Welcome to the Alimak Group Q4 2022 report presentation. For the first part of the conference call, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing star five on their telephone keypad. Now I will hand the conference over to the speakers CEO Ole Kristian Jødahl and CFO Sylvain Grange. Please go ahead. Thank you, and, welcome to this quarter four call for Alimak. With me now today I have Sylvain, the new CFO. Good morning. If we turn page, we are very pleased with a very strong quarter four, where we continue to see a solid trend from the previous quarters. We deliver a strong order intake, we have strong revenues, we have a strong result, and also a very good cash flow in the quarter. Also, another very important piece for us, of course, was the closing of the Tractel acquisition that we did as of November 21st, which means that they have been included for approximately five weeks then in the quarter four results. The integration is also well underway, and I will come a little bit back to this later. All this together, we see a good momentum in quarter four and that also takes us, you know, into a good start to 2023, even though it's a challenging macro and geopolitical environment still around us. Next page, please. Looking into the group quarterly summary, we see order intake was up 53% in the quarter, 28% coming from acquisitions and 12% organically. Strong order intake in Construction and Industrial, and also of course then a solid contribution from Tractel, which also continued to develop very well. Revenues were up 36%, 25% coming from acquisitions, and it was then flat organically. We saw solid organic growth in Construction and Industrial, but Wind was still, you know, pulling this down. We also had some deferred revenue in Facade Access for deliveries in U.S. EBITDA Adjusted increased to SEK 217 million, actually up 52% from the SEK 143 last year, delivering a margin of 15.5% up from the 13.9%. Here of course also we have a positive impact from Tractel, but also driven by higher volumes and cost and pricing activities that we have been focusing on throughout the whole year. We also had some items affecting comparability in the quarter with a net positive impact of SEK 19 million. Turn page, please. Looking at the full year, we can conclude that it's been a very good and also important year for the group then with all this. This was the first year in phase III of the New Heights program, where we should be then in a profitable growth modus. That I must say we have done during this first year of that part. We record order intake, revenues and also EBITDA during the year. We see strong order intake and revenues in Construction, Facade Access and Industrial. We also have improved the profitability in Wind, which I'm very pleased with, even though that market for the Wind division has been, as you know, challenging throughout the whole year. We have done two acquisitions, Tall Crane Equipment that we closed as of August 24th, out of Vancouver in Canada, which is also developing nicely for us and Tractel then as we closed November 21st. We have also delivered good progress in our sustainability performance targets and Dagens Industri's this sustainable companies. Actually, we have increased to place 19 up from somewhere in the 40s last year, so a good progress there. We also continue to invest in our product development. You know this business, it's not something you launch products every day, but we have launched some nice products during 2022, and we are also heavily investing forward. Those that follow us on social media will see that we are now letting out some teasers about a relatively big news coming up in the Construction area. Please follow us there. Turning page and looking at the full year summary, order intake was up 27% during the year. Acquisitions contributed with 8% and organically we grew 9%. On the revenue side, we were up 21%. Acquisitions contributed also 8% here, and organic growth was 3%. If you then would exclude Wind, the growth, organic growth would have been 10% for the group, as Wind have had a very challenging market, as you know. EBITDA Adjusted increased to SEK 616 million, up from SEK 483 million last year, delivering a margin of 13.6% for the full year, up from 13% last year. Cash flow was slightly down to SEK 501 million from the SEK 646 million the year before, while earnings per share were reported at SEK 7.04, up 24% from the SEK 5.68 the year before. The Board of Directors propose a dividend of SEK 63.65 versus the SEK 3.3 last year, which is an increase of slightly more than 10%. Turning page and starting a little bit into the divisions, Facade Access, we see that order intake was up 29% during the quarter. 35% from acquisitions and 17% organic growth during the quarter. Important to note is that this is a project business where you see natural swings during months and quarters. Full year, this business has delivered an organic growth of 11%, something I'm very pleased with. Revenues were up 35%, 30% coming from acquisitions, and down 7% organically in the quarter. The main reason here was some deferred deliveries in Americas while service remained strong. As you know, with the 11% organic order intake during the year, we have a strong momentum into next year or this year. EBITDA increased to SEK 34 million, up from SEK 29 million, delivering a margin of 7.6%, down slightly then from the 8.7% last year, and is positively impacted by the Tractel acquisition. The higher raw material costs and supply chain issues due to the geopolitical situation in Europe, and also the fact that most of these contracts are in fixed prices have actually led to that we have not been able to lift the margin on the legacy business here the way we wanted during the year. Something I'm not fully happy with, of course. I think we have done a lot of good things during the year, and we have a good trajectory now into next year should have. You look at the next page. Tractel, they have a permanent access business, which is both highly profitable and also been very resilient in that for many, many, many years. This has now become part of the Facade Access division. This is something that, a piece of Tractel that has had the average profitability that you see in rest of Tractel. If you add this together now with our Legacy Alimak business, you see to the right that this is a business that in 2022, if it would have consolidated, it would have been close to SEK 2.1 billion with an EBITDA of SEK 206 million and an EBITDA margin of 9.9%. That would be the, let's say, the division if you looked at 2022. This gives us a global leading market position, a strong business position. Also a good fact here is that we have a very, very solid backlog. We enter the year with a record high order backlog. The margins, as you know, on the Legacy Alimak has not been good, while the margins have been very good and are for a long time on Facade Access from Tractel. This is now something that we are working intense to put together. It's under the leadership of Philippe Gastineau, the former CEO of Tractel, who knows this business well. He has been leading this for five years. Here we are now having a good plan, and we know what to do. Of course, it will take some time, but we expect to see, of course, improvements already 2023, and we'll have a plan to lift this going forward. Moving page into Construction, we see order intake was up 93% in the quarter. Very strong, 20% coming from acquisitions, but 59% organically. We saw strong equipment sales in Europe and Americas and also increased activity on the rental and the aftermarket side, especially in Asia-Pacific. Revenues were up 34%, 17% coming from acquisitions, and 6% organically, where the rental activity contribute nicely and also increased deliveries then to Americas and also emerging markets. EBITDA increased to 73 million SEK, up from 55 million SEK, with a margin of 18.8%, slightly down from last year of 19.01%. High volumes, our price management and cost control has also kept these margins at a solid level. If we turn page, we look more into the Construction business. Also here it's a significant piece coming from Tractel that we integrate, and it's the Scanclimber business, a Finnish brand, which is now becoming part of the Construction division. This all together would mean, looking at 2022, a business of slightly more than SEK 1.6 billion, an EBITDA margin of 281, and an EBITDA margin of 17.3%. You see that this margin is slightly lower than what we had before. This is driven by Scanclimber, which has main focus has been on the Nordic market, and that was somewhat depressed then in quarter four, which has affected the sales and the margins of that business during that quarter. We foresee this to come back to, let's say, normal levels, relatively soon. We see of course, a lot of commercial synergies here that we are working intense now to realize. Also very nice is that we secured a lot of important orders and good business during quarter four, which means we are also here entering 2023 with a record high order backlog. We see a relatively stable business momentum in most geographies, but we also, of course, read about the uncertainty and see some uncertainty several places. We are on our toes on what will come forward, of course. The acquisition that we did of Tall Crane Equipment in Canada during the summer, is of course also positive here and creates a lot of opportunities for us in that area to grow. Next page, please. We're looking into Height Safety & Productivity Solutions. Yeah, it's a relatively empty page, but this is then the new vertical, the new division of the group, and coming with Tractel. You see that order intake and revenues were the same at SEK 111 million during these five weeks then that it was included in quarter four. As this is a more type of book and bill business, you don't have that order book that we see in the other divisions. EBITDA was SEK 30 million during these five weeks, delivering a margin of very strongly 27.2%. If we turn page, then this is, as I said, a new division in the group as of November 21st. If you look to the right here, you see that this is close to then SEK 1.3 billion would have been in 2022 with an EBITDA of SEK 253 million and a very strong margin of 20% EBITDA. Here we have a lot of different products, high-quality products, which are leading in the niches where they, where we operate. It's related to personal and collective height safety products and solutions, but also what we call productivity solutions, which include then load measurement and control products and also then lifting and handling products and solutions. These products are mostly sold through distributors, so it brings a global network of distributors into the business, a lot of new customers, and a lot of new applications. As I said, this has been a very resilient and highly profitable business for a long period of time, bringing even more resilience and stability into the group. The focus for us now going forward will of course be product development to make sure that we feed this with more growth opportunities, but also cross-selling opportunities. We see a lot of opportunities with all other divisions in the group that we are now pursuing. Turning page into Industrial. Order intake was up 25%, 14% organically. We had strong equipment and service order intake basically in all regions, and especially strong, as you can maybe understand, also in the energy and the ports segments. Revenue was up 23% in the quarter, 10% organically. Yeah, driven by the strong order backlog, of course, but also our focus on the service, which is a very important part of this division. EBITDA increased to SEK 69 million, up from SEK 53 last year, a margin of 20.6%, up from 19.6%. It's driven by higher volumes and our cost and pricing management throughout the year. Of course, here we're also still continuing to invest and drive our activities to be closer to the customers and the, and, the segments. Turning page. We continue to see good order intake trends in the industrial business, both for equipment and services. We see positive trends in China also now after they start to open up, and we have some business there. You know, it's not a big, very important base for us, but of course, now when it opens up, it will create more opportunities. This is also a division where we have had now for more than two years, very strong order intake and sales. That means that we're also entering 2023 with a record high order book. We continue to see solid demands in most segments. We have also during the quarter updated our structure a little bit to be able to attend and drive sales and segment focus even stronger. Else, for this division, other than this, is also of course now working intense with the HSPS division to identify and realize commercial synergies. Turning page into Wind. Order intake was down 8% in the quarter, 18% organically. We continue to see a challenging market, but also now with clear signs of improvement. Revenue was down 7%, 17% organically. Yeah, driven by the lower order intake that we have seen for a long while. EBITDA increased to MSEK 12, very positive, up from the 6, and a margin of 9.4% versus the 4.7. Yeah, the focus during the year has really been on the results because the market we cannot really change. We have focused on cost reductions and pricing management, and I'm very happy that we have been able to lift margins solidly during the year. If we turn page, then, market challenges, as we said, remained during quarter four, but we also now start to see clear signs of increased market activity. In U.S., we have this U.S. Inflation Reduction Act, which is driving investments and demand for wind energy. We start to see this coming there. Also in general, you know, demand we expect to improve during 2023 and also further accelerate in 2024 and onwards. The decreased cost that we have been driving this year and improved margins together with product development, we feel position us very well now for this year and onwards to take benefit of the growing market that we expect. Else also here we are working on defining and realizing the synergies with HSPS divisions. Turning page. Looking back a little bit, I came to the group June 2020, we initiated a new strategic program that we call the New Heights program, where we had three phases. It was first to set, you know, a good organizational base. We had a model that we could build upon. We made these four divisions fully accountable for the business and focusing on specific markets and clear ownership. During phase II, 2021, the divisions focused then on what to grow and what to drive, and really securing that we had the right strategies in place, preparing us for the phase of 2022-2025 and onwards, where we should then be delivering profitable growth. We have done I, II, and also now the first phase of three in 2022. You see also below here our financial targets. You know, we are well delivering the revenue growth. We are delivering now also the EBITDA margin. With the Tractel acquisition, we will be in the high areas of this target. This is something we are now overseeing and we'll come back on latest at the Capital Markets Day that we plan for June. Turning page. Looking at the Tractel integration, they've now been part of the group for almost three months. That has led to that we have a new organization. We have a new group, you know, with the fifth division and a huge impact on Facade Access and on Construction immediately. We also have a new executive management team in place where I'm happy to have Sylvain Grange as the CFO, who has been with this business for 15 years, so knows the business extremely well and have managed Tractel together with Philippe Gastineau, who was the CEO. Both are with us going forward. Philippe will then manage Facade Access and also the Height Safety & Productivity Solutions division. Then also, the rest of the management team and people of Tractel are on board, and it's important for us, of course, that we bring them with us forward. This is moving nicely. The focus, of course, initially is to make sure we retain the value. Tractel, important to remember, it's a highly profitable, resilient, good business. The first of all is to make sure that we take care of that and not lose any speed or any of the value that they have in themselves, while at the same time now also then, diving into the synergies and creating more value from this. Here we believe we have a lot to gain going forward and we work with our customers, employees, and all together then to drive and realize all these synergies forward. We see a high level of engagement, and this is also important to me. It's not driven top-down, it's driven from both angles, both bottom up and top-down. High engagement level, as I said, and so far very well, and nothing really popping up that would be of a negative surprise. Following this, we also have said that we will do a share rights issue, and we said that should be conducted as soon as practically possible. Now we are, you know, releasing results today in a phase where this will be practically possible. As soon as we have some more data and information around this, we will come back. Turning page. That takes us to the synergies, I leave the floor for Sylvain. Thank you very much, Ole. As far as synergies are concerned, we believe the Tractel integration will lead to annual cost synergies of approximately SEK 70 million, of which approximately SEK 40 million are estimated to be realized by 2024. Those expected cost synergies will come from efficiency improvements in SG&A, supply chain and procurement. As mentioned by Ole, we expect as well significant commercial synergies, mostly cross-selling, generating additional cash flows estimated to be around SEK 40 million in 2024, increasing to SEK 80 million in 2026. In short, we confirm what was previously communicated. Next, please. We present here an overview of the new group by division. This is an aggregate of Tractel and Legacy Alimak, as if Tractel had been acquired on January 1st, 2022. In aggregate, this is a group which has generated SEK 6.5 billion of revenue last year with an Adjusted EBITDA margin of close to 16%, which is a high end of the financial target. If we now look at the pie charts, you see that Facade Access has become the largest division of the group with 31% of total revenue. Together with Construction division, it's a bit more than 55%, so the largest two divisions in the group. Moving on to the share of EBITDA, which we believe is very interesting. One can see there are roughly three groups of divisions in the group now. One group of, let's say profitable or at the level we want, which is Construction, HSPS, and Industrial, with EBITDA margins between 17% and 20%. Wind is behind at 12.8% EBITDA margin, also improving, as mentioned earlier. Clearly, Facade Access today is a laggard with a EBITDA margin of around 10%. As we said earlier, you know, we are confident this is something we can improve over time. Tractel has set the example. You know, the Tractel margin has been much higher in this business, we believe this is the biggest potential for improvement in the profitability of the various divisions. Next, please. This is an overview of the financials as reported. Those numbers include five weeks of Tractel P&L in 2022. As previously indicated, the acquisitions make most of the difference between the reported growth and the organic growth. I'd like to draw your attention to a few key numbers, especially on the quarterly basis. The organic growth of order intake has reached 12%, which we believe is satisfactory for the quarter. The Adjusted EBITDA margin for the quarter, so Q4 2022, amounted to 15.5%. The last key number is the operating cash flow, which amounted to close to SEK 300 million in the quarter, which is a strong improvement versus same quarter in 2021. I'll come back to that later. Next, please. We present here a summary of earnings. The margin improved significantly versus last year, mainly due to increased revenues and solid contribution from the Tractel acquisition. We have kept the gross margin on a high level through active price management vis-a-vis our customer, which has offset a difficult market with high cost inflation. Items affecting comparability amounted to SEK 19 million in the quarter, and this is made of two components. A MSEK 33 profit due to a U.S. government grant in respect of COVID-19, and a loss of MSEK 14, which relates to transaction costs. Regarding financial net, we have an interest of MSEK 31 charge, and then the increase versus previous period mainly comes from the debt financing of the Tractel acquisition. The tax rate has been stable, at around 23% of the EBIT. Next, please. We are now coming to the bottom line. The result for the period was MSEK 130 versus 92 in Q4 2021. Adjusted for items affecting comparability, this is MSEK 111. EPS for the quarter was SEK 2.43, which is a growth of 42% versus Q4 2021. Adjusted for items affecting comparability, it's 2.08, which is still a growth of 22%. On a full year basis, the EPS was SEK 7.04, which is again a strong growth of 24%. As mentioned by Ole, the Board proposes a dividend of SEK 3.65, which is a bit more than 10% growth versus last year. This dividend is obviously based upon the actual number of outstanding shares. Next, please. Regarding cash flows, I mentioned earlier that we had strong cash flows in Q4 2022, close to SEK 300 million. Those strong cash flows come from stable inventories and a decrease in receivables thanks to strong cash collection efforts. Of course, there is an element of catch up or catch back from the previous quarters, which were a little bit soft. Moving forward, we will continue focusing on cash flows from operation. This is clearly a priority for us. Next, please. The net debt has increased significantly over the quarter, and most of it is due to the Tractel acquisition, which had an impact of SEK 5.5 billion. After the completion of the planned rights issue and the related share issue, we will repay the bridge loan, and we expect the net debt on EBITDA ratio to be at around 3 when including 12 months of Tractel EBITDA. Moving forward, that will be clearly a top priority to deleverage and get closer to our financial target. Other capital allocation priorities will be to continue paying a dividend according to the policy. We will be focusing on profitable growth, developing sales. M&A is still on the list, but clearly in the short term, you know, we'll be focusing on deleveraging, as I mentioned earlier, mostly via an increase in cash flows from operations. Next, please. We present here an overview of our balance sheet. If one looks at the main changes versus the picture at the end of 2021, this is again the Tractel acquisition, which makes the biggest deviations. You can see that goodwill and other intangible assets have increased significantly due to that acquisition. The same comment applies to long-term borrowings, which have increased to finance the Tractel acquisition. I will now pass the baton again to Ole for the conclusion. Thank you. We are at the summary slide. We are accelerating our profitable growth, as I said, delivering now into step three of the New Heights program. Very happy that we have Tractel on board and that we have gotten well on the way with the integration. As I said, focus is to, first of all, retain the value, which I feel that we have already, you know, started off well, second is to drive the synergies, which is also very well underway. Of course, the divisions will, since they changed somewhat and so forth, they will update also their strategies and we plan then to have this Capital Markets Day in June 14th, where we will give more details about the divisions. That's the latest point where we will update our financial targets or come back on those. We are now entering 2023 with a record high order backlog. We have good momentum in all divisions. And I also feel that we are more resilient and also diversified than before. And, you know, after three years of tough macro environment, we are starting to get used to this, so we should also be well prepared to handle that uncertainty into 2023. With that, thank you to all employees that have delivered a solid year and a solid quarter, and we turn into the Q&A. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Hanna Lindbo from DNB. Please go ahead. Hi, guys. thanks for having me. I was thinking of the Height Safety & Productivity Solutions division. Yeah. If we could get some more color on the drivers of that business and if you would say more resilient to economic downturns than compared to the other ones? I would say, you know, more color, I think will most likely come in this Capital Markets Day. It is a product which is not having this investment nature that you see in the other divisions. It's more book to bill, it's distribution type of products, focusing on personal protective equipment, collective protective equipment, also, you know, fencing and stuff like this on Construction or Industrial sites. It's about lifting and handling, so not the big overhead cranes, but smaller type of things and personal safety. It's about for people coming into a confined space, as an example, you know, how you do that in a safe way. So that business have a different nature. Also it's been with high margins and very resilient, you know, going back historically. Yeah. Maybe also Sylvain can add, some flavor to this. Yeah. Yes. I would say it's a very diversified business in terms of end applications. Mm-hmm Which definitely makes it relatively resilient. There is no exposure to one specific industry. No. The products end up to all the different type of Industrial segments and Construction segments, you know. That's why we also see a lot of synergies both with Wind, Industrial, and Construction from that division. Yeah. Thanks. If we jump to the synergies, the commercial synergies, in which areas you see the most potential for synergies? I think we have synergies in all divisions, which is, I think, a little bit unique. Of course, Construction and Facade Access, these are the two divisions where we see the biggest impact as of now. Still we are working on it, you know, we believe strongly that our global structure and with Construction bringing in one more leading brand, which is not having the same global positioning, you know. At the same time, they also have a lot of customers that we didn't have, you know. There we believe there is a lot of synergies. Facade Access, we are both operating in that same market. You know, we become a bigger and more solid player. We take a bigger piece of that market overall and become a clear Number 1. The other thing there is about business management, you know. Is that we have a business in Legacy Alimak, which has not been performing for historic reasons, even though we have made some nice steps, I would say, that we also should see benefits from now next year. The bigger thing is that Tractel have led such a business for decades, highly profitable, highly resilient, and they have a model which we now see, you know, and that's being led by Philippe to put that in place for that overall business. Some things which I feel very, very good about. Yeah, that's very clear. Thank you. My last question was on Wind, because you said you expect increased activity in 2023. Have you already seen this started in Q1 that more orders are coming in, or how does it look like? Yeah, as I said, we already see that this business is changing. Mm. Without being too specific, you know, but we see changes, and we expect changes, this year already. All right. Yeah. All right. Thank you. That's all from me. Thank you. The next question comes from Gustav Österberg from Carnegie. Please go ahead. Thank you, operator, and, good morning, everyone. We just have a question... Mm On, sort of, where your assessment are on demand levels. I mean, we had obviously impact from COVID and then the acquisition of Tractel, and now we're seeing, order intake still going up organically 13%. I'm just curious, could you give us some sort of brief background of where we are from a trend and cycle standpoint in terms of demand? Yeah. Yeah. All's got a very difficult point in time, you know, with all these things around us and still big geopolitical uncertainty and also the effects of the inflation, you know, that we maybe haven't seen the full thing or outcome of yet then. As I said, you know, we have a good momentum in our Industrial division. There, you know, investments, and yeah, it's ongoing, and we are exposed to some segments which are very strong there, so that looks good. We have a good momentum into this year. If you look at Construction, as you saw, we had a very strong order intake during quarter four. There it's of course more. Also we are more, you know, not concerned, you know, but are curious about what's happening with that market. We have a relatively resilient model, you know, being global, truly global, so we are not exposed to, you know, Nordic. It's important, yes, it's a very small piece, so it's not that important as you see. We have the Rental business, we have the Aftermarket business there. We have made some nice acquisition. We have Scanclimber that we can work upon, you know, so we have a lot to work upon there, even though the market might be softer. One thing is the property, you know, commercial side, but also in this division, we also put up temporary machines for Industrial investments, you know, wherever there are things like this. That's also an important part for that division. When for Wind, as I just said, you know, we start to see this is changing, and we know all about the energy investments about needed and about to come. It will not be a quick type of rush, but we see already changes in Wind, and we expect changes there now next year that we have bottomed out, or this year. For Height Safety and Productivity Solutions, they are very widely spread, you know, into many, many segments. They also, you know, have proven over time to be a very resilient type of business. Facade Access, you know, we have had a good 11% order intake growth this year. Now we also do a lot of activities there to get this together, so that's important. The main priority is of course there to start to also lift the margins. We will also there be selective on what type of projects we choose. There we get the business with smaller projects, while we have also had the business with bigger projects. That's a balance. That will more be what we, you know, how we also manage it. Market-wise, I think it still looks decent. Maybe, Sylvain, you want to add something, sir? Yes. I mean, we read the press like you do, so. We know that this year may be more uncertain, notably in the construction environment. Maybe one additional comment is that we know we are not that exposed to residential. You know, within the construction space, those segments we address are likely to be less affected by the rate increase that we will see. Mm. Of course, you know, still it's an uncertain environment, so, you know, we will be agile. Today, we don't feel a big impact on demand. Thank you. That's super helpful. Just a quick follow-up on supply chain and the easing of supply chains. I mean, outside of Facade Access, are you seeing any larger changes in terms of access to components or price increases that have slowed down or the likes? Overall, we see that price increases are slowing down, you know. We see some easing on the raw material that we have seen for a while, you know. As for supply, that's been a challenge, but we have managed it well. There might be some sort of or there are some easing on it, you know, but I think it's not something that has really been very painful for us either, other than a lot of work, you know, up to now. It's, I don't foresee that to be a major issue going forward, no. Okay. Thank you very much. Yeah. Yeah. Yeah. Sorry, one just small comment additional. You know, the biggest impact for us has been the increase in inventories in 2022. Yeah Because, you know, the disruption in the circulation has forced us to be more conservative in terms of stock levels. Yeah. Now we don't see a further degradation, you know, we don't think we'll have to increase stocks again in a significant way moving forward. No. Good point. Perfect. Yeah. Yep. Yep. All right. Those were all questions from my end. Thank you very much. There are no more questions at this time, so I hand the conference back to the speakers for any written questions and closing comments. Yeah. Thank you. We have some written questions here. Let's look, you know. One question here is how is the market in Height Safety & Productivity Solutions? A lot of smaller players? How is the potential for acquisitions in that segment? Yes, this is also a very, very fragmented market. In that division, along with the other divisions, we see a lot of acquisition potential. It's a good question. This is an area where I believe opens up a lot of new growth opportunities, both organic and M&A wise, you know, in the years to come. Absolutely. The next question, is the current backlog in Facade Access better priced for higher margins? That I would say the answer is yes. We have had a strong focus in Legacy Alimak during the last year on being more selective and pushing prices. That we expect to see coming forward. That's one element of it. The other element is that you actually also keep control of the project, you know, and manage it the way you should. Which is again, you know, some competence that Tractel brings in in an excellent way. Absolutely, we do expect to see some improvements here. Next question. Yeah. What can you share regarding the turnaround plan for Facade Access, especially the legacy business? Has new management already outlined what actions will be taken? Yes, you know, we are... It's, then, Philippe, the CEO of Tractel, that has now taken on that responsibility, has now worked for three months on that business, very intensely. I think that, or I know that he now have a very good knowledge about the overall, thing, and what he would like to do forward and what we need to do. We start to form out quite a detailed plan. It's quite obvious, but it will take time to also implement some easy wins there, but also some wins that will take, time. As also Sylvain said, you know, we expect, and this we should expect to be a division that should, deliver in line with these other divisions, in due time. Can you provide an indicative pro forma order intake for 2010-2022 for the new group? No, we do not have this. You know, the figures that you see now is actually what we can provide, and that's also triggered by the rights issue and the prospectus that we are working on there that puts legal constraints on what type of order. All figures need to be audited and checked, you know, going back. It's a choice we have made that we did not want to spend a lot of money and time on audit and, you know, with our team, two years back, everything in Tractel. That's the reason, you know, that we are now a little bit constrained in that respect. We said something about the Tractel development when we closed the deal. It was a growth of 11% than 12 years back. I would say that this business is, yeah, continuing on a good trajectory and is developing solid. It's a new question here. Yeah, I think we have taken that. Yeah. Yeah, maybe, Sylvain, you want to comment it also? Yeah. Another question is regarding the profile of the order backlog from Tractel. Basically, you know, as you understood, there are mainly two. Legacy Tractel has been split between mainly two divisions, HSPS and Facade Access. As far as HSPS is concerned, as mentioned earlier by Ole, this is a flow business with small products sold via distribution, and there is almost no backlog. For Facade Access, it's the same profile as Legacy Alimak Facade Access with a significant backlog with maturity, which is over one year. Scanclimber. Scanclimber, it's a sort of small backlog of a few months. Yeah so in between, HSPS and Facade Access. Yeah. Similar to our Construction. Absolutely. Yeah. Okay, I think that's the questions we have here for now. With that, I think we round off, and I would like to thank everyone that listened in and asking questions. Again, thank you to the team and everyone in Alimak Group then delivering a solid quarter four and also a solid full year, giving us a good start into 2023. Thank you all, and see you soon again. Thank you. The presentation has now ended. Thank you for participating.