Ladies and gentlemen, welcome to the BillerudKorsnäs Q3 report for 2021. For the first part of this call, all participants will be in listen-only mode, and afterwards, there will be a question and answer session. I will now hand over to Lena Schattauer, Director of Investor Relations. Thank you and good morning, everyone. Welcome to this webcasted call about BillerudKorsnäs Q3 2021 results. It will be presented by our CEO, Christoph Michalski, and our CFO, Ivar Vatne. After that, we will open up for questions. Christoph, please go ahead. Thank you, Lena. Good morning, everyone. I'm very glad to present you our report. As you have seen, I think it's a very good report. We had a very good quarter three, and I think all the indicators pointing in this direction is a mixture of the work we have done to continue our saving program, to work on the stability of our production, and by a very strong market environment, which we have. If you look at our sales growth, it's 17%, 18% FX neutral. Very good performance. I want to remind you that quarter three last year was a little bit softer than usual. This growth is helped by that. Nevertheless, it reflects very much the performance of the company, but also the very good market environment. Until now, our price increases have more than offset some of the cost inflation. In certain aspects of price increases in quarter three, we got the price increases of quarter two, we got the full impact in quarter three, and also in quarter three, we had some segments where price increases continues to be implemented. This has all then translated to a very good improved EBITDA margin. Ivar will talk a little bit later on the different components of this growth. Our EBITDA is now at SEK 1,117 million. Most of this EBITDA this quarter could be transferred into operational cash flow, which is a very good thing. With this performance, our net debt to equity and net debt to ratios have improved significantly. Far to the performance. Let me give you a little bit of a business status and market outlook. As you know, we are operating across different product segments and different industry. Across the board, we have seen in Q3 a very strong market, be it in food and drinks, medical, hygiene, consumer luxury, and industrial. We also see going forward a relatively good outlook for these segments. I think in food and drinks, what we see, it was stable in Q3, but at a very high level, and we see that trend to continue in Q4 and also probably in going into the first half of next year. When it comes to the other products, they're clearly accelerated in Q3, and this is probably due to the good economic situation we have. Despite still some wobbling question around COVID, the markets continue to have high demand. As far as we can see, there's very little stock in the market. Our books are quite full in terms of orders for this year, but also already continue into next year, and we expect that situation in most of these markets to continue. I think the logistics have an impact on this, so we have some artificial constraints in the markets that we are able to leverage. However, even if you take these special factors away, high energy prices and some shortages in production or logistics, I think even taking those away, you would still have a very strong market situation. Let me go to the highlights. As I mentioned, all segments improved with high demands. I think for liquid packaging board, it continued to be very good. It did not increase in quarter three, but it was continuously very good already in quarter two, quarter three, and we have a very good outlook beyond that as well. Progress in our internal profitability enhancing activities has been made. You realize there's two aspects to the stability of our production, and most of our mill had very good performance. We also have continued to produce more and more added value products out of Gruvön, and that is progressing well. When it comes to the added value, coated volume increases as well. Most of you are still interested in where is KM7, and we have said that we from now on will not report specifically on it. I saw some of your comments, this morning is absolutely correct. We are producing liquid packaging board on KM7. The machine performance is excellent, and therefore we continue with a very strong performance. You all aware of our saving programs, Miljos, and this program has continued well in Q3. I think we are more or less at the end of that program. We expect to achieve our targets by the end of the year, then we have a little bit more into next year, in quarter one. You're all aware of the difficult situation we had in Gävle. I've excluded this a little bit from the stability and production issue. We actually didn't have a production issue per se. We had extreme rainfalls in the Gävle region in August. Which led to a lake where we take our water, to turn into a level of sediment and color changes that we could not handle with normal water treatment measures. The lake has improved since, is still at the worst level than it has ever been since recovery started. We are currently back to production, the situation is still a little bit difficult. We lost 20,000 tons of products, which correspond about SEK 75 million of earnings, of which SEK 50 million have been taken into Q3 and SEK 25 million are in Q4. It's not one quarter effect, but the effect of Gävle is spreading over these two quarters. I will just on the next slide you can see a little bit on our Cost and Efficiency Program. I think I made the point already. I think I'm very happy how the team has continuously over the last, I think, 2.5 years worked on this Program and actually achieved a very good performance, by delivering probably at the end of the year around SEK 650 million. Then it's a small thing for next year, and then the Program is done. As you know, cost savings is something you do every day. We will continue to look into the areas. We will have other structured measures going forward in 2022 to ensure that we have the highest efficiency and lowest production cost possible, in BillerudKorsnäs. Raw material in quarter three. When it comes to fiber, it has been quite stable. We have good availability. Sawmills are also delivering a lot of chips. Initially, I think in quarter three, we talked a little bit about probably a strengthening or light cost increases by the end of the year. This is clearly something we do not see. We don't expect any cost increases in the fiber going forward. We have also higher costs for chemicals, and here clearly, like most raw material on the world market, we expect an increase to continue into Q4. The same is also true for the energy cost, of which you're very well aware of what is happening in the market. When it comes to pulp cost, I think we have seen a stability at incredibly high level right now in Europe. In China, the pulp market is already softening a little bit. We expect this to happen also in Europe, but at a much slower speed. As you know, we are quite balanced in pulp, so for us, the effect is relatively little. It's important for our non-integrated mill, in particular, Pietarsaari and Beetham. What we will do in the outlook, we will talk a little bit about the impact on these raw material prices, in particular, energy and chemicals, to our forecast or our outlook for the next quarter and also for the beginning of the new year. Good. Ivar, do you want to move forward a little bit into the details of the financials? I hand over to Ivar Vatne, our CFO. Thank you, Christoph, and good morning, everyone. Let me just say a couple of words about the net sales performance, and you'll see the net sales bridge in front of you. It's been a very strong quarter, as Christoph already alluded to, 17% reported, and when you strip that out from the FX, it's 18% versus year-ago. We have a significant positive help from pricing. Roughly 30% of this is coming from the pulp sales, meaning that the remaining pricing impact is coming broad-based from pretty much all of the segments, in particular containerboard and sack and kraft, but also some impact from cartonboard. As Christoph said, we've had several rounds of pricing announcements during the first half and added some new items now in Q3. We also have a very sizable help from volume and mix. As you can see, 10%. It's the biggest building block. Sales volume is up by 6%, mainly coming from board, meaning that we have a very good mix help. That's extremely encouraging to see because it's very much also what we want to do. Clearly, this is also attention of what we are doing now with optimizing our board production and a steady increase of coated materials coming out from KM7. That can just be confirmed that the KM7 ramp-up has really gotten into gear and taking a good step towards profitability levels now in Q3. If you move to the next slide, trying to dissect a little bit the EBITDA performance. We had a very strong profitability improvement, as you can see, almost double the earnings versus a year ago. Starting a bit on the left side of that slide, we have a slight negative FX impact of SEK 15 million, fully linked to SEK strengthening versus some of the core currencies of EUR and USD. Clearly helped also by our favorable hedging positions for 2021. The Gävle incident has already been mentioned. Main driver of that is 20,000 tons production volume. We will see about two-thirds of that, or SEK 50 million, coming in Q3 and the remaining SEK 25 million to come in Q4. In Q3, we also had a net short position on pulp, and that means there's a small negative impact of SEK 25 million from the buying and selling. On the other raw materials and logistics, we do see high volatility and in general, inflation going on. I'll just give you a little bit of coordinates of that bucket of what really sits behind. On fiber, we have actually SEK 60 million help versus a year ago. Chemicals, we have a hurt of SEK 40 million, split between caustic soda and latex. Energy, we have a SEK 60 million hurt. Logistic, there's also a SEK 20 million hurt, so net you land on SEK 60. If you go into pricing, biggest bucket on this chart and clearly very significant building block for the full year. I did mention already that the main part of that is coming from containerboard, sack and kraft, and partly also from cartonboard. Good help from volume and mix, as was mentioned. The cost and efficiency program keep delivering, and we're adding SEK 70 million this quarter, meaning that a very small negative other and the timing component of the maintenance schedule, it brings our EBIT up to above SEK 1.1 billion, or 17% of net sales. Good. We go into a little bit more specific around the product areas and starting with product area board. I think the numbers speak for themselves. We had an excellent Q3 and delivered strong performance on pretty much all the KPIs. 20% net sales and 21% stripping out FX, I think that would be performance we would take any day of the year. It is true, as Christoph also said, that there is slightly a base that we need to keep in mind, in particular due to maintenance shop schedule and in general, the Q3 last year wasn't very strong due to some inventory adjustments. Nevertheless, the top-end growth is coming broad-based and across all segment with double-digit. Again, liquid packaging is up 12% despite the challenge that we've had in Gävle. I think in particular, we need to keep in mind Q3 last year was some inventory adjustment that impacted that comparison. Cartonboard, I don't know what to say. I've said it already many times that it's outstanding performance, and I think it's getting habit that we report double-digit growth, which is very good to see since it's one of our main areas that we would like to accelerate the growth. Containerboard also very strong, and we see excellent performance both on liner and on the fluting side. In terms of what the profitability drivers to help our increase, there's several items. Pricing is surely one of the bigger positive mix and volume, and also help from our cost and efficiency program. Good. We move over to product area paper, and also very happy to see the same kind of trend as we looked at for board. The market situation is completely different now versus what we saw in the end of 2020 and going into 2021. Broad-based growth, double-digit across the segments, extremely good to see. In particular on the sack is brown sack, which is leading that growth rate. Sales volume is actually down 4%. It's mainly due to lower pulp sales. We have a little bit better volume development on the sack and the kraft paper. Profitability, also excellent progress and very much linked to what we said on board, helped by pricing, mix, and benefits from our Cost and Efficiency Program. Going over to our cash flow performance. We've had a bit as a theme so far in 2021. It has been a very strong cash flow delivery so far, and Q3 is no exception. Operating cash flow is up SEK 400 million versus previous year, clearly linked to a much stronger underlying operating result. Our balance sheet, as Christoph also mentioned, it keeps getting stronger and stronger in quarter and quarter. We can say we put more funds in the bank. Net debt leverage down now to 1.3, which is obviously a very good and healthy position to be in. Couple of updates on the CapEx estimates for this year. We can start with that. SEK 1.6 billion, so we lower it slightly from what has been communicated earlier. Out of this, SEK 1.2 billion related to base CapEx. Linking that up to a bit of an update just on the timing of the Frövi recovery boiler investment. 400 million is the estimate we have for this year. It looks to be pretty close, SEK 1 billion each, going into 2022, 2023, before the last SEK 200 million should be completed in the beginning of 2024. With those words, I hand it back to Christoph. Good. Let's talk a little bit about the outlook. As I mentioned already before, our view is that the market condition will remain strong, even if some of the specific items, logistics or energy prices, are adding to this market demand will disappear. We still think the market will be strong. We see no reason why economic development over the next 18 months would slow down. Yes, there are some inflationary pressures on the horizon, overall, because of the current stock situation in the market and the overall economic development, we think that the demand to our specific products will remain strong. Second, we have good availability on pulpwood. With a strong sawmill market, with strong availability of woods in the areas where we are sourcing, we do not see too much pressure on prices when it comes to pulpwood. We clearly see some long-term challenges in the market, be it the policies of the European Union having a long-term impact, be it the different competitor moves to increase production in certain areas where we are. I think for quarter four and probably the beginning of next year, we are pretty confident to be able to continue with good prices on wood pulp. Maybe, Ivar, you can give a little bit of a review of the other input cost. In particular, I guess it's chemical and energy that most people are interested in. Yes. No, thank you, Christoph. I will do that. I think, we all read the same newspapers and see that there's a lot of movement on certain of our input items. I just wanted to give you a little bit of flavor on not to speculate at all, because I think we can all agree that it's very difficult to even have a good and reliable estimate for next year. I just want to give you a bit of visibility that if the rates would stay as we have now seen in Q3 2021, and they continue pretty much flat from now on for the whole of 2022, what would some of our exposure be? I'll just quickly highlight some of our main components on that, and I'm going to start with electricity. The short version here is that we consume, as a company, 3.2TW on an annual basis, where we purchase about two, pretty much flat, of that. We make or we produce ourself 1.2. The average cost that we would have for 2021, meaning that when we look at our first three quarters' actuals, and then assuming that the Q2 continues into Q4, will be in the area of EUR 37 per megawatt. Okay. We also know that the volatility has been extremely high. The good news is that we have already hedged a very sizable part of what we expect to buy going into 2022. 70% of our expected purchase for 2022 is hedged at EUR 31 per megawatt. I hope you would agree with me that that's a pretty good position to be in with the current situation we're in. Meaning then if you overlay that with the last 30% on a high spot rate that we see right now, we would land in the area of EUR 41 per megawatt. The math would take you to that, roughly meaning that EUR 80 million is some kind of an estimated negative impact, 2022 versus 2021. Chemicals, that number looks to be in the area of EUR 125 million due to now we see very high pricing levels, in particular on latex and caustic soda. If that continues flat for the next five quarters, that will be a pretty sizable hurt, 2022 versus 2021. Logistics would be look in the area of EUR 75 million. In that sense, you can relate that back to some of our new logistic contract that we completed during Q2 this year. We have a full year impact of that, plus some additional challenges that we've seen during the year with the hiccup of emergency and express shipment, et cetera. On the fiber side, I think as what Christoph already mentioned, we don't really see any impact for the time being. The flat development is what we pretty much would expect in 2022 versus 2021. Last point I just want to comment on is the currency. I think you also see that there is quite a bit of volatility on the SEK versus our core currencies of EUR and USD at the moment. We've had a good year in the sense we've been helped a lot by hedging positions for 2021. 54% of our net exposure is already hedged for 2022. If we see the spot development continue going forward, we obviously would see a net effective rate being strengthened for next year. The hurt then, based on what we've just seen now, would be in the area of SEK 200 million year-over-year. Adding all of that up, you would somehow come between SEK 400 million and SEK 500 million. That's certainly not pocket money, and it's a very clear indication also we need to stay very tight and on board with our price management going forward. The good news you can say is that already with the pricing position we have in place and initiated, the carryover position going into 2022 should offset all of what I mentioned now and actually a little bit more. I hand it back to Christoph with that little debrief. Okay. Thank you, Ivar. I think on top of the pricing position we are taking forward, clearly we will continue to work on our cost basis. We will continue to work in particular on our mix, because that's a much more sustainable type of growth. Therefore, I think we look with a relative level of confidence into 2022. Our business priorities remain the same. Clearly, health and safety. We made some progress over this year, maybe not as fast as I would have wished to. We will continue to focus on that and make sure that our employees and contractors are leaving our sites in good spirit and good health. Stable production. We had a rough year, I think, this year, both in Karlsborg and in Gävle. Gävle, you remember the explosion in June, then further, the water issues in August, September. That is clearly a priority to ensure that we are able to build back stocks in our own business, which are currently at relatively low levels, and also to provide for the strong market demand. Gruvön is totally in line of what we expect, even a little bit better. I think this is now really part of our system, Gävle, Grums, Gruvön, that provides for particular cartonboard and containerboard. Competitive wood supply remains a major focus, and I think we see good progress on that side. As we said, cost and efficiency programme are to be continued. As you know, we will have a capital market day in November. We have developed, or we have rethought a little bit our strategy going forward. I hope there will be some news for you, and we want to take the opportunity, A, to discuss with you the future and a bit more long-term perspective and the opportunities that we see in BillerudKorsnäs over the next five years. We also would like to take the opportunity to introduce to the management team, to give you a wider perspective of what we do and the people who are working in our business. To remind you, it is on the 17th of November. It's around 1:00 P.M. Please sign up for our Capital Markets Day, which I think you will find very enjoyable. Thank you. Having said that, I think we now go over to questions, and Jerry, can I ask you to take on that task, please? Thank you. Ladies and gentlemen. Our first question comes from the line of Cole Hathorn of Jefferies. Please go ahead. Good morning. Thanks very much for taking my question. Just a little bit of color, firstly, on your liquid packaging board contracts, because I know a lot of them are focused on volume, kind of 1-3 year timeline. I just want to get an understanding of how you get kind of cost inflation back on those contracts because they're long-term, is the first question. On the second question, your outlook on the industrial side is for kind of improvement there, and that particularly plays to your sack and kraft, specialty kraft paper business. Could you give a little bit more color of which end markets you're seeing that positive demand? On the final point on the cost inflation, Ivar, thank you very much for giving that detail of where the cost inflation will be into next year. Can you give a little bit of color on the mix element of KM7, how that positive mix contributes to that earnings growth for next year? Thank you. Okay. Thank you for your question. You're correct. Liquid packaging board tends to be much more long-term contracts, and we have some minor price adjustment facilities within some of these contracts. Otherwise, we promise our customers to deliver to a certain price, to a certain volume, and we try to do everything to do that. I think as with most of these long-term contracts, we have, what do you call that? Puts them that they don't renew all at the same time, it's a kind of a dynamic situation. Generally speaking, I think we are all very happy how they work, and they do not have a negative effect on our cost position or profitability position as time goes by. When it comes to sack and kraft, maybe Ivar, do you want to take that one? Yeah, I can do that. I think for the time being, Cole, we pretty much see a very strong demand on pretty much all the applications. That's everything from automotive to some other heavy industry, talking about our application going into food and retail industry, also when we're talking about food service. It's pretty much green all over. I think the one that has lagged a little bit and really now getting into gear is the food service part. Clearly helped by now restriction and bans being lifted in the wake of the COVID vaccination picking up. It's pretty much green on all fronts. We also see a very positive development, in particular on the brown sack when we look into our business in Asia. The cement sack is also extremely strong, pretty much all over. I think it's good news. The only thing maybe you can add to this, because demand is underlying very strong, we would probably be helped a little bit at the moment that there are some supply constraints in the value chain in general. You can relate that to either, you can say some maintenance stops schedule that has been complicated for some of the players. You can relate that to energy pricing being unheard of, meaning some mills have actually decided to take down a little bit capacity. There's also logistical congestion, as you know. It's certainly, you can say in that part, a little bit helped by a supply side. In general, what we're picking up is that the demand is strong in all of our user fronts and there is very little inventory build up at the moment. To the contrary. Good. Let me talk about your third question. As I said before, I think we had a long journey on KM7 and we are not anymore in a situation that when we run our business, that we take KM7 in the center. You have to understand that Gruvön, Frövi, Gävle, they have overlying capabilities, and we start increasingly to use them as a system. Therefore, any particular comment on KM7 is, I think, not really appropriate anymore. The only thing I can say, and I think we said that quarter over quarter now that we are starting to produce top grades on KM7, we are incredibly satisfied with the reliability and the quality that this machine can produce. We are also very happy that some of our customers have qualified for their needs the machine much faster than we initially expected. Therefore, we are now able to really optimize the system between Gävle and Frövi and Gruvön, and that's what we are focused on. Thank you very much. Can we have the next question, please? Our next question comes from the line of Robin Santavirta of Carnegie. Please go ahead. Thank you very much for taking my questions. Three questions. First of all, you have spoken about long order books in both of your operating segments. Could you describe roughly what time period you are selling now in the board segment and in the paper segment? What is the normal length of order book so we understand sort of what kind of order book length you have. The second question related to pricing. Now clearly increasing prices and higher prices during Q3 implement, there will be some carryover for sure. Now we're sort of at the end of October going into November. Are you looking to increase prices in any of your segments now, sort of as of November or December, and in what segments would we then be looking at? Thirdly, there's obviously very strong markets. Is this sort of more cyclical strength recovery in economy? Is it market share gains or is it sort of plastic substitution type of things? Any comment there, I would appreciate. Those three. Thanks. Okay. Let me take your first and last, and then Ivar, maybe you want to talk a bit more about the pricing increases that we foresee. In terms of order book, it's actually very simple. We are fully booked in boards into quarter one. Basically, I think it's a little bit longer than we would normally think. It's kind of two months where you would think as normal. We are very low on stocks. There's enormous amount of demand. Even if some of the converters are saying they see some normalization of demand, the stock levels in the whole industry is incredibly low. We haven't seen anything of that. Actually, people are even adding to the order books and are sometimes quite desperate to get hold of product, especially on board and containerboard. On paper, the situation is a little bit different. As you know, there are many different ways of getting these type of papers. Our order books are full for three months. It's also something which we don't see too often. I think here, 6 weeks is the norm. Very strong demand. Look, the last question, that is a subject which clearly we discuss a lot. We know that we are in a cyclicality, which has to do with economic development, which has to do with what our competitors are doing. The underlying positive trends for our products continues, and I think is even accelerated. When we talk to brand owners in particular, we see a very strong demand to move out of plastic. They look at our products as a substitution. There are now products in the market like Flow Wrap, which can really replace a normal plastic application with relatively little change to the packaging machinery and et cetera. Yes, I think the underlying trend is good, and I think, therefore, the cyclicality that we have seen in the past is probably a little bit soften. On the other hand, even if cyclicality were to come back, we are clearly at a level of low stocks in our own company as well as very long order books. A little bit of a softening of the market would actually be positive and would allow us to go into less exceptional demand for products et cetera. I think today I would argue customers are less satisfied than they were maybe a year ago because we cannot respond to their demands in a timeframe which is normal, which as I said before, it's 6 weeks or say, 2 months for board. It's clearly always very dissatisfying if you have someone waiting for products for six months, and then you have a little hiccup in your production and then it's six and a half months, and this is not a very good way. We hope that our production stability in 2022 will improve. On top of that the market will normalize a little bit so that we go back to normal customer service levels that we are used to. Ivar, do you want to talk a bit about price increases? Yeah, I can do that. Robin, I can try to give you some flavor on what's been planned. I'm keeping pulp outside of this equation, partly because pulp is just literally following, you can say the PIX indices, on our side, and it's almost just a straight line from there. On the material side, we are planning some further price movements in Q4, cartonboard, brown sack paper, and kraft paper in particular. We are aiming to add, you can say, another percentage point of pricing in Q4 versus Q3, meaning that in the area of SEK 65 million, is the estimate we have now of new pricing coming in Q4 then versus Q3. Good. Thank you. Can we have the next question, please? Thank you very much. Thanks. Our next question comes from the line of Martin Melbye of ABG. Please go ahead. Yeah. Good morning. My question was regarding the price increases, which you have just answered. Is that taking out all of the price increases, say, on sack kraft paper and cartonboard that newsletters are talking about? My other question is regarding another twist at KM7. How much spare capacity do you have compared to what you delivered in this quarter to sell? Okay. Let me take the second one. The first one, I think you need to repeat. I'm not sure if I fully understand your question. Spare capacity, we have zero spare capacity. When you have these machines, and KM7 to some extent is still in ramp-up, we are basically planning production cycles. They need a little bit more planning and more care than if you have a well run-in machines. Now, basically, the machine is qualified for the grades, and it's now over time that you would accelerate the machines and further optimize the grades that you run on that machine compared to any other machine. I think this quarter, except for the Gävle incident we have and the maintenance stock we had, we run most of the time at full capacity, and it's now over time only that you can increase the capacity across the network by optimizing, and putting the product with the best runability on the different machines we have. Can you repeat your first question on price increases? I did not entirely get it. Yes. It was regarding price increases. Ivar just gave the number for Q4. There are, of course, list prices quoted on RISI for all of your products. Are you, say, up to speed on the last price increases that have been quoted there? Has that come through in your books, or is it yet to come in, say, Q1? Yeah, I think, let's just say that these are the ones we have on the table for now. We tend to monitor the development very closely. I think also RISI, I think we all need to take that with a very big pinch of salt, because some of those are announced price increases and, very seldom actually that's going through to the full extent and that actually can quite big difference between announced versus what you see impacted. I hear your point and clearly, the sentiment is still strong and it definitely could be that we will add more in Q4 or going into the beginning of 2022. For the time being, this is what we have on the table. Great. Thank you. Thank you. Next question, please. Our next question comes from the line of Johannes Grunselius of Kepler Cheuvreux. Please go ahead. Yes. Hi, everyone. Johannes here. A few questions from my side, but the first one is actually if you see any impacts from the spike in recovered paper. I know you're a 100% virgin-based company, but prices for recovered fiber are extremely elevated. Is this having any kind of impact on your business in terms of dynamic effects, indirect effects, et cetera? That's my first question. Actually, here I think you're well aware that virgin fiber have very different performances than recovered fiber. We have not have any specific impact from recovered paper prices. I think our customer, generally speaking, buy our products because of their performance and their runnability and their application that they're doing, which are quite far from recycled paper. Therefore, we don't see that. What we see, however, as I said before, we see an incredibly high demand because of the economic development of the opportunity to change from plastic to paper, and basically, a strong general market demand. Okay, understood. I was thinking that perhaps some of the converters don't get the recovered-based material and had to shift into virgin-based materials. Okay, you don't see that? No. Okay. No. Not in particular. No. My second question is on your wood fiber that you mentioned a few times in the presentation, and you also mentioned that it's good for you when sawn goods are running at high capacity. Could you perhaps give us some color on how more favorable this fiber sourcing is for you, the wood chips compared to the traditional wood? If you could perhaps share some numbers or something like that. Do you foresee this good availability of wood chips to continue also into next year? That's my question. Okay. Do you want to take this? Yeah. I can try. I think you can say, I don't know if I have many coordinates for you on this, but wood chips helps. It's a component that add on the need that we have. I think underlying, though, that will never move the needle fully. It's just a supplement. The availability of fiber is very good at the moment in general for many reasons. That's what we see going into 2022. I think, you also probably pick up that some of the sawmill activity is slowing a little bit down from the peak now we had the beginning of the year, in the summer. That means obviously that there will be a little bit less chips available for us. In general, aggregating all of the sources that we use, we still see a very healthy balance and a good position going into 2022. Okay. That's helpful. The final question is on, you have now finalized ambitious cost-cutting in the company, cost-cutting programs. You indicated that something more could be announced. Would that be more of a structural, a bigger program? Or will it be more take down cost, being more focused, being more disciplined? Or will it be a kind of a formal program? That's my final question. Thanks. My first answer is that we will talk about that during the Capital Market Day. My second answer is to give you a little bit of a cliffhanger. I think Miljos, basically, the program was really about taking out cost. Some of it was unnecessary cost, some of it was low-hanging fruits, which have been created over some time. I think our next approach is actually to look at real structural cost of how do we run the entirety of BillerudKorsnäs, more from a business model and an operation model perspective. I stop here, and I'm looking forward to meet you at our Capital Market Day. Yes. Looking forward for that information. Thanks. Thank you. Thank you. Our next question comes from the line of Cole Hathorn of Jefferies. Please go ahead. Morning. Thanks for taking the follow-up. A question on pricing at the moment. We've seen price indices go up through the whole of 2021, they continue to move higher for containerboard and sack prices. Also cost inflation has gone up quite materially. Looking at the nominal price increases is probably not the right thing to do. If I think about your customers, you're wanting your customers to shift from plastic to paper grades. Are you seeing any impact from higher pricing potentially impacting demand from these customers? Is it just very much a demand pull situation where they're really trying to come to you to replace their plastic solutions? I'm just trying to understand, when do you start thinking about moderating your pricing so that you don't destroy some future demand opportunities? Thank you. I think that's a very good question. I think, when you look at the market and you compare for similar application plastic against paper is anyway significantly more expensive than plastic. That is why plastic was basically the material of choice for so many years. What brand owners now seeing is that the market is ready and consumers are ready to pay a premium for products which are not just perceived, but in reality, much more sustainable in terms of packaging solution. Here it's really the demand from the brand owners who then translate into the demand from converters, et cetera, to change their solution. I think the price increases that we are doing today is, there's only, as you put it down, there's two aspects to that. The first one is actually our cost base is going significantly up and maybe not at the same rhythm as in the market because of hedging and all these good things that Ivar and team has put in place. Nevertheless, we need to protect our cost base as well, and therefore, we need to make sure that we get paid for the products we are selling. You have an element of very strong market demand. As we said before, and as Ivar said, I think the price increases you see nominally in the market are not that what has actually happened in reality. People announce price increases, and then half of that is transferred or a third of that is transferred, and that is because you have long-term contracts or because there's a customer negotiation or like you do, you increase the price and then you give a margin discount at the end, depending on the volume bought, et cetera. I think the real price increase in the market, and you see that in our margin, is covering our cost plus a little bit more and the rest of our profitability increase is better runnability, more cost saving and better operating performance. I think that's probably the only way how I can describe, to answer your question. Thank you very much. Just to remind everyone. I think that was the last question. I think we will conclude this call. Thank you all for participating, and once again, welcome to our Capital Market Day the 17th of November. After that, we will present our year-end results the 28th of January. Thank you and goodbye. Thank you.