Hi everyone, welcome to the Alimak Group's Capital Markets Day 2021. My name is Matilda Wernhoff, I'm Chief Strategy Officer at Alimak Group working with strategy and M&A. I'm also your host for today. I'm very happy to be your host, given that I've been heavily involved in the group strategy process and the divisional strategy process, which you will hear more about today. Today you will also get to know our team and the industries we serve better. We are very happy to have you with us. We have a full agenda, so let's get started with a short video showing the wide range of customers that we serve. From the highest buildings in the world, to wind turbines far out in the ocean. Please roll the camera. Yes. That was a short introduction to what we do, and today you will get to learn a lot more about us and the industries we serve. We will start this day with an introduction by the Alimak Group CEO, taking you through the group strategy, but also commenting on the updated financial targets that were press released this morning. He will be followed by our Executive Vice Presidents, who will take you through their plans for profitable growth, covering the BMU Division, Construction Division, Industrial Division, and then after a break, the Wind Division. Please note that after these divisional presentations, there will be a couple of minutes for written questions. You just type in the questions in the webcast, and the questions will only be visible for me and the team here. After the divisional presentations and the questions, we will ask our Chief Technology Officer up on stage. She will present the group sustainability strategy, and also very excitingly, launch our first official CO2 target. The last presenter today will be our new CFO. You will get an opportunity to meet him. He will present the group financials. We will round off the day with a longer Q&A session where I will ask the full team up here on stage with me. You will be able to then both send in your questions via the webcast, just like in the divisional presentations. You can also call in with your questions. Phone numbers will be available roughly 10 minutes before the Q&A session starts. With that, as I said, we have a full agenda. Let's get started. I would like to welcome up on stage our CEO, Ole Kristian Jødahl. Thank you, Matilda, and warm welcome to this first ever Capital Markets Day for the Alimak Group. I'm very excited to be able to present and discuss with you today our updated group strategy and the way forward for profitable growth. I'm also proud to be able to present several members of the leadership team that will take you through more details about the divisional strategies, our sustainability ambitions, and also our group financials. Our vision is to move people, material, and businesses safely to New Heights. It reflects our role in society and also the value we create for our stakeholders. It reflects our sustainability ambitions, and also contribution to workplace safety. The group have a strong foundation all the way from it was founded by Alvar Lindmark back in 1948, and soon thereafter when he invented the first rack and pinion hoist the world had seen. Since that moment, this hoist has been taken around the world and is still the leading product in this industry as of today. The group has a leading market position with a unique knowhow and expertise within vertical access solutions for professional use. We have a global footprint with around 70,000 units installed around the world, and also a very solid aftermarket business connected to this. We are present in a vast number of segments. With our aftermarket knowledge and presence, we are in a unique position to help our customers from a complete asset lifecycle perspective, driving optimized total cost of ownership. We also have a leading portfolio of leading brands like the Alimak, the CoxGomyl, and the Manntech in our BMU business, the Avanti in our wind business, and Alimak Service for our service business. These are globally known for safety and reliability. We have also a strong balance sheet and cash conversion, which gives us financial flexibility and a position to invest strategically. In sum, a great company with a lot of potential forward. We are also supported by some strong mega trends. Urbanization has been here around for decades, as we all know, but here things are changing. More and more people talk about the development of the 15-minute city. These are cities which are coming up around the bigger cities, where they say people will spend 80% of their time. They will live here, they will work here, they will socialize here. That means that it's a lot of new urbanized areas consolidated, where also, of course, it will be a lot of construction and also at Heights to get everything into this space. We also see, of course, digitalization. I think we all can agree that during the last year, the world has most likely taken a 10-year leap. In our industry, the digitalization is not yet so present, but it's coming, and we are already investing a lot in this and are in a position to take the lead also here. Sustainability. This is, of course, something it's not enough just to talk about anymore. This is something we all have to do. For us, with our product portfolio where we have a long life, all the way up to 20 - 30 years, this is our business, to make sure that products live long, and we help our customers throughout the whole life of this. Of course, safety. Safety for us is our DNA. We create products which are supposed to work at Heights. This is what we do every day. That now unions, governments, and corporations around the world drive this trend is, of course, very supportive to our business. Strong trends that all puts us in a great position forward. The group has potential to improve. The group has not delivered on its growth target and EBITDA targets over the last years. For growth, we have seen that it's more or less flat over the last couple of years, with the exception of 2020, where we saw a big dip. As for EBITDA, the group were there prior to the two acquisitions done in 2017, but afterwards, the group has not managed to get back. As for the leverage target and also the dividend target, the group have a strong financial position and good cash conversion, so that we have managed in a good way. My main priority as a CEO is to deliver on the group's financial targets. In October last year, we launched what we call the New Heights program. This consisted of three steps. First one was establishing the base, which was basically the focus we had last year. We developed a new vision and core values to set the culture we wanted in the group. We also set up a new organizational structure, and connected to that, launched a restructure. We developed a value creation model for the group and also started and kicked off our division strategies. Step two, which is this year, what we are into, is securing margin improvements. This is, of course, now, first of all, to deliver on the restructure, to lift the group profitability, stabilizing the organization also, of course, after a lot of changes, and start delivering on division strategies. All for us to, moving forward, deliver profitable growth in the years ahead. The new organization that we put together was these four divisions, construction, industrial, wind, and BMU, and you can see they are more or less the same in size. Profitability-wise, we have three divisions, which is delivering more or less good, solid profitability, but we have issues in one division, something we work a lot to address, and you will hear more about that today. These divisions got the full responsibility for the business. They are controlling the full P&L. They have the responsibility for the OEM sales, the aftermarket sales, and also the commercial models connected to this. This aftermarket business was moved into these four divisions. This gives the opportunity for these divisions to control the full business, of course, and drive total cost of ownership towards our customers. Another vital part of step one was to put together a capable team. I'm very proud to have this diversified and committed leadership team now in place to drive the development forward. With me today, you will meet David. He's head of our construction division. He's new in this position, but he has been with the group for a while, heading up the Australian business in the group very successfully over the last years. Then we have an external person for our industrial business, Salomeh. Very happy to have her on board, and she will also present today. For the wind and BMU business, we have José María and Mark. They have been with this business since prior to the acquisition, but this is really the first time they get the opportunity to fully manage the business on their own. We have a new CFO, Thomas, which you will meet today. We have Charlotte on the Group Technology, Sustainability, and IT, she will also be here talking about our sustainability ambitions today. We have Matilda, head of strategy, M&A, and business development, in addition to also taking us through this day. Of course, last but not least, a new function in the group, People and Culture, where we have Annika taking care of our most important asset, making sure our people blossom. The third element was to create the group value creation model, this starts with our culture, who we are. So that was the vision, the core values, and also the organizational structure enabling this. The core values we have is taking ownership, move fast, challenge the limits, and be inclusive. We also, of course, had to drive our strategic enablers in this, and here we put the customer in focus. We see that the customer is the most important for us, so therefore, all decisions that we drive in our daily life and in our daily business must be centered around the customer. In addition, we are the leading player in this industry, so driving technology development, securing that we remain and manifest our position as the leader in this industry. Technology leadership is vital. Also, of course, to make sure that we utilize our own assets in the most effective way, driving operational excellence and continuous improvement in our daily business. Of course, also taking care of our most important asset, securing that we have both operational and strategic activities around our employees, driving and facilitating the best workplace for our people. All circled with sustainability and digitalization. These are enablers that are part of this whole thing. Becoming really a data-driven business, digitalize our business towards our customers, our offer, but also, of course, digitalize ourselves. Sustainability, as Charlotte, I'm sure, will say today, it's not the icing on the cake anymore. It is the cake. A result-driven culture and organization where people take ownership, move fast, challenge the limits, and are inclusive. All decisions centered around the customer. Is this something the customer is ready to pay for? Become transformative by nature, manage the daily operations, while at the same time also drive the strategic elements constantly moving forward. Deliver sustainable relationships, sustainable operations, and sustainable solutions. Deliver on our financial targets and our sustainability targets. Then coming to service. Service is a very, very vital part of the group. Running 12, it consists of around 35% of the turnover, but it's well beyond 50% of the group profitability. This is a very important part today, and it will be also a vital part in our development forward. What we have said and what we have done is that we have put now the service responsibility into each division, so that each division will make sure from a customer perspective that we develop the right value proposition, the products, the services, and the commercial models, how we take this to customer. Are we selling it one-off, or are we actually creating performance-driven contracts? This now sits in the divisions to drive this. Since we have this leading position in the service business, we are in a great position to continue to drive this and make sure that this will be and remain both a growth contributor and a profit contributor to the group forward. We have also announced this morning that we are updating our group financial targets. The New Heights program was about this, how we as a group can develop and ensure that we are delivering on our financial targets, and then as a natural part is also, of course, to look into and making sure that we as a management team are committed and drive towards these targets. These are the targets that we now have. The group revenue target has moved from being a 6% target organic to be 5%-7% growth over the next years. The EBITDA target has moved from being a firm 15% target to be a range between 14%-16% EBITDA. Our leverage target remain the same. I would like to highlight that if we would make a bigger acquisition, we could overshoot this two-time leverage, but of course, with the aim then to drive us into that range again as soon as possible. Lastly, we have also updated our dividend policy. It used to be around 50%. Now we give it a range, 40%-60%. I really hope that you will see today that we have developed a clear vision and a roadmap to capture the full value potential for the group going forward. We have updated our financial targets to reflect the value that we believe we can and must create. It also reflects our sustainability ambitions and contribution to workplace safety. The group has a strong foundation. We now have a customer-oriented, decentralized organization with a highly committed leadership team to drive this forward. We are in a strong financial position and are able to invest in growth-enhancing activities, including M&A. Thank you. Thank you, Ole, for giving us an update on the financial targets and also on the New Heights program. During today, you will get a lot more insights from the divisions on the next step of the New Heights program as well. Speaking of that, it's time to introduce our first divisional presenter. I would like to welcome on stage Mark Casey, Executive Vice President for our BMU division, who will take you through his strategy to improve profitability within the BMU division. Welcome, Mark. Thank you, Matilda. I'm very pleased to be here today to give you an introduction and to explain to you a little bit about what our division is doing within the group, the key trends in our market, and the strategy going forward to improve the profitability and the profitable growth of the BMU business. Just some words about myself. I've been 16 years in the BMU business. I'm based in Dubai, and I've been running the division for the past three years. Some short facts about the BMU division. We have really a very nice installed base of around over 13,000 machines. We have about 1/4 of the revenue of the total Alimak Group business. We have really four business segments within our division. First of all, we classify the high-complexity BMU market. This represents 17% of our sales today, and we are using the Manntech brand, and we have a unique position in this market. We are the clear market leader worldwide, and I will show you soon some unique references where we are using our equipment in the building. Our core market is what we call the medium-complexity BMUs. We are using and manufacturing our CoxGomyl brand of BMUs, and this is the core market. They're manufactured in Spain and distributed all around the world. These are typical buildings from 120 m and higher. The third segment is what we call low-complexity market. This is typically airports, shopping centers, hospitals, or large footprint buildings. We have very few sales in this market segment, and we are very underrepresented in this market segment. I will show you within the strategy how we intend to address this going forward. Of course, very importantly, 30% of our business is parts and service. This is also very important for us, and we, as a division, understood more and more the importance of this once we became part of the Alimak Group. Here is a reference list of some of the highest buildings in the world. Of course, very noticeable on the left is Burj Khalifa, standing at 823 m. We have 21 machines in this building, and we have a full-time team of people situated in the building, servicing the machines 24 hours a day, 365 days per year. Another really interesting reference here is in New York, is the One World Trade Center, a very iconic building. My particular favorite is the Shanghai Tower in China, standing at 632 m, a very unique building and a challenging project for us. What I would like to point out here is, with these very tall buildings, we're not only cleaning the façade, we maintain the façade, we change glass at 500 m or 600 m or 700 m high, sometimes up to 1 ton of weight, and we maintain the LEDs and other items on the façade. So it's really the full range of excess in the building. I would like now to show you a short film so you can really see what is our products, and you get a better understanding of what actually the products look like. I hope that was a short introduction to the BMU business that you now see when you see two people in a cradle cleaning or maintaining the façade of the building, that you look up next time and see the roof and see the machine which is connected to it. Hopefully, it will be a CoxGomyl or Manntech system. I would like now to introduce a typical business case for us so you can see what our customers are demanding. This is a recent order which we won for SEK 23 million in March of this year. It's a 375 m building in Guangzhou in China. We are delivering three CoxGomyl BMUs sometime in the next year. What I would like to highlight here is the long-term nature of our business. Our projects run typically from six months until several years. In this time, which we are manufacturing the machines in our factory, the core heart of our business is project management. We make sure that these machines, when they turn up and they arrive at the construction site, that they're able to be lifted and fit seamlessly into the building. As you know, every building is unique and every machine is also unique. Another case which I would like to highlight is one of our very iconic bridges in Australia. This is the largest single order ever received by the Alimak Group business at SEK 330 million. It's a special bespoke gantry manufactured in our German factory by Manntech, and it's replacing four existing machines which have been on the building since the early 1970s. The existing or the old machines only were able to reach or access the sides of the building. The customer asked us for a solution where we can maintain 100% of the building as they need to paint, treat, and to access all areas of the bridge to make sure that it's structurally safe. We have started the manufacturing. This contract is split into three main areas, being first the design, second is the manufacturing, and third, the installation. We now have finished completely the engineering, and we start this year to manufacture the very special units in our Manntech factory and start delivering at the end of the year. The installation will then continue for a few years after, until we complete the project. Most importantly, we'll be maintaining this asset for the next 25 or 30 years in our service teams going forward. Coming to the financial performance, I think we can really split this into two areas, before COVID and after. Before COVID, the business or the division was actually tracking between 4% and 5% profitability constantly each quarter. Unfortunately, one of the impacts of COVID has been some volatility within the division, and we have suffered from factory utilizations and lack of access to customer sites. Actually, reporting losses is a major concern for the division. We have a lot of activities in place, and we have taken action, and we have plans to make sure that going forward, the last quarter was the last quarter that we deliver losses in the BMU division. It is our view that this business should be double-digit EBITDA in the long term. However, as the business has a long-term nature, then we believe it's going to take some time until we achieve this. This is where we're headed. Pleasingly, we saw good growth in Q1, and we hope this is a trend, or we believe this is a trend going forward in future quarters. Key trends in the BMU industry. Some of the key trends which we see, it's three important trends for us. First of all is urbanization and the so-called rise of the secondary city. Today, we are sitting here in Stockholm, where the majority of high-rises have been built. You see secondary cities, for example, Gothenburg, which is also close by, which now starts to have high buildings being built. We see in London, the main cities, then Edinburgh, Manchester. In the U.S., it's similar, with the major centers and then secondary cities like Pittsburgh starting to build higher and higher buildings. This is a real key trend we see in the industry. Second is digitalization. There's a revolution in the real estate industry. People would like to understand what is happening in their building and how they should manage the assets in the building better. We, I'm pleased to say, for the past year, have equipped all our machines out of the factory with digital capabilities, and we are now able to understand and see what our machines are doing in the field. In the future, the customer would be able to understand which window was cleaned at which time or when the machines were used at which time. We also will learn from the use of the machines and be able to design better machines, which is better for our customer going forward. We'll also be able to focus on the total lifetime cost of the machines and service at the right time and the right period, making sure that the machines are fully utilized at all times. Most importantly, health and safety. Safety is in our DNA. We are working at heights. It's an important segment or important for our business. As the emerging markets become more and more conscious that good safety is good business, they are looking for more and more reliable products and companies such as ours, which guarantee good, reliable products and safety. Moving on our strategy for profitable growth. We have three areas which I will discuss where we are working at the moment. One is operational and two are forward-looking. First is operational efficiencies, the replacement, refurbishment, and service growth, expanding the product offering. Firstly, Operations. As I said earlier in my presentation, we have been suffering from utilization and efficiency in our factories and our offices. We have taken a complete review. We've had a review underway of lean manufacturing, and we are making plans carrying out plans to make sure that we are utilizing our factories our staff in the best way. With sales processes, we believe using digital tools going forward much more, we are able to give the customer better and quicker and faster information. Of course, quality. We have had some issues in the past with quality. We want to make sure that we are developing delivering consistent quality as a leading a number one player making sure that our customers are satisfied. These are three operational focuses which we are carrying out. The second is a very exciting opportunity. As we said at the very beginning, we have over 13,000 machines around the world, and a significant portion of these machines are older than 10 years old, and we have machines which are 40 and 50 years old still in the market. This opportunity has been emerging in our business as a BMU business is no longer a new business. It's actually maturing. As it matures, these assets get older, buildings are lasting longer, and our customers want to have the most modern and up-to-date machines. Therefore, we have developed offers, we are doing renovations, refurbishments, and offering new machines. These obviously have unique characteristics because we no longer have a construction crane as when you build a building. We take machines by helicopter or through the building. As engineers and project managers, we are ideally suited to solve this challenge for our customers. The next growth opportunity for us is currently we just offer BMUs and service of BMUs. We are developing products for the light range. These are larger footprint buildings for hospitals, for schools, and airports, as I said, and for important markets like the USA. We are expanding this, and we will soon, hopefully, be releasing products for this product segment. Secondly is an exciting development of automatic cleaning. We are working with some leading players in the industry about how to clean buildings automatically. We believe that this is maybe a revolution in the industry, and we need and will keep close to these developments to make sure as a market leader that we are following and tracking the developments in this industry. Again, the next is our expanded service offering, replacements, refurbishments to our service customers and all customers for all our assets. Of course, this remote connectivity of the machines in the future will drive an interesting business opportunity for us. In conclusion, we have a solid plan to bring the business back, and it is not acceptable, of course, to have losses in the division. Our view is that this will be a double-digit business going forward. With this, thank you. Thank you, Mark, for telling us more about the BMU business and how you will improve profitability going forward. I see that we have a couple of questions from our listeners. Come up here on stage for me. The first question is, what potential do you see in growing the service revenue going forward? The service revenue worldwide is quite underrepresented. We believe we have quite a small market share, and it's a very fractured business worldwide. This is one of our main focuses in the business going forward, that we are able to offer more service to our customers and that we are really targeting all these asset base that we have because we still have some way to grow in this business. Thank you. We have one question here related to China. How important is China for you as a market, and do you see opportunities for profitable growth also in this big market? China is a very big market for BMUs. We are focusing on a niche policy at the moment. We are the market leader for the imported products, which represent a small percentage of the overall market. We think that this is the best position to be in at the moment because it provides small growth, but good profitability. We have other areas we need to focus on in the medium term, and we will come back to China at a later date. Okay. Thank you. A question related to Sydney Harbour Bridge, the case that you presented. Can you give an update on that project and how it's going? This project is split into three phases over a few years. We have now completed 100% of the design, and the design is finalized. We are at the moment well through the beginning of the manufacturing of the first unit, which we believe we'll be shipping out by the end of this year. The installation teams are all ready. Last weekend, they took off the two old units off the bridge in preparation for the new unit to arrive. Yeah, that was on Australian television, right? Exactly. This was on Australian television a few days ago. Okay, thank you, Mark. It's now time to move on to the next division on the agenda. I would like to welcome up on stage to also in the team, David Batson, the Executive Vice President for the Construction Division. Welcome, David. Thank you, Matilda. I must say I'm very proud and honored to represent the Construction division today. As Ole mentioned, since 1948, the Construction division has been in the DNA of Alimak. My name is David Batson, I'm the Executive Vice President, and prior to being the Executive Vice President, I joined Alimak in 2016 as the managing director of Australia and the Pacific and New Zealand. In the coming presentation, I'll describe our division and the opportunities we see moving forward. Let's have a look at the division facts. We're 27% of the group sales. Rolling 12 months, 27%. We have revenues of SEK 990 million, and we have an installed base, which I'd like to call the population of 16,000 units. Our construction equipment represents 59% of the sales for the division. When I talk construction equipment, I describe that as hoists, mast climbing work platforms, and transport platforms. We also have rental operations representing 27%, and these operations are in Australia, Benelux, Germany, France and Switzerland. We also have used equipment representing 1%, we see great opportunity moving forward in the used offering. A service and parts business, 13%. Services, I mean not just labor, but the services we offer on a construction project, and we see that as a growth opportunity for us as well. Let's have a look at what we do in the Construction division. Now let's take the opportunity to have a look at our product offering. Our construction hoist, our core offering. They are temporary installations. You'll hear later from the industrial segment of permanent installations. These are temporary installations. They come in a variety of sizes and payload capacity from 2,000 kg to 10,000 kg. They come in mid-speed and high-speed. Mid-speed, meaning they're most productive in the smaller buildings, and high-speed as the building gets higher and can come up to speed, can move materials and people faster. We have a large hoist called a Mammoth. It's 3.5 m wide and 5 m long. Mast climbing work platforms. These products are in single and twin drive, meaning they work on two masts, and they're used to install the façade on construction projects, but not only on new projects, but on refurbishment projects. We see some growth opportunity in this area as well, and I'll share a little bit about that as we move forward. Our transport platforms. Differing from our construction hoists, these are open caged. They are for passengers and materials, depending on which part of the world you're from, and depending on the laws in that part of the world. They are 10 m to 12 m per second, and they're modular. What that means is you can use these materials and transport platforms in conjunction with a hoist product on the same mast section or multiple mast sections on a project. We have the scaffolding transportation system, a new offering, which is about the horizontal and vertical movement of products to make it more efficient and more productive for the installers of scaffold and the dismantling of that. I might switch now to the global footprint. Let's have a look at our manufacturing facilities. We are in Changshu, China, Skellefteå in Sweden, and Zaragoza in Spain, close to our customers where we manufacture our products. Our customers are either rental or end-user customers, such as construction companies owning product. They're all serviced in 21 countries by our own sales companies or 47 separate countries through our distribution network. You may recognize some of the customers, Skanska and Ramirent, those of you that are dialing in. We see great further geographical expansion, and I'll elaborate that as we move forward. A customer case study, as you've seen previously from the BMU division. This particular case study is close to my heart, of course. It's based in Sydney. You can see the Sydney Harbour Bridge, as Mark mentioned before, in the background. This precinct is actually called Barangaroo, and we've been partnering with the developer of the precinct, Lendlease, one of the world's largest construction companies, since well before 2013. Over 10 years of collaboration. The buildings you see on the right are called the International Towers One, Two, and Three, and Alimak were a partner with Lendlease on that project. The building on the left we also recently completed with Lendlease. As you can see, I've highlighted two buildings in the middle, One Sydney Harbour and Two Sydney Harbour. The interesting thing about this project is the common tower. We own and rent a common tower, and a common tower is a structure that is bolted onto the façade of the building as it goes up, and it moves material and people through that common tower. It's serviced by Alimak construction hoists on either side, whether mid-speed or high-speed, whether twin or single. It's a logistics solution to increase productivity on that site. What I'd also like to highlight is that we work closely with Lendlease in this instance to make sure that we optimize the offering, and we think that's good for sustainability. We work closely with application and project management. I mentioned the twin and single cars of various speeds. We install, we jump, as the building is going up, we jump, and we dismantle. We also service and support, making sure efficiency and productivity is maintained. Also, we work to Lendlease's global minimum requirements, the highest safety standards that I've seen in the world on construction projects. Having been with this company for over 10 years and being challenged to improve our safety on site, we think this holds us in really good stead in the future, not only in Australia but all over the world, to keep meeting those standards. The other important fact is these assets were connected so that we can monitor and improve the productivity and efficiency of those products. Let's have a look at the financial performance of the construction division. Revenues and order intake have been impacted by COVID-19. However, you'll notice that order intake was declining pre-COVID-19. What is pleasing is to see the order intake in Q1 2021. We also had margin improvement, and that was a reflection of the organizational changes we made with the New Heights program, increased utilization of our factories, and also careful management of our supply chain, and also our pricing. We've previously communicated in Q1 that we see H2 actually improving depending on the vaccination program globally and the effects of that, but also the GDP growth across the world. Let's have a look at some key trends in the industry. You heard from Ole Kristian Jødahl and again from Mark Casey, urbanization. I think that was a very clear message. I'll give you an example of my own, which is Sydney again, where they have a large metropolitan city, and you assume it's got one CBD or one city, one high rise. It isn't. It's actually three cities in one. North Sydney, the CBD of Sydney, and Parramatta all coming up out of the ground higher so people can be closer to work, as Ole Kristian Jødahl mentioned. I want to talk about emerging markets. We see this as a trend globally, and we notice that based on global data, that the emerging markets are outperforming the construction compounded annual growth rate, which is 4% between 2020 - 2025. These emerging markets are outperforming those in the coming years. I'll share a little bit about how we want to capture that. Then digitalization. We heard Ole speak about digitalization before. The industry has had rapid change since COVID hit, and also the ecosystem of a construction site is demanding more digitalization, the more use of data. I'm pleased to say that we have industry participation, not only here in Sweden but in Europe, where we're working closely with the participants in the industry to see how the productivity or the factory of a construction site can improve going forward. We have a key role to play. I'll show you going forward how we may be able to capitalize on that opportunity. Health and safety, of course, we have a zero harm policy in the industry, and it's very vital working at heights. As you know, the Construction division, as you've seen, it's important that we maintain high levels of health and safety, not only in the manufacturing and use of our products, but also the use of our products and installation of them on site. Environment. When I look at environment, I think of the noise pollution of a construction site and the industry trends about trying to reduce that noise pollution. I think about green solutions and different power consumption on a construction site. The third one I would like to highlight is the recycling. The recycling of materials, whether they're materials taken out of a construction site or how we can recycle the materials we're delivering onto a construction site or products. I'll share a little bit about that going forward as well. What's our strategy for profitable growth? We want to expand our footprint, whether that's through our own sales companies or whether that's through our distribution networks. We want to broaden our offering. We want to digitalize the customer value proposition. I'm going to spend some time on each one of those as we move forward. Firstly, expanding our geographical footprint, what does that mean? We see white spots in Africa, Middle East, Latin America, Eastern Europe. We have and are implementing plans to take advantage of those white spots. We see rental and use to target markets where it makes sense as an offering. During the COVID pandemic, many customers retained capital and looked for rental as a solution during that time. It meets the UN Sustainable Development Goal number 12, which is responsible consumption. We think this blends well. In China for China, it's a different market. It has its own commercial challenges, but we believe we can be selective, and we believe we can grow in that market. We have new leadership, and I'm confident that we can move forward. Broadening our customer offering. What we're going to do is we're going to continue to spend our R&D investment in our core offering. We're going to expand our mast climbing work platform range and its accessories, and we'll continue to introduce new products, as you've seen, like the STS or the scaffolding transportation system. In addition, the services offering, which I mentioned. Services, not just the labor, but the services we offer on a construction site, on the whole ecosystem, on how we can play in the logistics flow of equipment, not only products, materials, but also manpower, or the people that are utilized on that site. Application engineering, refurbishment, project management, the installing, the jumping, the dismantling, as I've mentioned, the service and preventative maintenance, the parts, the familiarization and operator training, but also the asset management solutions. When I talk about asset management, it's not just the iron or the management of the iron and the logistics of the iron moving in and out of a construction facility. It's actually the management of that asset to make sure we get the greatest productivity for our customers. We want to work closely with them as we move forward. The digitalization of the customer value proposition. We have three key areas. The pre-purchase, the reach and engage. We've just launched our new webpage in February. We want to expand our efforts in our reach and engagement with our clients, and we think the portal is a great way to do that. The customer value ecosystem, the utilization analysis, the analysis of the utilization of the equipment on-site, right-sizing the equipment going forward, giving customers an opportunity to be able to select and right-size the product. The digitalization of the service offering and My Alimak, which is a customer portal, is a very, very good delivery for that. Things like BIM modeling, we've had thousands of downloads. We've had many engagements with clients in the past 12 months. Service manuals, the ability to see assets online, we think these are all opportunities, as you can see on the right-hand side of the screen, to have a better engagement, to have a better My Alimak moment with us going forward. That big data is also something we can use internally in our production facilities. The robotics, the innovation that we can bring into our production facilities going forward is critical. If that means there's more automation, we can then redeploy our people where they can best add value, and we think there's great opportunity there as well. In summary, we have stronger construction activity, as I mentioned, in the coming compound annual growth. We have the trends of urbanization, the emerging markets, the digitalization of our industry, and we believe we're well-placed to realize our growth ambitions. Thank you. Thank you, David, for sharing the exciting opportunities within the construction division. We have a couple of questions for you. Welcome up here on stage with me. Thank you, Matilda. Thank you. Do you expect a solid recovery in the second half of 2021 as societies open up? Well, I think what we've said in Q1 is that we believe there should be improvement, and that's based on the vaccination rollout and the GDP globally. We're carefully monitoring that. Okay, thank you. Can you comment a little bit more on your China for China strategy and what will be needed to be successful there? Well, I think firstly, we need to develop products for the local market. Yeah. It's the world's largest hoist market. It is an opportunity, and we think allowing our people to develop products and services and commercial offerings in China, being selective is the best way forward. Okay, thank you. Here we have a question related to service. What potential do you see in growing service revenue going forward? Absolutely. I think I mentioned before harvesting the population. As we grow our population globally, I believe that there's a great opportunity to work with our customers, and they have various needs depending on whether they would like us to work with them or we do it for them. We think there's a great opportunity to support their efforts on construction sites with parts and services, as I mentioned, not just labor. Okay, thank you. When do you expect that your expanded offering will begin to contribute to growth of order intake? We're doing work now. We're not waiting. We're seeing that work coming through. We believe we build on that foundation that we have in certain territories. We have strong markets in the U.S., the U.K., Australia, and Europe, and the Nordics, and we just want to build and expand that geographical footprint, and we should see things flow from there. Okay, thank you. Thanks a lot, David. Now it's time to move ahead in our agenda, I would also just like to remind everyone that you can submit your written questions to the divisional heads via the webcast. You just click on the little envelope in the webcast, you will be able to send it through email to us. With that, it's time for our third out of four division, I would like to welcome the newest member of the Group Leadership Team, Salomeh Tafazoli, who's our Executive Vice President for the Industrial Division. Welcome, Salomeh, both to the Group and up on stage. Thank you so much, Matilda. I am Salomeh Tafazoli. I started Alimak Group the 1st of June, and it's been almost three weeks now, and I'm really, really happy to be here. If you ask my manager, Ole, he thinks that my honeymoon period is over, I better start delivering now. My background is within the garage industry and automotive industry. Most recently, I was the vice president of sales and marketing for Europe, Middle East, and Africa in an American company called Snap-on. Prior to that, I had been working for Volvo Group in different positions in operations, sales, and strategy. Together with the industrial team, we have developed this plan. It has been a bottom-up plan, which means that people from different level of the organization has been involved. We look brightly into the future, where we want to be even closer to our customers and make sure to offer them a total solution. Our aim is to see a stable, profitable growth within the Industrial Division. What do we do? Let me start by giving you some more information about what we do within the Industrial Division. Unlike some of my colleagues, we do not have one customer target. We have plenty. Since we have so much diversity within our customer, we have decided to divide our customers into four segments. The reasoning to these specific segments is to base what we need to focus on when we present our value proposition towards our customers. Before I tell you a little bit more about these segments and our customer groups, just a little bit of facts. We within the Industrial Division contribute to 24% of the total sales of Alimak. We have 8,000 units installed, that is mostly in Western Europe and in the U.S. We contribute with SEK 917 million. To our segments. First of all, our largest segment, which is kind of our backbone within our division, the heavy industry. Here we have customers such as cement plants, ports, and power plants. These customers have two things mostly in common. The first thing is that they want applications that we call rack and pinion. Those applications are more rough and tough and can handle challenging environment, but also you can put the lift on the building. The second thing is the long service agreement that we have with these customers. Our second segment is oil and gas and marine. This is a segment mostly dominated by traction application. We were actually quite weak in the traction application until we acquired, in 2014, our Norwegian Heis-Tek. Thanks to our Norwegian company, we have a good competence center, and a couple of years ago, we actually launched a marine lift in our traction application, and I will tell you more about that. The third segment is a very interesting segment. Not only can we grow a lot in this segment, but it actually takes us from being a part of a building to be the core in our customers' operation. Here we have customers such as retail distributors. The fourth segment, special engineering. Here we have special lifts and special applications on special constructions. Just to give you a good example is the lift that we have in the Royal Opera House, where our lift can manage one full truck of 24 tons. Coming from the truck industry, you would know that that's a lot. For you to understand what we do and how we operate in our customer sites, we have a short movie. I've seen this movie plenty of times, and I can still tell you that it gives me goosebumps. It's pretty amazing products we have. Now to the after sales. After sales is extremely important to us. Since we are mostly integrated in our customers' building for 25-35 years, the new sales price of a lift is only 25% of the total lift life cycle. The rest is actually maintenance, parts, repair, and refurbishment. As you can see on this slide, we are a true global organization. We have our own sales and service personnel in 22 countries. On top of that, we also have distributors. This makes us unique since we don't have too many competitors who can offer this kind of footprint, and especially not when it comes to service. It is also our strength, since we can be so close to our customer in their own environment and really understand what they need. To the financials. 2019 was a stable year for us. COVID came, and 2020, as for many other industries, we saw a dip. I'm very glad to say that we see an increased activity level in our order intake again. When it comes to revenue, we are still affected by the COVID situation in 2020. What is important for you to understand is that it takes about three to 18 months till we get an order, and we can have installation and invoicing. The EBITDA. Isolated in Q1, we can see a very good EBITDA due to favorable product mix and the cost-saving program that we launched last year. Historically, we have been on a 19% level, which is very good. Obviously, we want to improve from those levels as well. What is the key trends that we see in our industry? First of all, the geographical development. We see an increased activity in Africa, Middle East, and in most parts of APAC. We also, after years of outsourcing production to emerging markets, see a trend of domestic and regional production. We see this especially in the U.S., in the U.K., and other parts of Europe, for instance, here in the Nordics. Service. Our customer wants to focus on their core business. Therefore, they require out of their supplier to take a complete solution of their products. This is great news to us since we are so strong when it comes to after sales. Health, safety, and environment. As all my colleagues have said before me, and I know that my colleagues will say after me, this is an area that likely we see a demand that is increasing everywhere in our industry. Now to the strategy of our division. We have three main areas that will take us to an even more profitable growth. Be closer to our customers and really understand what they need out of our products. That's what we call segment focus, outside in perspective. Geographical footprint, where should we be and what should we offer? Service. Service is 58% of our turnover today. We just have to be agile and up to speed. We must be best in class when it comes to service. With that said, what does this mean more concretely for us? Segment focus. How can we add value with our products to our customers? Based on the different segments, our customer has completely different needs. We will make sure to have an organization that supports those needs fully. We will have sales and service people dedicated to the different segments where we see growth. They will be trained so they know exactly the right applications and solutions for those customers. Then we will make sure to have an engineering back office supporting our front line when it comes to advanced technology and specification. We will have segment expertise within our product management team. Their job is to commercialize and package our offering in the best possible way, so it gives really good value to our customers. We are right now defining where we will have direct sales and service personnel and where we will partner up with distributors. Where we partner up with distributors, it's extremely important for them to understand what we require of them, but also what they can require of us. Our distributors is our face towards our customers, and it's our job to make sure that they are as professional and knowledgeable as possible. In some areas, like for instance marine, we have opportunity to grow. As I told you before, we launched the marine lift, that was in 2019. Due to COVID, we need to relaunch that product. Just to give you a small flavor, marine or ships that was built in 2020 was about 800 units. The forecast for 2025 is 1,900 units, and these are ships that are above 2,000 tons, for instance, like a container and ferry. We have not focused enough in certain areas. An example of that is Eastern Europe. We need to put much more energy in these regions, not only Eastern Europe, but also APAC and Middle East Africa. We need to take more of that market. Then the traction competence. We have a strong traction team in Norway. We see most of the growth being in APAC and Middle East Africa. We need to strengthen that team where we see growth. I think especially after the COVID hit us, we all realized the importance of digitalization. I come from the automotive industry, here, diagnostics is one of the most important areas going forward. In the lift industry, we still have a journey in front of us. Being a global organization, we must be on top of this issue and be up to speed. We need to work with proactive maintenance. We need to work with service from a distance and 24/7 support. This is what our customer demands of us. Also as we grow in some geographical areas, I've said to you, being East Europe, APAC, and Middle East Africa, we must make sure to invest in service hubs. In the industrial division, as I said to you before, we see a bright future. We have knowledgeable personnel, we have good quality products, and we have a really strong brand name. We need to focus, we need to structure, and we need to prioritize. By doing all this, we will make sure to have a profitable growth with our customer as our number one asset. By doing all of this, our business will reach New Heights. Thank you so much. Thank you, Salomeh, for telling us more about the wide range of opportunities in the Industrial Division. I also have to say, super impressive presentation for only being here for three weeks. Imagine what you can accomplish in three months or three years. Thank you so much, Matilda. Now we have two questions here from our viewers, and the first question is, which market segments, geographies, or application areas do you expect to show the strongest development going forward? Well, when it comes to segments, I will say that we see a growth in every segment. When it comes to the geographical areas, that will be especially Africa parts of APAC and Eastern Europe. Okay. Thank you. Can you describe your initiatives regarding digitalization and sustainability for the division? Sure. Now, since our products are at site for 25, 35 years, we need to be able to handle digitalization when it comes to service even better. With that said, by having maintenance from a distance, that will actually require that we don't need to go to site, fly to site as much as we should have done otherwise. Obviously that will affect the sustainability that we're trying to achieve. Also, I think since we have products being maintained, in our nature, we are a very sustainable division. Thank you. I agree. What effects do you expect from the recovery programs in U.S., U.K., and Europe? Increased investments in infrastructure, will that benefit your division? Absolutely. These are markets where we have a huge installed base, and obviously, not only new products can we grow in these markets, but also in after sales, service contracts, make sure to not only prolong the service contracts we have, but also parts. Absolutely, this will affect us very positively. Good to hear. We have one last question coming in here. Can you comment on when your planned product launches will start to contribute to the order intake growth? Matilda, I cannot do that. Obviously we're working with new products, they will result in growth. Exactly when, I cannot go into. It's a lot of things in the pipeline, so yeah. It is a lot of things in the pipeline. Okay. Thanks a lot, Salomeh, and once again, warm welcome to the group. Thank you so much. Thank you. With that, we have covered our CEO introduction and three out of four divisions, and it's time for a short break. When we come back from the break, you will hear from our Wind Division, and we will also cover the group sustainability strategy with the launch of our first official CO2 target, and you will get the opportunity to meet our new CFO, who will present the group financials. You will also have the opportunity to participate in a longer Q&A session with the whole team here up on stage with me. With that, we will be back at 14:35. See you then. Hi, everyone, and welcome back to the Alimak Group's Capital Markets Day 2021. For any new viewers, my name is Matilda Wernhoff, and I'm Chief Strategy Officer at Alimak Group. We have three presentations left today before we will have our Q&A session, so let's get started right away. I would like to welcome on stage, all the way from Spain, José María Nevot, our Executive Vice President for the Wind Division. Welcome, José María. Thank you very much, Matilda. I will just start with a couple of words about myself. I'm coming from Spain, from Zaragoza, where we have a factory for the wind business, and I have been in the group for now more than 12 years, taking different positions. First of all, as country manager, then I took the responsibility as Chief Sales Officer for the group in a global scale. During the last three years, heading the activities of wind for the group. Let's move forward, and let's see what is the content of my session. First of all, I will provide some insights about the wind business in the group, and second, we will be talking about the strategy for profitable growth. Short facts about Avanti and the Wind Division in the group is that we represent 23% of the total sales of the group. We have the largest install base of the group, with 37,500 units by the end of last year. That generates SEK 832 million. Those sales are among four product families: service lifts, ladders, internals, and services and PPE. Our core activities are service lifts, ladders, and services, where we have a strong position, a solid base to continue to growth. For the internals, it is our strategy to have profit before revenues. We are being much more selective when we are taking projects, and we are moving out of this product range. Let's have a look on the products themselves in a short video. Good. I hope you enjoyed the video. Let's continue. About our footprint. It has been always, for Avanti, the aim to be in the 10 major wind markets worldwide. We have a very strong position in all these major markets by manufacturing facilities in U.S., in Brazil, in Spain, Denmark, in China, but as well with sales and services offices in U.K., Germany, South Korea, India and Australia. With that, we can provide a perfect setup for our customers. In the future, we are ready to expand ourselves in function of our customer needs. We talk about the customers. This is actually our obsession. We have very long relationship and solid relationship with all the key players in all the categories. What does it mean? We have three categories of customers in function of the activities that they are performing. They are producing towers, they are producing the wind turbine generators and blades, or they are utilities that are selling the energy. Among them, we put as well the service companies. Here we have to highlight that most of them are global companies. They are working worldwide. It has to be signaled as well that the ones that are working as OEMs in China as well as utilities, I would say somehow unique there. They are not having so many activities outside China. We are working very close with them in order to be able to provide our support for their targets, which are quite ambitious in terms of sustainability and digitalization. As a customer case, I select this one. First, I would like to explain how it works with our customers. Normally, we are having frame contracts for several years, and that provides a collaboration. Out of this collaboration, there are development projects, and this is one of the case. Here we have been supplying service lifts for offshore applications, mostly in this case for Europe, but not only. Here we have been in all the value chain. We develop the product, we integrate the product with our customers in the tower. We support the installation, the commissioning, and the training. It's a project that we are really proud of. Next, let's move in the financial performance. Here you can see that we have, during the last couple of years, an average of order intake and revenue in the level of SEK 220 million, with a significant drop in the last two quarters. Here I would like to explain that this is basically due to our policy to exit from low-profit internals, but still with a very solid order intake and revenues on lifts, ladders, and services, which are actually our core business. We have a very competitive position as a base for our growth. I would like to highlight as well that we are continuing with the cost reduction programs. As a result, we can see that the EBITDA margin that we are achieving in these last quarters is pretty good for our sector. Obviously we have the aim to increase that to the level that the group is setting as a target. Now about the key trends, I will take a little bit of time here to explain in order to have a clear view about this point. The first thing is obvious. Everybody knows the wind power is growing, the demand for renewables in general is growing for 2030, 2050 and ahead. Solar is extremely relevant, but wind the second as well. In terms of which values of growth, the latest analysis said that the compound annual growth rate is about 8.4%, and it's worldwide. There are some regions that have better development, as it could be Europe as well as Asia- Pacific. There are some applications that are even higher than that. On that, I refer to the offshore, where the annual average growth rate is expected to be 23% for the period until 2030. That I think everybody knows. The second is about the reduction of levelized cost of energy. That's a relevant point because we are in the middle of a transition from subsidized systems to less subsidized systems. Which are the subsidized systems? It could be the feed-in tariffs, which are applied in a lot of countries, the PTCs that are existing every four years in U.S., and so on. This is getting less support, I would say, from the government. It's normal. It's normal because the learning curve is at its end, and now the support shouldn't be there. That has a positive lecture. We will not depend on the policymakers, because the wind energy will be at the same rates as the other power sources. As well, there is a pressure on the supply chain for the sector itself, for the wind turbine generators and all the companies that are around. This sector is extremely creative. It has faced this challenge with three aspects. One of them is innovation, and I will be back to that, with sustainability, because there are certain mechanisms, and digitalization. That brings me to the third point, which is the higher capacity of the turbines. The way that the OEMs face this challenge has been to increase the rate of power per turbine. To make everyone understand, two years, three years back, the average of a wind turbine onshore was at the level of 2 MW, 3 MW. Nowadays, it's 5 MW and 6 MW, mostly in Europe. When we were talking about offshore, it was between 3 MW- 5 MW, 6MW, one of the OEMs. Nowadays, it is 10 MW, 11 MW, 15 MW, and even the next target is 20 MW per turbine. That makes that the expectations in the power per turbine is going to increase by 60%. That has, even if there is a growth on gigawatts installed per year, this 8%, that's a direct effect in the number of towers. The number of towers will reduce by 20%. In order to have an idea about the numbers, in the last few years, the number of towers worldwide were about 20,000 units, and there will be 16,000 units. You can think, well, this addressable market is going down. You have to put another factor here, which is actually the penetration rate of lifts and towers, which is not 100%. Actually, in the U.S., it's only 11%, and in China, it's 56%. The expectation, because of these bigger towers, because in order to generate higher power, they have to be taller, we expect that in 2030, all of them will have a lift. As a result of all these factors, actually, the number of lifts, which is our addressable market worldwide, will remain in a range between 12,000-13,000 lifts going forward. Okay. In this situation, I think this is the most important part of the session. What is our strategy for profitable growth? Leadership in our core business, growth in safety and services, and review of potential expansion in renewables. I have been working with my team for several months on that, and I think we are quite proud about the result of this new strategy. The first one, leadership in core business. It has two different areas. We take the first one is related to the new generation of innovative, digital, and sustainable lifts. We will have the lifts connected, and through this connectivity, we will have the big data. We will be able to generate algorithms in order to make predictive maintenance, and that will have a direct positive effect in the total cost of ownership, one of the key drivers for our customers. We will extend our offering, and here I'm talking about fall protection system and disrupting ideas to have vertical access in wind turbines. Finally, lean and sustainable operations. Obviously, in our sector, this is a must. It's not the piece of the cake, it's the cake. Here I would like to highlight one case in order to understand how we are working. For that, in terms of sustainability, we are collaborating with external bodies, and in this case, through Linköping University, we have a group of experts that are working with us in order to have the assessment of the life cycle of the lift. That is bringing very interesting data on where we can actually reduce our CO2 footprint, our and from our customers. We have preliminary results, and we now understand by facts, with data, where we have to act. Basically, in this case, about the maintenance, but not the maintenance itself or the petrol, which is used by the technicians to get to the turbine for maintenance. It is actually because we have to stop the turbine when we are doing the maintenance as it is supported for today. Therefore, we will, yeah, work in that direction in order to minimize the climate impact. By the way, we will obviously continuous improvement our supply chain. The second area, which is a little bit related, as David mentioned, for China. China, it was, it is, and it will be the biggest market worldwide. We have been there for more than 15 years now, and actually we have a success history. We have been growing over time, and we have been profitable in a, I would say, decent manner. We think that we have to change something now. You will say, why. If it is working, why should you change. Well, it's basic. The OEMs that started between 2000 and 2005, it was mostly under agreements and licensee contracts of Western OEMs, mostly Europeans. Over this time, they have been able to develop their own turbines, blades, generators, as well as towers. The towers, actually, they are meeting their local standards and as well their customer expectations. We have to make a change here. We are going to have a more Chinese approach. We will develop a pipeline of product strategy for China, and we will have a local research and development center over there in order to fulfill or exceed our customer expectations. The second initiative is the growth in safety and services. We are talking about safety, you have to be aware that the mission of Avanti has always been safe work in wind turbines. It is in our DNA. On the other hand, it has been, well, recently announced as well, that it is expected nearly half a million of new technicians that will come to the sector by 2025. Obviously, all these people will need to be properly equipped to work safely in the wind farms. It is for us a natural step to extend our offering in those products. Which products I'm talking about is harnesses, lanyards, positioners, and rescuers. As I mentioned, China is different with their standards. This initiative will have two versions, the Chinese and another one, which works for the rest of the world. About services, as I mentioned earlier, we will have a new technology in the service lifts. That will allow us to make a new value proposition with digital services. Other aspect is that there is a relevant number of towers worldwide that are getting old. The park with towers or wind turbines with more than 15 years is already quite big and is going to increase very much in the coming years. That it doesn't mean, even if they were designed for 20 years of life, that they will dismantle these towers. There will be extension. We will create some kits in order to extend the life of these service lifts. We will also make some safety kits in order to upgrade all installations with the current state-of-the-art in terms of safety. Finally, in a fact-based analysis, we consider the gigawatts installed, the gigawatts that will be installed in the future, the number of tower manufacturers, as well as our footprint that could be in other divisions. We will analyze all these countries, and certainly, we will increase our footprint going forward. These areas, safety and service, are the ones that will make us a profitable growth. Finally, we will have a review of potential expansion in renewables. We are in the early days, but we believe that it's interesting and logical for us to enter in this area. End customers are the same, and they are seeking exactly the same targets, which are to increase the efficiency and the profitability of the wind farms. In order to reach those goals, we absolutely need that the blades are in correct status. We aim to bring a program for visual and thermal inspection of blades by using drones and automatic or robotic systems to make the repairs. If I sum up the session, I would say we have a very strong foundation with lifts, ladders, and services. We are exiting the low-profit internals. We have very long and solid relations with the key players in the sector. We have an almost perfect footprint, and this is the base for the profitable growth that will come with the strategy. Basically, being the leader in our core products and the growth in service and safety. Furthermore, we will review our expansion out of the tower. Thanks. Thank you, José María, for telling us more about the wind division. We have a couple of questions from our viewers. We'll start with a question related to the trends. Will the onshore to offshore wind trend have any effect on your business? Yeah, thank you for the question, Matilda. Well, of course. Yeah, any trend in the onshore and offshore affect our business. In the onshore case, we are talking about the megawatts per tower is going from 3 MW to 5 MW, 6 MW. In the case of offshore, it's going from 5 MW - 10 MW- 5 MW range. Therefore, there is a direct implication. The kilowatts installed is growing, but there is a direct effect on the number of towers, which is this 20% decrease in the volume of towers. That affects the business, compensated by the higher penetration rate in, yeah, that is China and U.S. Okay. Thank you. Also, the wind business has reported negative growth during several quarters. When do you expect to be back in a growth trend? The issue with internals started in 2019. Okay. We have been affected since, and still during this year, we are getting affected. As a matter of fact, that it was announced on the first quarter results, we are expecting a reduction of order intake about SEK 60 million this year, and a reduction of revenues of SEK 100 million. Okay? Still, the base for service lifts, ladders, and services is keeping growing. My expectation is that we stabilize the business during this and next year, and from there, we will have this profitable growth. Okay. Thank you. Thanks for the good presentation and also good answers to the questions. Thank you, Matilda. It's now time to move on to the next topic in the agenda. That's the group sustainability strategy that our Chief Technology Officer, Charlotte Brogren, will present. She will also present our first official CO2 target. Welcome, Charlotte. Thank you very much, Matilda. I'm super excited to be here today to talk about a very important and highly relevant topic, sustainability. I joined Alimak Group as CTO almost four years ago, and as a CTO, I work and support the divisions on important subjects like innovation, IT, digitalization, and now also sustainability. Prior to joining Alimak Group, I worked on similar matters for ABB for many years, and I've also been director general of the Swedish Innovation Agency, Vinnova. You have now listened to a number of very nice presentations here from my colleagues, and I will now try to sum this up a little bit, but from a little bit different angle, from the sustainability angle. We all know that we are facing a number of so-called grand challenges ahead of us. It's climate change, it's urbanization, it's demographics, and now with COVID-19, also pandemics going forward. As many of these challenges actually have been created by how we used to solve problems in the past, we all now have to change and act differently, because we won't solve the challenges of today and tomorrow by the old way of thinking. Though there are many perspectives on how we are, for example, going to solve the climate challenge, everyone also now agrees that the industrial sector has a very important role to play to come up with innovations that both are good for the environment but also to drive the business forward. Of course, we in Alimak Group will do what we can in the areas where we are active. That is a core part of our strategy that I hope you have seen and heard from my colleagues. For us, sustainability is not the icing on the cake, it is the cake. To do this, we have over the last months set up a framework to guide our work in this important matter going forward. Setting up the framework, we have used and been inspired by the United Nations Sustainable Development Goals. We see that these global goals have in a very unique way been able to not set different aspects against each other. They have been able to combine both environmental, social, and business aspects in one set of goals. That is unique and that is what has inspired us here. It's no longer, as it used to be in the past, that we should stop development in order to be environmental friendly. Now we all agree that we need development both to contribute to a better society, but without jeopardizing the planetary boundaries. Out of the 17 sustainable goals the eight here shown on this slide are the ones that are most relevant for us in the work that we do. What do we aim that the framework should lead to? You have here today heard about our financial targets from Ole and the other colleagues, and we can only say that these financial targets will only be able to be achieved if we also, while working on the other actions, also reduce our carbon footprint. If we don't do that, we will no longer be relevant as a technology leader, as a supplier of products and services to our customers, as an employer to our talents that we have today and to future talents, and of course, also for investments from owners and the financial market. We have now set a target that we are aiming to reduce our carbon footprint with 30% over the next five years. The financial target and the sustainable target, they are mutually dependent on us. Next, I will go now into the framework and go a little bit more into the actions that we are planning. Sustainable relationship. That is how we interact with all the stakeholders around us, customers, employees, suppliers, shareholders. This is really about who we are. We will continue, of course, to conduct business in a responsible manner, and we also count that our business partners are doing the same. We embrace diversity at our workplace because that drives creativity and innovation, and of course, we have zero tolerance towards any type of discrimination. We are also active in the ecosystem around us in several different initiatives on the Swedish and European level to form the future of the industry that we are active in. Two examples, Smart Built Environment, a strategic innovation program here in Sweden, the Center Construction Robotics, led by Aachen University. Both these programs have the aim to invent new design and work processes to drive productivity, safety, and sustainability b ecause if we want to stay relevant for the talents we have today and for future talents, we must show the change that we can make to society. Second, sustainable solutions. That is the products and services that we provide. First of all, when we design products, we use the environmental aspect as a part of the design guidelines. We also have a highly skilled global service team that, together with a smart system of replacing and having spare parts available, will allow our products to last for very many decades. Our rental business, that David talked about earlier here, is also a very important step towards higher circularity. We work, as José María said, with Mistra REES, a research program headed up by Linköping University to conduct life cycle analysis of our main product lines today to see where we can do further improvements in design and during the lifetime of the products going forward. We are also following the very interesting project, HYBRIT, about carbon-free steel generation, led by SSAB, LKAB, and Vattenfall here in Sweden, because if they are successful, that will also have a big impact on our products and the carbon footprint of us. Of course, it's not just about our products. We want to help our customers to both improve their productivity while minimizing their carbon footprint. A very good example is from the wind business, presented just previously here by José María, about having our service, the service wind lifts, giving good service in a safe and fast and efficient way, and then allowing the wind parks to having a very high uptime. Another good example is the BMU business headed by Mark, that enables that you can maintain facade, buildings, and other infrastructure to keep them alive for a longer time. The Sydney Harbour Bridge project earlier presented here is a very good example of that. If you go to the construction, here we work in partnership with many partners to see how our machines, hoists, platforms, et cetera, can be part of a total logistics chain so that we more at construction site can do what is normally on a factory floor, having the right material at the right place at the right time, minimizing unnecessary waste and also waiting time. Of course, safety. As a technology leader, we of course take a very active part in the global standard committees, driving safety for our products and segments further. The third part of our framework, sustainable operations. That's about our factories, sales office, and our whole value chain. Of course, we need to minimize the carbon footprint across all our operations. Number one, implement energy efficient measures. Number two, use energy sources from renewable energy. We are extremely proud that our biggest factory in Skellefteå, part of David's Construction business, is powered to almost 100% of renewable energy. Here, also, digitalization can help us to improve our efficiency and reduce the carbon footprint further, automating internal processes, using remote service possibilities and not having to go out in the field for all the service occasions. Of course, a safe, inclusive, and engaging workplace where people can develop their skills and blossom is also key for us to achieve these targets. If we are not relevant and interesting for today's talent and tomorrow's talent, we will not be able to make a change, because it will be people with the right mindset and with the right skill that will make a change, a sustainable change. With all this, we think we have a good pace, a good plan, and good actions underway to meet the target set. While we are on this journey, we also see that beyond 2025, we will have a good headwind to even have further reductions going forward. By that, I thank you so much for your attention. Thank you, Charlotte, for telling us more how Alimak Group is and will contribute to a more sustainable world. Now we have reached the final presentation of today. We would like to welcome on stage our new CFO, Thomas Hendel, who's been with us exactly one month today. Before I hand over to him, I would just like to remind you that after his presentation, we will have a longer Q&A session. Then you will be able to submit your questions via the webcast, exactly like you could do for the divisional presentations. You can also call in with your questions to the phone numbers that now should be visible on the screen. With that, over to you, Thomas. Thank you very much, Matilda. I am super happy and excited to be here, taking up the CFO position in this fantastic company. I also believe it is a very interesting phase to come here as a newcomer. I have a long experience from, and contributing to, controlling a finance management agenda in industrial environment, both from ABB and from Saab. I will start my presentation with a short recap of the Q1 performance, and then we go further with our financial strategy, the capital allocation, and finally, the foundations that we see, and I see to deliver on our financial targets. Q1 was in general, kind of a proof point for us that we were coming back a bit in a recovery from our performance. When it comes to order intake, we had organic growth of 7%, and actually three out of our four divisions showed growth. In wind, as you have heard from José María, we are stepping out from the low-margin tower internal business, deliberately, so to say. That was the order side for Q1, building the backlog a bit. The revenues, it was a pretty low revenue in Q1, but that was of course a consequence of the backlog that we started going into 2021. We believe now that we have a very good leverage going forward when we start to increase revenues. We have a lowered cost base and, just for your information, about 1/3 of our total cost is actual material cost. Service, you have heard it from our CEO and the division managers today, service is a very important part of our business model. Now with the new customer-centric divisions that we have formed, they are driving service, a very important part for them as well, of course. As you can see here, the data from this slide, we have a good development on the service volume, which is important for us. Decline in volume 2020. Obviously, we had to do something. It triggered the cost reduction program, with aiming to reduce the cost base by SEK 60 million on an annual run rate with the full impact second half of 2021. I'm happy to report back that we are on track on that cost reduction program. The Q1 EBITDA was a proof point on that, with 11.2% EBITDA margin in spite of the low revenues. What we can see also here, three out of four divisions were actually according to plan. We had an improved gross margin year-over-year with 1% operating expenses lower, both temporary and sustainable savings. The temporary meaning that we still have a little bit of lower marketing activities than a sustainable level. We traveled less, for instance. Also just to remind you and me that we have still a negative impact from an exchange rate when we consolidate the group into Swedish kronas. Even more focus going forward now with the new team will be to improve the gross margin. We believe the revenue gross margin is a key in actual to drive profitability. What we use that improvement both to improve bottom line, obviously, but also to give us room and possibility to invest in our product portfolio to be more competitive. What areas are we working with in terms of improving them? Yeah, basically everything. What you can affect the gross margin pricing, price management, both to try to compensate, of course, for the raw material price increases as everyone see now, and also to work internally with discount process, et cetera. An active price management. Project control and execution, a lot to work with to avoid margin slippages in our backlog going forward. Increased revenues, of course, in service, which has a higher gross margin than the group average. Operational excellence, meaning both manufacturing units and project execution. Just to conclude, the guidance for 2021, which we gave after Q1, is that we expect an improved business climate second half with continued COVID-19 impact in Q2. Explicitly guidance on the volume, on wind, and José María's talk about this, but in financial terms, it's actually a SEK 60 million impact year-over-year on orders and about SEK 100 million year-over-year on revenues for this tower internals reduction. Little bit more going forward than looking forward, we have had a very stable cash conversion. That's one of the characteristics of this group, actually. We have reduced working capital constantly now the last quarters. We will, of course, focus still on the terms of payment on new contracts and to meet pay milestones in the projects is a key to get paid and have a good cash flow. Regarding our leverage, our net debt to EBITDA ratio, we have had the financial target of 2 x, as you know, we have been constantly below that for quite some time. We had an equity to asset ratio of 66% after Q1, which gives us a very strong balance sheet. From a financial flexibility point of view, we have an unutilized RCF, the revolving credit facility, of SEK 1.9 billion after Q1. At the end of the day, it's the total shareholder return that matters, and Alimak has delivered about 10% yearly of a total shareholder return the last years, and coming from a market cap growth of about 8% and a dividend yield of about 2% average per year. From a dividend point of view, explicitly here shown is that with the extra SEK per share that was decided from the board at the 2020, we have actually delivered upon our dividend policy during this period. Capital allocation. What are we going to do with the money? We believe that the shareholder value will be most positive if we invest in our profitable growth, obviously. That will be the investments. Talk about CapEx, certain areas, working capital, but also, once again, the investments, selective investments in our portfolio to increase our competitiveness. M&A is definitely on our agenda as well. We need, and we like to have an M&A pipeline coming up from the divisions and the business-driven. That definitely are on our management agenda. We will continue to deliver according to our dividend policy and upholding a strong balance sheet, which we believe is very important for a long-term business. To wrap up and conclude both this presentation and then the rest of the day, is actually what our foundations and our roadmap to deliver on our financial targets and our newly defined financial targets communicated this morning in the press release. We believe we have a very strong global market position and good portfolio of brands. We believe that the market demand is there. We believe that we have the external factors, megatrends is also supporting us. We have a large installed base service, once again, very important for us. The New Heights program, going into phase III, profitable growth from 2022 and onwards. It has been according to the plan all the time. Operational excellence, we have a lot to do, we will continue to work. Both with the manufacturing product execution, going for cost efficiency, continue our cash generation, a good cash conversion. We have a strong balance sheet, which is a good position and a good base to invest in our growth going forward. Me as a newcomer, but still some weeks in the Alimak Group, I certainly believe that we have a very strong base and good foundation to have the chance really to meet our financial targets. With that, thank you. Thank you, Thomas. That was our last presentation for today. It's now time for the Q&A session. With me on stage, I have the full team of presenters from today. For this session, you will also be able to call in with your questions. The phone numbers are available, please do that. We have a couple of questions that already have come in. We will start with one related to the financial targets. The revenue target of 5%-7%, is that organic only? The revenue target that we have set now for 5%-7% is for total growth. Organic is part of it, but, of course, we will drive our business, and we expect this to be the significant part of that target, organic growth. Okay. Thank you for clarifying that. Here's a question related to the steel price. What is the impact from the recent steel price increase on the divisions? We understand that several have backlog with long lead times and significant steel content. I don't know. Thomas, you want to? Yeah, I can tell you. As the nature of our business is different, we can say that in BMU and Wind, where we have long commitments, long contracts with fixed prices, sometimes it's of course harder to compensate to the full for that impact, but we are working hard to minimize it. We are coming out good, we must say, in Construction and Industrial. It's a problem issue for everyone, all companies. It's not to underestimate it, but still so far we have seen a minor impact, you can say. Okay. Thank you. I see now that we also have a couple of audio questions coming in, so I would like to hand over to the operator. Thank you. Ladies and gentlemen, if you do wish to ask a question, press zero one on your telephone keypad now. That is zero one to register for a question. I have a question from the line of Mattias Holmberg from DNB Markets. Please go ahead. Hello, everyone, and thanks for the presentation today. On the China strategy, I know that this is something that was highlighted also with the IPO, with the opportunity to grow in China, and in particular in the construction equipment segment. When I look back over the past couple of years, it seems to be a very challenging market with, I think, two of the three largest players going into bankruptcy. I'm just curious to hear what your view is on the Chinese market, in particular for the construction segment, and perhaps what the challenges are that has led to some of these larger players going into bankruptcy, and how you intend to avoid or overcome these challenges with your China strategy. That is my first question. Yeah, I think, David, you want to address it? Yeah, thanks, Ole. Thanks, Mattias. I think it's a very good question. We plan to be very focused on our discipline in where we participate in the market there. We want to allow our team down there to design products for the local market, but we're going to be extremely selective. The challenges have been in relation to bankruptcy, obviously, some people making decisions that we wouldn't make. I think going forward, we'll be very careful, but we believe there's great opportunity there as well. Great. Thank you for that. My second question is, you've gone through all the visions and talked about your strategy for profitable growth, and you've also mentioned more or less as a separate note, the potential for further M&A. I'm curious to hear if you see M&A as a central part of this strategy for profitable growth in any particular division. If not, where do you see the biggest M&A opportunity going forward? Definitely M&A will be an important part of the growth journey for the group, and we see this potential in all divisions. It's related to service. That's an interesting area for us to drive and acquire. It's related to the product assortment. That can definitely be. It's related to geographies, technologies also interesting, but also definitely could be interesting to add a new product portfolio to the group. Definitely M&A will be an important part of the strategy going forward. Great. Thank you so much for those answers. That's all from me. There are no further telephone questions at this time. Okay, we have a couple of web questions that have come in. Linked to the M&A question, we have a question here on what areas of interests that we have for future M&A. Yeah, I think basically it's the ones I just mentioned. Service is an area and e veryone has talked a lot about the service potential today and t hat we want to further grow, and M&A would be a natural way also to continue to grow that. We do also see from every presentation that on the product assortment, there are more things to be done for the group. That would be an interesting area. We are a global company, but still it's many markets where we do not have our own presence, so that could be a way to also expand geographically. There are many areas that we are interested in doing, and not at least also technology to help the company or the group make some more leaps in that area. Good. We have one question here related to growth. What will drive the group's organic growth during the following years? That I would say is the New Heights program. It's these core elements, of course, focusing on the customer, focusing on the market, u nderstanding the needs, working closely with our customer, developing our product portfolio, developing our service portfolio, bundle this, making sure that we have commercial models that will help customers get the full benefit of our portfolio. Also getting into the ecosystems of our customers to understand more what we can do in these ecosystems. I would say that's the fundamental part of the New Heights program, to not be depending on the market development but s tarting to get control ourselves of our own destiny. Yes. Thank you. We have one question here related to service market shares. How large market shares do you have on service in the different divisions? How large share of the installed base do you service? Yeah, I don't have exactly in my head now, maybe Thomas have, exactly the split in each division. We know from a group perspective, this is around 35%. It varies in the different division. The division with the highest share is Industrial. There is a significant potential in all divisions. Naturally, it's also a bigger potential when it's talk about fixed installations. That would be industrial, that would be BMU, and that will also be wind. Definitely, the construction market is what we also work hard to, because we think it's even more that we can do in the customer ecosystem from a service perspective. Definitely we see potential in all divisions. Thank you. We have a question here related to our new scaffolding lift. How do you secure safety in the scaffolding lift? Scaffolding sometimes fall down. Also, have you started selling it yet? Maybe David want to comment? Yeah, we plan to bring this to market next month. We have a very, very interesting channel that we'll talk about in that month. Our whole goal here is to make sure we go to market differently, and I'm really, really confident on how successful we'll be in this place. Thank you. We have now a BMU question. BMU problems surfaced in 2018, former management took actions to improve the performance of BMU, we are in losses now. What has been done since then, and when can we see the benefits of what we are doing now or in the near future? Yeah. Mark, you want to comment? Yeah. Thanks, Matilda. Yeah. We have had problems in the project management side of the business in 2018, and difficult contract conditions. We fixed, we trained, and we invested in our project management teams over the last few years, and we have now fully made sure that we focus on two areas, scope and making sure that we deliver correctly on that scope. The contract conditions that we are signing up to have changed vastly since we became part of Alimak Group. We have much better contract conditions today. That's probably the first part of the question. The second part, that last year, we took some actions. There were some one-off costs which were put to make some reorganizations. We closed some manufacturing in some areas in Europe to concentrate it, to increase our utilization and improve our utilization. We believe once the access to customer sites become better, then the division will automatically improve to the former levels of the 4%-5% EBITA, at least. I might add also, if I can, that I think the one important element here is actually the reorganization that we have done in the group. We had something also in the group called the BMU business in the old setup, the responsibility was split out on all the countries. This is project business, which have a long lead time from the day you actually enter and start discussing projects with your customers, all the way till you have finally signed the contract and installed. It's many years. The ability to actually own that whole process, I think, and we think, is very vital. Yeah. That was one of the key elements also now making sure that this division gets full control over its own business. Okay. Thanks, Mark, and thanks, Ole. I see now that we have a new question coming in from our telephone line, so I would like to hand over to the operator. Thank you. We have a follow-up question from the line of Mattias Holmberg from DNB Markets. Please go ahead. Thank you for taking my question again. This, I think, is mostly to you, Ole. You've been with Alimak for a while, and there's been a lot of changes going on. This Capital Markets Day and the last one has explained quite in detail the work that you've been doing. I'm curious if you could, in a simple way, if that's possible, explain to us what you see as the biggest changes organizationally to Alimak since you came in. How does the management structure look? Where does the responsibility lie? I noticed the comment you made here where previously you had something called BMU, but the countries were responsible for the projects rather than divisions. Could you please just talk a bit about this? Yeah. The former organization, or the one that was here when I entered the group, was focused on the countries, that the countries own the business and that's where the business was owned and driven. Actually, also, each of the country managers, which was more than 20, were reporting directly to me as the CEO of the group. In addition, the group had a group management team where people were so-called responsible for different business areas, but they didn't really have the organization in their hands. They had maybe some few salespeople or some little staff, but no ownership of the final business. Everyone was reporting in, so it was high up in the 20 numbers, reporting directly to me as the CEO. That I changed, and not only by me, but we worked on this as a team. We took a lot of input from everyone in the organization. It was a lot of input to this. It was also a strong feeling that we were very product driven. That was an important input, and we decided, okay, this business, to be able to grow forward, we need to be close to our customers, close to the market. First of all, it needs to be market and customer driven. Secondary, we need to take away that heavy matrix and make a clear, structured organization, decentralized responsibility, where each of these division have the full responsibility for their business. They make the decisions. They develop and have responsibility for the value proposition, as I like to call it, the products or the services or how we take this to market. They also are responsible for manufacturing, the marketing, the full monte of this, the full P&L. That's the core of the change, I would say. If that explains. That was a very clear answer. Thank you so much. There are no further telephone questions registered. Okay, we have a couple of more web questions that we have received, and this one is related to the wind business, asking that, the wind OEMs are reporting that they seek to expand their service business. Do you experience any competition from them in servicing of the wind tower lifts? Yeah, I guess, José María, you will handle that one? Thank you, Matilda. For the OEMs, they have changed over time their strategy. I would say 20 years back or 15 years back, they were delivering the turbine, and that's it. In the last decade, they have developed this new approach to take the order of the turbines as well as, first of all, five, 10, 15, nowadays, even contracts for 20 years of service of the wind farms. Okay. We are okay with that. Why? We can work as long with a utility when they have the ownership or under the OEM's contract. That is not a heavy impact with us because we are actually subcontractors of the OEM, of the utility. We have the expertise on the service lifts. I hope this answered the question. Yes. Thank you. We have another question coming in here related to shipping costs. Can you comment on the impacts from increased shipping costs on the business? Thomas? I would say it will be about the same answer as for the raw material and the steel price increasing. Of course, it's a challenge. We have very much of dialogue and focus together with our manufacturing units primarily. As with the steel pricing, we have a limited impact so far, but it's definitely an area to continuously observe. Thank you. We have another wind question here. A lot of questions related to wind. How big is the dependence on your largest customers in sales and service? Yeah. You want to? Well, in this market, it's true that the last decade, there has been a concentration of the OEMs. If in the past we were talking about more than 10 OEMs in Europe and about 50 OEMs in China. In terms of tower manufacturers, more than 100 OEMs in Europe, and even more than 500 OEMs in China, nowadays there has been a concentration, and there are basically 4 OEMs that are working globally. We have the Chinese. With 5, 6 OEMs, you take as well 90% of the Chinese market. Our dependency on them, because there are fewer number of potential customers, is evident. On the other hand, they have as well the dependency versus us, because they need to have a long-term partnership with reliable suppliers with a global footprint, able to supply in all the places, with the logistics, the know-how, the technology, in order to, for example, right now be able to support this digital and sustainable agenda. It's true that we have had dependency in this area of customers, but as well, there is a dependency from them towards us, in terms of the supply and the services. That is the part of the OEMs, that the utilities, more and more, because the wind farms are getting out of their warranty, they are taking care of their services, and this is a sector where progressively we are increasing our share in the market. Okay. Thank you, José María. We have a question related to circularity. Are you taking steps to make your business model more circular? Charlotte, do you want to? Yeah. First of all, we have a rental business, and that is circular in its nature. Also, as we now are looking at, for example, in the BMU business, to have increased focus on refurbishment, making the products last longer. That is a step in that. Of course, as many other companies, we are also looking into what is the main theme of circular business servitization, of how can we actually provide the service as such, not just on the products towards our customers. There is a lot of activities ongoing, and that, yeah, we will see more of this going forward. Exciting. We have a question related to service. The service order intake was up 19% organically in Q1. How much was spare parts and refurbs? We don't give that detailed level. Of course, we are very happy to see that we are able to continue to develop the service, and not at least also now with this organizational change that we have done. It's been a very important core focus for us to make sure we don't lose speed in the service business. Actually also during the pandemic, for maybe the first time, service business was somewhat hit during a downturn. Normally, it's the thing that is most resilient. Yeah. We are happy to see that the service business starting to come back, because markets are opening up. That we also believe will continue to be an important part when markets are opening more forward. Okay, thank you. We have a question here related to the BMU industry. Where do you see the BMU industry heading towards in the future? Mark? Yeah. It's an interesting question. The BMU industry has not really changed much in probably the last 20 or 30 years with any major developments. I think we are now driving some interesting and exciting developments, particularly around automated cleaning. I think there is a potential breakthrough or interesting ways to solve this and to make the service more efficient. I think in the field of digitalization understanding the asset, how the asset is being used, and how we design better, and how we service better the equipment to make sure that we have complete uptime, much better uptime than today. In future, the BMU will become more important for the building, that they can use it at any time, in any way possible. I think that there is some exciting developments coming in the industry. Exciting. We have a question related to our financial targets. What is your gross margin target going forward? We have not given out a gross margin target. As Thomas was saying, it's a very important measure that we are following daily and have a high focus on. I think one of the most important measure to actually drive the business. That's why we also address it today. We don't have a group target that we communicate around that, no. Okay. Now that the full potential program is in place, can there be more cost measures going forward during 2021? Well, basically what we're also saying to our financial targets is that we should now, with the EBITDA, move away from the adjusted terminology and actually start to work with the reported one. With that, we also want to establish some sort of cultural change, that we take the costs or the benefit when they arise. It's our responsibility to make sure we constantly drive improvements. That said, that means that, yes, we will drive constant improvements. We are doing that as we speak today. We have done more since we actually launched the program in October last year, and that will continue. That, I would say, is now part of our daily life, to take out cost wherever it's possible to take out cost, restructure, do these type of things. We have nothing big in the plan. It's more that we do this on a daily basis. Yeah. Okay. Now we actually don't have any more questions coming in. With that, I think it's time to then round off the day. I would just like to start by thanking all of you for very good answers to the questions and also the audience for really good questions coming in. Before I hand over to Ole for some final remarks, I would just like to take a couple of seconds to thank all of you for the presentations today. It's been really interesting and a terrific job. I would also like to thank the audience for listening in and asking such good questions. If you felt that you have any follow-up questions or that you now have any questions that pop up after this session, please feel free to reach out directly to us. Yeah, I would just like to say it's been a pleasure being your host today, and over to Ole. Thank you, Matilda, and what way you have been a host. It's a big thank you to you for taking us through and making this easy for all of us. Also a big thank you to the team. I think also you have done an excellent job, and it's a team I'm very proud of. We miss two members here, but those you will meet for sure going forward. Thank you. I also want to thank all the listeners that have been with us today and those asking questions. This is of course important. We want people to be engaged around the company, and I hope that you all share our engagement and our belief and our commitment in actually making a change and delivering upon our financial and sustainability targets going forward. Thank you, everyone, and yeah, till next time.