Dear ladies and gentlemen, welcome to the Nimbus Audio Cast both teleconference Q4 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. Today, I'm pleased to present CEO Jan-Erik Lindström and CFO Rasmus Alvemyr. Speakers, please begin. Okay. Thank you. Thank you for listening in. Some highlights then from the fourth quarter 2021, and can I have them please, page three? We had a good fourth quarter. The fourth quarter and the first quarter in our world is quite weak quarters. We improved quite a lot from last year. We had the sales increase then by 65%, reaching SEK 271 million. We had EBITDA amounted to SEK 5.6 million compared then to SEK 0.5. It's a good step. The EBITDA margin up to 2.1% compared then to 0.3%. Of course, we're happy with that. The order book is now actually exceeded one billion, so it's SEK 1.1 billion. If you compare then to the same period or if you compare to quarter three this year, that was SEK 960 million. It's a good increase. After a quarter, we had some interesting things. The acquisition then of Herholdt Andersen actually finalized last week. Very interesting. It is, as we have said before, it's an interesting boating district, a big boating district in Norway, where we actually was not present on that side of the Oslo Fjord, but I will come back to that. We also had a couple of end customers sell boats in new locations, which makes us happy. The locations are then in Asia and Canada. I think you remember that we had a press release during the autumn that we got a couple of new dealers on board in that area of the world. If we then switch page to four, a little bit about full year 2021. As we say there, we had a strong demand, and we also had a couple of acquisitions. Full year then the sales increased by 57%, so we are up to SEK 1.4 billion. This is then affected, I should say, and Rasmus will talk more about that, but we have then switched to IFRS, and you can see the next line there that it affects the net sales SEK 99 million. Actually then if you use the Swedish GAAP as we did before, we reached our target to SEK 1.5 billion, and we actually exceeded it a little bit. Full year EBITDA amounted to SEK 166.4, and that is compared then to SEK 63.3. It's a big step. We're happy for that. The EBITDA margin up to 11.4%, compared then to 6.8%. If we then compare to last year, the order book, we then, as I said before, SEK 1.1 billion today, we had 708 million last year. During the year, we have increased our production capacity quite significantly, and we're happy for that. Of course, partly affected by supply chain disruptions, as we say here, and actually are still ongoing. That is probably something we need to work with continuously, and most probably the first half of this year, at least, we will have more or less the same situation. The new dealers I talked about before contracted in North America and Asia, and also we bought Marine Store in Stockholm at that time and still today, the biggest and successful dealer in Sweden. If we then switch page and then a little reminder for you who doesn't know our history, so to say. Nimbus Group founded 1968, so it's a quite old company today. We have been out there for many years now. We have a very long history of international trade, more or less immediately. I think it was around 1970 we started to export our products then. We have our true house of brands, and what we mean with true house of brands is that we like to buy the really good companies. If you buy a good company, you don't necessarily need to change that much in the company. We like to keep the culture, the brand DNA as it is, because that was the reason, so to say, that we bought it. It's a true house of brands, important to understand. All these brands are also Scandinavian, and they are well known. If you look at the brand awareness, we score very high on that one. In February 2021, we were listed on Nasdaq. In May, we bought Marine Store, I said before. At the beginning now of this year, in February, last week, actually, we bought also Herholdt Andersen. Again, we like to be present in important boating districts, and it's about the brand positioning. We want to own the brand positioning in these big boating districts. If we look a little bit more about or on the acquisition then of Herholdt Andersen, and you can actually more or less say slash Norway then, because it is about Norway. It's not only Herholdt Andersen. Herholdt Andersen is a very good dealer, successful. They have quite a lot of after-sales market, and we like that because we want to improve our revenue streams on that side. It's also a history of. We look upon Norway as our home market, more or less comparable actually as Sweden. What we have seen in recent years is that we haven't had enough focus on Norway, and that is what we want to change now. For this year, we will focus more on Norway and try then to improve, I can actually say. If we look at the picture here, Tønsberg is located at the left, but in the middle, and you have there the Oslo Fjord, and you can more or less look upon it as a triangle. We want to be present in Oslo, and we are present with a very good dealer. Now we are present in Tønsberg, and since before, we're also present on the east side of the Oslo Fjord. This is a very important boating district in Norway. If we then switch to page seven, shortly about our production and actually our product development. We still have four of our own factories, two in Sweden, two in Finland. We also have a couple of outsourced ones, and both down in Sweden and Finland, but then also in Poland. In Poland, we actually have our biggest unit located in Ostróda. Today we are 400 employees or roughly 400 employees, but you can also add to that roughly 200 external boat builders, blue collar, that is working in these outsourced units only with the Nimbus products. We talked before a lot about the scalability and of course outsourcing is a big part of that. We are talking then about how much we can reduce costs. It's about scaling up and scaling down, reduce costs, but also then we have the ability then to also scale up. I will not talk that much about the modularity today and things that we do in the production to keep up the speed. What's interesting from the product development point is that we have every year a couple of new launches, but this year we will have a couple of strategic ones that will be very nice to follow, of course. If we switch page to number 8, I was talking about the record high order book. At the top there, we say that since not all orders can be confirmed due to capacity restraints, there is a substantial amount of non-confirmed orders on top of the order book. That is true, of course. What we do mean with this is that if we, let's say that we have 100% capacity to build boats, we don't dare to use this 100%. We cannot confirm boats in that. You can say we are roughly 80-85% is what we then confirm on today. That is due to the capacity or the problems that we have then in the supply chain. I should not say problems, but it's a lot of replanning. We need all the time to be very present when we produce our boats. It was the same situation in 2020 as we had in 2021. As I said before, we will still have to look on that for at least the first half of this year. Fourth quarter order book increased then 19%, and the prepayment amounted to 17% on the order book value. We have communicated before that we would like to have the target is 20%. Since we now see that the order book will be longer and longer, it's actually a quite challenging target. Still we keep it. We want to have 20% of the order book as a prepayment. If we switch to page 9, a short reminder from the idea of why invest in Nimbus. We see and we have a strong underlying market, and we have also several fundamental drivers. The underlying market, we have our own trend way before this pandemic that is upwards, and we see that the world market is increasing and the forecast says that it will still increase then on a decent level, so to say. The overall wealth is increasing. We actually have 2.5 times more money to spend in our pockets if you compare to year 2000. We have an ongoing outdoor trend that also started before the pandemic, but of course, the pandemic accelerated this trend. We work a lot, as I say, and we need our recreational time. Today, we also have money to spend on that one. We do, and there's several investigations around this that we actually use our money for the outdoor purpose then, or the recreational purpose. We have a true house of brands with our distinctive brand portfolio. We like to say that we have an attractive position in the value chain, where we then can improve our dealership, we can densify. We have our aftermarket services where we like to grow. We are the product owner, as I say, should at least have double-digit revenue streams. We are not there, it's a journey, but we improve all the time. We have our asset-light and flexible, and flexible is the keyword, so to say. The production platform with the outsourced production, but also then of course, our boat building process that starts already from the drawing board, so to say, when we develop our new boats. We are an experienced management team, and besides that, we also see a lot of growth opportunities. For example, then of course, North America, Asia, as I talked about before today. Also, the fact that this industry we work in is very fragmented, so it's a lot of opportunities also to consolidate, and that is both in vertical and horizontal. With that, I actually then leave the word to you, Rasmus. Thank you, Jan-Erik Lindström. We flip to page number 10. When summarizing 2021, we can see that there has been a strong sales improvement on all our markets. Strongest development is seen in North America with a growth of 155% compared with last year. But also Europe and Nordics performs well with increases of about 35%-40%. Sweden represent the strongest growth in terms of value with about SEK 300 million, of which 195 comes from the Marine Store acquisition. If we flip the page, please. Overall, the year-to-date sales increased by 57% compared to last year and ended up in SEK 1,455 million. Please be aware that those figures now are in accordance with IFRS. As you can see on the right-hand chart, most of the sales in the fourth quarter is related to external sales. This is because of the seasonality with fewer end customers sold boats at our own dealers this time of year. For full year 2021, we see a 50-50 split in between those. Flip the page, please. The EBITDA ends up in SEK 166 million for 2021, which is an increase by 164% compared to last year. The EBITDA margin has increased from 6.8% - 11.4% in accordance with IFRS. The increased margins comes from both improved gross margins by 2.4 percentage points and from scale advantages in OpEx, representing 2.7 percentage points in relation to the net sales. It's worth reminding that Marine Store only has sold external brands during 2021, which means that it has not contributed with any double margin sales. Next page, please. This and the following slide is intended to illustrate how the major IFRS transition effects has affected the figures in 2021 compared with previous accounting principles. Firstly, on comments A, the net sales has been reduced by SEK 99 million, and this is an effect coming from traded Axopar boats and engines at the boat manufacturer level. This has been a selling through revenue stream before with low margins. Going forward, those revenues and costs will be netted. The change does not affect the net result itself, but only the margins. Second, comment B, leases are no longer booked under the OpEx. Instead, all leases like rentals and cars are booked as assets, with the depreciation and the finance costs in the P&L. Consequently, the EBITDA margin is improved from this effect from 11.9%- 14%. The EBITDA figure ends up on the same level as before and after IFRS, which is then SEK 166 million, as mentioned before. The EBITDA margin is improved from 10.7% - 11.4% because of the lower net sales. Flip the page, please. In the balance sheet, we see that it has expanded in total by SEK 106 million, and the major effect comes from lease assets and liabilities, and from floorplan financing towards our dealers. Consequently, the solidity has dropped a bit by 3.5 percentage points because of this IFRS transition, and now amounts to 49%. Flip page, please. We come to net working capital, and we see that it has increased in the quarter to SEK 113 million without taking into account the lease debt from IFRS 16. Net working capital in relation to LTM sales is 7.8%, which is a good figure for the season, as stock levels are increasing this time of year. When comparing Q4 2021 with the same period last year’s levels, we see that it has been a steady decrease, which is very positive since the business also has expanded over those periods. Next page, please. This is to remind about our financial targets then, and compare with our actual figures. First, we say that we should have an organic growth of +10% over a business cycle, including acquisitions of dealers, but not brands. 2021, the organic growth was 59%. The EBITDA margin should reach 10% in the medium term. 2021, the actual figure was 11.4%. About the capital structure, we say that we should have no senior debts except for real estate related debts. Today, we only have real estate related debts together with skuldmått. That's what we have. We also have a dividend policy saying that we should pay out up to 30% of the net earnings taken into account financial position, cash flow, and growth opportunities. The board has proposed a dividend of 1.50 SEK per share, which is 22% of the net result. That's all for me. Now, I hand over to Jan-Erik again. Thank you. We are on page 17, so to say summing up and what will we do in the future. We continue to deliver on our targets. I think it's fair to say that the year 2021 is more or less a proof of that. What we're doing is that we continue to develop our current offering and our organization, of course. I've talked about it before, expand and densify the dealership, both in densify itself, but also the strategic locations, by ourselves. This Herholdt Andersen, as we have talked about, is a good example. We also like to improve the aftermarket offering and presence, and this is really important. We're talking about both the boat builder and at the dealership level. It's two revenue streams that ends up in one then, of course, but important. That is a journey that we are on to increase the presence then in North America. We have done well so far, but same story there. We need to densify a little bit more, and we need more locations to cover North America. That is also a journey, of course, but we are on it. Then, merger and acquisitions, as I said before, buy the really good ones that is located in, if it's a dealership in interesting boating district, but also then, of course, it could be, in the future, a brand that we need to be interesting for the dealer in that certain district. This is what we're working with continuously, and we will continue to do that. With that, I'm finished for today, and I leave the word to Gunilla. We open up for questions. I think we have both Gustav and Victor with us, and I also have a few questions that are coming to my email. I'll put my questions last. Please, Gustav. Okay, thank you. Gustav, please go ahead. Thank you. Thank you very much, Gunilla, Jan-Erik, and Rasmus, operator. This is Gustav from Carnegie. I have a few questions on the quarter, please. Starting off with the order book for sort of going out from 2021, it's reached a level of SEK 1.1 billion, and it seems like underlying demand trends continue to be very strong. I mean, could you elaborate sort of on the capacity expansion that you've done during 2021? You mentioned sort of production rise in Finland, small expansion projects in Sweden, and some outsourcing as well. Would you be able to sort of quantify how much you've done so far in 2021 relative to 2020? I should start to say that during now the pandemic, and actually especially the fourth wave, we had a presence of roughly 75% of the workers. The rest of them was either then sick, but that was a small part, and the other part was then in this quarantine. Because it's a similar rules that we have in Sweden, Poland, and Finland. They differ slightly, but it's the same rules. Meaning that we haven't used all of the capacity during the year. That is important to remember for next year. There you have something. If you look, some kind of index 100 and when we start the year, you know, 2021, we have doubled the capacity on our major brand in Poland. I should not say maybe double, but we have increased it quite a lot also on the other models in the same brand. I don't know actually Gustav if I'm allowed to because that is a kind of forecasting. We started a brand new factory in Poland during the early 2021, and of course, we had these problems as we explained with sick leaves quite high levels of sick leaves. That has also been a ramp up during at least you can say six months, and today it's up and running, it is running well, and of course, that will add a lot of capacity then for us coming into now to 2022, everything the same so to say. Then in Finland, it's more about adding people, and we have added at least more than 20%. That you can say then that we have kept the same level as we had before the pandemic in Finland. Now we will then see this increase instead during 2022. It's a lot of math and I think I should not give you the numbers so to say. I'm not sure about that, and I'm sorry for that. No, well, no worries. That's clear enough. That gives a more sort of color on that. Perfect. Just sort of you see sales up 156% in North America, could you elaborate sort of what sort of market growth are you seeing in North America and sort of what does the development in terms of sold boats per dealer been relative to your expectations? Two questions there on North America. If you look at the big picture, the world market so to say, U.S., or you can say, we should say to begin with North America then. The North American market is not growing that much, as for example, Europe does, and the Nordic countries. It is by far the biggest market. It's more or less half of the world market. Even a smaller increase is a lot of boats. What is happening there is that, when we are increasing the capacity, we are able then to provide our dealers, because they want to have more boats. As we say in the report, that the capacity constraints has been the limit for us, for the expansion. It's tough of course for us to say, "Okay, how many boats can we then sell there?" Because the capacity again will be the limit. Since we have increased, a bigger amount of our boats is actually then going to North America, and that was one of the purposes that we did this quite big then increase in capacity. The dealers, then it doesn't. The dealership, I said that before, but the dealership in North America doesn't work the same way as it do in Europe, for example, then. Because to begin with, they have a lot of locations. If you get one dealer on board so to say, they can have anything between maybe five up to 15 locations. One dealer then could be a lot of locations, and they want to have stock. That is a big difference. In Europe we have stocks, but that is more demonstration boats and maybe one or something like that. But in U.S., they want to have stock because that's their business model so to say. We are far from that point where we actually can say that we have stock. It's actually the opposite, we don't have any stock so far. We're still chasing the target so to say. I don't know if that's covering your two questions. Maybe you can ask. Yeah, that's good. We can also remind that today we only sell Nimbus brand. Going forward, more brands will be offered. This is also important to keep in mind that it's only the Nimbus brand today that we offer in U.S. Yeah. That was actually a nice follow-up question. Sort of you're looking at sort of with the Nimbus brand, probably a higher price point in terms of a European price range, but sort of more mid-market in the U.S. I mean, sort of where, if you're introducing new brands, what sort of on what point on the price scale are you seeing the best opportunities to add? Of course, we should not ship smaller boats. In the future, you can look up on some kind of cooperation maybe and to produce actually then in U.S., for example, the smaller boats. It makes sense so to say. Since the freight is quite expensive, at least we get paid for it, but it's quite expensive, it needs to be the bigger boats. The next one to follow Nimbus, Alukin, is actually then starting. That is so to say big enough money in the boat. Of course we have Aquador, where we're working now actually then. It's it. As I say, most of the things starts at the drawing table, and we're working with Aquador and to add that one then in the you can say near future, but certainly not during 2022 because we don't have the capacity. That will follow. Perfect. As the final question here on capital allocation, you propose the dividend there of SEK 1.50 per share. You've done two acquisitions already during 2021 with Marine Store Holding and Herholdt Andersen. I mean, if you look ahead, do you feel that sort of your cash generation, et cetera, could support more M&A going forward? Or sort of should we expect slightly lower M&A pace in the near term? What are you thinking in terms of capital allocation? Because you're seeing sort of strong growth and have added M&A as well. We definitely see acquisitions as an alternative also for future. We have said that acquisition is part of our strategy. This dividend is not in that way limiting the acquisitions. Perfect. Thank you very much. Thank you for presenting today. Mm-hmm. Thank you. Thank you. The next question is from Victor Hansen, Nordea. Your line is open. Please go ahead. Hi, Jan-Erik, Rasmus, and Gunilla. A couple of questions from my side. Firstly, the consumer has lately been getting hit by various macroeconomic factors, which should negatively affect the discretionary consumer spending. I'm wondering if you've seen any change in behavior from your potential clients yet, and also as we are two-thirds into Q1 already. To give an example, you have the high energy prices this winter in Sweden. No, we haven't seen any signs like that. Of course, we follow it closely. But so far actually nothing. I think that is more or less my personal view, but I think that the small boats, the budget segments may be hit by that because it's even if it's small money, it's the money relatively seen is bigger part of the budget, so to say, for the people. But we haven't seen that so far. Let's see. But we're following it closely, of course. Definitely. All right. Great. That's interesting. I guess some sort of follow-up here. Do you see a risk for cancellations given the risks to the consumer here in the future? What do you think? Not in the order book we have in front of us at least. Again, that is also the reason that we have the rules, because you need to pay this prepayment to get first the production slot, and then secondly, a couple of weeks before we start to produce the boat or 8-10 weeks before, you need to pay the second installment. That is one of the reasons to so to say slow this possible cancellation process down a bit. Cancellations. It needs to be something really big, so to say. Of course, we are not vaccinated against that. If you compare to what most of the people refers to is the Lehman Brothers during 2008, 2009 there, that is not likely, so to say. I think we should be very careful to talk about massive cancellation and things like that. It's not very likely. We don't see any signs on that yet. Definitely not. Today, we see that the demand is very strong, and it's actually stronger than what we can support the market with in terms of product. Today, as Jan-Erik said, this is not an issue for us. I may add there because it is interesting, and in a way, we also from our point of view, we are not so to say afraid of that the market balance out because since you can say 2012, we have beaten the market, and we're beating the market quite much. Of course, we have a momentum. We are doing something right. We would so to say we are aiming to continue to do that. By adding new locations, new markets, I think that for Nimbus' sake, it's not a problem if the market then will level out, so to say. On the contrary, I think you can say that we like it because it's cheaper to take market shares when so to say the market slows down. That is where we like that environment, so to say. We're waiting for that environment, so that's also important to understand that that is what Nimbus is. Sounds promising. Thank you for that answer. My next question, I saw that Herholdt Andersen do not currently sell any of your brands. Could you talk about the potential you see here for sales and profitability? That's interesting because, of course, we didn't buy them because they are Yamaha dealers with the brands related to that. It was the location. We will certainly add our own brands, not all of them, of course, but suitable brands. We will then also continue to work in this location together with Yamaha and then a couple of their brands, of course. You have a similar situation when we bought Marine Store. Actually, Marine Store, we haven't delivered any of our own brands still to Marine Store. The strategy is the very same. We want to add our own brands to the business. Since everything we produce is sold, so to say, we don't have the capacity to fill up with boats for them. So it's the same situation. For 2022, we don't see that we can actually then maybe a few boats starting the journey, so to say, but that it will not be that many deliveries to Herholdt Andersen during 2022, our own brands. All right. Could you tell us anything about your M&A pipeline? Oh, sorry. M&A pipeline. M&A pipeline. Well, as we have said, we continuously looking at the good companies, both dealerships and brands. And that will continue. It long processes. We will for sure buy something more, no doubt, but it's tough to say when, because, for example, Herholdt Andersen, we have talked, you can say roughly a year. And that is a quick one, so to say, from a dealership perspective. You maybe do it quicker, but we haven't done that. Brands is possibly even longer. It's a long process. Where we are today in the industry, the possible acquisitions is getting expensive. That's also a part. We need to find, so to say, the good company, but also on a decent level, so to say. It's impossible to say when, but we will, that's for sure. All right. It's a part of our strategy, of course, as you can understand. Yeah. Yeah. Just a final question on my side. I noticed that your total sales in the Nordics, including Sweden, is up roughly 50% year-over-year, while other Europe is down 20%. I'm wondering if you could talk a bit how you prioritize your shipments given the limited production capacity, and how this affects your profitability. Thanks. It's fortunately Rasmus, fortunately me there, but let's see. To begin with, Europe, the pandemic, I should prefer a world without a pandemic, of course, but not only for itself, so to say, but also for business. So Europe was closed during the pandemic. We don't, so to say, appreciate that in the Nordic countries because we saw another picture. Europe is going up again, so to say, and we have densified in Europe, not that many locations, but still we adding locations. So that is looking very promising. Again, on the drawing table, for example, the Mediterranean area, we have been quite weak at the earlier stage. Now we're working to find the right dealers there and also then the right products for that purpose. Europe is important for us, no doubt. If we look at the Nordic countries, the pandemic of course as I said it accelerated this outdoor trend up here in the north. We also have bought a couple of companies that have added to the big picture, so to say, in the Nordic countries and then maybe especially Sweden then. Well, it affected of more natural causes, so to say. The pandemic from the sales point of view, you see that of course in especially Sweden, I should say then. It's correct. As we said before, I mean, we have the Marine Store, which we have not sold any of our own brands in that business yet. This is of course also because of that we do not have sufficient boats to deliver. We have a higher potential. Absolutely. Both in Sweden and also in the Nordics. Absolutely. Hopefully you got your answer there. Otherwise, please. Yeah. That's a good answer, but maybe just to follow up, how it affects the profitability when you're selling the Nordics contra the Europe or the Mediterranean freight, et cetera? Yeah. In that sense, it doesn't affect very much because it's the buyer that pays the freight. But since we are quite strong in Sweden with our own dealers, this affects the group margin since we have this double margin effect on when selling through our own dealers. So this is what we mean. Because we say that if we sell a boat in Sweden, of course, it could be sold either in by our own dealers or it could be sold by external dealers. But still, the chance is higher that we get this double margin in Sweden, of course, than compared to the other markets, because we are not represented there that much. It's also important to know that the boat allocation that one is done from a strategic point of view. We could sell more boats in Sweden, for example, than have an even higher margin earning more money. We cannot do that, of course. It's important to allocate the boats from a strategic perspective for the future, so to say. Got it. That's all from me. Thank you. Okay. I have a couple of questions from the email, and the first one is from Johan Dahl from Danske Bank Research, and he's wondering about order book risks. His question is, with this long extended order book, how do you manage pricing risks for raw materials, engines, et cetera? Is there a risk or an upside here on margins going forward? Yes. Firstly, we have this prepayment system to secure the order stock. That's very important for us. This gives us comfort in the order itself. We also have the target in that respect to pay up to 20% of the value of the boat in a prepayment. That's one thing. We have a possibility to adjust the price if the order book is longer than a certain period, so we can compensate for price changes in that way. Okay. That's part of the agreement with the dealers. He's wondering to what extent is capacity restraint related to engine suppliers, i.e., out of your control? Can engine suppliers live up to your significant ramp up of capacity on production of boats? Well, more or less I can say we should say that they are in the same situation as everyone else, of course. They have their challenges. So far, it has been good. We don't see any major disturbances from them. They can be late deliveries and things like that, but we have chosen the two biggest. On the inboard side we have Volvo Penta, and they are absolutely on track today. On the outboard side, we have Brunswick, and that's the world's biggest supplier of engines. We are an exclusive OEM with Brunswick, so it means that we only put Brunswick engines on our boats, presently. Meaning also, of course, that there is in their interest, so to provide us with the engines, of course, according to the agreement. I should say so far so good. Of course, they are late, as everyone else, I was about to say. Not all of them, of course, but we have late deliveries. We have to replan, as we have talked about before, some of these problems then you can say is related to engines, but not more than other things then, so. It's a part of the work, so to say. Yeah. We put very much effort in this question also. That's important to mention, that we follow this very, very closely from day to day. Okay. Johan Dahl has the third question. You provided an organic sales growth figure for the full year. Can you provide a unit shipment figure to get a feel for how price and mix developed in 2021? We have not communicated the unit numbers before. This is something that we maybe should evaluate and see if we should come back with. So far we have not communicated that figure. Well. We are not measuring in that respect because it's a big difference than, of course, on a small budget boat and a big premium plus boat. We are talking about man-hours then for producing these things. I can say in general, that is actually a trend also in the industry, is that we are selling more relatively bigger boats. That's for sure. For example, the capacity increase in Poland is used for mainly boats above, or you can say above 29 feet then. That is the Nordic way to see it. It's a quite big boat. Not very big, but a quite big boat. That is a trend we can see in our deliveries. Thank you. There is another question from the email from Daniel Andersson. He says, "Hope all is well, and thanks for a good quarter." He has two questions. Could you give an estimation how the gross margin will develop during the next quarters, as we've seen rising material costs since last year? As Rasmus said before then, in our agreements with the dealers, we have the possibility to increase the prices. We try not to use that, of course. We want the dealers to, so to say, to have their predictable deals also. We are working with it. Of course, we are talking a lot with the suppliers. We are a quite big player in our industry. The cost avoidance is also then a part of this work that we do more frequently, so to say, today. We don't have any fears that the gross margin will go down. Of course, for shorter periods of time, it could because of things happening and things like that. It is nothing that we predict. The gross margin we see today is affected by the fact that we spent a lot of time in our processes, much more time than we usually do in a normal way, process, so to say. Because of the re-planning, because the boats have to stop and put aside, waiting maybe for a part, and then in again, that takes a lot of time. On the cost side, so to say, that is quite stable, actually. It's more the delays that is costing us on the margin, not the cost itself. You don't expect that to worsen during 2022? No, because what we actually see is that some of this we are putting these different things into categories, and some of the categories has actually gone down again now. It's moving towards the old price levels. Then again, other ones is stable on a high level, but they are stable. That's important. That is a change, you can say, from 2020. Well, that's good. There is the last question here from Daniel Andersson, "How do you see competition from electric manufacturers such as X Shore? Well, we like them. To begin with, we like competition, and we like them to so to say challenge the present model. We ourselves was actually before X Shore, and we still are, because 2015, we launched our very first 100% electric Nimbus Coupé. You can still buy our coupes with electric engines. We are quite used to that. What X Shore do is that they put the whole picture into it, so to say. Well, they're doing good, and we like them for that. We don't really see the competition from that perspective, because we can deliver the very same product as they can, the same solution. We also then have what they don't have is then our Bella ZERO. That's the ZERO concept. We choose to use it in the brand Bella from the beginning. That is the price point, and that is really important, because there is a certain level where people actually can spend on going electric. That is important. That is something that we need to work more with. That is, of course, both, for example, Candela doing very well, excellent technical solutions, but the price point is important. That's from that perspective, we are from the Nimbus Group is looking up on this question. Thank you so much. I don't have more questions from the email. Do you have any more from the telephone conference? No, we haven't received any further questions via the telephone lines. Okay. Well, thank you so much for listening in. Just to remind you that our Q1 report will be on May the 3rd, and we also will have an AGM in Gothenburg on May 18th. You're very welcome back. Thank you. Ladies and gentlemen, thank you for your attendance. This call has been concluded. You may disconnect.