Okay, everyone. I'm sorry for the delay. We will start this presentation, hopefully people can join along the way. Again, good morning, thanks for joining this call. This presentation will be recorded, there will be a Q&A session in the end. If you have any questions, please put them in the chat, I will pick them up after the presentation. Today, I will present the quarterly results for Q4 of Awardit. My name is Erik Grohman. I'm the CEO of Awardit since March last year. Briefly about Awardit. Awardit is the market leader in the Nordics in loyalty, incentive, and gift card solutions. We also have an increasingly strong position in the DACH region, we are a one-stop shop that cater for all needs within loyalty, incentive, and gift card programs. We provide turnkey solutions based on our proprietary platforms that give easy access to our portfolio of services, covering all client needs in our segments. We work with everything from strategies and concepts around programs and solutions all the way through implementing and operating our platforms to shipping products and customer support for our clients. The business was founded in 1999 and went public in December 2017. Currently, we are 244 employees, including the recent acquisition of Connex, our main offices are based in Stockholm, where our headquarters is based, in Gothenburg, Copenhagen, Hamburg, and Wels in Austria. Our vision is to become the leader in our industry on the European market. On our journey, we continue to help our customers to improve their customer satisfaction, retention, and sales, and that's really at the core of our business. Today, we have more than 250 programs in the Nordics, covering and reaching more than 15 million consumers. We also have a strong foothold and wide reach in the DACH region through our companies Prämie Direkt and Connex. Within Awardit, we have historically and still see a high organic growth. We have a highly scalable model, and we also add growth and profitability through acquisitions over time. We have a track record now of 11 completed acquisitions, and we also see the European market as continue to be fragmented, and we see a potential to consolidate the European market further and to become the European market leader. The timeline for Awardit in brief. A bit more than five years ago, we went public, as I mentioned, we have completed 11 acquisitions after that. One of the first acquisitions was in November 2018, a company called Crossroads that is a loyalty program fulfillment business, and they had a fulfillment through its own warehouse-based distribution. This enabled the current Awardit hybrid distribution model, where we both have a drop ship solution for our Nordic clients and a warehouse-based solution. In October 2019, we ventured into gift cards through the acquisition of Retain24, and then we completed the coverage of our Nordic gift cards business with the acquisition of MBXP in April 2021. In June 2021, we acquired The Inspiration Company, which was the largest competitor in the Nordics loyalty market, establishing us as a true leader in the Nordics. In December 2021, we acquired Prämie Direkt, which was our first acquisition outside of the Nordics. Prämie Direkt is a leading provider of loyalty shop systems and warehouse-based distribution systems, a bit like Crossroads was before being acquired by Awardit. Our latest acquisition in February this year is Connex, which is a great fit with Prämie Direkt in the DACH region. It puts us in a very strong position in the region where we now can supply full-scale loyalty, incentive, and gift cards solutions. I will talk a bit more in this call about the acquisition of Connex and also about Connex as a business. Looking back at the history of Awardit, until our IPO, we had strong organic growth until 2017. The strength with Awardit is that we continue to grow our organic business year after year. What we had up until 2017 was a strong growth in the foundation and in the core of Awardit, and we still see these parts growing. I will show you a little bit more about that later on. From 2018 and moving forward, we also added acquisitions and accelerated growth. In 2020, we had a somewhat adverse effect from the pandemic but came back to strong growth numbers last year. In 2021, we also completed 3 acquisitions to accelerate growth further. In 2022, we continued on our high growth path. We had a 63% net revenue growth in 2022 of which 21% is organic. The revenue that we delivered in 2022 is SEK 862 million. That is I mean a very strong growth number of course. We also see that in the beginning of 2023, we continue to grow organically, and I will show a little bit more about that later on. From an earnings perspective, we add EBITDA per share pretty much every year. In 2022, the EBITDA per share was SEK 13.34. The EBITDA for the year was SEK 111.2 million, and that is a 19% growth compared to 2021. In 2021, we also received SEK 9 million COVID support in our MBXP business. If you adjust for that in the 2021 numbers, our EBITDA growth in 2022 was actually 32%. We see that we have strong synergies of scale that we achieve both from growing the organic business and through adding acquisitions. This will enable us to increase gross margins and EBITDA margins over time as we develop the business. We can see that across both the organic business and the acquired businesses. In 2022, the EBITDA margins coming down somewhat from 2021, and that's due to the comparison with the COVID support in 2021, but also through dilution of the acquisitions that we made in 2021 coming into the mix in our portfolio. Moving into Q4. In Q4, we had our best quarter ever. We had our highest EBITDA ever and also then concluding the best year ever for Awardit. In Q4, we delivered SEK 305 million of revenues. A little bit more than 1/2 of that came from the acquired businesses in 2021, which is MBXP, Prämie Direkt, and TIC, The Inspiration Company. We had a 33% growth compared to last year, quarter-by-quarter. Of this, 17% is organic growth. Obviously, the acquired businesses become organic into the mix of Awardit's portfolio after 1 year, after the closing dates. Of course, more and more of the acquired businesses become organic in the Awardit business. In Q4, everything was organic except for Prämie Direkt for October and November. Prämie Direkt in December was included in the organic numbers. In January, we now see that everything that was acquired in 2021 is included in organic numbers, and we see a growth of approximately 18% in January in our business. Also worth mentioning is that Prämie Direkt continued to grow in Q4 and had a growth level of around 8% like in euro. We still see that the market situation in Germany is challenging, but we succeed in finding new customers and new campaigns for existing customers and growing with these. We did lose a couple of campaigns in the first half of the year where clients, primarily in the energy sector, paused their campaigns. These customers have not yet come back to us. We remain hopeful that we will be able to start campaigning with them again later in this year. Until then, we are of course working on finding new customers, new campaigns to offset these clients in the energy sector. We also see that hopefully the economy in Germany stabilizes a bit during the year, becomes a bit stronger. In terms of EBITDA, we had a growth in Q4 compared to last year. We delivered SEK 57.6 million in EBITDA, and that is 1% growth compared to last year. However, adjusted for the COVID support that we had last year, the growth is substantially higher. It's 16%. That's a more comparable figure of course. Also in the comparison, we had a one-time, an indexed growth bonus for a specific customer being paid out for the full year of 2022 in the fourth quarter. That was SEK 2.5 million. Adjusted for that, of course, that was a bonus that is indexed for the full year of growth for this customer. Next year if we have the same volume with this customer, we will then have a SEK 2.5 million higher margin on this volume. In the comparison on the fourth quarter, of course, this is included in the numbers now that we see. Looking at the gross margin development, in Q4 of 2022, our gross margin was 29.4% compared to 35.5% last year. We have seen in the fourth quarter 2022 that we had a high redemption rate of experienced gift cards in our Danish business. This is mainly because we last year had much lower redemptions due to COVID lockdowns, especially in Denmark, which made redemption of vouchers and gift cards more difficult. We see an effect in Q4 of 2022, where we have higher redemption rates compared to the previous year, but also redemption from vouchers and gift cards that were put out in 2021 and expiring in 2022, being actually redeemed. Lower margin in MBXP shifts the gross margin for the fourth quarter. The margin was also affected by this full-year growth-based bonus payment that I just mentioned and also by a seldom recurring campaign that we ran in the fourth quarter. That had an impact of around SEK 1.4 million. Oh, sorry, 1.4% on the gross margin. This is a bulk-based distribution campaign that we run once in a while, but it is of a non-recurring character. Also, we have a slight dilution in our gross margin from a strategic specific client that we acquired in 2021 and that has now grown into larger share of our loyalty business in 2022. This strategically important client we acquired with a slightly lower margin, that's now a larger share again of the mix and therefore bringing down the gross margin somewhat of the total business. The EBITA margin of the fourth quarter was 18.9%. We delivered, as I mentioned, SEK 57.6 million against an EBITA margin of 24.9% in Q4 2021. Again, in Q4 2021, the SEK 9 million of COVID support was included. There is an effect of the gross margin on the EBITA margin, and that is around 5% on the EBITA margin. Most of the effect on the EBITA margin comes from the COVID support and of course the gross margin development that we have seen in the quarter. We have a positive effect on the other hand from other external costs, which is positive 3.1%, and this comes from lower M&A costs in the fourth quarter of 2022 and also lower costs for auditing and consultants. Concluding on 2022, it was Awardit's best year ever. We delivered SEK 162 million in revenues, where on the total year, MBXP, Prämie Direkt, and TIC, which are the businesses acquired in 2021, contributed around SEK 220 million. This means we had a 63% growth, of which 21% organic. We continue to see the organic growth in January, and I think that's, you know, really shows the strength of Awardit that even in tougher times, we continue to grow our organic business. Historically, we have had strong growth, even if the times are a bit tougher. We see that the companies continue to invest in loyalty incentive and gift card solutions as an important part of their strategic investments, and that is usually not affected by tougher times in the economy. We also see that again, Prämie Direkt is back to growth in second half of the year after having a rough start in the first half. We had a growth in Q4 of around 8% again in Prämie Direkt. On the right-hand side here, I wanted to show you the development of Awardit as a business if you take out the acquired businesses in 2021. This is a bit of a different view from the organic growth picture. As I mentioned before, our businesses that we acquire become organic after 12 months. Here you see the Awardit core business, which is then excluding MBXP, TIC, and Prämie Direkt. That we label as Awardit core here. In 2022, that part of the business had a growth of 36% and continues to grow year-over-year. In addition to this, of course, we can add the acquisitions coming in from April in 2021, and the added growth from acquisitions in 2022 was SEK 208 million. This goes to show the strength of the Awardit core business and the growth of the Awardit core business that continues to grow year after year, that continue to develop with our existing partners and new clients, and where we also add acquisitions to accelerate our growth. The P&L for the quarter and for the full year. Here we again see that we had a 33% revenue growth for Q4 in 2022, and a 63% revenue growth for the full year. Worth pointing out here is that in other operating income, we include breakage from Zupergift, and this was SEK 5.5 million in the fourth quarter, and almost SEK 10 million for the full year. Other operating income also includes the COVID contribution in 2021 of the SEK 9 million that I have mentioned a couple of times here in the call today. In the quarter, we see commodities increasing, and it's increasing as a share of revenues, and this is of course driven by the higher turnover in the quarter. Driven by the product mix between digital and physical products. It's driven by the sales through this seldom recurring campaign channel that I mentioned, where we sell a higher volume at lower margins in non-recurring manners. Other external expenses decreased in the quarter, as I already mentioned, while on the full year scale, we increased these, driven mainly by the acquired businesses that are included in the full year numbers. Personnel costs worth pointing out, slightly higher than last year, now at 9.6% of revenues. That is affected by Prämie Direkt joining the full quarter this year in the comparison numbers, and also a strengthened organization centrally where I am included. I was not part of the Q4 numbers last year. We also have a new CFO, a new CTO, and a new Chief HR Officer. These have been recruited to strengthen our central capabilities, to enable our further expansion and growth. It's really a, an investment into the business moving forward that we are, that we are making. On the cash flow side, for the full year, we have a positive, cash movement of SEK 16.9 million. For the fourth quarter, it's positive by SEK 42.4 million. The cash conversion for the full year is 71% compared to 46% last year. In the fourth quarter, we have amortized acquisition credits. We have also paid promissory notes in relation to the acquisition of Crossroads. We have signed a revolving credit facility through Nordea of SEK 250 million. We have also used SEK 90 million of this facility to pay off loans with Swedbank while transferring into Nordea. To conclude, we are in a stronger financial position than ever. We have SEK 257 million in our balance. We also have from Connex, that we acquired on first of February, approximately SEK 120 million in cash-like assets. That's based on the mechanism that we put in place. I will talk a bit about that later on. It's based on the 31st of May numbers. We have reason to believe that we have similar levels of cash-like assets at the time of access to Connex as well, that further strengthens our financial position. We are in a very strong position financially. That leads us to Connex. I will talk a little bit about the acquisition of Connex and about the business. I will not go into too much detail. Of course, as Connex joins the group, we will talk more about Connex also moving forward. With Connex, it has been a long dialogue between Awardit and Connex, a long and fruitful discussion for almost two years, where we have gotten to know each other very well. We have found out that we share very much the same vision about where we want to go in Europe within our industry, and we share a passion for this industry. We see also on both sides a great fit between the capabilities of Awardit and Connex. Great discussions along the way, where we finally concluded on First of February on the deal. Along the way, also in these discussions, we have calibrated the purchase price and deal structure into a combination of cash payment and share payment that we both have been very, very pleased with. The purchase price is EUR 10.7 million, where we pay EUR 7.2 million in cash and EUR 3.5 million in shares. It's a clean purchase. There is no earn-out in it. The expected turnover of Awardit in 2022 is EUR 15.6 million. We expect also the EBITDA to be around EUR 1.44 million as a minimum level. It's worth mentioning that the purchase price is based on a what we call a locked box mechanism as per the 31st of May. This means that there is a fixed purchase price based on the accounts as of 31st of May, and there is no post-completion adjustments of the purchase price. Also, after the 31st of May, there is no dividends, no transfer of assets, et cetera, after that date. A good deal and a good easy deal structure. We calculate that we pay around 7.6x the EBIT in the purchase price based on this locked box calculation from 31st of May. Also worth to mention, and I mentioned that before, is that Connex has EUR 10.7 million approximately in cash and cash-like assets per the 31st of May. Obviously they have no interest-bearing debt, but there are, for example, gift card liabilities to cover for future redemptions in the balance. We believe there will be around this level of cash and cash-like assets also as per when we access the business, which is 1st of February. We aim to provide a pro forma group financials when the closing balance sheet and PPA is ready, and this should be, I mean, at the latest when we present our Q1 results. Looking at the DACH region moving forward, we are now in a strong position with a combination of Prämie Direkt and Connex. We still however see that DACH is fragmented, and we see a potential for further consolidation in the market. With the combination of Connex and Prämie Direkt, we are in a very strong position to be in the leader's seat and be in driving seat of driving this consolidation. We see a lot of interesting potential targets out there. We also see that we actually attract interest from some potential acquisition targets after the acquisition, as we are now one of the leading players in the DACH region. We will continue to look into how we can of course grow organically with Connex and Prämie Direkt and the synergies that we see between the businesses, but also potentially through further acquisition in the region. A little bit about Connex. Connex is a family-owned business, established in 1986, so with a decade-long expertise in sales promotions, customer retention and employee motivation. They are around 100 employees, mainly based in the office in Wels in Austria. Their products range from voucher-based rewards, gift cards, and incentive solutions to next-gen loyalty programs. These programs are delivered in full scale in a one-stop shop solution, with a similar offering as Awardit has in the Nordics. This is especially on the loyalty solution side. Of course, this in combination with our strong position with Prämie Direkt, is a very good combination for the DACH region to grow further. Connex has a very strong and established market position in German-speaking markets and also growing impact in many CEE countries and also in the U.K.. It's focused on B2B clients and has major clients across industries, across brands, in financial services, in the automotive industry, through wholesale, in the manufacturing and construction industry, and retail. Connex has a market-leading B2C position in packaged travel gift products in retail, in particularly in Austria and Germany, and also work a lot with partners and strong strategic partnerships long term with both online and offline resellers. Looking at the two areas or business areas of Connex or the two products and services that they offer, on the one hand, it's the gift card and reward voucher side. Here, Connex is a leading provider of hotel and travel vouchers, of restaurant and experience vouchers, multi-select reward vouchers and different kind of gift cards and multi-store gift cards. The systems and software used is really sort of developed in-house in Connex and also, if needed, tailored to customers' needs to a high extent. Here, as I mean, Connex has a strong retail presence in the German-speaking markets. We see a great potential fit with the other parts of our gift cards business. We have a, as you know, we have a strong retail presence in the Nordics through the MBXP network. Here, we're complementing that in our German-speaking markets as well. We believe we can find strong business opportunities and synergies between our businesses on the gift card side. Also there's potential to leverage the products of the Connex portfolio that are market leading also in our Nordic markets and use the assets, of course, of Connex in other markets than where we are present today. On the loyalty program side, the programs, as I mentioned, are delivered in-house and in full service and offer similar to Awardit, everything from strategy and consulting to software and implementation through to operations, and customer support. Here, it's worth noting that Connex has a drop ship-based distribution model. Combining that with our warehouse-based distribution model of Prämie Direkt is a very strong fit and will enable even stronger programs in the DACH region. Connex has a unique capability to onboard new clients and new customers over all market segments and across markets due to a highly adaptable business model. This, of course, makes us even stronger on a European scale from an Awardit group perspective, where we can work with clients over multiple markets and implement strong solutions across pretty much all of Europe. That was in short about Connex. The way I see it, Awardit continues to be exposed to massive global markets. We are the leaders in the Nordics. We have a strong position now in DACH, and we have a great potential to grow further. In the gift cards business, we see it's driven by the mobile penetration and the development of mobile services, the development of payment solutions, primarily through mobile, and also through the digitalization of rewards and benefits. We see really gift cards and the way gift cards are used is growing substantially. It used to be something maybe that you pretty much gave to others. Now there are also much more use cases with buying gift cards for your own usage in order to access benefits, et cetera. Also, of course, many more ways for businesses to use gift cards to incentivize customers, employees, et cetera. Strong growth in the gift cards market and we are in the driver's seat in the Nordics and DACH. On the loyalty side, there's also growth in the market. That's driven by outsourcing being a more cost-efficient way to run a loyalty program. It takes a lot to implement an internal full-scale loyalty programs that is competitive with ours. We see an increased need from clients to get an outsourced solution. We see an increased focus on loyalty and retention as a means to maximize ROI and ad spend in the market. This goes for tougher times, where businesses tend to focus even more on customer loyalty and retention rather than spending maybe more money on acquiring new clients. We also see a trend of digitalization of loyalty programs, and applications and solutions. Here, of course, we also see an increased expectation from users of what the loyalty program should contain. Again, it's very difficult to meet these expectations building a loyalty program from scratch in-house. We are a one-stop-shop supplier, giving the clients all they need to run a successful program. Again, well-positioned to be part of driving this market forward. Also from a customer acquisition strategy and who our customers are, I see that we are working with our model where we are targeting with our loyalty incentive and gift card programs, both businesses, resellers, consumers, and employees. Here we're in a stronger position through the acquisition of Connex to do this across multiple markets, and especially, of course, in the DACH region moving forward. The driving forces are very much the same that we work with in the DACH region now as it's been in the Nordics. It's to help our customers to achieve a greater share of wallet compared to their competition of course. To reduce price and discount focus in their business, to have something to talk about, to drive loyalty through the programs, and that increases customer lifetime and reduces churn. It's also establishing a more responsive and cost effective customer communication around the programs, rather around discounts, around gift card solutions and possibilities, rather than other things that are not as interesting to consumers. Also, we add attractive value-add services, such as partnerships into programs. Of course, the driving force is to stimulate own personnel or resellers through rewarding results, activity, competency, and engagement through loyalty and motivation programs, incentive schemes or gift cards. Again, historically, we have seen that these driving forces remain strong, if not even stronger in difficult times. I think our organic growth is testament to that this holds true, at least so far for last year and the beginning of this year. In summary, where are we? Well, I mean, we are in a very strong place, I believe. We have a continued strong organic growth of the existing business. This lays the foundation for higher revenues and improved results for 2023 and beyond that, of course. We also have opportunities to continue to acquire new businesses to add to that. In 2023, we had approximately 18% organic growth in January. Again, in January 2023, all businesses acquired in 2021 are now organic to Awardit. With the acquisition of Connex, that provides a strong position in DACH. We have a very strong fit with Prämie Direkt. We have a potential to continue growing through this combination in the region. We have a strong opportunity to grow organically. We have strong potential synergies between Prämie Direkt and Connex, but also across the rest of the group. We also see that in DACH, we have potential to find further complementary acquisitions as well. Across the group, we have many projects ongoing to realize opportunities such as procurement savings, cross-selling opportunities, and other business-oriented synergies. We're also working on integrating The Inspiration Company customers to Awardit's tech platform, and that will be finalized in Q1. After that, all TIC customers will be on the Awardit tech stack. We also see, and I mentioned this before, the potential to launch Zupergift, our private label gift card, in additional variants and also in new markets. Last year, we launched Zupergift Entertainment, and we see that there is a huge demand for Zupergift in the market. It really is a huge demand for both Zupergift as a core product and now also potentially for other variants in the market. Also with DACH, we are exploring how and if to launch there, and we re-review that right now in light of the Connex acquisition. We believe there is an opportunity there as well for sure. There is a steady flow of new customers coming in, both within the gift card segment and loyalty. We have a very strong pipeline of new prospective clients across all segments and markets. In my view, very exciting times ahead and very strong opportunities to grow organically with the existing business through adding new customers on our highly scalable platforms. We have identified additional value-creating acquisition opportunities. We have a cash position of more than SEK 250 million at year's end, we have a strong buying power, and that is excluding the cash-like items of Connex that we will get into the group. Very strong financial position. I would say that we are in a stronger financial position than ever with Awardit. There is a proposal for reintroduced dividend payments, that's in accordance with the ambitions that was communicated by the board already in 2020. There is a proposal now that there will be a dividend payment for 2022. Our vision, again, to become the market leader in Europe is within reach. We are the true market leaders in the Nordics. We have a strong position with potential to grow further in DACH, and we have a potential, obviously to expand further beyond that. All in all, a strong year, strong quarter, and strong position for the future. With that, I will open up for questions. I will go to the chat. Again, any questions you may have, please put them in the chat, and I will pick them from there. Let me see. Account payable increase. This is from Johan. Account payable increase. Sorry. About SEK 100 million year-over-year from SEK 192- SEK 289. Could you provide more information here on what is driving the large increase? It's, I mean, mainly because of increased sales and also a bit of a periodic effect. We send out a lot of invoices on the last of the month. There is a high share of the revenue in November and December will then sort of accrue over the year end, I would say. Much of that is a periodic effect basically between the last quarter of the year and the first quarter of next year, and then of course driven by higher level of sales. I hope that answers the question on that one. Next one. Congrats on a strong quarter and a good year. What is the rationale for reintroducing dividends? Shouldn't a company with an acquisition agenda refrain from paying dividends? Lack of acquisition objects? I mean, we still have an acquisition agenda. We believe there is a potential to find further acquisitions, and we want to drive the consolidation of the European market within our segments. We have a very strong financial position. It has been, I mean, the aim of the board to continue with dividends after having a break. Of course this is question for the owners mainly, but I would say that, you know, having dividends does not mean that we will not aggressively look into acquisitions in the future. Even with the dividends, we have a very strong financial position that enable further acquisitions. Yes. Next question. Can you put some color on the development of the programs to the large German energy companies? Have you seen any improvement here because of a more stable energy market recent months? These clients that you refer to, I guess are the ones that we, that paused campaigns in the beginning of 2022. We believe that they will pick up these campaigns again, but we don't know when. We are in close dialogue with them. They have not started their campaigns again. I mean, as you're right here, there is a more stable situation on the energy market right now. Doesn't mean that they have resumed their campaigning to acquire new customers. There's been a lot of client customer movement, consumer movement between the companies, and that is what sort of is driving the pausing of campaigns here. We hope that we will be able to resume activities with them later in the year, but we have not been able to start yet. What kind of synergies could be realized in Connex by using Prämie Direkt for fulfillment? What has the organic growth been for Connex longer term, the last 5 to 10 years or so? I believe the on the growth rate of Connex, we will present a bit more in detail about Connex as we present the pro forma. They have had, I mean, a substantial growth in voucher and then added on also for the past five years, stronger growth through, for loyalty programs. Awardit as a business comes from the loyalty side and then ventured into gift cards and added that to the mix. On the other hand, Connex, they come from a gift card and voucher business adding a loyalty. Loyalty solutions is the fastest growing part of Connex. We will be back to present this in further detail later on. In terms of synergies, we believe that there is a great fit of adding and building a hybrid model of distribution for the Connex loyalty solutions. Where we today have drop ship solutions, we can then add warehouse-based distribution through Prämie Direkt. That means that we can have a better portfolio of products, better service to our clients, and gradually also strengthen the margins through managing this hybrid model. This is what we do in the Nordics, and it's been highly successful here with a combination of Awardit's Sort of early model of drop shipment in combination with Crossroads model of warehouse-based fulfillment. We believe there are great business synergies and ways that we can sort of improve the programs and customer relations, both for Connex and for existing Prämie Direkt customers as well, obviously. Next question is, due to the current very modest valuation of Awardit, have you evaluated a share repurchase instead of a dividend if you lacked acquisition targets? I believe that we do not lack acquisition targets, I mentioned before. And in terms of share repurchase, I believe on First North, that is not possible. And again, I believe it's been the view of the board and the owners that we should, you know, resume dividends. Next one is, well done on ending a difficult year on a high note. A couple of questions from my side. What type of costs are you expecting in Q1 related to the acquisition of Connex? That will be, of course, costs associated with the acquisition. It's early to say exactly what they will be, but probably around SEK 3 million-SEK 4 million coming in Q1 in relation to that. The next question, do you possess any levers to par inflation? Could you increase the platform fees, for example? In some contracts on some services and products, we do so increase pricing on monthly fees, setup fees, et cetera, based on inflation. In many programs, also in loyalty, we have fixed margins, so that means that higher purchase prices automatically transferring to higher selling prices. So there, on the margin side, we are not heavily affected. Obviously, where we have contracts that are adjusted based on inflation, we do that in terms of the fee structures as well. Did you see any problems with energy-related businesses in Germany during January 2022, or did they start following the outbreak of war in late February? They followed the outbreak of war, actually. I mean, the crisis in the energy sector that followed. There were bankruptcies in the energy sector, leading to a highly volatile market and where lots of consumers moved between companies that disrupted the, sort of, the model for customer acquisition and retention that the energy companies had. That's why they decided to pause their campaigns. It's been a bit of a turmoil in the market ever since. That's where we hope to see that campaigns are being resumed later this year as things settle down, really. We are still in close dialogue with these companies. Also to mention, we have been highly successful in offsetting these campaigns with others through existing and new clients. That's also, I mean, in Prämie Direkt, we have a strong network and a strong position in the market where we continuously work on developing our clients and our campaigns with them. From Simon here, a couple of financial questions. What working capital development can we expect for 2023? Working capital was flat in 2022 but had a negative impact in 2021. What is a normal effect? Well, it's difficult to say, but probably more like 2022. should not be a negative impact like in 2021. Maybe it's something we can look into and have a discussion on later on. I mean, where I am today, I believe more like in 2022. Yes. CapEx continues to be low. Should we expect it to increase after the acquisition of Connex? I mean, potentially, there would be a slight increase in CapEx, but not to any major extent that really affects the financials, I would say, during 2023. Next one. Given the gross margin in Connex, do you expect to improve their EBIT margin? I mean, Connex is a well-run business. The gross margin, especially in the voucher and gift card programs, is very high. They have a structure that is rather sort of, you know, lot of people needed to drive sales. We have a very strong sales organization in the business. We have also a very strong procurement part of the business, making sure the programs are hotel programs, restaurant programs, and experience programs are up to date and have the right content, and that we source the right content for these programs. I believe, you know, it's a scalable model with higher volumes, of course, and business opportunities and synergies across the group. We could also, I mean, strengthen bottom line results over time. As it is, it's a well-managed business that delivers strong results. I again believe we can find ways, of course, of building this over time into something that is a very strong position also results-wise for the DACH region. How much will Zupergift sales grow in 2023? That is a good question, and very hard to predict of course. We had a strong start to 2023. We see more different kind of use cases as we go. We have a strong growth in certain channels, and we believe we have an easier comparable with 2022 than we had with 2021 as government support for gifts now is back to normal. I believe we will see a growth in Zupergift. We will see a growth in the existing product, and we hopefully have the chance to launch additional variants and markets as well to accelerate the growth. I mean, in 2023, I can mention that was not the question, but we will most probably see a bit of a lower level of breakage from Zupergift as we are now coming into sort of 2022, having a bit of lower values being put out. Also the channel mix of selling gift, Zupergift makes the breakage come down to a little bit of a lower level in 2023, I would say. Do you expect to accelerate organic growth in Prämie Direkt over 2023? We expect to grow Prämie Direkt. We expect to find possibilities in the combination with Connex. I believe there is a great potential to continue on the growth path that Prämie Direkt is on and hopefully add new channels and new partnerships to continue the growth. We're also working on finding cross-market business opportunities between our Nordics business and the DACH business. There we also believe there are opportunities, and there are actually clients that we today serve in the Nordics through Awardit and in the DACH region through Connex or Prämie Direkt. In a combination there where we can supply full-scale services in all these markets and potentially more, of course, there is a great potential to continue growth. Last question. Congrats for the excellent results. Do you plan to expand in other regions, i.e., Americas or Asia? There are currently no plans for that. Obviously, I mean, our vision is to become the European market leader. Once that is achieved, we will have a discussion on, you know, what's the next step. And potentially that can be outside of Europe as well, but it's currently not in the plans for at least not for 2023, I would say. I have one more question. When it comes to growing revenue with MBXP, your hands have been a bit tied because of the earn-out model. If we look ahead, any special plans for growing the business that you want to highlight? We have opportunities to add growth through the combination with Connex and the retail network in DACH. We have potential to invest a bit more in products and services in MBXP than we had during the earn-out period. We can invest potentially a bit more in products such as Paygoo, which has a great potential to grow in the coming years. We also have the potential to sort of add other group products and services in the MBXP portfolio that is being distributed through our retail network in the Nordics. I believe there are lots of potential to grow MBXP moving forward, but also making sure that we have the right level of profitability in the business while doing so. That's what we plan for 2023 with the management of MBXP. Yes. That was all the questions, and I hope that you feel that you had, you know, time to put down all your questions. I hope I didn't miss anything. If you have further questions, please don't hesitate to contact me. You have my contact details in this presentation. The presentation will be uploaded to our site, and also the, as I mentioned before the call started, the call is recorded and will also be linked from our site. With that, I would like to thank you all for your participation and wish you all a great day and in a couple of hours, a great weekend. Thanks very much. Bye-bye.