Thank you, very welcome everybody to this first quarter conference call from Atlas Copco. We will spend the first 20, 25 minutes, something like that, with some comments from Mats Rahmström, our CEO, and then we will take Q&A. We'll try to be ready within an hour, approximately. Without anything more then from me to say, please, Mats, take it from here. Okay. Thank you, Hans Ola. We will start on slide number two, which is called Q1 in brief. Order intake, we are very happy with the SEK 30 billion and 18% organic growth. It came in better than we expected, and this is also versus a strong quarter last year. A number of things in the strategy that's working for us right now. We can see new products selling very well. I see some of the segments that we are focusing on doing well as well. Our local strategy in Asia, China is also benefiting. We should not forget that there has been a pent-up demand, of course, on products. Invoicing SEK 26 billion, up 13% organically. Of course, we see challenges in logistics, COVID, and some components. We urge that as a good result for the quarter. Operating margin at 20.7% is what we have reported, and if we adjust for the long-term incentive plan, it's 21.7%. Go to slide number [audio distortion], which summarize exactly what I just said. If you look at the graph, you can see first time then that we are on a SEK 30 billion level, which is very good, and it's a confirmation from our customers, I think that we have good products presented by good people and good service solutions. I'm very, very happy about that. Return on capital employed from last year then, 29% up to 23% this quarter. If you had a bridge on that, it would be -4% on dilution from acquisitions and approximately 2% mainly in currency and a positive percent for the volume. We take slide number 4, which is a geographic map. We have growth throughout the world, both for equipment and service. Very positive to see that. Maybe the highlight is still that we have almost 40% of our sales in Asia. We get a good traction there for all our business areas. We have double-digit growth for all business areas in the region, and then 34% for the group. Slide five confirms the 18% organic growth. If we take slide six, we have the bridge on orders and revenue. The structural changes on orders is impacted by the ISRA acquisition and the Perceptron and some of the CT distributors. You can see that we still have quite a lot of headwind in terms of currency, Hans Ola will elaborate a little bit on that later on, and then 18% and 13%. If we take slide seven, this is the pie chart with the different business areas. Of course, extremely good Vacuum Technique with strong order intake from the semi industry, but also Industrial Vacuum and Scientific Vacuum is doing quite okay. You can see Compressor Technique at 13% organically, considering that being 46% of the group, I'm very pleased with that. Industrial Technique also see more orders, more activities in the auto sector, especially electric vehicles and battery manufacturing. Power Technique, after a number of quarters, now we can see some of the rented company has started to invest again, and we see positive on that as well. One comment by business area, we can start on slide eight, which is Compressor Technique. As I mentioned on 13% organic growth in all areas, basically. Gas and Process, although we see more activity, we cannot beat last year on that one. Considering the strong position for service that continue to develop the service offered for customers, and you can see strong growth there as well. An outstanding profit margin, 23.7%, considering the headwind from currency. If you look at the bar, it very much looks like a record on orders received as well. Vacuum Technique on slide number nine. Here also it is to say record orders, record revenues, and record operating margins. Of course, I think everyone could expect strong semi, but really confirms our strong product portfolio for this industry and the readiness we have to accept these orders. Very well done by the organization and really picking up on these big volumes. Of course, if you look at the graph, it almost looks like we have done something wrong, but very strong there. To follow up with strong operating margin, 24.9%. Same thing here, of course, with the currency working against us. Industrial Technique on slide [audio distortion]. You can see that they dropped off quite significantly in Q2 2020, step by step, each quarter has been better and better. You have ISRA in this field, strong organic growth on 13%. We now can see that we can get more business out of the general industry market as well. They also continue their increased growth for service. Operating margin, 19.5%. As you see later on, we have helped you here with the EBITDA taking away the intangibles from acquisition, that will lead to 22.5%, which is in par with the pre-COVID, pre-ISRA level. That is something that we are proud of. Power Technique on slide 11. As I said before, more activities here. We do very well with the portable compressors and service. Specialty Rental, flattish, and I would say Europe and Middle East that is not helping us to improve that number just yet. Revenue is up 5%, and operating margin 15.3%, considering that invoicing was up 5%, they've done a good job with the cost management there. On slide 12, I think this is a good timing to hand over to you, Hans Ola. Thank you, Mats. You have seen in the report and Mats has already said, we have included also an extra line in the income statement this time, we will continue to do that just to give a little bit of comparison of the EBITA, I mean, the operating profit before amortization of intangibles from acquisition. It's not a perfectly clean EBITA, that's why you can see the definition on the side. We talked about most of the things. The net financials is starting to become, I would almost use insignificant amounts in relation to the total turnover and profitability of the group, that, of course, reflects the continuous development of the interest rate that helped us. It's also fair to say that last year had much more of financial exchange differences. Since that did not repeat itself, it's an improvement. On income tax, we normally comment, 22.9% is slightly better than last year, slightly lower than last year. I would say that the estimate going forward will probably be in the range of 22%-23%, something of that nature. On the return on capital employed, yes, Mats have already commented on that, so I don't need to repeat that. If we turn to the next slide, the profit bridge. Here, of course, you can summarize it by looking from the right, of course, which is last year, to the left, which is this year. Quite big numbers in the various columns, and primarily in currency, first of all. You can see that there's a very negative number, but also the impact on the margin is quite significant from this -SEK 1.65 Billion compared to the same quarter last year. Already there, we should say that, of course, it's very negative, first of all, because we have currency ratios between the U.S. dollar and the euro and the U.S. dollar and other currencies that have worked against us. We also have the strengthening of the Swedish krona compared to last year, which of course, affects the translation of all profits that we make in other currencies than in Swedish krona. That's why the number in itself was even above a billion, as you can see here. That was a very negative, and I could highlight for you that the U.S. dollar, for example, was 13% lower ratio than last year. The euro 5%. We also have some other important currencies in Atlas Copco, like the Russian ruble, the Brazilian real, and the Turkish lira, just to pick on a few, and they were between 20%-30% appreciated against the Swedish krona. That is why the currency impact is very negative in this quarter. If I try to look ahead like we normally do, it will continue to be negative if we do the same comparison Q2 to Q2 2020. It is also important to remind everybody that that is only because of the comparison with last year. The effective currency rates that we have in the result in Q1 is expected to be the same. It is not that we add the negative going into Q2. These numbers are at actual Q1 rates. Just to point that out. The other column is, of course, the most interesting one, where volume price, mix, and other effects, i.e. the organic effect, is very positive on the other side. Volume contributes. We have more underlying volume. It's also fair to say that in all business areas, we still enjoy the cost containment measures during the COVID quarters, if I call them like that, is, of course, to a certain extent, still there. Now, as the orders and revenues are starting to grow back as they did in Q1, we expect also to add more cost, of course. I think I'll leave it with that, and then if we take the next one. Well, it's very similar comments, actually, even if you look business area by business area. Negative currency impact and the positive volume price makes another impact. If you compare the revenue addition to the operating profit addition, you can see a very significant positive so-called flow-through in this quarter. Not surprisingly, when you go from a subdued market environment to a much better growth environment, that's what we have seen in Q1, of course. I move on to the balance sheet. I do not have so much to comment. Perhaps if you look at December 31 as the previous quarter, there is quite a significant addition of SEK 10 billion, but about half of that is coming from pure translation effects of the Swedish krona. While the rest is primarily made up of new cash generated in the quarter. I think I will stop there and go to the next page, which is number 16 and deals with cash flow. We increased the operating cash flow from SEK 3.8 billion to SEK 4.3 billion. In very rough summary, you can say that the effect is better profit somewhat and slightly lower investment. If you put that all together, and also to a certain extent, also more working capital build up this year compared to last year. That sums up to this SEK 500,000,000 better operating cash flow, roughly. With that, I think I hand it back to you, Mats, for the final slide before the Q&A. The near-term outlook. Here we are trying to give you a comparison between Q1 versus Q2 for sequential. Normally, Q1 is a strong orders received month for us. We're trying to judge the customer activity and give you a little bit of guidance there. I'd say we remain uncertain, and I pick up that. It's mainly the situation with COVID. We can see that we have operations in India, for example. Now we are up and running, but of course, we have had incidents there as well. On the other side, we are quite positive to the rollout of the vaccine program. Logistically, we can see some of the, especially auto customers, lacking supply of chips. We can see that they have now some shutdowns. On the positive side, we could say continue high current level down, which is then coming from a record quarter. We can see positive trends in most of our business areas and divisions. We can see that is spread geographically throughout the world, and a very strong position for us in Asia and China then. We'd also say that, as I said before in the introduction, that if orders will come, we have a strong position in many of what we call the key segments for us. We believe it continues to be, as we said, on high current level, but there is still uncertainty, of course, in what will happen in the [audio distortion]. Thank you, Mats. With that, I'd like to hand the word back to the operator of the call to give the instructions for the Q&A session. Already before that, I might add that we continue also with the proven concept of sticking to one question at a time, allowing more people to get their question asked on the call. With that, please, I hand it over to you, operator. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you do wish to withdraw your question, you can do so by pressing zero two on your telephone keypad. Our first question comes from the line of Klas Bergelind from Citi. Please go ahead. Your line is open. Thank you. Hi, Mats and Hans Ola. It's Klas at Citi. The first one, just want to continue there, Mats, on the guidance. You're guiding flat quarter-on-quarter, obviously from a very solid level, but I'm interested in some of the businesses where you have a pipeline building of larger orders. I can see that Gas and Process is now improving quarter-on-quarter, and you have pretty good visibility with the key accounts on the semi side. I totally get that you want to be cautious in light of what's going on in India and so forth. If you look at quotation activity, would you say that the indication out of the pipeline maybe signals a little bit better orders than the SEK 30 billion? I'll start there. I wouldn't say it indicates maybe about SEK 30 million, and we don't guide like that. A high activity level considering what we have presented for Q1 is at least a confirmation that we are positive to the development of our segment. Yeah. No, I understand that. Okay, fair enough. Just one quick follow-up for you, Hans Ola. On the margin of 23.7% in CT, this is the division that had most of the temporary savings through COVID, if I understand it correctly. How much of that margin there was linked to those savings that might start to reverse? Is it a percentage point or anything you can say there, Hans Ola? No, I wouldn't there, because it's not an easy calculation, even if we had all the numbers and were sitting together, Klas. It's noticeable in the spend on admin and marketing, primarily that we got down to a good level, and now we have seen the costs are starting to come back. It's obvious that we still have some benefit. The traveling, couple of participations in trade shows and so on, are done in a more economic way, if I put it that way right now. The interesting thing is that it's not at all certain that all costs will return to exactly what they were before at the same volume level. I have no fear in that this is a quarter that will prove to be a sort of a one-off sweet spot. It's not that effect at all. It's really something that we just want to have in there to complete the picture, and it goes not only for Compressor Technique, but also for the others. Yeah. Makes sense. Thank you. Thank you. Thank you. Our next question comes from the line of Andrew Wilson from JP Morgan. Hi. Good afternoon, everyone. Thanks for taking my question. I just wanted to ask on the Vacuum side. Clearly, the strength in semi has been very pronounced in the Q1. It is no great surprise given what we have seen in the backdrop. I was hoping you could kind of fill out a little bit what you are actually hearing from customers on the ground in terms of indications of how long this kind of level of spend can be sustained, whether you think you have seen any kind of pre-ordering or customers trying to order ahead just to ensure that they get their product. Trying to get a sense, I guess, of the sustainability of what is obviously been a very good number. [audio distortion] of course, as you say, everyone is trying to catch up with demand in the marketplace to our benefit. I would say the positioning that we do have in North America, China, Korea, and Japan, when these orders come available, it's not that easy that we just quote for them and get them. You need to have the right product, people there, but also, in this case, the capacity to deliver. As we speak, we are installing more capacity to handle this, to be ready. Coming back to it's not this straight line, this. You have 20, 25 accounts and probably just a handful of them that feed big orders. Difficult to predict, as you can understand, if they place the order now or in another quarter. They don't really tell us if it's for inventory or whatever it might be. We don't measure that. I'm sure if you see the situation globally and you're in the management room, that some of them will at least say, "Let's place these orders with the best supplier and make sure that we get our products in first line. I do believe that there are orders that have been placed prematurely to this problem. How much? I don't exactly know. Okay. It doesn't feel that there's an obvious exceptional spike there. It's clearly there's a lot of underlying help from the market and I guess some share gains as well by the sounds of it. No, I think my job and my team's job is to make sure that we're in a position to quote the best and accept the orders. If this comes in Q2 or Q3 or Q4, doesn't matter too much to us. It will be swings in this business, which is linked to the key account structure. There's no reason for me to stand and say, well, this quarter, next quarter. I'm just going to make sure that we offer the best product and are ready when the orders are coming. Very clear. Thank you. Thank you. Our next question come from the line of Daniela Costa from Goldman Sachs. Please go ahead. Hi. Good morning. I wanted to ask two things. One regarding EUV. I believe you were sole supplier and we've heard a lot about sort of prospects for EUV being particularly strong compared to other lithography technologies. Are you still sole supplier there? That is my first question. I don't think we have confirmed that ever, but we have a very strong position with that. Okay, thank you. Just more general, in terms of the demand trends, obviously, extremely strong that you talked through and you believe they are sustainable. Have you seen how are inventories across the various segment lines on your customers? I know some others within short cycle have talked about potentially some restocking having happened over the last few months. What's your view on that? Well, we don't have a huge amount of pipeline from us to a third party distribution network in different parts of the world. It's not that type of a business model so much. In our case, it's more if it's an order, it is going straight to the end user in absolute majority of the cases. Do they then build stock on investment goods? Well, they might be anxious to put in the orders to secure the sequence in our ability to deliver, like Mats touched upon. Really building a pipeline of restocking is not really so much of a phenomenon in our case. Again, as Mats already said, we cannot quantify it, but we are pretty sure that there is a part of the overall very strong order intake can certainly be an approach to secure, let's say, deliveries in the coming couple of months since they see also what we see, a certain strains on supply chains, et cetera. Thank you. Thank you. Our next question comes from the line of Guillermo Peigneux from UBS. Please go ahead. Your line is open. Good afternoon, Guillermo Peigneux from UBS. Thank you for taking my question, Mats and Hans Ola. I wanted to ask maybe a similar question to Andy's regarding maybe from a different side, the shortages in semiconductors. When do you think the bottlenecks will be solved with the amount of demand that you're seeing now in place in the market and the amount of, I guess, catch up from the supply side? That will be the first question. I don't have specific statistics on end user there, but I can follow what's going on. Of course in Q2 last year, I think many of the other suppliers took down their projections and at the same time we had COVID situation that accelerated digitalization. The shortage we have seen now in the auto sector, been very transparent with that in many quarterly reports. Of course now we can also see that there are electronic businesses that is also coming into a short of supply. Just to ease with Guillermo that we have a good position, but I cannot really predict when and where and how much they will need going forward at the end user. I can guarantee you that we'll be on top of every possible project that is available. We have the benefit of having the geographic presence in where their main manufacturers are. I think you can count on that we will be there and take a good share of the [audio distortion]. Thank you. My follow-up is on electric vehicle demand that you highlighted as one of the key elements of basically strength in IT. I wanted to ask about Europe, how do you see demand from the electric vehicle platforms and models in Europe and do you see quoting activity increasing there even more than what you saw already in Q1? Well, electric vehicles are, if you would rank them, it seems like China has the highest activity, Europe number two, and U.S. number three. It's not come as a surprise. Over lately, we can see that the number of projects in EV and battery manufacturing is increasing. It's also becoming more and more of a significant part of our sales. I think we could view the battery pack going forward as the new engine for many of these vehicles. At least if I look at the route here around Stockholm, I can see that there is significantly more cars being bought that will be fully electric. I think we have to go back almost six years to put [ICB] in the position where we said, "Okay, it's not only going to be assembly, we're going to do the dispense, we're going to do the [audio distortion] everything." Now with the vision coming into that, those applications as well to automate, I think we have four strong technology that support us for the electric vehicle development. Personally, I believe it will continue this way. I can see the commitment from many of the OEMs in this industry. How fast we as consumers will accept these new vehicles, I guess it's linked to logistics around charging, which may be an important part to continue this success for many. Thank you very much. Thank you. Thank you. Our next question comes from the line of Maddy Singh from Bank of America. Please go ahead. Your line is open. Yes. Hello. Yes, hi. Thank you for allowing me to ask a question here. My question is on Vacuum Technique division again. Given the announcements from TSMC and also Intel's plan to set up a new plant, continued CapEx updates from these guys. I'm just wondering how much of that is reflecting in the Q1 orders or those announcements are likely to hit your books only later this year or maybe early next year? I'm not sure what announcements you refer to, but I've seen announcements that some of them will establish businesses in the U.S., but that's a number of years ahead of now, so that's not in our books at this point. If there was another announcement that you read, then I might have missed that. No, I was talking about. That was also in the U.S., right? I was talking about the- No, I don't think- increase in CapEx to SEK 100 billion for next three years. How much of that is reflecting in your numbers? In this quarter, you mean? Yes. I cannot really qualify how much of that has gone into that. Even if they have made announcements recently, I think it's unlikely that they have placed orders already on that. I think they have taken the decision that they decided in the last few years, and now they say, "Well, let's execute on these decisions and order the equipment so we can start this production." I don't see that link yet, so probably that is ahead of us. Just very quick follow-up on the Forex hit on the earnings. I think for this quarter, the margin, if you were to say, is about 35%, Forex revenue, you're getting around 35% hit on EBIT. Is that a usual level we should be expecting going forward as well? I'm not sure exactly what formula you're referring to there. Revenue divided by [audio distortion]. Yeah, if you talk about the sales bridge, of course, we don't know. It depends on what the currencies do or the FX does. Were you referring to the revenue to operating profit? Yes. Relationship? Yes. Yeah. Well, that is absolutely depending on what happens on the individual FX ratios. Is it primarily other currencies than the dollar-euro ratio that moves? It has a certain impact. If it's only a pure Swedish krona strengthening or weakening, then it has another impact. It's a very difficult question to say, is this normal or not? It depends entirely on how the FX pairs are moving in the same period last year and in this period. That one, we don't have a sort of a rule of thumb or anything. If you, on the other hand, look at the profit that is, so to speak, excluding currency impacts on revenue and operating profit, and excluding items affecting comparability and excluding the acquisition effects, the volume price call-up, so to speak. We have always stated that if you look over a period of time, that relationship, if we grow by 100, we expect to see some 30%-35% falling through to the operating profit line. That 30%, 35% is something that we still feel is reasonably to be expected, but only over a period of time. It can be several years, but if you go for a long period of time, it normally is in that level. In one quarter over a specific single quarter, it can vary a lot from that, as you have seen in previous quarters as well, including this quarter, which was almost at 50%. So, there is a sort of a rule on that, but on the currency relation, it's impossible to predict, so to speak. Okay, great. Thank you very much. Okay. Thank you. Thank you. Our next question comes from the line of Max Yates from Credit Suisse. Please go ahead. Your line is open. Thank you. Just my first question's around what you're seeing in China. You mentioned this as kind of an area of strength, potentially, that there was some pent-up demand here, but I just wonder if you look at some of your sort of daily order rates, how that business has evolved so far in April. Have you seen any softening there, or do you see the sort of strength from Q1 carrying on? When we look at China internally, we would see then last year down, that was in end of Q1, Q2. Then we have only seen strength, continued activities among many of our segments. As I confirmed in the report then, 34% spread across all our business areas with double-digit growth for all of them. I think March was one day more, but the quarter was one day less. Of course, that gives a little bit of impact in the service and so on. It was very strong and we have not seen weaknesses in China. It's the other way around for a number of quarters that there's been strong business in many of our key segments. Okay. Just my follow-up question was on acquisitions in sort of machine vision software and some of these sort of more technology-based areas. Are you happy with the sort of pace of acquisitions that you're doing in these areas? If there was a larger acquisition, I think you've seen a sort of U.K.-listed company which is now up for sale. Do you see interest in sort of accelerating your push into some of these areas via M&A, or are you pretty comfortable with the rate of kind of more bolt-on acquisitions as you push into these areas? I think the key for us, we have quite a defined process. We have 22 of our divisions that I think is on the level where we say top-line growth is a priority. We list targets and strategy and approve them when we go along. The number one question for us is it value creating for our shareholders? We can move on a bigger target or a smaller target. When it comes to vision technology right now, the Industrial Technique team has taken on [audio distortion] through its Perceptron in less than one and a half year time. Right now it's the consolidation, get the max out of its synergy. We continue to scout, of course, for possible other segments that would be interesting as well, but it's not top of the agenda for that team right now. It's more to execute on what we have already committed to do. Okay, that's helpful. Thank you. Are there any more questions from the audience operator? Hello? It's completely quiet over here. Can you hear anything yet? Hello? [audio distortion]. Hello? Yes, hello. Can you hear me? Apologies for that, a slight technical problem. Oh, okay. The next question comes from the line of Sebastian Kuenne from RBC. Please go ahead, your line is open. Hi, gentlemen. We hear a lot about pre-ordering, double ordering, clients securing delivery slots and so on. My question is a bit the turnaround. Does Atlas Copco at the moment try to secure supplies of certain components? If so, which type of raw materials would be most affected or would make you most nervous at the moment? Thank you. You're right. It's also a challenge for us for a certain area. We, of course, since many years have a lot of suppliers, I think 70%-80% of components is sourced. We work with a number of key suppliers and on critical components, we try to have minimum two, if possible, then we run the scenario planning always with each division for a scenario up and a scenario down to have some sort of readiness. Since then, Q3, when we could see that there were some positive signals, we have been working in a transparent way with our suppliers. I think they handled Q1 okay. It means that the teams in purchasing and operations are really working to secure, and the areas where we do electronics is one area where we are really trying to find components for us. I think that has [audio distortion] yeah. It's very consistent with what we read in the papers, basically. It is, yeah. Sometimes we have to pre-qualify a new supplier for electronics, and then we work with R&D to do things like that. We have been part of this upswing and downswing quite a number of times. Doesn't make it easy, but I think compared to some of the competition, I think we should handle this in a qualified manner as well. Basically what you're saying is you don't see the need at the moment to pre-order or to order earlier than you would normally do, or to even double order. That's not the case at the moment. Is that correct? We don't double order. If you have critical components, for sure, I'm sure they order as many as they see that they need to be first in line with the suppliers, and make sure that we support them as well to give them a transparent view on the future. Okay, understood. Thank you very much. Thank you. Our next question come from the line of Gael de-Bray from Deutsche Bank. Please go ahead. Your line is open. Hi, guys. Good afternoon. Thanks very much for taking my question. I was looking at the details you provided around the EBITA performance. I do appreciate the greater transparency on the underlying performance now. I was also wondering if there was another message behind signaling maybe an intention to make more acquisitions going forward. I think it was mainly to give the things we get the questions over and over again. When we have a lot of intangibles like we have had in Vacuum Technique for a number of years, also now in Industrial Technique, of course, it help to guide you yourselves. On the other side, we are, I think last year, at SEK 100 billion in revenues. Our commitment is to see if we can find 8% organic growth over a business cycle. Which means that we need to accelerate both the organic growth, which we do. You can see that we have increased the spend on R&D, and we maintain that spend in the COVID year. At the same time, we have hired more resources available to go through more candidates on the acquisition side as well. I don't remember exactly how many. I think it is 18, 2019, and 12 or 13 last year. We are scouting all the time, and we have more resources in place. It's a complement, of course, the ambition to reach the 8%. The underlying is that we still going to make the ones that are profitable and value generating for our shareholders. Okay. Thank you very much. Thank you. Our next question come from the line of Lars Brorson from Barclays. Please go ahead. The line is open. Hi. Thanks, Mats. Just a quick one, really. I was just curious for a little more color around your divisional outlook for the second quarter. Maybe if you can, a little further into 2021. I think I heard you say you're a bit cautious around the automotive end market. What do you see there in terms of the impact on your business from lower production levels among the automotive OEMs? Do you think that stretches beyond the second quarter? Across other parts of the businesses, I wonder what you can say around your process end markets. Do you think for CT and I guess PT on the pump side, are we sort of past the low here? Do you think we see a sustained recovery across your key sort of, as I said, process end markets? I guess to take them step by step. I pick up on the Auto. We don't do a forecast specifically, but I can listen to the management team, and they can follow, of course, the media where there are shutdowns, and I think many of them have been announced, but I don't think they've consolidated that view. At least we know that there are more shutdowns in Q2 than in Q1. I have no view when this will pass, and of course, how the suppliers of chips will distribute the orders between electronics and Auto myself. I just need to make sure that my team is ready to help our customers in the best possible way. Then maybe also I will pick up of the PT [audio distortion]. I appreciate Q1 is a seasonally bigger quarter for your order intake in PT. Yeah. I guess my question was more generally where you see your key process end markets, whether it's Gas and Process in CT, or indeed some of the process end markets in PT, how you see them evolve from here. I guess I was also trying to tie you down into a divisional outlook into the second quarter, if I could, across your divisions or business areas. As Mats said, we'd rather not try to speculate on each business area Q2 outlook. It's a group outlook, and that is what Mats have offered some extra comments around. On the process side, I think I know you're coming from the fact that we saw a clearly better order intake in Q1 for gas and process compressors than Q4, but we are still below the levels we were before COVID. It's not that we see a tremendous quarter in terms of absolute values, but it's true that it is that, so to speak, then a signal that this will continue to go in that direction. It's very difficult to say. We see some more activity on customer inquiries and so on, as Mats alluded to earlier in some of these areas. It's still the, let's say, broader industrial compressor and medical equipment that is really providing the strong growth in CT. As you know, the process and the customers of Gas and Process, for example, is a longer project type of demand. It takes a while until you see what is the trend and what is a good or a bad quarter, so to speak. It's very difficult to make that call, [audio distortion]. Understood. Thank you both. Okay. Yes. Thank you. We have a follow-up question from Maddy Singh from Bank of America. Please go ahead. Your line is open. Yes. Hi. Thanks again. Just very quick follow-up. For Vacuum Technique orders, can you please just help understanding what is the typical conversion to sales cycle? Is it three to six months or is it longer duration orders as well? You mean from order to invoicing or from order to revenue? Yes. Order to revenue. Sometimes they are very anxious, and they come with their orders and expect us to be ready to deliver fairly rapidly when they have come to that stage that they really want to extend the capacity, for example. In this case, I'm sure you also see the effects of any industry that is going through a strong investment cycle, that they cannot expect to have deliveries in two, three weeks' time or something like that. It will take a quarter or two or even three, perhaps, on some of the bigger projects in this case. Traditionally, five years ago, I think we commented that it is a fairly short period between order and when we book the orders, specifically in the semiconductor industry and when it was turning into invoicing. With this type of ramp-ups that we see, I think everybody should expect that it takes a little bit longer time than that. Okay, great. Thank you. Thank you. Our next question come from the line of Sebastian Kuenne from RBC. Please go ahead. Your line is open. Yeah. Hi, gentlemen. Again, here is a question. You had an order growth in North America of 17% year-on-year. This is fairly strong numbers already. We heard of companies this morning, actually, that they face very severe staff shortages in North America in the assembly of machinery, which prevents that specific company from growing revenues. Is that an observation that you also make? Are you getting a bit concerned about increasing capacity in the North American operations? Thank you. That is nothing that I heard from our operation at least. That has not been flagged internally here. Okay. Thank you very much. Thank you. Our next question come from the line of Rizk Maidi from Jefferies. Please go ahead. Your line is open. Yes. Hi, guys. Thanks for taking the questions. Just on the hydrogen opportunity, there's new CapEx investments going into this field, but also natural gas infrastructure that could be converted to transport hydrogen. Just wanted to pick up your brain on how Atlas Copco is positioned here, particularly on the Compressor Technique and how you can benefit from this new opportunity. There are a few segments in the market right now that use hydrogen, and of course, many are exploring the opportunities with fuel cells, and we follow that development. In the order book for CT this quarter, yes, there are orders for this type of application. It's rather small, but activity level is high. For commercial purposes, I think everyone expects it to be between 5-10 years before you see significant business. That means that we need to review the product offer that we have, and we are in that stage right now where we see what can we do and what will happen in the marketplace. It's a little bit too early to talk about sales successes in this field. It's an area which we see could be of great interest and great potential for the Compressor Technique organization over time. Okay. Thank you. The other one that I had is more on price increases at times of raw material inflation. I understand that price increases are essentially driven by new product launches. At inflationary times, do you raise list prices on existing equipment outside of new product launches? Yes, we do. Okay. Thank you very much. Thank you. We have no more questions from the line. I will hand it back to our speakers for their closing comments. Thank you very much. I think the closing comments have been delivered already. If you sum it up, what has been said, I just want to thank everybody for participating and perhaps as a short [audio distortion] remind everybody that there has been an invitation sent out for the Capital Markets Day that we run in a virtual way on the 27th of May this year, with a focus on Compressor Technique this time. With that, again, thanks to everybody and take care and see you soon again. Bye-bye.