Good day, ladies and gentlemen, and welcome to the Nokian Tyres Q3 interim report conference call. Please note this call is being recorded, and for the duration of the call, your lines will be listen-only. However, you will have the opportunity to ask questions. This can be done by pressing star one on your telephone keypad to register your question. If you require assistance at any point, please press star zero, you'll be connected to an operator. I'll now hand you over to Päivi Antola. Please go ahead. Thank you. Good afternoon from Helsinki, and welcome to Nokian Tyres Q3 results conference call. My name is Päivi Antola, and I'm the Head of Investor Relations in Nokian Tyres. Together with me in this call, I have Jukka Moisio, the President and CEO of the company, and Teemu Kangas-Kärki, the CFO of Nokian Tyres. In this call, we will go through the Q3 results and discuss the recent events, i.e. the agreement for the sale of the Russian operations, which was signed last week, and also the new factory which will be built in Romania, which we announced earlier today. What I can inform you about already now is the Capital Markets Day and the timing of it, together with new financial targets. We will organize a Capital Markets Day once the Russian exit deal has been closed. Now I'm handing over to Jukka and Teemu. Thank you, Päivi. Good afternoon on my behalf, and welcome to this call. I would like to go through the presentation, prepared presentation, where the heading is "Building New Nokian Tyres." Starting greenfield factory in Romania, agreement for the sale of Russian operations. I move to page two, and indeed, taking the first steps to build the new Nokian Tyres. We announced earlier today that we will build a new greenfield factory in Romania. All in all, the investment is EUR 650 million. Annual capacity for that amount is 6 million tires, and we have a site which has potential to expand further in terms of capacity and number of tires. We expect that the first tires will be manufactured in the second half of 2024, and we aim that the commercial production will start in 2025, and the construction of the site will begin in early 2023. This will be the first greenfield zero CO2 emission factory in the tire industry. We also are adding further supply capacity, so we are increasing capacities at the Finnish Nokian factory and also in the Dayton factory in the U.S., as already announced, and this continues according to our plans and according to our earlier communication. We have also acquired land and property in Finland to secure opportunity to develop further the Nokian side. This means that the property nearby the factory has been acquired by us. This will allow us to open the capacity in Nokian. Those plans are in the development phase at this point of time, and when we are ready and we are clear with the plans, we will then announce what kind of steps will be taken in Nokian Tyres. Also, at the same time, we are developing outsourcing options to supply especially Central European markets. Final point of building new Nokian Tyres is that the exit decision, controlled exit from Russia, was made in June. During the third quarter, lots of discussion, negotiations, and also in the early part of fourth quarter were conducted, and then we announced an agreement for sale on October 28th, and we signed the agreement. The debt-free, cash-free purchase price is expected to be around EUR 400 million. The final purchase price is affected by net cash, working capital adjustments, and changes causing the ruble-euro exchange rate. I move to page three. Just highlighting the Q3 net sales and profit. First of all, the net sales were EUR 466 million, -6.4% with comparable currencies. Obviously, we see that the currency tailwind was quite strong because our headline sales were higher than in third quarter 2021. Lower Passenger Car Tyres supply volumes but as a fact as the imports from Russia to Europe and North America ended in July. Heavy Tyres also had slightly lower net sales due to supply constraints. Segments operating profit in the quarter, EUR 54.9 million versus EUR 96.9 million in 2021. Main reasons, lower Passenger Car Tyres supply volumes, of course, the factory mix, when lower production in Russia impacted our profitability. At the same time, we were able to increase prices to combat cost inflation, and therefore, we had a higher average selling price of tires. Move to page four. There are some key financial numbers. I call out a few numbers here. First of all, the segment's operating profit percentage in the third quarter, 11.8% versus 21.8% in 2021. First nine months, segment's operating profit at 15.2% versus 19.7% in 2021 corresponding period. Segments EPS at EUR 0.26 in the quarter and year-to-date at EUR 1.19. Full year in 2021, we had EUR 1.84. Our balance sheet remains strong, so equity ratio is 64% versus 65.7% in 2021. Cash flow from operations was slightly weaker in third quarter 2022, and year-to-date at EUR -323 million versus EUR -96 million in 2021. Big impact on the working capital is higher raw material cost and also quite a high inventory of ready-made tires, which is still in our distribution network. Gearing at 22% versus 15.9% in 2021. Interest-earning net debt at EUR 374 million, and CapEx at the same level in 2022 versus 2021 in the first nine months. Now I hand over to Teemu, and Teemu will talk about Passenger Car, Heavy Tyres, the other financials, and look at the outlook and assumptions. Teemu, please go ahead. Thank you, Jukka. Let's start with the Passenger Car Tyres performance in Q3 especially. Our net sales was on a level of EUR 348 million. Reported growth was on a level of 5.6% growth, and with comparable currencies, the change was - 9.5%. Our segment operating profit for the quarter was on a level of EUR 55 million. As we have been commenting already earlier, the lower tire supply will impact and has impacted our net sales negatively, especially in Central Europe. We have been able to increase our average sales prices with comparable currencies, and especially in Russia, the increases have been significant. Our customers have been securing their availability of tires, and now the inventories in the distribution are on a high level. In terms of our segment operating profit, naturally, the lower sales volumes have an adverse impact as well as the changed factory mix due to the lower production in Russia. We started adjusting our cost base in Central Europe, and now we have aligned the resources there for the coming quarters' sales. Moving to the net sales development by quarters. You can see here the trend lines. The sales volume drop is clearly visible there and is significant. When we move to the price mix, we can see strong positive development for the full PCT business, as well as in the call-out boxes, you can see the price mix without Russia, which is also on a strong level. In the third quarter, another positive factor to impact that is the changing region mix, where the share of Nordic and Asia is increasing and Central Europe is decreasing. Moving to the bridge. Here we can see the net sales components, sales volumes almost -32%, price mix 22%, and a strong currency tailwind of almost 15%. If we look at our segment operating breakdown, here you can see the impact from sales volume and the positive development from the price mix worth EUR 73 million, which then offsets the material headwind, but doesn't offset fully both the material and supply chain impact. The currency impact for the third quarter in Passenger Car Tyres was EUR +17 million on the segment operating profit level. Moving to the Heavy Tyres. Our net sales in the Heavy Tyres business unit was EUR 68 million. Reported development was -0.9%, and with comparable currencies, it was -3.3%. Here, we can see that the supply constraints impacted the net sales in the quarter. Our segment operating profit was on a level of EUR 9 million. Here we can see the same factors as in Passenger Car Tyres, lower sales volume, and then raw material and cost inflation showing a headwind in the business. Moving to the Vianor business unit. As we all know, the third quarter is seasonally low quarter. If we look at our top line, we can see that we reached net sales of EUR 76 million, change in comparable currencies, 9.3%. As always in the quarter, we show a loss of this time EUR 5 million. Top line is driven with the price increases to combat the inflation. Moving to the assumptions for the full year. As we all know, the war in Ukraine and sanctions have a severe adverse impact on our supply capacity. It will hit especially our Central European area. Overall, the demand for both Passenger Car Tyres and Heavy Tyres is estimated to be healthy this year, and that the raw material and logistic costs continue to be on a high level. Moving to our updated guidance that we announced last week, Friday. We increased our top line outlook. Now the new guidance is that the net sales is expected to be at previous year's level or increase. No change in the segment operating profit guidance, which is decreased significantly compared to year 2021. I'm handing back to you, Jukka. Thank you, Teemu. Just recapping the discussion and presentation, also the material in the quarterly release. Indeed, past eight months since the war started in Ukraine, lots of activities and actions have taken place in the past eight months, in terms of, first of all, to secure that we keep on supplying our customers. Secondarily, to secure controlled exit from Russia and working on that. Also simultaneous and parallel to that, to identify a site for the new plant and prepare the investment plans for the new factory in Romania. As well as expansion opportunities in Nokian and keeping on increasing capacity in Dayton as well as increasing capacity in Nokian. All of those have taken place simultaneously parallel during the past eight months. Now, when we have announced that, indeed the transaction has been signed in Russia, we move into securing the closing of the transaction, as well as now that we announced that, the plan for Romanian plant is approved and will go into an implementation. There will be a time and period of implementation of these announcements and plans that will come in the coming quarters. It's of course quite important. First of all, to secure that we are able to supply customers, keep on supplying them. Keep on adding capacity and making sure that both Nokian and Dayton plants are running well and that adding capacity as planned. Also then the new greenfield factory project that will get to a good start, as well as that we secure off-take volumes to help our revenue development and customer service in Central Europe. Closing the transaction to exit Russia, quite an important implementation step in coming months. We will also ensure that our Vianor and our operations all over the world, we supply the successful winter tires. Hakkapeliitta 10 is a test winner, is a strongly performing studded winter tire. Our new product R5, Hakkapeliitta R5, is also an excellent product, and that has come to market this autumn. We will ensure that the volumes and capacities of that tire is available to our customers. Business units and business areas continue to implement the specific plans. In Nordic, it's a high season and important winter season right now. North America, the same. Then Central Europe, we have, as Teemu mentioned, reduced our cost and we've taken cost actions and also adjusted the headcount and the cost level to expected volumes. Heavy Tyres are working on the expansion plans, including the Nokian site expansion, and Vianor has the high season in this quarter. While doing all that, it's important that we keep costs in strict control and we protect our cash flow. We are pleased of the achievements of the quarter and year-to-date that at this point of time, when we go forward, we can say that we will focus on building new Nokian Tyres. The new Nokian Tyres will be a company once we sign the agreement, close the agreement to exit Russia. We have no operations in Russia. We will be a company that operates in Western Europe and North America. That is a significant change to our company, and building that company will be exciting journey in coming quarters and years. Thank you for your attention, and now I hand over back to Päivi. Päivi, please. Thank you, Jukka. Thank you, Teemu. Now, operator, we would be ready to move to the Q&A. Thank you. If you would like to ask a question, please press star one on your telephone keypad. To withdraw your question from the queue, please press star two. But again, please press star one to ask a question. We'll take the first question from Michael Jacks from Bank of America. Hi. Good afternoon, Jukka, Teemu, Päivi. Thanks for the presentation. I have a few questions, if I may. The first one, could you please provide the current net working capital position on the Russia balance sheet, including cash, and just give us a sense for how much of this, if any, is already factored in pre-disposal value of EUR 400 million? I'll stop there. The 400 million value, that is the enterprise value without debt and without cash. Then there is a factor that I cannot comment what is then the additional cash and working capital component. The current net asset, as we have indicated in the release, excluding net debt, is on a level of EUR 480 million, which majority is our working capital, and that fluctuates during the year because of the seasonality. Then the cash, what we have been commenting already in our earlier quarterly calls, at the end of Q3, it was some 50 million. Clear. Thank you. Just with regards to the remaining inventory balance, of ready-made tires exported from Russia that is sitting outside of Russia, are you able to provide some information on the balance, the remaining balance there? We can basically comment that in the Passenger Car Tyres, the finished goods inventory at the end of quarter three was roughly at the same level as it was a year ago. Understood. Thank you. Just with regards to the fixed cost savings or the cost savings in Central Europe that you mentioned, could you give us a sense then, please, for the magnitude of these cost savings that have been implemented and whether or not that we should expect any cash restructuring impacts attached to these? The cash restructuring impact is visible in our release of some EUR 5-EUR 6 million coming in the coming months. The saving is roughly double of that annual saving. Clear. Thank you. My final question, what will be the earliest date that you will begin to disclose the Russian operations as discontinued? First, we need to close the deal and then Q3 is naturally the earliest point. Okay. Understood. But— In the interim, are you able to give us any kind of a sense for the underlying profitability of the Group ex- Russia as it currently [inaudible]? What we have been saying and commenting that Russia has a significant impact on our profit, and it has a twofold effect. First is the supply effect that we have been saying that now when we lose the supply, the cost per tire is some EUR 10 per tire higher without Russia. So there you can get the supply impact estimate. T hen the commercial business impact in Russia is then the second one. Traditionally, it has been also a significant portion. Finally, the final impact, especially in 2022, is that we have quite extraordinary high logistic costs because we took extraordinary measures to transport tires from Russia to Western Europe and North America. Those costs are also in the P&L of 2022 required an adjustment eliminatio so t hat we have the Western world profitability. That's very clear. Thank you very much. The next question comes from Akshat Kacker from JP Morgan. Thank you. Good afternoon. Three from my side, please. The first one on greenfield investments announced in Romania. Can you just talk about the phasing of that CapEx over the next three to four years, and also the timeframe in which you expect to hit the 6 million tire annual capacity? That's the first one. The second one is on contract manufacturing. How quickly can you get access to contract manufacturing for the tires that you cannot produce, going into 2023? And are these arrangements already in place? And also it'd be great to understand if you will use contract manufacturing only for summer and all-season tires or for winter tires as well. Thank you. Capital outlay of the new plant will be a little bit in this year, so in terms of equipment. Mostly in 2023, 2024, and then a tail end in 2025. We would say that about EUR 60 million-EUR 100 million in this year, about from EUR 150 million-EUR 200 million next year, and then the tail end in 2025. Expect that volumes will be running at close to full capacity towards the end of 2026, early 2027. As we stated in the release, the first tires will come out at the end of 2024. Commercial production starts in 2025 and then we are in full speed in full calendar year 2027. Thank you. And—y eah. The offtake— The question on contract manufacturing. Yeah. We are working on the offtake, and we expect that the first significant volumes of the offtake will be available in 2023. Is it only for summer and all-season tires or for winter tires as well? That we will see. Okay. Thank you for the detail. The next question comes from Giulio Pescatore from BNP Paribas Exane. Please go ahead. Thanks for taking my question. The first one on the capacity runway that you currently have. Can you maybe remind us at what runway would you close the year in in your remaining plants in Finland and the U.S.? Also the second question more on the deal with Tatneft. How do you plan to get the cash out of the country? Have you already spoken to the Russian authorities about this? And did you get an indication that they're in favor of positive signing of the transaction? The third question, if I may. On the winter season, it started on the weak-ish side so far in Europe at least. Are you worried or is it too early to say? Thank you. If I start with the announcement from Friday. Time flies. Now the process starts with all relevant authorities, and we expect that with a strong buyer like Tatneft, we are able to navigate through this process. As we all know, it contains a lot of uncertainties, but we do our utmost to repatriate the money according to our agreement. How long the process lasts, we cannot comment that at this point of time because we don't know. In terms of capacity utilization, as we've said, as we don't have the Russian supply anymore, both the Dayton and Nokian as well as the Heavy Tyres are running flat out in available capacity. Based on our plans in 2022, Dayton is progressing towards that 4 million tires in 2024, and we are very much on track. Nokian is progressing towards 5-6 million tires, very much on track. Heavy Tyres also capacity fully utilized at this point. The next— Sorry, on the winter season. The season. We believe that winter season is quite well covered, and we are quite optimistic about winter season. Obviously it's early days, so we will see how it evolves. In terms of product-wise, product availability, we are well prepared. Sorry, can I just go back on your initial point on getting the cash out of Russia. In case there were any problems with the process, how do you manage to finance the expansion project? I mean, I guess if you get the EUR 400 million, then you know, we can all see how you finance the first two years of CapEx. In case there were any delays or issues with that process, you know, what are the other options? As you know, our balance sheet has been traditionally strong. In this kind of a situation, that is our benefit that regardless with the money from Russia, we are able to finance this EUR 650 million investments in the coming years. We of course work very much focused on the operating cash flow, EBITDA and free cash flow, EBITDA. We'll be ensuring and working to make that finance also the operations and the investments. Clearly a strong focus area is EBITDA. Okay. Thank you very much. The next question comes from Christoph Laskawi from Deutsche Bank. Good afternoon. Christoph Laskawi from Deutsche Bank. Thank you for taking my questions as well. Coming back to the EUR 400 million and working capital from Russia, just to make sure I get this right. So the asset price would be roughly EUR 400 million, and then on top of that, you will get cash for the existing working capital in the plants. Could you just roughly quantify that? Or did I miss it earlier, basically? On the outsourced manufacturing or the contract manufacturing, you gave a comment on the business ex Russia when it comes to production cost. Could you give a comment also on how the margin profile of this outsourced capacity would look like? I guess probably slightly dilutive to your current facilities in Europe and the U.S. Then lastly, on the Heavy side, you just said the Heavy production is also running flat out in terms of capacity. In the slides you mentioned and in the presentation you mentioned some problems in the supply chain for Heavy. Is that comment then reflecting that all the problems are essentially already solved again and you can proceed quite nicely into Q4, or should we expect any disruptions also in the last quarter? Thank you. Let me start with the Heavy Tyres. Basically, we have in Finland and some other countries as well, pretty high sick leaves in terms of COVID and various things. This high sick leave rate has little bit slowed down our productivity and output. We believe that those issues are behind us, and when we go in the fourth quarter, that we should not have those issues anymore. Of course, it's something that we want to work on, and this is also related to how we see the COVID and various flu things coming in the autumn time or in the wintertime. So far so good. Regarding the Russia transaction, at this point I don't want to disclose more than the cash balance that I mentioned earlier in the call. Finally about the offtake. Obviously offtake and outsource is something that has a different margin profile, but also maybe just important to keep in mind that they don't tie any manufacturing assets. In terms of capital employed, offtake is a different kind of equation, and we follow that based on capital employed and margin profile. Doesn't tie a lot of assets. Clearly it's not the kind of profitability that we historically enjoy in our own manufactured products. A brief follow-up, if I may, on that. Is there any indication that you would want to give or can give already, with regards to the size of the contract manufacturing? I guess not as big as the greenfield plant that you are currently looking to build, but could it be sizable or is it just a small addition? It will be a stepwise, more important addition of our product portfolio. Over time, our plan is that we have three manufacturing sites. Romania, Nokia, the U.S. Dayton and support factory. We would have a virtual offtake factory. That will remain as an important element in our manufacturing or let's say, product portfolio alternative. Progressively, we want to develop that long term. Understood. Thank you. The next question comes from Thomas Besson from Kepler Cheuvreux. Thank you very much. I'm I have several areas that I'd like to ask you about, so if that's okay, I'll ask them one by one. First on the quarter numbers, there are a few things that I don't really understand, maybe you can help. Your Russian and Asian sales are up in Q3. Can you explain how it's possible? I understand you raised prices substantially and maybe you sold just a lot of tires in the first ten days of July, but it seems to be difficult to understand. Second question on the accounts. You have record level of inventories and receivables at the end of Q3. Can you elaborate on that? Can you explain the EUR 7 million forex boost and whether we should expect something similar in Q4 or whether that was just a pure one-off? That's the first set of questions. Thanks. If I start with Russia. There the price increases have been significant. That's also the main reason why our trade receivables have been increasing on our balance sheet. In terms of inventories. Our inventories on a group level have been somewhat on the same level as prior year, but they are clearly higher in the best part; i n Russia they are clearly lower. Those were the comments to the balance sheet topics on pricing. Yeah. Currency tailwind, difficult to anticipate. Again, looking at the currencies, it's the forecasting there is difficult. So far we've been able to enjoy a tailwind in currencies, both in the U.S. dollar as well as the Russian ruble, year-to-date and in the third quarter. Thank you for that. Moving to the second topic I wanted to address. If I understand clearly, with the plan, you're going to have Romania as a key new factory, plus a kind of flexible operation somewhere, with your contract manufacturing operations. You do not plan to build up a fourth factory somewhere, right? The current plan is that we will have these three plants, as stated by Jukka, and the fourth one is the virtual factory a s we see today. Yeah. Great. Thank you. Lastly, I'd like to come back to the sale. I'm sorry to ask that maybe a bit abruptly or directly. I often do that. There's nothing I can do against that. I mean, you are the first company, and we look at a lot of companies that managed to sell a Russian asset to a Russian company for an important sum of money. Most companies we've looked at exited Russia for RUB 1, and we're happy to do that. Can you explain exactly both the legal and ethical considerations of the sale that you announced on Friday, and describe exactly what that nets? You were keeping this asset in Q2 because you feared somehow it could be used for the wrong end, but now you're selling it. I'd like to understand that, and also understand what additional write down we can already factor in. Can we already do that? The difference between EUR 480 million and EUR 400 million, should we assume that necessarily EUR 80 million are gonna have to be written off or is it dependent on the elements you can't comment on, linked with working capital? Thank you very much. If I start with the last comment or question you had about the possible write-down. As we stated in our release, there are so many different factors impacting the final outcome so that we cannot estimate at this point. Because there are factors impacting the process, the timing of the closing, et cetera. Therefore it is impossible to quantify that at this point of time. Selling operation and sustainability of owning and operating factory in Russia after the sanctions became impossible. Remaining options were considered, and then finding a buyer that is not sanctioned and will continue making Passenger Car Tyres was of essence. We believe that that's what we found. We did a lot of background work and did the work, and this is the outcome. Okay. Thank you very much, both of you. We'll now take the next question from Panu from Deutsche Bank. I beg your pardon, Panu from Danske Bank. Yes, thank you. It's Panu from Danske. I have three questions. Firstly, on CapEx, thanks for guiding the factory investment well, but what is the maintenance CapEx level without the Russian factory going forward? Roughly, on a level of, I would say now EUR 100 million, give or take. Okay. It's not that much lower than it's been historically. As, uh, this— Panu, as Jukka was commenting earlier, in the coming years, some of the key metrics for us is the EBITDA and also then we match our CapEx spend according to the EBITDA going forward on a cumulative basis. It's also true that the mold investments are an important part of CapEx going forward. Yes. That will actually skew our investments on CapEx higher. Okay. Makes sense. The second question was on profitability without the Russian factory. You already commented that, but if I ask it this way, that is Q3, a level that's even roughly representative of what you think you could kind of generate in terms of EBIT margin, going forward? You cannot draw that kind of conclusion at all. Let's come back to that when we have closed the deal and published the restated figures. As I stated, Russia has a significant impact, twofold, the supply and the commercial side. Yeah. We need to clean the numbers because there are lots of noise in our numbers, so that will have to be done before conclusions and comparables can be drawn. All right. My third question is on the Dayton factory. Basically two things about it. I mean, you're now saying that you should reach 4 million in 2024. How is it taking so long as the first production, commercial production started in 2020 already? Have you kind of changed plans in terms of mix or something else in the factory? Secondly, on Dayton, do you have any plans of increasing the capacity above 4 million tires once you get there? Dayton ramp- up again is, as somebody was pointing out, it's not a benchmark in terms of a quick ramp up. Clearly, if you remember that, unfortunately the COVID came and we slowed down our ramp- up. Now, currently, increasing the volumes and so on are dependent on the equipment. We are running flat out in Dayton, so all the capacity and capital which is on the floor is being used. Then the new equipment come in and we install them, and then we ramp up machine by machine. I think that our plan to achieve 4 million tires in about 2024 has been there all along. Okay. On the plan of increasing it above 4 million. I think that, again, as I mentioned that, we basically achieved that. We increased capacity in Nokian and, look at the Nokian factory expansions, and then we built the, new factory and then increased offtake. When we get to 2024, we will then explore the situation and see what needs to be done and what can be done. Obviously, with these actions that we have a significant rebuild in the coming two years will take place. When we are in 2024 or late 2023, then we will see what needs to be done. All right. Thank you. The next question comes from Pierre Quemener from Stifel. Please go ahead. Good afternoon to you, Jukka, Teemu, and Päivi. Just a couple of questions, but first off, did I miss what did you say, Jukka, regarding the Finnish factory end of this year and in 2024, regarding the Passenger Car Tyres capacity? I think the Finnish factory. I said that we have acquired real estate next to the factory, and that historically we didn't have the opportunity to expand the footprint in Nokia because we were land restricted. Now we have acquired the real estate, and we have opportunity to expand the Nokia factory and increasing the size of it and working on the plans. As soon as we have the plans ready, then we'll get the board decisions, and then we go ahead. This is. We are working very much on Nokia expansion. End of this year, what will be the actual capacity of Nokian Tyres? I didn't say anything. I said that we— Correct. I didn't miss anything. Okay. I didn't say anything. I said we are working towards 5-6 million in our plan as agreed, and we are installing new machines in Nokian in the latter part of this year and then prepared for next year capacity increases. Okay. That's fair enough. I would have three question, one on volumes development Q3 and probably Q4 and into next year. How much of the volumes of the shipments you made in Q3 were made out of inventories, and how much were made out of, I would say, regular production from Nokian or Dayton? So far this year, our inventories are at the same level at roughly at the end of Q3. There is no draw- down on inventories. No draw- down on inventories. Okay. Last on Russia, sorry, to go back to the topic again. I would have two questions. Like raised in a previous question, you still had significant revenues from Russia in the third quarter, close to EUR 137 million in revenues. How should we think about the fourth quarter regarding Russia? Next year, I would suppose that there will be no longer Russian revenues, right? When we sign the deal, we still have the operation. When we close the deal, then we have no operation, and we do not consolidate anything from Russia except, of course, the final impact of the purchase price. Between signing and closing, whatever we sell or deliver from inventory or manufacture in Russia will be part of our P&L. Sufficient to say that volumes, as you see that the first nine months, the share of Russian factory in our production has significantly reduced and will be at low levels at the end of the year, towards the end of the year and until the closing. Okay, Q4 should be basically the contribution from Russia in terms of revenues and profitability should be lower than what we saw in Q3, right? Well, you know, it again we come back to the seasonality that some of the tires that are in inventory or warehouses in Russia were made in early part of the year for winter season of this year. Those, of course, will be delivered to retail and distribution during the quarter. Again, it's not at the same level as previous year or what has been historically true. Okay. Last question regarding the asset transfer. Honestly, I was just trying to understand how you have managed that kind of magic to monetize those Russian assets in a country which is under heavy sanctions, in my understanding, from both the EU and the U.S. Having said this, when you close the deal, will you be able to immediately repatriate the cash, or can we assume that it could be segregated somewhere in Russia until the war ends, and then after you will be able to repatriate the cash, if at all? Thank you very much. In its simplicity, we don't close the deal before we have the money. Okay. Very clear. Thanks. The next question comes from Artem Beletski from SEB. Yes. Good afternoon, and thank you for taking my questions. Maybe I can start with a couple of questions relating to investments. Firstly, starting with Romania. You actually said that there is scope for further expansion beyond 6 million tires. Could you maybe talk about this basically possible at that side when it comes to potential phase two or phase three? Could you also confirm that CapEx of EUR 650 million also includes the mixing capacity investment on that side? Then just a quick follow-up relating to a discussion when it comes to further capacity expansion and basically land acquisition in Finland. Is it basically relating to Passenger Car Tyres, where you're looking potentially to increase capacity or is it also Heavy Tyres related? Maybe if I start with Romania. Yes, excuse me. It's a full business system, so including mixing, tire building as well as all the other distribution, et cetera, curing. EUR 650 million covers all that. A rough rule of thumb is that it's about EUR 100 million per 1 million tires. If you think about how the investment can be quantified. Also, the site allows tripling the volume if we go that route. I think that our recent learning from Russia country risk and having all the eggs in one basket is probably a good guidance that we will not do that kind of an expansion. We may consider something else on that site or distribution or other things, but we will not build a new Russia in Romania. We will make sure that our production footprint will be more diversified and we have alternatives and sources of Tyres from multiple geographies, including also then the virtual factory of offtake. I think this is the recent learning. Hopefully, you all understand that this is a very important learning for all of us. Nokian expansion, I believe that of course Heavy Tyres is a main beneficiary of that. But at the same time, as we are installing new equipment in Nokian for Passenger Car Tyres right now and into the year end and be available for next year. Obviously the combined Nokian will then have a higher output of the Passenger Car Tyres as well as Heavy Tyres. Okay. That is very clear. Maybe just following with some questions to Teemu, relating to financials. The first one looking at the EBIT bridge in Q3. There has been quite substantial negative item relating to supply chain of more than EUR 60 million. Could you maybe a bit more discuss what is behind this negative development? Is it still basically higher logistical expenses as you have mentioned in Q2? The second question is relating to price mix development excluding Russia, up 28% year-over-year. Could you maybe indicate what is the portion of the mix in this development as, I guess, you have been more selective, for example, in Central Europe when it comes to deliveries. Starting with the supply chain basket there. The two biggest drivers are, as we have been discussing earlier, the logistic warehouse and that kind of stuff. Plus, the factory mix now when we don't run our Russian factory with full speed, the negative delta is visible there. Those are the two main factors. You were asking about the price mix. Prices. Yeah. In the price mix without Russia, as I stated, there the region mix has a clear impact, due to the reason I said earlier. When the share of Nordics is increasing and the share of CE is decreasing, that will be then the end result that we see here in our price mix without Russia. It's hard to quantify that more precisely. All right. It is very clear. Thank you. As there are no further questions, I will hand the call back over to your host for closing remarks. Thank you. If there are no additional questions, then I would like to thank you all for participating, and have a good day. Thank you. Thank you. Have a good day. Thank you. Thank you. That will conclude today's conference call. Thank you for your participation, ladies and gentlemen. You may now disconnect.