Good morning, welcome to the Beijer Ref Q4 report for 2022. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions. To ask a question, please press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note that this event is being recorded. I would now like to turn the conference over to CEO, Christopher Norbye and CFO, Ulf Berghult. Please go ahead. Walter, please go ahead. Hi, everyone. Christopher Norbye sitting together with Ulf Berghult. Welcome to our call. I think we'll dive straight to it starting with slide three. Of course, this is a slide we have every quarter and it continues to go up the rolling 12 months, and we keep of course adding people and also in more countries and branches. We continue to grow both organic and through acquisition. Of course, we'll come back to that here. If we move on to slide number four. The highlight for the quarter, I would say another very strong quarter for us. Sales of SEK 5.8 billion, an increase of 36%. Organic sales continue to grow at a high pace, 18%, we'll come back to the main drivers of that continued strong growth. We continue to have very good performance also in our acquisition growing at 9% and continue to accelerate as to be part of the Beijer Ref family for us. FX continues to be at a high level on the EUR side. On the EBITA, we had continued good development, both on the margin, of course, and it's of course also driving the growth. Almost 69% growth on the profit back on, continued development on our margins, as you see throughout the year, quarter by quarter, driving margin as we drive growth as well through our organic growth, through our acquisition and also our strategic initiatives. We're very satisfied with development. We've been succeeding on the margin, to drive that as well during the year. As we informed, when we did the Heritage acquisition, we did take, SEK 245 million on transaction costs, we're now done, with all the transaction costs related to the acquisition. That's part of the underlying numbers. Also very good cash flow, plus SEK 633 million. We still have work to do here, of course, on the back of very continued strong growth. We do have an inventory component to support that. We also see as lead times will start coming down, in the quarters ahead. We'll have the normal seasonality effect, but we feel very strongly about a good cash flow generation throughout 2023, coming mainly after the summer season. As said, the acquisition continued to do well. The recent one, AAD, we closed in Australia. It's doing very well, and the other ones continued to create a lot of value for us. We'll come back on the EPS +47% and also a dividend improvement related to a very strong 2022 result. We from Beijer Ref and our team are extremely happy, both from the growth perspective, the margin development, and also the cash flow generation of Q4. We would like to summarize as a good, strong finish to a great year for us. Moving on to page number five. You can see there that HVAC continues to develop very good for us. I would say in all regions, we see drivers here on Q4 and here on heat pumps, of course, being more in season now. As we continue to transition more and more into that type of solutions for us, it has a positive effect on the HVAC, but also good development across all our regions. On the OEM side, we did have a better supply chain that has built up some of the backlogs. The backlog continues to support good growth. We see good continued activity on transition and opinion to the natural refrigerants here in Europe, but also in countries in Australia and also starting into New Zealand. I'm very satisfied with that. The commercial cooling, I would say, had a stable finish to the year, but also a very good full year. As you know, we are a seasonal business. Where Q2, Q3 are our biggest quarter related to mainly as Europe, 70% of our sales. But APAC now is in summer season, and that started well, and they're gonna continue that throughout here in the summer season through Q1. Of course, EMEA goes into high season starting in Q2. I can also very happily say that we have closed the Heritage acquisition as planned. We did close in January 20th. Last week, we have started to consolidate the business into our numbers, and of course they'll be part of two months here, part of Q1. We already, of course, have meetings, met with the people and continue to work on our plan together with them. We also have a right fishing processes progress according to plan, and we'll have more details, I would say in the next two to three weeks. It's going exactly to plan and as we also said before, we were very confident on when we're going to close the acquisition. It's more of driving all the workflow through there the next month, I would say. Moving on to slide six. Just a short update how we see some of the trends in the business. We do see supply chain easing up. A lot of our strategic suppliers has actually expanded capacity, and we see that coming through. We see less freight time from our Southeast Asia partners and also lead times start coming down, we would say June 2023. We don't see the lead times yet in orders, but we're getting very strong signals that they will start coming down and balancing out air June 2023. It's a positive development on the supply chain. We also see continued drive on the sustainability. As you know, that's a very strong driver of our business, both on the transition into natural refrigerant, but also the electrification and energy efficiency that we're seeing also driving on the AC and heat pump side, where we have, as you know, the best suppliers to also take advantage of that trend and you can see that in our number, obviously. They continue to discuss revision of F-gas that we follow very closely. There's no new decision, but we believe where we are in the journey now is positive for us and if they would decide to find even more aggressive solution, we will be able to manage that in a positive way. Finally, you can see on a picture if you have glasses on, we met with a full team of Heritage that we acquired, all branch managers and key people a couple of weeks ago. A fantastic opportunity for us to kick off the cooperation with Heritage and the team and the people driving the business. We feel very good with the acquisition and the possibilities going forward. Moving on to slide eight. A little summary of the sales growth, as I said, 36% total, it's a very good organic 18%. 70% growth in EBITA, related to the continued and have a stronger margin development, as I said in the beginning. EPS growth of almost 50% in the quarter. Next slide you see a bridge. On there you see the FX is still very positive for us as we translate the Euros mainly into SEK. Organic, I said before on 18%. It translates almost to over SEK 5.8 billion for Q4. For us, a very good finish to the year. On slide 10, I think you see a very, in our mind an impressive growth that we had now for quite some time. This is of course adding both the acquisition and also the organic and the currency. Below you can also see the organic growth over have been very positive in 2021 and 2022. That's what we are very proud of. Also very proud of how we've been managing growing through very strategic acquisition process, further strengthen our model and also part of supporting growth and margin development for us. On the region, again, good development in all our regions. Nordic continued to develop well, a lot of activities on the OEM business in the Nordic. Central Europe, good development and also driving a lot on the heat pump side in the region. South Europe continued to develop well and East Europe extremely strong through the acquisitions that we have made, but also the activities on, I would say on the heat pump side have continued as accelerated Eastern Europe. Africa starting to pick up as I would say, hopefully business continue to normalize and also more and more tourism moving over there. APAC we talked about, I would say a positive development in most of the regions. We also expect to go through the finishing of the Chinese New Year, the higher activity in China as the country is opening up. I would say we're very happy in all our regions and development we have. We did over the EBITA almost 70% growth. You can see on the right side a margin of 9.8% versus 7.9. We continue to develop the company in a good way on our strategic initiatives and also leveraging the organic growth that we have and also continuing that good development and acquisition. This is something we are proud of to be able to do the margin improvement we've done here in June 2022. You see the trend on the margins. You can see in 2022 we have made a step change to the business, which has been our plan. As I said, we're proud of seeing In execution on the margin side for our business as well. You have per region as well, good growth in all our regions on the back of strong sales and of course translates into very well executed in all our regions where I would say that two regions, I mean, almost all regions standing out in a very positive way. Next slide, I'll hand it over to Ulf. Yeah. Slide 15. We have page 15, that is the summary of the group, the P&L. We have gone through the sales development. If you look further down, you see then that we have items affecting comparability with SEK 249 million. That is part of the SEK 700 million that we announced then in connection with the Air Products acquisition. These SEK 249 million that is connected to the acquisitions related costs. If you look at the international income and expense, because it's slightly higher than. Well, it is higher than previous years. Of course, that is then driven by, that we have been more active on acquisition. Also we have, as you know, a more proactive approach on the balancing, even though we're now looking forward to balance more normal season. There's a high debt and also, of course, the interest has an impact. There is also some FX impact in the sixth month. Tax is also slightly higher due to the SEK 245 million. If I exclude the SEK 245 million on Items affecting comparability, you would have the underlying tax rate in the quarter of 26%. If I turn over to page 16, as we have said, this is earnings per share, excluding Items affecting comparability. In quarter, we had SEK 0.96, that is a 48% increase of this quarter one. For the full year, we have SEK 386 versus SEK 266. That is an increase with more than 50%. If I then turn to page 17 on the cash flow. I walk from the left to the right. To the left there, you have what we reported in Q4 2021. That's a SEK 313 million. We have positive EBITDA impact versus last year. If you then go back into working capital, of course, there was a negative working capital with a component in 2021 Q4. Now we have been managing then to release some working capital in the quarter, so that's a delta cash SEK 707 million. Slight increase in CapEx to SEK 28 million and then leasing in SEK 19 million, and then others non-cash items is SEK 30 million. Overall, we ended up with a SEK 633 million net flow for the quarter. If you go back to page 18, you see the operating cash flow for quarter. You can see that the Q4 was SEK -313 million, and now we have SEK 633 million. That is the positive jump down. If you get on to page 19, the net debt development. This is excluding items affecting comparability. Also, if you look that we have a net debt, including pension, leasing and financial interest bearing net debt of totally SEK 7.2 billion, and we're in EBITDA of 2.7. That is a net debt EBITDA of 2.7. If I including the reported, that is SEK 2.5. It's excluding Items affecting comparability is SEK 2.7. I hand it over to Christopher to do the closing. Yeah. Slide 21, conclusions. We have gone over this, but of course, a continued very strong quarter in all our, as I said, areas or segments. And finishing off with 36% growth and also an EBITDA growth of 69%. Also continued to have cash flow positive and a good development here in Q4 and also see that the full 2023 we'll continue to align inventory. But of course, continuing to have good growth, which means that we'll continue to invest to be able to support and drive that. Summarizing 2022, 34% growth with 16% organic, 11% acquisition. EBITDA up 57% driven by, of course, the growth, but also I would say a strong margin improvement during the year, through our initiatives as I said. Continuous we are active on strategic acquisition. As I said, they continue to perform very well and the strategic importance for us to consolidate our market with leading companies continue to be strategic. Also, as you know, entering the North American market with a platform acquisition that we feel very strongly about in all areas from the business mix, their positioning, the team, and we also look very much forward to start integrating working with them and creating value in 2023 together with that. We want to conclude the year that we continue to see the tailwinds supporting our business. Of course, that's why we're also growing well on the sustainability, electrification, I would say acceleration and continued regulation to reduce the greenhouse effect that we are part of with natural refrigerant, but also our solution in heat pumps and AC that's all driving energy efficiency and also moving away from gas and oil and other type of solutions. Entry to North America, I mentioned, opportunity for us, and also a very good company. I would say one of the leading companies in the U.S. on growth, margin, product portfolio, and also positioning in the market. We have a fantastic platform there that will continue and develop and will start it now in our numbers here in Q1. We'll continue our good pipeline, good discussions to continue our growth going forward on the acquisition side. All in all, a good ending to a fantastic year. Of course, we continue to keep our eyes and ears open to trends in the market. As you can see on our numbers, it hasn't affected us. Of course, we're very aware of the situation out there in the world, and we're gonna make sure that we are on top of things. I feel very strongly about our business model that we can work in any environment. For now, we continue to see good development in our segments. With that, I think we'll finish up the report and open up for any questions that you might have. Thank you very much for listening. Thank you, Ulf. We will now begin the question and answer session. To ask a question, please press star and then one. If you're using a speakerphone, please pick up your handset before pressing the star key. If at any time your question has been addressed, and you would like to withdraw your question, please press star and then two. The first question we have is from Carl Magnuson from Nordea. Please go ahead. Good morning. It's Carl here from Nordea. A few questions. Firstly, in terms of your organic growth in OEM, 24%, could you maybe shed some light on the individual drivers in the segment in the quarter? I guess SCM Frigo and Fenagy. And also a bit curious to know more about the order intake during the quarter. I mean, obviously the easing supply chain situation is of course, I guess partly a booster of the organic growth in the quarter, and therefore you could deliver on your at least historically good backlog. Yeah, we'll start there. No, I'll start with, it's absolutely the main drivers there are SCM Frigo on driving and being able to deliver some of the backlog, which has an effect, of course, in the quarter. We're also good activities on their backlog that's quite a bit higher than it was same period last year. You continue to see good orders into the business. That's a business we track the backlog mostly, because it's a relevant KPI for that type of business. Then you also have Fenagy that continue to build backlog, and also continue to deliver projects in a smaller scale, of course, than SCM Frigo, but also growing at a very high pace. We expect, you know, with the backlog we have that this will continue moving into 2023 as well. Of course you have some effect there on the backlog release in Q4. We see good development there in those segments also in 2023 as backlog looks right now. Okay. Very good. Also on HVAC continued good organic growth. I mean, how much of that, I know that you maybe are not super a fan of comment on the heat pump side of the business, but could you shed some light on the growth in the heat pump, or what portion of the organic growth for the segment that comes from heat pumps? I mean, obviously, we see a weakening consumer sentiment. Have you seen any impact on the demand as of late Q4 entering Q1 perhaps, or would you say that the energy efficiency trend boosted by subsidies in some countries is offsetting it? Yeah, I mean, right now, as you said, you read all the macro data and all the information that we do as well. We don't see any effects on our business. We see, you know, a couple of things are happening on the HVAC side. As you asked before, we are mapping out, so we will get more clear on the heat pump side as we move through this year. I would say a couple of things are happening that because of the heat pump side here now in driving in Q4 and Q1, which are more low season for heating, of course in Europe, we have a stronger segment now on the cool. I would say the opposite, that it's a heating season, not a cooling season. We've seen a, you know, a good impact on being able to deliver heat pumps. We're getting okay supply in this region through our partners, so it's driving a lot of growth. Also what we're seeing in our other businesses in the Central Europe, the Nordics, is people are buying, you know, AC splits for heating as well. Historically we saw that most as a cooling because it's a very energy efficient solution, and you're replacing both direct electricity in countries like Netherlands, if you install an air-to-air split, you'll also reduce your gas quite a lot. You have a lot of business cases where it makes a lot of sense to use this type of solution that you historically used for cooling, that you also now use for heating. A lot of these trends that affected us positive, here in Q4 and continued into Q1. At this moment, we don't have any signals, but of course, we're keeping our ears to the ground. We are very, you know, we're in 42 countries now and also entering the US as a 43rd country. We have a lot of data information around there. It's, it's continued to be high activity as we see in the market. Okay, very good. Also a bit on the margin side, I mean, what portion would you say of the close to 200 basis points margin uplift, EBITDA margin uplift in the quarter is driven by sort of volume drop through versus, I guess, mix effect with OEMs, growing slightly stronger and maybe also, your own share or own product push as well? I won't disclose the direct, you know, ratios. We of course know it, and we track it. I would say that we of course expect a drop through on increased sales. You leverage your fixed costs. You can also see on our gross margin that it continues to improve and that's related to being successful in driving, you know, especially private label in HVAC. That's growing very well for us. There we have opportunities to drive the margin. It's a mix between, you know, gross margin improvement, especially on the HVAC side, and also then the volume drop through continue to support the margin improvements. It's a very healthy mix, I would say, this margin development we have. Okay, perfect. The final one from my side. could you give any timeframe on sort of when we should expect you to sort of expand with SCM Frigo going to the U.S.? Also a bit if you can comment on launching your own brand in the U.S., and also if you have looked into purchase synergies a bit further between Heritage and the former BRF business? The short answer probably will be no. I will not. We have started the discussions around it. We're in the U.S. again next week. We're also aligning... There's quite a lot of good activities already ongoing in the platform that we bought to both drive sales and margin. Right now we are more putting people together and mapping out the activities and how it would make sense. It would be too early for me to externally comment that. We have of course, an internal platform and then we feel very good about it that both, as I said before, I think the possibilities within the platform and also adding this type of solution. I won't disclose it externally at this moment. Okay, very good. Thank you. Thanks, Carl. The next question we have is from Robert Redin from Carnegie. Please go ahead. Yeah, hi. There were a lot of good things in the report. I have to come back that HVAC organic growth of 29%. Could you say something more about the drivers of that? I mean, I imagine that heat pumps is a driver to that high organic growth. Or would you say that AC and other product lines have been growing at similar rates? That would be one question. The other would be, if you could say something about the price impact in that organic growth with that price being sort of 10%-15%... Yeah. At this point. Sorry. Yeah. I'll start with the first one and a little bit of a disclosed one. First question is if you see it's across all our regions, and it's a mix, right? It's heat pumps. We're selling quite, you know, a high growth rate from smaller numbers, but it's starting to become, you know, numbers that affect the growth rates in the HVAC segment. That will continue here now we assume in Q1 as we get the supply chain even better. Also on our AC, what you see, and it's a little bit, it's two trends that the AC we're seeing in the Nordics and Central Europe and these countries has not really been considered for heating. It's a very efficient heating tool as well, especially if you can't convert your whole house or your apartment there to water. You can put in a split for heating, and it will reduce your electricity bill quite a lot. We see a lot of activities on that type of solution that we normally don't historically haven't seen in these type of quarters because that accelerates into Q2, Q3. We see continued strong demand on these products because people are converting it to heating. You have another thing that we see in our numbers is that Historically, when you have this type of AC or other solution, you replace it when it breaks. Now you have a also a trend where people are accelerating and changing these because energy efficiency. If you buy today a new AC for heating, it's 30%-40% more energy efficient than the one you bought 10 years ago. You have these trends that's been in supporting our business here as, you know, the whole trend around electrification has happened and also moving away from gas and oil, the move into more electric solution both on the AC splits and on the air-to-water type of solution. Yeah, you have these trends that are affecting our numbers and driving supporting the sales here in the quarters. Of course it makes a larger effect there in Q4 than Q1, which usually more low season. Here you get a higher boost on the HVAC side because it's lower comps than when you have a cold season in Europe. I would say those things are the main drivers in there. Of course, price, we don't disclose exactly price. The price component, as I said before, the majority here is volume. You have a price component that's been higher than normal, but it's still, you know, on the single-digit side on all our components. We haven't had, I would say, you know, I don't know if you use the word crazy price increases. It's been still in a controlled way, but higher than normal, you know, components. That's what I said earlier also that as we're moving now to 2023, the price component will still continue to go up, but not at the same levels that we saw in 2022. Okay, perfect. Thanks so much. Just a housekeeping question on those extraordinary items for the Heritage acquisition, the remainder, will they all be booked in Q1 and where will they be booked in the P&L? Can I ask again? The combination of financials? Yeah. Well, as we know, the other two components then that we, the financing costs that we're now using the bridge until we get the rights issue in place, those costs connected to the financing will then be burdened Q1. The cost associated to the rights issue, that will be, reduced on the proceeds that we will get. That will not hit the P&L. That will hit the equities right away. That will be a reduction on the SEK 14 billion. To summarize that. That would be. The transaction costs are done. That's been taken now in Q4, and there's no more of that. You have the second component, which is the interest rate we're paying on the bridge loan until we have the rights issue done. The proceeds or the cost of the rights issue will go through to equity and not burden the P&L. All right, perfect. That was very clear. Thank you so much. Thank you. Hello. Thank you. Ladies and gentlemen, just a reminder, if you would like to ask a question, please press star and then one now. The next question we have is from Andreas Brock from Coeli Global. Please go ahead. Thank you. Thank you for a wonderful report. I danced all the way to work today when I read it. Thank you so much. Amazing. You do that every quarter, I guess. Well, when it comes to you, it's been every quarter for quite a while. You know, two questions. First on the, on the sustainability, I really like that you've signed this Letter Now commitment to Science Based Targets initiative. You also, you know, are you also right that you have renewed your partnership with Danfoss, et cetera. Could you just talk a little bit more about that? Where on the, you know, written reduce in CO2, where in your business do you think you have the greatest potential to do that? Yeah. I'll let Ulf go back into that, you know, the type of science phase that's more related to that you reduce your impact within your company. I'll start with that. Of course, we think it's even more critical on the products that we make, and that's something we'll disclose a little bit more clear in the future that all, you know, the natural refrigerant solution that we sell has a huge impact on the CO2 and the refrigerants that they use and being replaced. We're focused very much on the product portfolio. Of course, now when we have the air-to-water heat pumps and other type of solution that replacing the gas and the oil, because you have a lot of countries now, as you know, in Europe that, you know, in the next five years, they will not burn anything related to gas or oil. That's driving a huge demand on that type of product. I think that's the DNA of Beijer, right? If you look on the sustainability, it's. The major impact we can do is on the products that we make and train our installers, train our end customers, inform them and replacing these type of solutions. We've seen of course in Europe because you have regulation driving it. By 2030, you know, all these type of products will be replaced because there won't be any access to these type of very harmful refrigerants. Also I would add to that, we're also looking into now in the U.S. that's going in the same direction and phasing out by 2036. Beijer Ref, and we'll be clear about that in the future on how much our products are actually helping this transition. That's something we're working on to mapping out a little bit clearer on there because it's a huge part of our DNA and all that maybe also on the internal side, what we can do on our footprint. Not only what William has just updated. We are working closely now in 2022 in order to get the base correct and then as you rightfully said then on the Science Based Targets. We'll we are then aiming then to have a formal application during the end of Q1 or in Q2. From the emission point of view, I mean, we, as Christopher Norbye said, that the largest kind of we have more Scope 3. Scope 1 and Scope 2 for us is very limited. When we have a working plan then how to reduce that and we, and how we committed that. Also then, the largest we have is Scope 3, which we then that is the product that we sell, which we can, as Christopher said, make a big difference. Excellent. Thank you so much. My second and final question, I'm so happy that you closed the acquisition now, you know, it's already closed, the big one, Heritage, and we now have the rights issue in our extra AGM on 17th February. Could you give some kind of guidance or, you know, when you do the math yourself, what kind of net debt EBITDA, the company will have after the rights issue? You know, some sort of We are not allowed to do any. As you know, you need to have the respect that we are working with the perspectives, and we're working with them, the finance institute. We all are progressing quite well. In the near future, we will come out with an updated timetable, so you can all see where we, where we're headed. We can't make any comments. On other side, you can do your calculation yourself as well because, of course, it will strengthen the balance sheet a lot of the leverage because we are not, I mean, we are getting in the which is sufficient, the run rate as we mentioned in the press release. With that will have a strength on the leverage. I think as we can disclose it, I think it'd be fairly simple. We have disclosed the trailing 12 month EBITA of $95 million. Looking at that with equity and pro forma your net debt, I think, you know, it'll be significant, of course, strength on the balance sheet. Yeah. If you want to count the pages. Yeah. No, no. I'm doing the math myself, so, but wonderful. Thank you so much. Thank you so much. Okay. Bye. Okay. Bye. Thank you. Ladies and gentlemen, just a final reminder. If you would like to ask a question, please press star and then one. The final question we have is from Carl Bokvist from ABG. Please go ahead. Thank you, good morning. First one on Heritage. Should we assume that in connection to a prospectus, we might get some more details on the financials of Heritage below the EBITDA line, possibly? Yes. Yes. All right. We need to have the respect of it. It is a US GAAP into IFRS. It needs to be on a pro forma basis. It needs to be on a continued basis. It's a lot of things that need to be done according to the rules and regulations of the prospectus. You will get more information in the prospectus. You'll get that and also the full year figures, of course, of Heritage in the prospectus, yeah. Understood. Just to go back to something I believe you just said, but when you say near future, so it's possible we could get those details ahead of the 17th? In the near future, I mean in. The prospectus will not be issued on the seventeenth, because the seventeenth will be basically then that the board, that the AGM will give the mandate to the board and to set the terms on the share issue. The prospectus will not be announced prior to the seventeenth. I think what we meant, it was misunderstanding that in the near term future will clarify the timeline of all the steps in the process. As what we can say now that we're following a very tight timeline, and we don't see any. So far there hasn't been any disruption to that timeline to get the prospectus and moving on then after prospectus into the rights issue. Is it possible to give some indication? I understand you just closed it, but some indication of if or if Heritage has delivered also continued growth now in the recent period? It's not possible to say it that way, but we have the trailing twelve months in the prospectus and they continue to develop according to the plan. Our plan is of course, a good development. We feel very good about their trending as we close the transaction and before that in Q4 as well. All right. There's no. Yeah. Sorry. There's no issues on the horizon. Okay. Then, two more questions, if I may. I I realize in the third quarter report, you did give some flavor on organic growth in the regions. I was wondering if it would be possible for you to do the same in Q4. We have taken away that we don't disclose organic growth per region. We only disclose the total revenue growth. That is not nothing that we discuss. Again, as you can see the numbers on the overall, of course there you can see where we have the growth and then we have a good organic growth in all regions. Mm. Understood. My final one is just on the cooling and refrigeration side. More of a stable development and still positive organic growth, of course, but slightly down from a kind of double-digit level we've seen recently. Have you seen any changes in the market environment here, or is it more that you are starting to face tougher comparable numbers? Yeah, I would say tougher comps. I think I said it, I would love our ref component business to grow 10% per quarter. That's not really our ambition. It's a very stable business. We continue to develop well there, but to me it's more no-normal comps that's catching up, and then it should continue to grow as a stable rate as we move forward. Understood. Thank you. That's all for me. Thank you. Thank you. Thank you, sir. Ladies and gentlemen, this concludes our question and answer session. I would now like to turn the conference over back to management for any closing remarks. Ulf? Yep. Thank you. I think good question. I think I said it enough times that we had a fantastic finish to the year. We continue to look positive and also very happy that Heritage has been closed, and we'll start to work with them. We feel very good about the new development of Beijer Ref, also having EF that will make a big impact both on our business but also our numbers going forward. Thank you very much for listening. Of course, if there are any more clarification, we can take that as we move through this week. Thank you very much and have a good day. Thank you. Bye-bye. Thanks. Thank you, Sub. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.