Yeah. Hello, Per Bertland here, and Maria is with me. I would say welcome all of you to our webcast and our presentation of Q1 report. I think in front of you can follow the presentation through the webcast or through our website. We will go through the presentation. I would like to start to talk about slide number four, at a glance, including acquisitions. If we look at this one now, we could see that the net sales for the moment are SEK 14.7 billion, that is including the acquisitions and rolling 12. I will underline that if we keep current speed, rest of the year, it's quite likely that we will end up with around SEK 16 billion in revenues without any new acquisitions. Of course, we'll talk more about that later on, we hope, of course, we can do more acquisitions in the future. If we flip to next slide, number five, we could also see now our global reach that we have a little more in Asia Pacific, there's two reasons for that. First of all, the Southern Hemisphere is the high peak seasons, is Q4 and Q1, we have also some additional acquisition in this area. I think, if we keep current situation, Europe and Africa will catch up during the year. Next slide, what has happened, slide number six. I think one thing that happened recently, which will have a big impact on our future, and we think it's very interesting, is that we could see that USA and China signed the Kigali Amendment. That will, of course, make an impact, I think, on all over the world, especially the world outside Europe, because the Kigali Amendment is more or less the same regulation as we have in Europe, but it is more years. I think when Europe will be ready, following current plans 2030, rest of the world around 2050. A nice thing we saw in our Q1 is that we have not so much in China, we have a factory, and there is a change in the trend in this. First of all, we have a really nice growth, of course. Second, we could also see that a main part of deliveries is a domestic demand. In the past, normally, this factory has supplied our business in New Zealand and Australia. This domestic demand is, of course, interesting for the future. If China now also have signed the Kigali and really seriously looking to replace current systems, we are there. We have already delivered to the Olympic Games in Beijing 2022, where they have said all ice rinks, et cetera, that has refrigeration to do should be with environmental-friendly solutions. We think that is very exciting for us. Other things that has been disturbing during the first quarter, the shortage of containers. I would say that it was a big concern for us in the beginning of the quarter, but it seems right now the prices are more or less coming back, so we can see a normalization for the container business. A concern for us was when vessel was on ground in the Suez Canal. Also here we could see now that will probably be, in some cases, delays of two to three weeks, but we see that this will not have a big impact on our future. Then also our own principal shareholder, Carrier, has acquired a factory in China, and it's more of interest to see that they will really go for the acquisition business, especially with VRF and light commercial. Remember, what we do mainly is residential and light commercial. If we flip to next slide, I will talk about refrigerants, of course. First, I really want to mention for you, the refrigerant business is important for us, but it's only 8% of the total business. The remaining 92% is much more important for us. This quarter as the 10 quarter before, so we have 11 quarter in a row now with declining prices. There is a clear change in the market now because we see increases on our purchase prices, and for sure, there is a stabilization. For example, we lost money here, I think in the quarter, SEK 5 million-SEK 10 million in profit and around SEK 30 million, SEK 40 million in revenues. The interesting and good things is that we had actually a profit in March, and that profit was not due to price increase, it was mainly due to volume. We believe that during Q2, the prices will stabilize even more, and best estimate from our side now is that we would have tailwind from the prices in Q3 and Q4. Having said that, we hope that this 11th quarter could be the last quarter when we suffer from declining prices on refrigerants. You could also see something that makes sense for us. We don't talk so much about the copper prices, but you can see also here we have an increase, and we believe that this increase will give us a positive impact for the future. Not so big, but it's additional opportunities and possibilities for us. Next slide, number eight. I think I've not mentioned so many times for you, but it's interesting and you should know that the HORECA business, hotels, restaurants, catering, they are around, best estimate, it's very difficult because we do business-to-business and this is our end customers. We think it could be around 13%-14% are HORECA business, and that is mainly in the refrigeration business. Here or all over Europe, I would say all over the world, a lot of restaurant, coffee shops, whatever it is, closed today. If the vaccination will be successful and we can open up again restaurants, I'm sure there is a pent-up need in many, many markets that we expect could give us additional business in Q2 and Q3 if this happens. Remember, in this quarter, we have 7% organic growth. We have still suffering a little from COVID-19, and it is especially in this area. We move on to slide number nine. We have a new principal shareholder, EQT, and that is very exciting for us. I think the biggest difference you will see from before, we always been a company who doing acquisitions, but I think we will do even more acquisitions now with EQT as principal shareholder. You could also see in the first quarter, we were successful to do three acquisitions, one in Australia and two in Europe. I would especially mention the Sinclair one, because that is interesting, 100% in line with our strategy to implement and introduce and own a private label brand global worldwide. Sinclair is our own brand, and it's a well-known brand in many countries in East Europe and in Germany today. This year, we will at least launch it in seven of our other markets, and the strategy is, of course, to launch this private label brand in all of our markets. What is also interesting with this brand is that if you have a private label brand, you have a higher margin. Remember, in Q1, we had an organic growth of around 15% on this air condition business. Okay, we flip to slide number 10. Other things that is worth to mention for you, we have agreed with new partnership with very important suppliers to us, Bitzer and Tecumseh. It's the most important compressor manufacturers, and we have very good relations, and we are keen to do more business with them in the future. That's very good news for us. You could also see on the right, I think I mentioned before, in our OEM business, we have invested in a complete new factory, and this factory now is up and running, and we are now starting to build new green booster systems. The booster systems, as you know, all of you, it's the green environmental-friendly power packs, especially for supermarkets or other refrigeration applications. Next slide, number 11. If you remember, we did also a very small one acquisition and maybe one of the first startups we ever have invested in. We have invested in this company, Fenegy. We are today are minority shareholders. We have an opportunity to acquire it 100% in the future. The interesting with this company is that they are doing industrial application for heat pumps and industrial refrigeration with really big machines on CO2 environmental-friendly technology. We did this investment last autumn. Just one week ago, we had the first order ever. That was, for us, the confirmation that we are doing the right. We know that there are a lot of the quotations out in the market right now. It's big. One order here is around EUR 1.5 million-EUR 2 million. It's big units. Next slide. You could also see the e-commerce sales, that is one of our focus areas, how it increased. It's increasing. Remember 2019, it was around 1%, and you could see last year was close to 6%, and now in Q1, it's close to 9%. This is increasing for us heavily, and that's two reason for that. We think the pandemic make an impact here, and we also, of course, that we launch it more in market by market. This is a centralized project. We're going global with the same centralized system. I must also say some of this business is new business, but it's also cannibalization of our current business, but it's a new way to do it, and we are quite convinced that this will continue to increase in the future. We have also a target here we should reach 20% of sales in e-commerce 2023, and I think that is achievable. Next slide, number 13. I will just mention something. I think all of you know that I will resign. I have not so much to tell. There is a process ongoing. We have some really, really good candidates. Hopefully we can announce that we will sign up someone in Q2. Then after the summer season, there will be a new CEO in place. I said before, I will remain as CEO until everything is sorted out. As you know, I will remain also on the board. I will keep my shareholding in the company because I believe so much in this company that it will come for the future. All right. Slide number 14. We talked a lot about these megatrends before. I will not talk so much about them. You could see digitalization is increasing heavily for us. Legislation, now with U.S.A. and China on board, it will make a huge global impact for our business. That gives also the acquisition opportunities we have outside Europe, very exciting and very interesting. The growing middle class is a good example of the air conditioning business, 15% organic growth for the moment. The environmental also now with energy on really big industrial equipment, we can do environmentally friendly solutions. I think a lot of megatrends give us very good opportunities for the future. The focus areas we talked about are the same. Next slide number 15. We will continue to go deep into these focus areas and work more. There will be even more attention to acquisitions. As you can see, we have already done three acquisition this year, and I strongly believe more will come during current year. I hand over from slide number 16 to Maria, who will go through the financials for you. Thank you, Per. Moving on to page 17. We have a strong organic growth here in Q1, and that also happened to be the organic growth as well, 7.3%. Strategy for Beijer is to grow both organically, of course, and through acquisitions, as Per has mentioned before. We also have a nice drop-through in the results. EBITDA has gone from SEK 309 million to SEK 377 million, which is a nice increase here and a ratio of 10.1%. Of course, for last year, we had COVID-19 impact for at least two weeks, and we will have the comparables for the coming months as well. What is good with this report is that we are back on 2019 levels. Also on return on sales is an increase with 7%, and also in a historic perspective, that is rather good. EPS has increased with 35%, which is a strong message. If we hand over to page 18, you can see that the split, we have three different product groups that we show, and that is the HVAC and commercial refrigeration is on par, 45%. You can see the change from last year in brackets. We believe that the HVAC is a little bit stronger than the full year figures here, but somewhere between 40% and 45% because they have a very double-digit growth. You can also see that the demand for air conditioning is increasing all over. We have seen that in the Nordics and also in Central Europe, and of course, for the Southern Europe where we have a strong presence. The OEM business is 10%, on par with last year, and I will talk a little bit more about that. This is the total split of our sales to the left. If you look into the right, you can see only the organic growth. As said before, 7.3% overall with double digits on the HVAC and OEM side. If you recall, in Q4, we said we had a little bit lower intake, so we had a COVID impact from last year. Now we have seen that it has materialized in sales. You can see also the commercial refrigeration shows + 1%, and that ties up more product groups. Per has mentioned refrigerants, a small decrease there, and copper has increased, so they are all included here in the 1%. Okay, if we go to page 19, you can see the split of our geographic segments. Normally Q1 is a light quarter for us, but we have seen increased margins in all regions, and I think that is a very strong message. Net sales. I will show you the split here. Net sales has increased also apart from the Nordics and Africa. You can see that Africa is suffering more from a macro perspective and also still some COVID impact. The Nordics, we have an impact on the order intake, as I mentioned before, on the OEM side. A small decrease in sales for the Nordics. On the other hand, improved margins, improved gross margins in all regions. Okay. What is also positive to mention here is that Asia Pacific has increased the margins also through some own help or some actions, but also through some acquisitions, 8.2%. It's also worth to mention here that Q1 for Asia Pacific is their summer quarter. Okay. Looking at page 20, you can see quarter one in a row. You can see five years, you can see that it is the best Q1 ever for Beijer Ref. You can also see that we have surpassed or we are unsurpassed the 2019 figures because the 2020 figures are impacted by COVID. Looking on the EBIT side, we also see an increase, we have margins of 7%, as said before, an increase from 5.7% last year. On page 21, you can see the bridges, we compare. You can see that we have the positive impact of the acquisitions, of course, of 5.1%. We have some negative FX, unfortunately, we recover some of that on the EBIT side because we have costs as well. We have a nice organic growth which drops through on the EBIT as well. Okay. Moving to 2022, I think I have already mentioned that we can see growth in all regions compared with last year apart from Africa and the Nordics. I said before, Africa is more related to the macroeconomy. The Nordics is, of course, higher comparables because we also had very limited impact last year, also on the backlog side, as I mentioned before. On page 23, you can see the EBIT, you can also see the Nordics. Despite lower sales, they have increased their profit and also increased their margins. Africa they have a decrease of two, it's more rounding, I would say. Improved margins in all regions, of course, it's very happy to see that Southern Europe, which is our biggest region, they are back. Looking into 24, you can see that the EBITDA and also the cash flow. We have had a very nice cash flow during the quarter and also the trend if you look into other first quarters. I think we managed or I believe we managed the cash flow very well during the COVID-19 situation. During Q1, we have also had issues with the containers and also with the Suez Canal. There have been challenges, but we have managed them in a very good way. Cash flow is SEK 337 million versus SEK 197 million last year. A good improvement. Looking into the net debt on page 25, you can see I actually have two lines here with the net debt EBITDA, both excluding IFRS and including. Including IFRS is what you can see externally in our report. It's pretty unchanged. It's 2.04, and it's unchanged from year-end, and it's lower than last year, 2.14. The other one, excluding IFRS, that is really what we show for the banks. We don't have it as a strict covenant, but we measure it and get the price favorable reduction when we have a low net effect issue. Our chosen net debt has also decreased due to the cash flow. We have a little bit too much of cash sitting on our balance sheets, but we will offload that. We will get some dividends from our subsidiaries and pay off our debt. All in all, good cash flow pays off lower net debt, ready to take on additional acquisitions. Also worth to mention that we have managed the acquisitions within these figures as well. Okay. Now I think I hand over to Per, who will see that we are back on the organic growth. Yes. I come back to slide number 26, my favorite slide. If we go back many years, there is always organic growth. You know that we suffered a lot during last year due to the COVID situation and especially Q2. Of course, we will be very heavy this quarter. The most exciting one is to see that we now are growing organic 7.3%. Remember, as I said before, around 14% of our end customer is suffering a lot, hotels, restaurants, et cetera. When also they will up and running again, I'm optimistic for the future. Move on to slide 27. Okay. We have said during the year, we have historical experience after crisis, Beijer Ref always will come out stronger. I personally very much convinced this will happen also this. We see very good signs now. We have strong market, we have a lot of opportunities to acquire business, and we have a market that is growing organic, and we have also some legal help with the legislations. I think for the future, I must say I'm optimistic. Next slide, number 28. Also just a little about the dividend. Last year, we were cautious. We reduced the dividend due to the COVID-19 situation. This year, we said we should have an ordinary dividend of SEK 2.50, and then we give additional SEK 2.50 as a compensation for reduced dividend last year. You could also see that we have a very nice growth on the purchase price of the share. I hope with all opportunities, actions we will do that we will continue this growth journey in the future. Number 29, Q&A. Thank you from me and Maria. Anyone who has questions? Thank you. Our first question is from Erik Cassel from ABG. Please go ahead. Hey, good morning, everyone. Yeah, my first question is on price increases from your suppliers. I noted that, for example, Carrier talks about multiple price increases this year. Have you had any indication of what sort of magnitude of price increases we could be seeing, and how much of the increase do you expect to be able to move over to your customers? Is there a potential short-term margin effect here? Yes. We have had some price increases, not at all in the size of what you heard from Carrier. I would say between from zero and actually in some cases, also reduced price up to four. I think the highest price increase is around 5%. The highest price increase is on air con, and that will be for deliveries coming in after the summer season. It more or less will not impact this year or in that case, at the end of the year. You also know, Erik, that we are fighting back very much. When you hear about price increases, that is a try from many to really be successful to have price increases on the market. One thing is to say it and tell the customers, but another thing is to really to implement it. We are fighting back. We think it will be quite moderate price increases from our suppliers. You know we like to have price increases from refrigerant suppliers, which we welcome very much. The other one, we fight that, and I think it's not a problem to pass it out to the market. We are very open and look at this. Good answer, Per. Thank you. You also mentioned that you see pent-up demand. Is that something you've seen also in order intake, or is it more of a general assessment? I would say when I talk about pent-up demand, I'm talking about the HORECA business. That is more a general assessment, but it's also an assessment that we have experience from many years in the back. We can always see when you have a lot of seasonality in our business. You have a lot of restaurants open up at the beaches and the summer places during the summer resort, or the opposite on winter resorts. We have always seen restaurants who have been closed during the low season and open up always need a pent-up demand. Now I think so big pent-up demand all over the world, I would say, we closed the restaurants. That is the annual assessment, but I would be very surprised if it doesn't happen, if vaccination will be fully implemented and the market will open up at the end, truly open up. Okay, good. Refrigerant prices has increased slightly sequentially. I assume that it's mostly you offsetting price increases from your suppliers. I would assume no significant margin impact here. No. We are working very much to increase our margin right now. We think if we could increase volume, we will increase margin. We have private label, we could increase margin, and we could also with our big purchase power we have, also neutralize price increases between different markets. If we do it in the right way, and we do it in a successful way, we will gain a margin instead of, or at least carry the price increases out to our customers. Okay. You also mentioned supply chain issues, mainly affecting HVAC. Are you seeing those problems kind of in the past now in Q1, or do you expect them to have a large effect in Q2 and maybe even Q3 as well? I think I can answer like this. We had in Q1 15%. What we think now, we have a large inventory for aircon business, especially this is mainly for aircon business. We have a large inventory. We can continue to sell and have a good organic growth. That I'm convinced. If we have opportunity to buy more or if we hadn't had these disturbances, we could sell even more. I think it will come out quite well, but it could have been even better if we hadn't had these problems on the market. Okay, thank you. The last question from me, just so I got it right. I think you said in the beginning that you think you will reach SEK 16 billion in sales during 2021. If that was correct, what kind of assumptions go into that number in terms of the growth in different areas? In different areas, I can't answer right now, but I think when we look on our current acquisitions done and current speed we have right now, I think we will come close to SEK 16 billion. Of course, I want to do more acquisitions so we could exceed that one. Perfect. Thank you very much. That's all for me. Thank you. Our next question is from Carl Ragnerstam from Nordea. Please go ahead. Hi, it's Carl from Nordea. Of course, quite strong numbers from your HVAC segment. Could you explain whether this might be also here a bit of pent-up demand given that COVID did hit Southern Europe in the middle of the high season last year? Well, I don't know if I can add so much, but as I said to Erik before, this is a general assessment, Carl, that we believe, but this assessment is coming from our experience in the past of seasonality and closed hotels, closed restaurants during low season in resort places. That we know. When you start up again after being closing for the low season, that's always a demand for service. There could be a demand for spare parts or even they need to replace some of the refrigeration units will need. This is what we believe when we go and say, many restaurants are bankruptcy and you need to have new owners of this. We think, this is also a general assessment, but when people can go out to restaurant again and eat, there will be fully booked restaurants all over. I can give you a good example. Denmark opened up opportunity to go to restaurants again, there are many restrictions. You not need to be more than, I think, eight people or something, they close very early, it's limited open times. When you had this booking sites, that was totally overbooked with people are booked. Of course, I'm optimistic on that one, it's very difficult to mention any numbers. It's more experience. Okay, perfect. Also, with the new phase down being implemented in almost four months, when you talk to clients, what can you hear there? Are they hesitant to make investments and they might postpone them to later this year, or what do you hear regarding the new step down? No, I would say all our end customers, apart from the HORECA, is running very well. You see on the OEM business, we are doing double-digit growth. On the air conditioner business, we do double-digit growth, and we have only one on the refrigeration right now. Remember, we have the HORECA business in this segment, and we have also a refrigerant that still is going down. No, I think when talking to clients and all over, it's a quite positive view for the future. I think it's a general positive picture we can see in front of us. Also, with all the new regulations coming up, I think U.S. and China, that will, of course, not make sense next quarter, but I look in the long-term perspective, it's very exciting. Also very exciting for us to see now the development in China. The Chinese factory now has a domestic demand instead of selling to export and increase, I think it's around 70% in Q1 in China. It's a small business for us still, but it's growing. Of course, it's happening to have a ability to produce this green unit domestically in China. That is, of course, very exciting for us in the future perspective. Yeah. On China here, you have a quite limited operation in China today. I think we said SEK 350 million or so. First of all, what is your capacity? And secondly, how will you position yourself in the longer term in order to enjoy some of the potential market growth there? Is it organically or just through M&A, which might be easier? I didn't really recognize what you said. You said we are around SEK 300 million. Maybe you said that one. Yeah, exactly. Yeah. Yeah. Historically, this factory was for producing small condensing units and heat exchangers for our own use in Australia and New Zealand. Now when we see that we are selling more domestic than we do on export, we are rethinking our strategy here. Now we can see this nice domestic organic growth. To be big in China, it's exciting to acquire. To be really big, we should acquire. As in many other markets, I think a combination is quite likely. We will continue to grow organic. The production capacity, I can't really answer on that one. I think we are able to increase for a couple of years still, we can increase the production in China. Absolutely. I think that we'll grow both organic and hopefully pull acquisitions in the future. Perfect. Very helpful. On the e-commerce side, you're growing that quite nicely as well, and you have your target of 20%. Firstly, could you describe the margin profile of your e-commerce sales? Also secondly, how will you get to the 20% in just a few years' time? The margin profile is actually slightly better than the same business through traditional channels. The reason for that is we have 450 or 430 branches all over the world, meaning it's over the counter to buy spare parts, to buy copper tube, to buy refrigerants. The installer who is our customer and our branch manager, they are probably good friends, and it's very easy to give an additional percentage in discount when you come over and you talk to a friend. When you buy on e-commerce, you have to tick in the box, and that is now this additional percentage. Therefore, I think we can improve a lot because we are not at lower prices, not at all on e-commerce. This is another source, and you have a tick in the box and there is no discount. Therefore, I think we can slightly improve the margins for the e-commerce business in the long run. How to do it? I think we are doing it centralized. We have this PIM system with all our products, code qualification, and we have the same PIM system, and it's the same cloud-based system where you pick up all the products. Just by launching it country by country, I think we will increase this. That is one thing, we will increase it in more countries. Second, each country is increasing due to, I think the customers will be younger and younger, which is a normal way to do business comparing to the oldest who want to go to there. I think it will not be difficult to reach that target. Okay, perfect. The final one from my side, you're obviously quite optimistic in terms of M&A. You have done nicely year to date. Could you just discuss quite briefly on your shortlist, how many targets have you identified? What is the focus areas? With your new owners in place, has your M&A approach changed since or compared to before? We have always seen us as a very M&A-oriented company and done a lot of transactions. After EQT came in, I think we will be even more focused on M&A. The shortlist, perhaps I can hand over to Maria. She has that in her head better than I, but we have a couple of companies in the shortlist. Some are even hot. That is not the same as a close deal, but we have hot discussions, we have the warm discussions, and we have a long list that is as long as you can see with your eyes. Maria, perhaps you want to add something here? Yes. I think as Per mentioned as well before, is that we have added full-time resources. M&A is really, and has been before as well, a strategic area for us. We are working with different M&A activities in parallel, and we have also built a database, as Per mentioned, from a very long list of 400 targets down to five that we really have ongoing and due diligence discussions. More structured, focused way, and also maybe that we look into different where we have gaps and have direct contact with these. You can also see that there have been transactions in the market from other manufacturers, and also you saw Carrier going into this. There are a lot of activities in the market right now. Also I can add to this, we have implemented an M&A department. We were very focused on M&A before, but now we have focus, so we have a real M&A department in our organization. How many FTEs do you have in that M&A department currently? Well, it's difficult how to calculate it because we have had people all around the world that have been partly involved in M&A. That is the way we have done it in the past. That if we have had some M&A in France, we have had some French people involved. We have headquarter people that working. We have one head of M&A, 100% dedicated, but he has contact with all these people. If you take, you have one quarter there, one quarter there, one half there, so it will be a couple of people all in all. Do you think you need to incentivize branch managers or country heads in order to really push the M&A pace even more? Well, I don't think we need that because M&A is always something that everyone likes to do and are encouraged to do. This is coming up, but we incentivize growth and sales mainly, but of course, profit also. I think people are working a lot. If we get the capital from France or from Italy or Czech Republic or wherever it comes from, the people are involved in this, and it will come to their territory when we measure the results and the operations in the future. Okay. Perfect. Yes, I can only emphasize that we have the incentives already in place for this. Okay, perfect. Thank you very much. Our next question is from Andreas Böger from Coeli. Please go ahead. Hi, thank you. Just to follow up there on the acquisitions. Are you still interested in pursuing acquisitions in the U.S.? Absolutely. I think that could also be a difference from before that. Yes, I would say EQT is encouraging us more than with our previous principal shareholders. I would say we were interested before, but maybe we have an even more focus now with EQT as principal shareholder. Yes is answering that question. Fair enough. Thank you so much. Our next question is from Robert Pudén from Carnegie. Please go ahead. Yeah. Hi, a couple of questions if I may. On those refrigerant prices, the communicated price increases from the lows, how big are those? I think I've seen one price hike of 10%, 20% communicated, but there's been another one, right? What's the total accumulated price hike communicated from the lows on the refrigerants? You have very low voice, but if I understood the question correct, Robert, you asked about communicated price increases? On refrigerants, yeah. Yeah I've seen one from your- Yeah, we have. company that's 10%, 20%. There's been another one. Yes, there are at least two this season, we could also see it partly on the stock market, that the prices are increasing. Again, now the prices are increasing. That is our incoming prices. Now we measure both incoming and our outgoing prices. Still, the outgoing prices is on a lower level than one year ago. Still we suffer from the difference, as I said before, I think the losses we had in Q1 was between I think SEK 5 million or SEK 10 million if you take out the FX impact, et cetera. Something between SEK 5 million and SEK 10 million. Remember, the 10 quarters before, we have around SEK 50 million each quarter in losses, so it's much lower. We had actually a profit on, not that we have a profit on everything, of course, but we have an increased profit in March as a single month on our refrigerant prices. What we are doing now, we are increasing our prices out on the market and carry forward all these price increases that we get from the market. Then officially, if that was your question, I think officially there are two price increases coming in from our suppliers in the first quarter. They're of the magnitude of 10%-20% each? Well, around 10%. I think one was 20% and one is 10%. That's correct. It comes from different suppliers also, so it's not the same supplier. They follow each other also. Okay. If you should have a general assessment or assumption on our refrigerant business, keep in mind it is around 8% of the total business. I said we lost on top line SEK 35 million-SEK 40 million this year and every quarter and SEK 5 million-SEK 10 million in profit. We believe it will be equal next quarter and no impact, and we believe we will have a positive impact during the autumn. We also believe if we continue to grow business through our acquisitions, that maybe 8% of the total affair could be even less in the future. Right. Yeah, it's a boring thing, you were on copper also. Looking at copper prices, if you compare them to a year ago level, they're up 100% or something like that. It's at a couple of percentage of sales in Beijer Ref because the- Yeah, I think. copper is so big that it can make an impact on group organic growth for a couple of quarters at least. Yes. As I would say, around 7% also is copper. That has an impact on our business, but not at all the same impact as a refrigerant. We could see an opportunity here to grow due to price increases, of course, because copper, we follow our price increases very close to LME price increases. Yeah. Okay, cool. Also, if I heard it correctly, there was 15% organic growth in HVAC. Was there any trend during Q1? I think you said that you could have grown more had it not been for supply chain issues. Was there an accelerating trend throughout Q1? I'm not sure about Q1, but I think we will have a nice growth also here, a continued nice growth in the rest of the year. Maybe we could grow even more in the future without disturbances. I don't see them as big. I hear some complaints about deliveries and delayed deliveries, but we have the big inventories, as I've said. If it should have an impact, it will have an impact in the end of the year, during the autumn. Okay, right. Finally from me, the new factory in Padua, is the capacity up and running? Has the startup worked well and so on? Would you say OEM could grow fast- Yes now that the new capacity is here, or is it more an investment for the future? No, absolutely. It started up well, and I think the order intake is on a very high level, and it's nice to see the production. This factory in Padua is mainly producing, almost only producing, boosters, green technology. Especially in this area, we could see the nice growth. It seems that this investment will be very good for us. All right, perfect. Sounds good. Thanks. That was my questions. Thank you so much, Per. Thank you. Just as a reminder. Our next question is from Viktor Trollsten from DNB. Please go ahead. Yes. Thank you, operator, and good morning, Per and Maria. Good morning. Just maybe you have mentioned it, I called in a bit late, could you just remind us a bit on the difference in margins between the different segments? We are not disclosing gross margin. If we talk about the profit margin, it's not so easy because we do the five segments normally with the same SG&A cost, so we share them. For us, when we measure it ourself, we look at the gross margin, and then we have a common shared cost for all these businesses. I can say in general, refrigeration has higher gross margin than air condition business. Okay. Yeah, I guess what I'm after is what are the mixed effects given the difference in growth trends for the moment, if OEM and HVAC continues to outgrow, if that could have any positive or negative impact on margins in the coming year? I could say all growth we have a positive impact on the profit margin. If we have organic growth, we are not increasing our costs. That will be a drop-through. Okay. Of course, if we have a real high margin growth on refrigeration, that will have a higher drop-through on air condition. It's a nice drop-through on air conditioning as well. On that topic, in terms of the margin contribution from increasing volumes, I think you had 25% organic drop-through now in Q1, which is above the historical level, the way I see it. Is that sort of the level we should expect then, going forward, also? You said drop-through? Yeah, of 25% if we exclude M&A and FX. You mean that drop-through effect? I think it's difficult to answer that, but one thing, also our SG&A costs are lower level right now, and that is two reasons for that. One reason is that, you know all cost reduction program we took last year, and some of these costs are sustainable. That's because people had to go, and we negotiated lease agreement, et cetera. Of course, today, we are not traveling. There are no trade shows, et cetera. I think these costs will probably increase when the market opens up again. Maybe, if I should be negative, it could be minor higher costs in the second half, if we could start to run the business as normal. On the other hand, if we can run the business as normal, we could also probably have more revenues. Okay, no, that's clear. That's everything from me. Thank you very much. Thank you. Just as a final reminder, if you do wish to ask a question, please press zero one on your telephone keypad now. There are currently no further audio questions. I will hand the word back to the speakers for any final comments. I say thank you very much to everyone, and I can say Maria and I, we are happy for result. We think it's a relief to see that the market is coming back so strong as it is. We see we have a lot of opportunities for the future, and we see a nice organic growth. When I will hand over to my successor, I can do it with a warm hand and with huge opportunities for the future. Thank you. Thank you.