Good morning, and a warm welcome to our fourth quarter and full year results. My name is Tinna Molphy, and I'll be your moderator in today's session, where CEO, Oddný Þórðardóttir, and CFO, Stacey Katz, will go over the financial results and some key business highlights. If you would like to ask a question, please do so via the Raise Your Hand feature in the built-in Zoom. Alternatively, you can email us a question to ir@marel.com. With that, I'd like to hand over to CEO, Oddný Þórðardóttir. Thank you, Tinna, welcome everybody to the, ours fourth quarter 2022 and full year results. To say the least, last year was eventful. It was a year of challenges in the food value chain. The consumers were shifting the consumer behavior, trading down to poultry, for instance, from meat, to trading down to more affordable solutions. As well, the flow in the food value chains were facing challenges, bottlenecks, as well as in the overall the global value supply chain overall. At the same time, Marel managed to sequentially increase revenues throughout the year. Part of that was the blast in beginning in the order intake that was very, very strong in the first two quarters, and we kept the momentum throughout the year. A little bit colored, to say the least, the operational results. We started fourth quarter before 2022 in 11% EBIT. That is way below our historical operational performance, 14%, 15%, and way below our future target. We report 8% EBIT, 6% EBIT. We rebound to 10%, and are closing this quarter at slightly above 12% EBIT. In a change, in a world where we start the year in lockdown situation for one-third of our people, just to recap, the Russia military invasion in February into Ukraine, and the inflation that took on and increased bottleneck in the supply chain and completely changed the flow, What to do? We need to accelerate our journey. We are guided every single day by our vision and our financial targets 2023, that is this year, end of the year, and our strategic and growth targets 2026, where we are going to be one-stop shop with 50% recurring revenues from service and software, compared to 10% those to five, and compared to fabulous 40% in 2022. We took on many, many business activities. Maybe I should have some wrap-up of revenues here when I'm talking. I'm so excited to talk about the year and go through the year. We took on many, many actions to improve the flow and the flex. While I was describing many things that are outside of our control, then you cannot handle business like that. You have to say, what can we, what can we do, and what can we do in partnership with our partners, suppliers, and customers? We have been investing in infrastructure projects to automate and digitalize the flow of spare parts as we have gone through. Global distribution center will be ready 2024, regional distribution centers, we can shorten the lead times. We can be closer to the customers and serve and get higher share of the wallet in Asia on even level to Europe, U.S. This is a journey, we are seeing the fruit of it. We are having 11 quarters in a row where we are increasing the perpetual recurring service and software revenues. They are perpetual as long as we are customer-centric, we are with our customers. We believe that we increased the intrinsic value significantly last year in Marel, and now we have to show the stock market that we are now showing the operational results that we are aiming for. Once again, we adjusted it down to 14.60% the back end of this year. We are showing 12.4% in this quarter that we are closing. The ramp-up of revenues were slightly higher than we expected, but that there we were colored by the bottlenecks in the past. To recap, I have said when we are 40%-50% of trailing revenues in order book, we should be able to deliver revenues equal to average of three to four quarters past in order intake. That meant we had EUR 40-50 million in catch-up need if we look at last 12 months. We were okay toward our customers because all the suppliers were late, and the customers were too late. However, customers are very pleased with our deliveries in fourth quarter. It's a catch-up, and we show here what we can. It's not enough that the CEO or the top management believes in the 14%, 60% EBIT or the 50% recurring revenues. The whole organization need to be in unity. This is showing what we can. Of course, it doesn't come without a cost. The gross profit is only 36% in the quarter. The composition of project is higher than in past quarter compared to standard equipment and spares and services. Spares and services are 39% in the quarter, although it's slightly increasing compared to third quarter, that was a record quarter in aftercare. All in all, this sums up to 12.4. The increased revenue of course cover the operating cost very well. Operating cost below gross profit is 23.5% in the quarter compared to target of 24% the back end of this year, 2023. Our aim is to gradually increase the gross profit and stay on course in 6% R&D cost and 18% SG&A. Why are we putting the absolute number in EBIT here, EUR 61 million? We have said Marel is a growth company. We need to grab the markets here. We need to have the economical scale and business result, a combination of the growth and EBIT. We are obsessed with cash flow as well. Cash flow is colored last year by increased inventory to deal with the environment. Our cash flow model is unchanged. It's colored as well by book-to-bill or order intake visa versa revenues. To recap, order intake was very strong in 2021 as well. Book-to-bill was high. Book-to-bill was very high in beginning of the year, and the order book matters to balance out the load. That's very important how we deal with our system here. Book-to-bill is close to one when we close the year. Order intake in fourth quarter is slightly higher than third quarter if we adjust for currencies. We don't adjust for currency, so it's slightly lower as we report it. The momentum is pretty high, and I will go deeper into it here when I go through the industries. EUR 61 million EBIT compared to the record in past EUR 52 million. If we extract Wenger, we are at same level as the record. Of course, we have higher debt, but that's Wenger acquisition. Just nota bene. It matters a lot. What are we aiming for in back end of the year with the EBIT bridge? It's not to report 14%-16% EBIT in fourth quarter and then drop to 8%. We are aiming for sustained business result of 14%-16% EBIT. Looking then into our growth and combination of growth, EUR 60 million EBIT, we are aiming north of EUR 300 million in EBIT in 2024. Meaning that we are aiming for operating cash flow somewhere between EUR 350 million and EUR 400 million in 2024. Our historical cash flow conversion is 120%-125% of EBIT. This is the name of the game in value creation. It is hard to understand when companies continue to innovate 6%, invest in infrastructure that takes on one-off costs, and goes for the growth. We are guided by this financial metrics and as well our growth target 2026, and then beyond how can we get the traceability fully to the consumers. Just to flag, we have before said gradual improvements throughout 2023. As it looks like now, it will not be gradual. We ramped up a little bit higher than we expected in fourth quarter. It's not unlikely that we go slightly down in revenues in first quarter with less operating cost coverage. At the same time, we are targeting gradual improvement or improvement at least in the gross profits, although leaner higher in the back end. Most important is this year we are not only going after 46%, we are balancing out 2026 target, 50% revenues from recurring and the EBIT level. We are not going here after short-term profits, we are balancing out. I move fast. Poultry momentum extremely good throughout. People trading down 16.5% EBIT two quarters now in a row. Surprise here, meat reporting 8% for investors after we went down to -4%, +4%, and 8% in recent quarters. Here we are closing projects at better results than we expected. That we took as well crossover the company 5% reduction in the workforce in the middle of the year, as you remember, as nearly every single company is doing in first quarter 2023. We did it in middle of 2022. Necessarily to do with and our grand scheme of things is to have even-steven number of employees in back end of 2023 as we had in middle of 2022. 8,500 employees approximately and increase the output per employee like our customers do. Anyhow, well done to execute the projects at this level, close them at this level and rebound partly 8% in meat. We are guiding those soft results in meat in the first two quarters of this year. We have endless of levers to improve the profitability here in meat. Namely, cross-selling and up-selling the fabulous solutions that we have in secondary meat and improve the service profitability meat in line with how we do the service in poultry. Fish very much colored by the acquisition of Curio, Valka integration. There we are not adjusting for it. It teaches us that it's pretty difficult to take over company that is on digital journey. Valka was on digital journey way behind Marel. Anyhow, outstanding promises in the digital journey, now we have to combine those platforms. In all other acquisition, we have had a standard equipment or solution, or companies that have not been on the digital journey. Anyhow, we are working hand by hand with our customers out in the field. We started the year with a record order intake. A softness in fourth quarter in order intake due to the taxation in Norway. Proposed taxation, let's say that, in Norway due to the in the salmon industry. Starting on a pretty good momentum though in beginning of this year because people need to find the ground for automization and to serve the fish market all in all. We come to Plant, Pet, and Feed. I would say this is portfolio management par excellence. Timing of this acquisition, we should be proud. We are in plant-based proteins. We are not in what you're reading about here. You never, ever see us use the word alternative meat. We are here in plant-based and pet. Pet market is lucrative, and later on we will intensify as well the aqua feed. Order intake fabulous. Operation result good. We are having here in our part of the quarter, recent two quarters, around 15% EBIT above that. A little bit colored the fourth quarter by the portfolio from Marel that was on lower profitability than on Wenger. Actually Wenger is showing a higher result than this in fourth quarter. It was a little bit reverse in the third quarter. However, the opportunity of cross-selling and up-selling on a good gross margin, and remember, maybe we moved slow. 2016 we changed our vision into food instead of poultry, meat, and fish. 2022 we acquire Wenger. We didn't want any other platform in the industry. Wenger is 6% innovation every year, handling the product with care, keeping the nutrition just like our RevoPortioner, just like our hamburger lines, just like our intelligent oven that takes on and builds the full line in the industry. Welcome Team Wenger, actually Team Marel now. Very enjoyable working side by side with you out in the field and in the operation. It's, I think it was good timing as well for you, the getting the strategic direction and willingness to go fully global and invest in the platform. All in all, sums up more diversified revenues industry-wise, revenue mix-wise, and processing, stats-wise. 40% service revenues compared to 10% 2005. While we grow, we increase the quality of earning and decrease the risk in the business. Thank you, Arni. Thank you all for being here today in person and online as we present our Q4 2022 results and full year results as well. Overall, a solid year where we saw strong growth in order intake above EUR 400 million per quarter, the ramp-up in revenues in the second half of the year- to- end at the record of EUR 489 million in revenues per quarter. I will start off going through Q4. I will then switch over to the full year. We are pleased with the improvements in the quarter. We have been talking in recent quarters about our book-to-bill ratio, our healthy order book, and our journey to ramp up revenues. Q4 is a quarter where we delivered a record of EUR 489 million in revenues, as mentioned. This is 33% growth year-over-year, 17% acquired, 17% organic, 16% acquired. The significant and successful ramp-up took a lot of hard work and dedication of Team Marel in the challenging environment. We did see this quarter as a catch-up quarter, as Arni mentioned, where we see first signs of parts availability issues easing, and we were able to deliver a number of projects to our customers with strong performance on revenues across the segments. Aftermarket revenues are at an absolute record again this quarter, EUR 191 million. 39% of revenues in the quarter, which also shows how strong the timely ramp-up of customer deliveries was on the project side. Orders received at EUR 413 million in the quarter. If we look net of currency and we compare Q4- Q3, Q4 was actually higher than Q3. We do have currency tailwind and headwinds that are impacting the numbers. Order book at EUR 675 million, 39.5% of trailing 12-month revenues at a healthy level. Gross profit impacted due to the challenging market conditions in the year and the cost of ramping up as well. It will be important to see improvements in gross profit to be able to hit our 2023 target in the back end of the year. EBIT here at an absolute record of EUR 61 million, which translates to 12.4%. We see here the increased volume as well as better cost coverage kicking in amongst other actions taken in the second half of the year, such as the global headcount reduction. Free cash flow in the quarter at EUR 10 million with stronger results on the operational side. Leverage ended the year at 3.6x net debt to EBITDA from 3.9x in Q3. If we look at the improvements, about 2/3 are due to a stronger EBITDA and 1/3 due to currency on the net debt. Good signs of deleveraging, we will see some benefits on interest costs in the coming period, which do balance out the increasing interest rates since we reported Q3. EUR 11 million cash out per quarter on interest and finance costs still applicable for the first half of 2023 based on what we know now. Already mentioned financial highlights, we'll run through just a few key additional points on the income statement. Selling and marketing expenses, coverage improved due to higher volumes at 11.1% in the quarter. G&A, seeing results from shared services coming in, though offset by salaries and consultancy costs at the moment. SG&A at 18.4% compared to the targeted 18% end of 2023. R&D, a bit lower than normal at 5.1% in the quarter. Numerous solutions coming to the market end of the year, which will enable sales in the coming years, especially on the digital side, which Arni will cover in a few minutes. This will result in higher R&D expenses in 2023 with lower capitalization and higher amortization. Non-IFRS adjustments in the quarter elevated similar to Q3 due to the amortization of the purchase price allocation for Wenger at EUR 17 million, which will remain elevated until mid-2023. Acquisition-related costs, EUR 2.5 million. Still majority of that due to Wenger in results of the share grant as well in terms of consultancy, EUR 2.9 million of restructuring costs related to the 5% global headcount reduction. The 5% global headcount reduction is ending at one-off costs of EUR 8.4 million for annualized savings of EUR 25 million. We did end with actual slightly lower than our estimates previously. Net finance costs elevated, as previously mentioned. Also included in the Q4 figure is FX headwinds, costs related to our new $300 million facility included in cash out in the quarter. For the full year, 2022, great to highlight the ramp-up in revenues. EUR 1.7 billion for the year, up 26%, where 16% is organic and 10% is acquired. Aftermarket was 40% of revenues in the year, growth of 27% of aftermarket revenues year-over-year. Here we really see our investments in our end-to-end spares journey paying off. Orders received in the year, EUR 1.7 billion. Full year book-to-bill ratio of 1.01. Higher in the first half of the year with the record intake, balancing out in the second half of the year with the ramp-up in revenues. Full year free cash flow at -EUR 18 million, which is below expectations. We did see improvements in Q4, and we are putting good focus on rebalancing our working capital, moving towards historical cash conversion ratios with our strong cash flow model. Significant investments in the year with our end-to-end spares journey and our global distribution center in Eindhoven, our new facility in Nitra in Slovakia, and our new warehouse in Boxmeer. EBIT in the year, 9.6%, below expectations overall due to the challenging market conditions, especially in Q2, improving in the back end of the year due to actions put in place, as mentioned. Our Full Potential program as a global top priority to support margin expansion. There is currency tailwinds in the year due to the strong U.S. dollar and Marel having a higher proportion of revenues in dollars than in cost. Last quarter, we discussed gradual improvements towards our 14%-16% EBIT run rate at the end of 2023. Due to the timing of customer deliveries and the easing of parts availability, we were able to have a strong quarter, ramping up revenues in Q4 and deliver to our customers, which is great. The ramp-up allowed for better coverage in our operating expenses, resulting in the 12.4% EBIT. We continue to see a good pipeline also driven by the current labor challenges of our customers and the increased need for automation and digitalization in food processing. We are committed to our 2023 targets. We do see elevated uncertainty at the moment due to the macroeconomic backdrop, which may lead to nonlinear results and variability between quarters going forwards. In terms of cost developments, 2022 saw increasing costs across the board: raw materials, components, labor, freight with inflation. We have seen some signs of easing on the increases of costs. Freight costs, for example, are easing on some routes. However, our main route from the Netherlands to the U.S. is still elevated due to congestion. We do see higher labor costs entering 2023. These are built into our pricing analyses and actions. To cover the points not mentioned so far, gross profit in the year up on an absolute basis, though down as a% due to the previously mentioned supply chain challenges. SG&A in the year at 20.1% compared to 19.4% last year, though run rate is trending in the right direction at the back end of the year, with the higher volumes as mentioned. R&D at 5.7% for the year in line with our promise. Non-IFRS adjustments already explained earlier. Just to be clear, we are only adjusting for acquisition-related expenses, purchase price allocation, and restructuring to the costs related to the 5% global headcount reduction, which is now closed. Book-to-bill in the quarter, 0.85 times, showing the ramp-up in delivering projects to customers that we've been talking about over the last quarters when the book-to-bill was above one. Average 1.01 times for the year. Order book in the year peaked in Q2, though still at a healthy size at the moment, EUR 675 million, EUR 81 million included from the acquisitions of Wenger and Sleegers in the year. Good to remember that the order book is financially secured with down payments. Cash flow improving in the quarter with operating cash flow at EUR 44 million on the back of stronger operational results and first steps in rebalancing working capital. The lower book-to-bill ratio of 0.85 times is impacting cash flow, as mentioned also last quarter. Free cash flow at EUR 10 million for the quarter, including continued investments in the business. Operating cash flow at EUR 96 million for the full year, minus EUR 18 million free cash flow, which is below expectations. Operational performance, higher working capital, continued good investments, as well as one-offs related to acquisitions and restructuring all impacted. Our strong cash flow model is in place with down payments secured for orders. We ramped up our working capital during the pandemic to deliver to customers due to market challenges and will now focus on rebalancing our temporarily elevated working capital to move towards historical cash conversion. Assets increasing in a large part due to the acquisitions of Wenger and Sleegers. We also have a bit of an increase in inventories and trade receivables due to volume. If you compare the assets to Q3, we are continuing our work on the purchase price allocation for Wenger and making some good progress there. That does account for a few shifts on the balance sheets. Compared to Q3, we do see improvement in our inventories due to actions already enacted, the amortization of the inventory uplift for Wenger and U.S. dollar movement. Full year inventory increase is largely related to acquisitions, cost price increases being built into inventory, and some ramp up in the first half of 2022 to deliver to customers. Trade receivables in the year increasing due to acquisitions and volume. We are focusing on rebalancing our working capital and have already seen good steps on this from Q3 - Q4. On the equity and liability side, the borrowings increased due to the Wenger acquisition. We signed a new $300 million term loan in Q4, which repaid the EUR 150 million bridge facility earlier in the year for operational headroom. Leverage at 3.6 times, improving from 3.9 times in Q3. Borrowings decreased about $30 million in the quarter linked to the movements on the U.S. dollar. Part of the Schuldschein will mature later in the year. We do have availability on the revolver to be able to cover this, we are also looking into the possibilities in the debt capital markets. Contract liabilities and assets driven by the book-to-bill ratio. Earnings per share is targeted to grow faster than revenues. Basics earnings per share for trailing 12 months was 7.78 euro cents per share. Net results, though, being colored by one-offs such as the 5% headcount reduction, the purchase price amortization of Wenger, and costs surrounding integrations and investments. We see improvements in earnings per share if you look at the back end of the year with operational improvements in Q4. Dividend policy is 20%-40% payout. The board of directors will propose a 20% payout of dividend at the 2023 annual general meeting, which is 1.56 euro cents per share or EUR 11.7 million. Back over to you, Arni. Thank you, Stacey. We are very proud that we pumped out more than ever in our innovation front. We invest 6% every single year in good years, not great years and not so good years. It's essential to keep on transforming the food processing. We need to finance this with engaged people that has customer centricity and with EBIT and cash flow. Otherwise, that's how we finance our dream. It's a prerequisite, the EBIT and the cash flow. That's why we have the 23 target. Let's look at the 26 target. What do we mean by 50% software and service? It's not only to get those fabulous recurring revenues, it's to transform the way food is processed. In the service side, we are moving from original reactive to proactive to predictive. That's interconnected with our digital journey and our focus on service. We are as well introducing new digital solutions that improve efficiency out in the field or change the industry into demand-driven instead of supply-driven. What do we mean? There is a right product in the shelves in the supermarket on Fridays to prevent out of shelf or too much that leads to discounts on Mondays. I don't know what. Yeah, the picture is there. It's the IMPAQT to improve the operation profit starting in the poultry in-industry, standalone product that is getting a lot of attention on to already installations out in the field. Then we will cascade similar products to the other industries, starting in poultry. The ProFlow. You have heard me talk about one primary processing, 50,000 chicken per hour going to multiple swimming lanes depending on the products, depending on the weather forecast, et cetera, et cetera. We are selling not only in the poultry, but in the fish industry as well, moving into that. ProFlow to maximize the flow between the primary processing and the secondary processing. We could not do this if there were not intelligence in our products, connectivity in our products, same digital platform in our products. Imagine all the investment that we have been taking on since 2017 when we stepped up in synchronizing the digital platform. We said, "Dear investors, you will not know this." 2017 we said this. Significant change in our digital revenues until 2024. We have been investing in this, hampering our EBIT and our investments. Now it's 2023, tomorrow is 2024. Nuova-i is a critical starting point in the poultry processing industry. Here we are adding the intelligence. We are seeing the yield improvements of this and interconnection with later stages in the poultry industry. We have the largest install base of Nuova, and many customers are looking in modernizing and replacing. FleXicut here, new versions into the game, into the pre-reach of salmon industry, into the maximizing better the whitefish industry. Next steps obviously to cascade this to other industry. I-Cut 360, originally invented in the fish industry, now targeting with a new solution in versatility to cut the meat thinner than ever through portioning. This is important. All the Latin-speaking world is on day-to-day speaking, day-to-day having a demanding a thinly sliced to switch it on a pan, even though we sometimes picturize that good weather and barbecue. The day-to-day life is to switch on pan. We in Northern Europe, U.S. as well, want to save the time thinly sliced, even rib eye, so we can switch it on a pan and not everybody have the luxury as people here in Iceland that the energy prices are not skyrocketing. It is saving the energies tremendously that you can switch on a pan for two minutes instead of cooking for six, seven minutes. This matter, and here we are on right time with thinly sliced meat to the market. Leveraging our Danish part of our operation in portioning and combined with the Thrive portfolio, we are the leader of the pack in portion when it comes to portioning in the world. Maybe strange to see two items here from the fish industry because fish counts only for 11-12% of our revenues. What is exciting about FilleXia, it's a new field. It's a new revenue stream. It's a tilapia, automating the tilapia industry, as we have been doing with the North Atlantic whitefish and the salmon industry. Pumping out, well done Anna, well done team in the business division. First of all, the unity and cooperation, pumping out free for sale. Remember, there was a COVID two years before this year. We managed to keep the efficiency and innovation throughout. ESG, very proud. This is my passion, heading the Nordic CEOs for sustainable future. We are hitting all our targets in our sustainability journey last year. You know it gets then harder and harder. We are on the leader in the TCFD reporting. We are proud of the gender balance, and we have set targets, and we measure our results, otherwise you don't achieve targets. There's no difference here or financial metrics. Wenger, I touched on that. Timing, excellent. Portfolio management, par excellent. Soft Robotics, just to mention, just like it has been mentioned that. Partnership with Tyson, many prominent investors where we are investing in robotic technology in our unlisted company where we share the knowledge, and we can burn cash on faster rate than we can in the listed company of Marel. Here we are testing the water in partnerships out in the field with the forward-thinking customers and other investors out there. Unchanged target, very important. This year we will celebrate 40 years anniversary. We are ever young, but this picturize the smile in the University of Iceland. This is actually before the year 1983, where this project. However, the thinking has always been the same. Here we are collecting and electing data for our customers, making solution there and moving on. It's hard for me to try to look 40 years forward. However, as we see it, the growth 4%-6% on average for the next 20 years is at least equally as exciting as last 20 years. Now, Marel has been growing 20% a year from 1992, thereof two-third acquisition on growth. Of course, when consolidation becomes even more consolidated, then there is less consolidation growth. The industry is so fragmented, still needs development. Our organic growth opportunities through softer service and closer to customer is fabulous. Team Marel has changed in composition, more diversity, more diversity in education and et cetera. Stay tuned, 17th of March, we will celebrate the 40 years. Ever young Marel. Okay. Thank you, Arni. Thank you, Stacey. I'm very keen to open this up to the floor for the Q&A. Let's start with the online audience. I see that Klas Bergelind from Citi has raised his hand. Please go ahead, Klas. Thank you, Tinna. Hi, Arni and Stacey. Klas at Citi. First on the gross margin, it's a bit weaker than I thought. It's still costly to deliver out of the backlog. Are you raising prices now yet again here on new orders, or do you think that pricing you have now in the backlog will be sufficient to expand the gross margin as we enter 2023? I'm thinking against current inflation. We don't know what will happen ahead. Whether you're hiking prices further or if current pricing is sufficient as you deliver out of that higher price backlog. I will start there. Thanks. Yeah. Recap what we have said. In second quarter and third quarter, we said after the price adjustments there, we said we are sufficient covered. We want to be fair, we are on same level in pricing as when we were delivering 15% EBIT. We said it takes time to filter through. We said that the service revenues would filter through in third quarter. Standard equipment would filter through in fourth quarter, and the project revenue due to delivery on average would filter through second or third quarter this year. We are taking price adjustments like Stacey went thoroughly through what items are taking on inflation, and that is to cover the inflation that is coming in in 2023. No, we are not going higher in prices with, of course, the exemption of unique portfolio that we are introducing, where we go to value-based pricing, unique software and unique services. We are testing the waters, learning here on its payback in this industry should be two to three years, not in the unique solution that sometimes it's counted in months. We are doing it quarterly next year instead of annually. The trick is that the spinning wheel between procurement and commercial is working well and et cetera. I'm very pleased with how we have set up the pricing teams inside Marel, and it's all about price cost. Yes, we go for pricing discipline, but we believe we are sufficient coverage to achieve 40%-60%. Good. Thank you, Arni. My second one, second one is on the margin in meat. I mean, looking at the group, you get good leverage from higher revenues, the revenues in meat didn't come in well ahead of my expectations. Suggests more underlying improvement looking at the margin. I mean, meat has struggled here last couple of quarters. You say that you close projects, Arni, at better margin towards the year-end. Was that a one-off then with meat and trending lower again to the low single digit in the first quarter? Just to understand the sort of trajectory from the EBIT. It's more likely than not that we trend partly down in first and second quarter in meat. Like I said, we have endless of levers. We took on the cost down. Across the company was average 5% reduction. However, if I look now at Team Meat in recent four to six weeks, where we are looking at redefining our operating model, I'm very pleased with how people are moving and seeing what needs to be done. We need to improve as well the delivery times of profitability and the service in meat. It will take some time and we don't want to declare that we are here and we're rather focusing on what we will achieve in third and fourth quarter and sustain business result 2024 and onwards. We say not without a reason and the strategic and operational review. That's good. Don't get me wrong, it's good to see the better result this year, the trajectory from current level. My very final one is on the cash flow. EBITDA is improving, you're delivering better cash flow despite lower book-to-bill. That suggests that underlying working cap is better. How much of this was due to better working cap from better parts availability as you delivered out of the backlog versus your new distribution centers, your work in improving the spare parts availability on your own? I think it's a bit hard to give an exact number in terms of improvements, but I think we both have made improvements in terms of our end-to-end spare parts journey and our distribution centers, et cetera. I would also say that parts availability issues have kicked in, eased a bit. I would then also say that, in general, we're putting a lot of focus now on rebalancing our inventory, like we said in Q3. I think we are really starting to also see attention from the focus as well. Even though you still see, let's say, working capital, moving in the wrong direction overall, it's really because of the book-to-bill. We did see improvements on inventories, on receivables, and we are going to continue to work on this going forwards. Very good. Thank you. Thank you. Maybe if I can applaud the team as well. We are not only seeing improvement where we are working here in Netherlands, in Denmark, Iceland. We are seeing improvement, for instance, in U.S. after very, very hard work of the people. We were not satisfied with the interlink between U.S. and Europe and the flow of spare parts. We are seeing now after hard work and dedication, team U.S. and teams in our business division working together, improvements in clip performance and delivery. Very important to keep that good work continuing. Yep. Thank you both. Thank you. Thank you, Klas. Next up, we have Andre Mulder from Kepler. Can you hear me? Yes, we can. Okay. two questions. First question on savings. This 5% cut in the workforce, EUR 25 million of savings, how much that you already realize in 2022, and how much is in store for 2023? Second question is, could you please disclose your covenant ratios? Perhaps, take the second question first. We do not disclose our covenant ratios, so I think that that's an easier one to answer, let's say. Bank coverage, net debt is below 3.5 now. We have announced that we have acquisition spike and et cetera. We are way below the thresholds. Yep. Then in relation to, the annualized savings, I would say about one-third has kicked in now, two-thirds still to kick in. That's similar to what we mentioned in Q3. Okay. Thank you. One question. The relation with this is that we are as not only cutting the workforce, we are rebalancing the workforce in different flow in the world and software and service and et cetera. Grand scheme of things matter as well. Instead of looking quarter-over-quarter, even this is short period, six quarters, we are going for double-digit growth here in as we did last year. We are aiming to be even-steven in number of employees in back end of 2023 compared to middle of 2022. Thank you. Thank you. Next up, we have email questions from Akash Gupta from J.P. Morgan. His first one is on pricing. Can you talk about pricing in Q4 versus input costs, and particularly the backdrop of declines in some costs like materials, logistics, while general inflation still remains high? Is there a need for prices to go up further for you to reach 16% margin in the medium term? On contrary, is there a risk that pricing may turn negative if some of the inflationary headwinds ease? I think it's a good question that we did already partially cover in the earlier question, I would say. Did go through it when we walked through the results that, in 2022, we did see cost increases across the board. I think entering 2023, I think it's important to mention that we do see easing on the increases, but we still see increases. That is just something important to mention also with labor inflation, et cetera. In general, as Arni already mentioned, we believe that we are at the right price levels at the moment. We don't necessarily expect now that it would go up or down, for example. We're running a quarterly cycle where we bring in all of our inputs, and we then make decisions, you know, to make sure we are at the right price levels to be able to achieve also our targets. It's a dynamic world, and we run quarterly cycles instead of yearly cycles. We don't want to overshoot in prices either. We want to be competitive. We believe we are on the right prices. There is, even though material prices are going down, the biggest route is still expensive in transportation. There are signs with profit warnings, forward-looking by shipping companies that those routes are going to more normalized level this year, if you look at the numbers there and so on. However, there is an inflation in salaries, and there are many other. We want to cover this. It's not fair that we take the short straw here. We want to be fair. We have pioneering solution and services. We adjust this and work closely quarter- by- quarter. I think it's also good to mention it's not just inflation in our salaries, it's also inflation in our suppliers' salaries. I think that's a good one to also think about in the total context. Okay. His second question centers around the 2023 targets, It reads, "You guide 14%-16% exit rate of margin in 2023 and introduced a 2% buffer due to uncertainty. Based on what we know today, what is your thinking on the 200 basis points reserve, and if today's environment sustain, would you still need this margin buffer? I can take this one and be very firm. Yes, we need this buffer, and we are entering into this year. We are redefining our operating model and et cetera, and we need levers from that to push us up to 60%. As it looks now with the earnouts and the meet and et cetera, we are closer to the 14% and 16%, and then we have extra levers to draw in cooperation in-house and as well getting the out-selling in the secondary and et cetera. We have many levers, and cautiously we don't account for that when we talk with our board of directors about financial forecast. We are redefining how we work that has as well more efficiency in that we are going after. We are not then counting all the tailwind in currency because it tends to fluctuate back as you saw partly in Q4. All in all, we want to remain this buffer of 14%-16%. Remember, it was only in second quarter, "Why don't you rethink? You will never make more than 12%." Now the question is, do you need the buffer? It is extremely volatile world. Our customers are now reporting much less margins than they used to in U.S., for instance, and they are Higher interest rate, should they invest or not? Yes. Labor market is hot. Labor scarcity is there, and it's binary. Either if you missed the best of your people in the factory, there's no flow if you're not automated. Now you need to invest to increase the optimization, and you have sustainability commitment. It is not easy to calculate it, calculate the timing, but we need the buffer, yes, 14%-16%. Okay. His third one is on margin mix. You said in the release that prolonged inflation, rising interest rates, and global recession have historically shifted consumer demand as well as investments in the food industry from large projects towards standardized solutions, aftermarket, and less capital-intensive projects. Shall we assume this should be a tailwind for margin, given lower margins in projects relative to standard equipment and service? It's embedded in our target of 40% gross profit, yes. Yes. It's unusual mix and ramped up cost in Q4, leading to only 36% gross profit. The answer is yes. The change of mix tend to move slower than people think, and we are with the exemption of the recurring aftermarket revenues and software revenues. Standard equipment and project alliance, but it's unusually high large project in the Q4 in the revenue mix. Yes, the answer is yes, but let's not put a very strong tailwind on that. It's a gradual tailwind, but it's tailwind. Okay. Perhaps I'll open this to the floor. Any questions from the live audience here today? Yes, please go ahead. Just hold on. We have a mic for you. Hello, I'm Stefan from Arjamoki. I want to ask you to talk about the leverage ratio or the leverage to EBITDA ratio that you have posted. Will we see it gradually come down, or is it something that or do you have like a timeline for when it should reach the targets? Yep. Sounds good. We saw good improvements from Q3 now to Q4. As I mentioned earlier, that was like two-thirds due to the operational improvement, one-third due to currency on the net debt. We are expecting that leverage will continue to decline. The terms of the pace, that's a bit a question mark in terms of the next quarters, in terms of varying versus gradual, but we do expect to end the year within our targeted capital structure of two to three times net debt to EBITDA. The average for five years were 100% to 5% cash conversion. Mm-hmm. That's our model, and we are sticking to the model. Okay. Any more questions from the room? Okay. If not then, Sorry. Maybe just two reminders from IR. We have our consensus, of course, on marel.com, and make sure to follow us on Twitter. With that being said, I think we're really happy to finish on time. Thank you so much for coming today, for your attention, and your continued support for Marel. Thank you. Thanks a lot.