow ordinary dividend and with EUR 1.32 per share, that's a 10% increase over 2020 level, which was EUR 1.20 per share. That is more than 50% of net earnings as our financial ambition is. At this point, I hand over to Teemu Kangas-Kärki, our CFO, to talk about the financials in segments and in the business. Please, Teemu, go ahead. Thank you, Jukka. Let's start with the Passenger Car Tyres business. We had a strong volume growth in the fourth quarter. All in all, the year 2021 was super strong, and we recorded in comparable currencies for the full year, almost 38% growth, and for the last quarter, a comparable currency growth of 24%. The net sales for the fourth quarter was on a level of EUR 342 million, and the segment operating profit close to EUR 78 million. The net sales grew in all markets, and we, as we were able to increase the average sales prices as we have been indicating in our previous calls. The main driver was naturally the higher sales volumes. Because of the good demand, our Russian factory ran at full capacity last year, and we have added more shifts in our Finnish and U.S. factories to meet the demand. If we go to the next page where we can see the bridges, and if I start with the net sales bridge in the fourth quarter, you can see that the sales volume was up by 16%, and the price mix development was positive almost 8%. As we have been indicating this year, the VA mix has been negative, which is visible in the price mix, and therefore, the pure price impact is around 10% in this price mix column. Moving to the segment operating profit in the fourth quarter, here you can see the negative headwind coming from the material costs, and in the fourth quarter, the headwind was around 38%, which is a significant change to the prior year Q4. The price mix and sales volumes are naturally then in green, which is then helping us to improve the profit to the level of EUR 73 million, excluding the currency impact. In the SG&A, you can see that certain activities were visible in the fourth quarter in line with the growing demand and increasing sales. If we move to the Heavy Tyres, to start with the full year performance, as stated by Jukka, 2021 was a record year for Heavy Tyres in terms of net sales and operating profit, all-time high numbers, and we are extremely happy about that. Moving to the fourth quarter, net sales was on a level of EUR 65 million. The growth in comparable currencies was around 19%, and then the segment operating profits around EUR 4 million. The segment operating profit decreased slightly, which is due to the higher raw material costs and other cost components which were partly offset by the price increases. In the segment operating profit, you can also see the timing of certain activities and therefore the cost level was on a higher level. Inventories in the Heavy Tyres are at a low level, and we also would like to specifically note the excellent development in safety, which is part of our sustainability target as well. Two years without lost time injuries is an excellent achievement. Moving to the Vianor, there the sales performance was on a good level in all countries. Our net sales reached a level of EUR 123 million in the fourth quarter, and in comparable currencies, that corresponds to 0.8% increase. The segment operating profit, it was on a level of EUR 8.4 million, and there we also had some operative one-off items that were recorded in the segment operating profit. Some of you have had time to read our release as well. We recorded some non-operative items. We did some impairment, and then the main component was the goodwill allocated to Vianor business. There is no change in the economic value of our overall business. It was rather a function of how goodwill was originally allocated to cash generating units between Passenger Car Tyres and Vianor. As you know, we view this as a whole, and therefore we review that there is no economic value or change in the economic value. We continuously look at our assets prudently and this then led to the impairment of the Vianor goodwill. If we move to the next and please, Jukka, take from there. Teemu, thank you. Just to reflect on page 10 that we keep on launching new products in 2021 in the winter season. We benefited from the last year announcement, the introduction of Hakkapeliitta 10 in SUV, EV and also Russian version. We have kept on announcing and launching new products, and the latest ones at the end of 2021 have been new friction tire, and Hakkapeliitta R5. Also, we announced winter tires for vans, Hakkapeliitta C4 and Hakkapeliitta CR4, as well as earlier we announced a new product for summer, Nordic summer, Hakka Blue 3 and Hakka Blue 3 SUV. Also, we announced Nokian Tyres Outpost AT for all season. This continues. You can expect that the launches of new products will continue also in 2022 and Hakkapeliitta R5 indeed will be then available in the market for winter season 2022, so in autumn 2022, while Hakka Blue will be in the summer and C4, CR4 will be in the autumn 2022. Outpost is available in the market for pre-orders right now. There are other products also you can see which have been launched during the year, and also Heavy Tyres have been quite active in announcing new products throughout the year. Move to page eleven. We will then improve our sustainability performance, and we have non-financial, new non-financial targets. All in all, we have 30 different targets, but we've chosen five to specifically report and focus and allow then the investment and analyst community to see that certain things happen. You can then follow these measures throughout the year and into 2023 and beyond. First one is the safe and eco-friendly tires. There our ambition is that the recycled renewable materials to 50% by 2030. Also a reduction in CO2 emissions. That, by the way, will be also a management incentive for 2022, so reduction in CO2 emissions. Safety, LTIF reduction from 8.3 in 2018 to 1.5 in 2025. Sustainability, 100% of significant high risk suppliers audited by 2025, and also developing human rights policies. On the next page, on 12, you see the status in 2021. So 35% of selected tires have recycled or renewable materials in 2021. We will report CO2 emissions actual achievements in sustainability report in one month's time, roughly. LTIF unfortunately declined in 2021 versus 2020. LTIF was 4.1 in 2021, while it was 3.7 in 2020. This is a clear area for improvements. In terms of high risk suppliers, 65% have been audited. Equality score in personnel survey is 66, there we have a clear improvement opportunity and requirement. These are some of the key targets that we will report continuously throughout the quarters and years in coming. Indeed, we have 30 different targets and ambitions to be achieved by 2025 and 2030. We also in connection of R5 introduction in January, we showed a concept tire. Indeed, 93% of the materials are recycled or renewable. This paves way and shows way that what can be achieved in months and quarters to come. The tire can be made with 93% of materials recycled, renewable. We will keep on working towards our target of 50%, how in this context, but more can be achieved. We also have announced a sustainable tire innovation challenge, Fast Race, Big Change, which is an open competition to fight climate change and accelerate innovation for sustainable tires. That hackathon for students, startups, academics and businesses actually will happen this spring. Go up to page 14, which is assumptions for 2022. We expect that the replacement car tire demand will grow. Demand for Heavy Tyres core products estimated to continue strong. We have uncertainties due to COVID-19 pandemic, current geopolitical situation and Russian ruble, which is an important currency for us. Raw material and logistics costs are estimated to increase significantly, especially in H1 versus 2021. As said earlier, capital expenditure on an annual rolling basis, we expect to be at the level of EUR 150 million. Based on those assumptions, our guidance for 2022 will be Nokian Tyres' net sales with comparable currencies are expected to grow significantly, and segments operating profit is expected to grow. Again, here on the bottom part, we repeat these basic assumptions that are on the previous page, elaborated on the previous page. On page 16, I recap our revised growth strategy ambitiously forward. As mentioned, the aim to have EUR 2 billion of net sales. We are at EUR 1.71 billion in 2021 full year. Our financial target is to have 20% segment operating profit. We recorded 19% full year in 2021, and segment return on capital employed at the level of 20% also. There we reported 15.8% in 2021. Dividend-wise, cash flow-wise, very good year in 2021. Going forward into 2022, we expect that the top line grows, and we expect that the segment's operating profit grows. This completes my prepared and our prepared presentation. Thank you. We are now open for questions. Päivi, please. Thank you, Jukka, and thank you, Teemu. Now, operator, as you've mentioned, we would be ready for the questions from the audience, please. Thank you very much. Ladies and gentlemen, if you have a question for the speakers, please press zero one on your telephone keypad. Our first question is from Giulio Pescatore, from BNP Paribas Exane. Please go ahead. Hi. Thanks for taking my question. The first one on cost. I mean, it's gonna be a big topic for you in 2022, so I was wondering if you could give us an indication of what we should expect in terms of raw material headwinds and also non-raw material-related costs for the year. Maybe a second question that it's strictly related to this one. Your pricing and mix effect. You think you'd be able to offset most of these raw material cost increases with pricing in 2022? Is that your goal? What should we expect for mix as well? Thank you. Thank you for the question. In terms of the material cost headwind in 2022, our current forecast is around 20% for the full year, and that means that in the second half, it would be over 30% and then in the first half, over 30% and in the second half, around 10%, tending to the level of 20%, including the inbound logistics. In terms of pricing and offsetting the cost headwind, as we have been commenting in our earlier calls, our plan is to fully offset the material cost headwind on a rolling basis, meaning that we continue increasing prices in year 2022. Okay. Comment on the mix, perhaps? Mix in terms of, we expect that if you look at our product mix, so winter tires, summer tires, all season, believe that the share of summer tires and all season tires are going up and winter tires are coming slightly down as you evidenced in 2021. In terms of markets, the growth we expect is 2%-7% depending on the market. That's basically LMC forecast of the replacement tire growth. Thank you. Thank you. Our next question is from Gabriel Adler of Citigroup. Please go ahead. Hi. Thanks for taking the questions. My first is on the impairments. Can you please just provide a bit more detail on what factors meant that you were required to write down the goodwill in Vianor? What do the other asset impairments relate to that were non-Vianor? My second question is on the cash flow. Please could you explain the drivers behind the significant working capital inflow in Q4 and whether you expect this to unwind in the coming quarters? My last question is just on Heavy Tyres. Maybe you can elaborate on why the price cost pressure seems so significant in Heavy Tyres in particular in Q4. Thank you. If I start with the cash flow in Q4. As you might know that our fourth quarter is always the strongest quarter in terms of cash flow and therefore, this quarter wasn't any surprise i n the big scheme. Naturally, we performed also well in the fourth quarter in terms of overall performance within the last quarter. It was a function of good working capital management. We have increased or extended our payment terms towards our suppliers, and also we were able to collect our receivables faster, especially in Russia, because the sell-out has been strong in 2021. In terms of the impairment relating to Vianor specifically, as you know, Vianor is part of our overall business and we don't view it as a standalone. As I said, it has been sensitive to several assumptions and at this point of time, we view that it's rather prudent to write off the goodwill allocated to Vianor, even though it hasn't had an economic decrease in our overall business. As you know, Vianor supports our passenger car tyres business. The smaller component in the impairment was related to the increase in capacity Nokian Tyres and our factory layout changes, and that was the smaller part of the impairment related to the EUR 20 million that we recorded in the fourth quarter. Do you want to continue regarding the Heavy Tyres cost pressure? Yeah. Why it was so significant in Q4. As I said, the Heavy Tyres raw material or the material unit cost headwind was more or less in line with the Passenger Car Tyres business. On top of that, there were certain activities that were done in the fourth quarter, and I would say that that's rather a phasing issue of the activities between quarters. Nevertheless, the full year Heavy Tyres result was a good one in record top line and profitability as well. Also maybe when you paid attention to the balance sheet, of course, the inventories are at higher level than prior year as well as the receivables, simply because inventories reflect the higher raw material prices. Nevertheless, the cash flow, as Teemu was saying, was quite strong. Great. Thank you very much. Thank you. Our next question is from Thomas Besson of Kepler Cheuvreux. Please go ahead. Thank you very much. It's Thomas Besson. I have to come back to this write-down question that Gabriel just asked because I started working for an accounting firm before being an analyst. I don't really understand why you do need to write down now the related goodwill to this asset, which has actually been improving its operating performance. Can you just give us more details? When did you allocate goodwill to Vianor? And why do you have to write it down now? Knowing in particular that when I look at the rest of what you show, you've been reversing a lot of bad debt provisions, which I think may have been an issue eventually for that business, but seem to be improving now. I'd like just to be clear, to understand that, better and have other questions as well. Thank you. Thank you. Thank you for your question. The goodwill was or is originated from the acquisition done already several years back, and at that time, it was allocated between Passenger Car Tire and Vianor. The majority of the goodwill has been on the Passenger Car Tire. The goodwill impairment test has been every year really sensitive to several assumptions. This year when we prepared our impairment testing and took a slightly different view to the certain assumptions, we ended up in a situation where the impairment needed to be written off if we would view the Vianor as a stand-alone basis. As I said, it is more as a function how the goodwill was at the time of the acquisition allocated between Passenger Car Tire and Vianor. Nowadays, we don't view Vianor as a stand-alone business, but as integral part of our overall business. Was just to reflect that the overall goodwill in our balance sheet at the end of 2021 is now EUR 65 million, and our total balance sheet is EUR 2.4 billion. Obviously, the goodwill part is quite a limited part of our balance sheet at this point of time. As we have been indicating in the earlier call, we have taken a more prudent view on our asset base, and we will evaluate those every year in order to have a realistic view of the assets and the impact on our return on capital employed. Yeah, as Teemu was saying that, indeed the focus on the return on capital employed is something that is important for us. Going forward, we look at the top line margin, but also return on capital employed. Okay. Thank you. It is a question of size versus capital on sheet. It's more that you've missed analyst expectations by a large amount, and a decent portion of that miss can be explained by the write-downs which is I think why we try to understand it better. Okay, if I move on to something else, I would just like to make sure I understand the guidance properly. You say that revenues will grow significantly and operating profits will grow. It means your margins is expected to decline, is that correct, in percentage terms? Yes, as we said that, we seek to offset the raw material cost, and that means that indeed the cost mitigation takes place, and that means that the top line will grow significantly because there's a volume growth and price growth. Then, when we mitigate the raw material cost, we may not be able to increase so quickly as the raw materials go, so there is a pressure on the margin. Hence profit will grow and net sales will grow significantly. Clear. Thank you. Last question, please. In 2014, the markets have been stressed because of the Russian president getting into territories that were not before his. He might do the same again, and so I'd like to have your appreciation on the risk it represents on the plan. I know you've diversified with a U.S. plant today, but basically do you see any risk that potentially sanctions against Russia may involve the impossibility for you to ship your tires from Russia out of Russia? Or do you think it's a non-existing risk? Or what kind of probability would you put to that risk, if I ask it differently? Probabilities will be difficult to assign to this kind of a situation. Let's put it this way, that we follow the situation very carefully. We have contingency plans, and we are ready to put together an action group if there's an important sanctions or situation that happens. At this point in time, we go with our normal business plan, so which means that significant growth on the top line and growth in segment operating profit. If there's a significant change in that, then we are prepared with the contingency. As said, our financial situation is quite strong. We have a negative net debt, so EUR 400 million positive cash after the interest-bearing debt. We believe that with these elements and being prepared, we can face the situation, whatever comes. Of course, the political and geopolitical situation is out of our hands, so therefore we of course develop intelligence what may or may not happen, and consequently, we have contingency plans in place, and we are ready to execute if and when something happens. Let's hope that nothing happens. Obviously, we all hope that the situation will be peacefully solved. Indeed. Thank you very much, Jukka. Thank you. Our next question is from Artem Beletski of SEB. Please go ahead. Yes, hi, and thank you for taking my questions. I actually have three to ask, and I can take them one by one. First of all, when it comes to your guidance for this year, could you maybe provide some color what you mean by significant sales growth and growth in operating profit or segment operating profit? I recall you previously have communicated some numeric ranges for basically this wording, so do you have any further color on it? We can a little bit give color. Significant means double-digit, and growth means that it grows from the current absolute basis. We hope, of course, that it goes as high as possible. Okay. This is very helpful. Maybe sort of say, second question is relating to price mix versus raw materials impact. So looking at Passenger Car Tyres' net impact was EUR 50 million negative in the quarter, when do you expect basically this price mix versus raw materials impact to basically reverse during 2022? I stick with our earlier comments that on a rolling basis, the plan is to offset fully the negative headwind. This is a moving target, and therefore I don't want to specify any certain point of time when that is reached. We watch the prices and raw material development carefully every month and every quarter because as Teemu say, it's a moving target. That's clear. Maybe the last one to Teemu relating to U.S. ramp-up costs in 2022. What do you expect the magnitude to be? I think it was EUR 31 million last year. We are expecting that to be on the same level this year because of the delayed ramp up due to the COVID, and it's not a linear development. This year it will be on a level of EUR 30 million. We will start getting the additional equipment to Dayton towards the end of this year. There will be a start of the new equipment, et cetera, which will happen late this year, early next year, and during the course of next year as well. Okay. Very good. Thank you. Thank you. Our next question is from Panu Laitinmäki of Danske Bank. Please go ahead. Thank you. Most of my questions were answered, but I still have two. Firstly, on the guidance, can you give any color in which divisions you maybe see more margin pressure this year, or is it similar across the board? Secondly, on the bridge that you give on EBIT, the SG&A costs were up quite a bit more in Q4 than Q3. What was behind that? Thanks. The material unit cost headwind, I would say it is quite similar both in passenger tire and heavy tires. Vianor, it's quite stable in the big scheme of things if you try to forecast the profit development, as stated also in earlier calls. In terms of the SG&A increase in the fourth quarter, as I said, it is a function of increased activities going hand-in-hand with the increase in volumes. For the full year there is also related to sales and marketing, and then also for the full year, because of increasing performance, also the incentive payout has an impact on the overall SG&A base in 2021. All right. Thanks. Thank you. Our next question is from Pasi Väisänen of Nordea. Please go ahead. Great. Thanks. This is Pasi from Nordea. To start with this issue related to Ukraine. What is currently your sales volumes to the area? When looking at the kind of at a group level and production volumes, how much actually you are going to get more kind of volumes from this Finnish and from this Dayton factory in this year on a year-over-year basis and looking at increases in the staffing and new lines? Maybe lastly, regarding this kind of pricing and raw material issue, what's going to be the delay in pricing for you currently? If it would happen that the prices do not move anymore, are you going to ramp up the pricing in three months, four, six, or what's the kind of period for that? If you take the pricing, I'll comment the Ukraine. We have a few hundred thousand tires in Ukraine. Typically, we don't sell them through Russia. We sell them via Central Europe because that's how we do it. But it's not a significant part of our top line as such. But it's a market where we actually sell products. In terms of how much capacity we get from Nokia and Dayton, as we said that we moved up towards 26 million tires by 2024. This development is relatively linear. We have a good volume increase coming from Nokia. Also, based on our plan, we are pretty much on track with Dayton so that we move from that 1 million tires in 2021 into about 4 million tires by 2024. You can look at the linear development based on that. There is a significant opportunity or important volume opportunity coming in 2022 based on the capacity increases in Nokia and in Dayton. As we said, the Russian factory was running flat out in 2021 and will keep on doing that in 2022. In terms of pricing, if I got your question correct, correctly, Pasi, you were asking the timing of the raw material changes, and that is varying between different raw materials from four-six months. In terms of our price increases, in the current environment, which is. It's not a normal way of doing business. These price increases can be pushed forward within the timeframe of couple of months. I come back to these volumes in Ukraine. We obviously had more demand than we could supply in 2021. In case that volume is not available, then it can be easily replaced and sold elsewhere. In fact, what we had as the situation in 2021 was that more demand than we could supply throughout the year. Maybe just an additional comment to the pricing. It's not only how the raw material prices are developing. It is also a function of competitive landscape and therefore we also need to pay attention what our competitors are doing. Yes. That's understood. Just coming back to this sort of production volume issue. Would it be a fair assumption that it is here that we are going to see 1.5-2 million tires more than last year on annual comparison? I think we had a record volume in Passenger Car Tires and Heavy Tires in 2021. We have that ballpark type of a number to be increased in 2022, which you mentioned. Yeah. Okay. Understood. That was all from my side. Hopefully, hopefully more than your higher end, but we will see. I mean, this is of course something that we work on the continuous improvement and find more capacity and capability. Yeah, that's understood. Thanks. Thank you. Our next question is from Pierre-Yves Quemener of Stifel. Please go ahead. Yes, good morning. Good afternoon, sorry. You hear me? Yes, we can hear you. Yeah, we can. Oh, thank you. Just one left on my side, and it would be on the volume component into 2022. Volumes have been soaring in 2021 and, in my understanding that, you haven't met all the demands available in the market. Do you expect volumes to grow as well in the first two quarters of 2022 or the comps are maybe a bit tough to reckon on significant volume growth once again in the first two quarters of 2022? Thank you. Yeah. We are planning to have a relatively even volume growth throughout the year. Yes, we understand the comparables compared to 2020 and 2021 are quite demanding. Nevertheless, maybe good to remember that in 2021, still the replacement tire market in Nordics or in Central Europe or even in North America, we are not at the level of 2019 or 2018 level, so that there's still some upside potential to catch the 2019, 2018 level. However, of course, the comparables are quite demanding in the second quarter. Okay. Maybe just one follow-up in terms of regional mix, if you can have directional elements there. Will Russia be, I would say, a pivotal driver for volume this year, or should the Russian effect, I would say, soften into 2022 with the more importance being focused on Central Europe and NAFTA? We basically see when we look at the volumes or pieces, we see a good opportunity in Russia at this point of time. Now, of course, the geopolitical discussion we had already, and we have contingencies for that and action team if needed and when needed. Obviously we also see Central European demand, Eastern European demand, and North American demand all developing based on our strategic ambition. Maybe the least development or least demand growth in pieces will be in the Nordic market simply because it is a mature market and you do not see that kind of an opportunity to increase either market share or even the volume growth. In the other markets, we will see opportunity to progress. Okay. Thank you, Jukka. Thank you. Just as a reminder, if you wish to ask a question, that's zero one on your telephone keypad. Our next question is from Michael Jacks of Bank of America. Please go ahead. Hi, good afternoon. Thanks for taking my question. I just have one. I just want to come back and clarify on your 20% cost inflation assumption. For inbound and, I guess, outbound logistics, does your number already factor in annual contract price increases for freight rates? Or is there potentially still a risk that these could drive higher cost increases if the negotiations don't go to plan with the shippers? Thanks. We have a certain contract with our logistics partners and with the current best understanding, we have estimated the cost impact. Having said that, it is a competitive environment and depending what is the situation in the market, we cannot rule out any adverse development. With the current view, the 20% includes the logistics cost increase that we see at the moment. That's clear. Thank you. Thank you. There are no further questions at this time, so I'll hand back over to our speakers. Thank you. Thank you. If there are no additional questions, it's time to finish the call. Thank you, Jukka. Thank you, Teemu, and thank you all for participating, and have a good day. Thank you. Have a good day.