Welcome to the Nimbus Q3 presentation. During the questions and answer session, participants are able to ask questions by dialing star five on their telephone keypad. Now, I will hand the conference over to the CEO, Jan-Erik Lindström, and CFO, Rasmus Alvemyr. Please go ahead. Yes, again, then welcome. And we start with the highlights of the Q3, 2023 then. And, what we saw there was a sales increase by 18%, up to SEK 475 million. We have a EBITDA amounted to SEK 13 million, and we will come back to that. The comparable figure is then 44.8, and as a consequence of that, we had the EBITDA margin of 2.7%, compared to 11.1%, Q3, 2022 then. We had an order book, that actually decreased to SEK 946 million, compared to 151 million, 2022 then. But important then, to note is that this is a good level, and you have to note in this then, that the small boat portion has decreased down from roughly 20% down to 4.5%. We will come back to that also. Strong order book development in North America, of course, we're glad for that, and now it's actually representing 58%, and without doubt, then it's our number one market. We are working with the production adjustments during the quarter then, and initiatives to increase the focus on premium boats. And that is an ongoing process. We have planned it and started it earlier, and this is, you can say, the peak maybe, for this work. We have some cost out initiatives ongoing, mostly they're related, of course, to the restructuring of the organization and the premium boat versus then the small boats, as we say. We have seen a negative impact from the currency, the exchange rates, and here I think it's important for you to understand that we mainly talk about the Polish Zloty, because the biggest outsourced unit we have, and actually the biggest unit we have, is located in Poland, and this is then, of course, something we work hard with. The organic sales of premium boats increased by 19% during the quarter, and we also see that this soft demand for the small boats in the Nordics, especially then, continues. A short reminder of Nimbus Group, found in 1968. We have a long history of international trade, which I think we gain from today, for example. We have our true and well-known house of brand with a very high brand awareness, actually, than globally. I will not read all this, but we can say that the latest big thing that happened was then in May, the very, from a strategic point of view, important acquisition then of EdgeWater Power Boats in U.S. As I said in the beginning, productivity improvements and increased focus on premium segment, and here is then some gleanings from that work. As we announced earlier during the quarter, we have then outsourced in full the aluminum production. It was mostly outsourced at that point, but now we took the decision to do it 100%, actually. The reason, of course, is that our own factory is too small to be enough efficient, and to keep so to say, a competitive approach. In the Lugnås production site, which I also can mention, that this extension of that one is now fulfilled. We did that with the purpose then of being able to produce the 465 Coupé. That one is fulfilled, and the 465 is actually then in production now, which is for us, important and interesting. At the same time, we actually then outsourced the Nimbus C11, and that is to give room for the 465 now. The Finland production, we have earlier said that we are on a level of 30%-40% on the layoff, the temporary layoffs, according to the Finnish rules a nd that will now rapidly increase because we don't see the point to produce small boats for the moment. We only produce the boats that are in order. And let's see how that will progress, but we have taken that decision then to increase the layoffs in that part. We also have planned since long actually then a merger of the Swedish legal dealership. And that is something we have done now and fulfilled during the quarter. So the Swedish dealerships are now under one legal entity instead, which of course is cost-saving then. And again, then, we are then restructuring with the aim then to increase the focus on the premium boats. The underlying drivers, and that is, of course, today, the interesting point. It's a lot of things happening out in the world that put some pressure on this, of course, and we have the inflation, we have the interest rate, and we have the geopolitical situation then. And overall wealth is increasing. Yes, it is. And the interest for boats for staycation, etc, is still very high, but people hesitate. We don't have the latest figure, but just before the Ukrainian war started, we had a figure of 2.8 more in our pockets than we had year 2000. I think it's fair to say that it's well above two still. Just to be safe then, and that is also important. It's not that the money is gone, the money is still there. It's not a financial meltdown, it's a recession, but people hesitate, and that will, of course, affect the business for several industries, of course. Increased popularity of staycation, as I said before, it's a long trend. It started well before the pandemic. If you look at the trend, you can see that somewhere around year 2015, it increased quite a lot, and then it has kept going. And it will be interesting to follow that, of course, but our thoughts is that it's increasing d efinitely, it's increasing. If we look at the industry itself, we have the aging boat fleet still there. As we said, for the last time, 45% of the U.S. fleet is actually older than 20 years, and we have similar figures than for the Nordic countries. So that is something that we have to work, continue to work with. And if you compare that then to the technical development, we are talking about in water handling, we are talking about easy boating, to make it less stressful for the captain of the boat, for the passengers, during the last 7-8 years. Regarding, for example, our new product, the Nimbus Connect, which is, to be able then to help, the boater to, to have a, a less stressful and, and an easy boating then. And there's a lot of things happening there, and of course, if you have your own boat, you don't have that as simple as that. Next page. If we then jump into the order book, the order book then actually decreased by 10%, and mainly then driven by the small boats, as I mentioned before. But if we then look at the geographical balance, we can say then that we kind of like the situation we have. We have a lot then, of course, on the North American market, and we should have that, of course, because we have focused a lot on that market. But also the European part is important to mention, where we actually then increasing the order stock. We have, then, of course, a higher share of premium boats in the order book, and that is our core business, and that is also important for us. And of course, only confirmed orders in the order book, nothing else. And this decrease then in smaller boats that I have mentioned, if we look at the figures, it's actually down from SEK 201 million down to SEK 45 million. So if you do the math, you will see that the order stock for the premium boats is on par, actually, with last year. Also important to understand. So it's only 4.5% of the order book that is related then to small boats. And again, then the order book in North America amounted to $550 million, and EdgeWater then represents $107 million of them. And there we have a different business model, and I think it's also important for you to understand that it's a shorter order book, and that is according to, so to say, the American way to do the business. And with that, I leave the word to Rasmus. Thank you, Jan-Erik. The sales in North America continues to develop well and in accordance with the plan, and it increased by SEK 163 million in the quarter to SEK 207 million. Out of those, 122-124 came from EdgeWater. As mentioned before, North America has now become our single largest market in both this quarter and on a rolling 12 basis. Europe also developed well and increased by 13% to SEK 122 million. We continue to see positive sales development in particularly Southern Europe. Other markets increased from SEK 60 million to SEK 90 million, which is positive but still on low levels. Other markets mainly refers to Oceania. In the Nordics, the sales drop that was seen in the H2 has continued also in the Q3. Sales dropped by 46% year over year and amounted to SEK 128 million. The drop is due to softer market situation, which has affected both our own dealers and external dealers. Sales from small boats decreased by 69% year over year, which is mainly affecting the Nordic market. From the Q3, we report Sweden as part of the Nordic statistics since we believe that the market conditions are the same. Net sales in the Q3 amounted to SEK 475 million, compared with SEK 402 million last year, which is an increase by 18%. Sales of larger boats increased by 19%, while sale of smaller boats decreased by 69%, as previously mentioned. In the Q3 2022, we had an effect from delayed sales from the second quarter amounting to SEK 80 million because of supply chain disturbances at that time, which gave a bit of one-off effect in the Q3 last year. The organic growth was -14%, and the difference against net sales is related to the EdgeWater acquisition and also some effects from currencies. On LTM basis, the net sales ended up at SEK 1,875 million, which is an increase by 11% year-over-year and by +102% since the IPO in 2020. Sales to external dealers and direct sales, including spare parts, increased by 54% to SEK 364 million, including EdgeWater, while the sale from own dealers decreased by 31% to SEK 112 million, and this decrease has mostly affected the Nordic market. The EBITDA amounted to SEK 13 million, corresponding to an EBITDA margin of 2.7%. In relation to last year, this is a drop by SEK 32 million, which is driven by mainly a weaker SEK currency towards euro and zloty, as Jan-Erik mentioned before, and that has affected our gross margin negatively by SEK 14 million, corresponding to about 33 percentage points. The reason for this is that we buy many of the larger boats in zloty, and the zloty has dropped about 16%, year- over- year. On the revenue side, currency hedging is made at the dealer side, which means that we have taken the currency risk on the cost side. The gross margin has also been affected by cost under absorption effect from a lower production volume of smaller boats and adapting the production to larger premium boats. On top of that, the drop of sales among own dealers also had a negative impact on the consolidated margin. On LTM basis, the EBITDA amounted to SEK 140 million, and the EBITDA margin ended up at 6.1%. In the quarter, we had transaction costs of SEK 1.8 million affecting the adjusted EBITDA. And I should also mention here that, on the cost side, we buy the boats in Polish Zloty, so make that clear, the bigger ones. The net working capital increased in the Q3 by SEK 35 million to SEK 513 million, and this includes down EdgeWater. Stock levels have decreased by SEK 56 million, which is mainly driven by lower work in progress and finished goods. We still have higher levels of safety stocks than wanted, but we see that improvement has been made since the last quarters. Today, we have a situation where dealer boats exists at our own dealers, and we are, in that way, well balanced, compared with the during the pandemic and last year, where we had fewer boats in the showrooms. The previously reported temporary effect from foreign VAT has now been received and paid out as expected, and therefore normalized in the quarter. So this is now cleared out, that that aspect that we have talked about before. Net working capital in relation to LTM sales amounts to 33%, having then made a pro forma assumption of EdgeWater based on the financial year 2022. Regarding our financial targets, we still believe that these are relevant, even if we are a bit behind today, and we see that our ongoing initiative, initiatives will have a positive effect on our business going forward, and that we will be able to strengthen the EBITDA margin. I would also like to remind you that we don't have any senior debts at all in the group as per today. With that, I leave the word back to you, Jan-Erik. Thank you, Rasmus. Okay, well done. What do we have in front of us? As we say here, great achievements, but more to do. If you look at the U.S., we have a good traction. We have strengthened the group presence then with the local headquarters in Annapolis, and also the organization, and not only in Annapolis, then it's also then in Edgewater, Florida. So we have a, we have a, a real organization, so to say, to work with on the American market. And of course, then, the acquisition of EdgeWater Power Boats, which also gives us not only the organization, it also gives us some production capacity, and where we now have started the work to produce the very first Nimbus boats, Nimbus boat there. We have new products launched, supporting the expansion, and then not only for the U.S. market, but very suitable for the U.S. market. We have gradually strengthened the dealership network with high-quality dealers, and that we have a prospect list, and we continue to work with these prospects, of course. A lot of white spots. We are still very new on the American market. Just recently then, we consolidated the U.S. sales organization. The reason for that, if even if there are a cost reduction in it, no doubt, and that's good, of course, but this is a standardization. We want to do it the same way in U.S. as we do in Europe and in the Nordics. So for us, it's just that we so to say use the Nimbus model from this perspective. We have more potential then, as we have said a couple of times now, I think you get the message, but we have the increased focus on the premium boats, which is our core business. We expand and densify the dealership network on white spots in Europe. A good example there, a quick one, but we haven't been really in the southern part of Europe before, and we are developing very well in countries like Greece, Turkey, Cyprus, and other countries in that neighborhood, so to say, which is important if you want to be a big player and global player. We have this updated product portfolio then with well, well, which is then well-suited for further expansion with new segments, the Nimbus 465, for example, but also a lot of other things ongoing and launched. And with that, I think I leave the word to Gunilla. I just want to remind you that our next report, the Q4 report, is due 16th February. With that, I open up for questions. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Henrik Christiansson from Carnegie. Please go ahead. Yes, good morning, everyone. I have a question on your comments on the restoration on margins in 2024. How... What do you mean by that? So, what level are you sort of investigating, and how do you foresee the trajectory of that? And also, what are the underlying assumptions there for volumes? Let's start with that. What we see is that things that we are doing right now will give improvements in 2024. We have not really communicated around exactly what we are saying, but we see that the increased levels of premium boats will help us to increase the margin further. And we also expect that this negative effect that we have had from currency, it will become normalized since as time passes, we have the possibility to push the cost further also towards our customers. But this rapid change that we have seen is. It's hard for us to adjust that quickly, so to say. So that's one thing. But we also see that, as Jan-Erik mentioned, the ramp up in the 465 production that is happening right now, that will have impact, positive impact. We are doing things in the aluminum production also, where we outsource production. That will also support us in improving our margins going forward. I'm not sure, Jan-Erik, if there's anything here you want to add, on top of that? No, no, it was a good answer, but maybe I should also add, I think many miss that, but if you look at Aquador, for example, Aquador is a fairly high-margin boat with a big installed base, but we have practically not sold any during this year because of the fact that we have totally remade this product range. So on the product side, we have a lot of things ongoing that will help us, because when we put a new boat or a series of boat on the drawing table, we put on certain demands on that one. And of course, it's not a lower margin that will be the case than when we finally launch them and sell them t hat's important. So we have a lot of new boats coming out to the market and starting to sell. That will gain the revenue, of course, that's our plan, and of course, it will also work for the margins. And then we are not sitting still, and the good thing is that it's a lot of this that we can affect ourselves, even if we cannot affect all of it, because the macro perspective is there, but it's a lot of the things that are in our own hands, so to say, and that's also important for this to answer your question, Henrik. Thanks. Just follow up there on timing. The effects are quite significant negative here in the Q3 Sorry, Henrik. So sorry, Henrik, if it's still you, we actually don't hear you. It's a bad line. Could you repeat the last question? Can, can you hear me now? Is it better or- Yes. Better, yes. Yeah. So on the FX side, I mean, that's 300 basis points or so impact in the Q3. I mean, how quickly can you adjust pricing? I mean, are we talking, you know, 1, 2, 3-quarter lag before you actually get your hands around that? The effect is already there, but on a very small portion during this quarter three, because we, of course, reacted. But as Rasmus said, it was quick development, and we were not—you can, in a way, you can say we were not on our toes, but it is tricky. And this is actually on the inside, so to say, it's actually the cost we are talking about now. If we're looking at, for example, the euro, we follow that very closely and react immediately, and all the dealers knows this, so we have a good cooperation on that side. But on the inside, it's more trickier for us. We can also say that this is also an effect, maybe a bit of a backside when we have a long order book. Boats that we sell in the Q3 today has been ordered maybe 6 or 12 months ago. So of course, we try to adjust the prices, but it's not that easy to have that on top of inflation, etc. So you have many components here that has been negative, and this extreme change in the zloty that we have seen, that it's very it will become problematic to cover everything. But as we said before, as time goes, new boats that we sell today, those are adapted for a higher price level, so it will gradually be improved. But it will take some time, and the macro perspective is difficult also, since we don't know what will happen in the future. So, we always need to follow this very closely. But right now, we feel that we have had several negative impacts coming at the same time. Great. Then a final question. On the small boats and the under absorption related to that, I mean, is it possible to quantify that impact in the Q3? And then also, how should we think about that in the coming quarters? And if you could talk about the inventory situation there as well, please. We have not communicated anything around this cost on under absorption, but what we, what I can say is that we see that this is a substantial money. Because if we look at the finish production, which Jan-Erik mentioned, we have had layoffs in the production there, which means that we still have a lot of fixed costs, and those have had impact on the, on the gross margin since we use functional based income statement, so we push them out over the entire income statement. So that is one thing, and if volumes increase, then of course, we get a positive effect out of that as well. So, so that is one thing. We have this ramp up, as we said, talked about before, the 465, we are up in Mariestad, Lugnås, which will start running, and this is a big, big unit, big boats, lots of money, and that will have impact on that factory, of course. So it is lots of different initiatives that is ongoing to improve the situation right now. To answer your question there about the stock levels then in finished goods, that hasn't increased. As I said before, we produce boats now that is on order, so to say, because we don't have everything in stock. The stock itself that we have now is on a, you can say, a similar level, but we are selling also small boats all the time, even if the level is definitely on a lower one, at a lower end. The stock itself is not that big, so to say. So it's not any dramatic size of it, but since the temperature or the level of business is so low on that side, it will take some time then, of course, to digest it, but not that long. So it's not dramatic in any way, the size of it, even if we then, of course, had preferred to not have it, simple as that, when it looks like it does then, but it's not anything special, so to say, with it. And if you look at the normal market, it's actually low then. So just to give you some comparable thinking. Does that relate to your dealers and external dealers as well, that the inventory levels are relatively low compared to history, or is there- Yeah a different picture? Yeah, correct. Correct. No, normal is low. Thank you. Yes. Perfect. Thanks. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Questions here from email. First one is from Christian Lundy, and he asks, "What is the reason for the continued weak cash flow, even though the VAT situation has improved, and what is your prediction for the near future? Well, we are firstly expanding together with EdgeWater now, which has caused us to tie up some money on that side. But we also see that we have improved the cash flow situation compared with what we have seen before. We have reduced stock levels, and we have had a positive development on that side. But also, what needs to be reminded is that the new businesses that we have in the U.S. drives net working capital in terms of when we sell the boats, we have them on the sea, and then we need to finance them ourselves during that transportation period. So then this expansion in the U.S., that is planned, and it will have some impact on the cash flow during our expansion period. Of course, things will even out as we become more as we have entered the level that- The right level. The right level, so to say, yeah. So. Okay, thank you. And then, I have a couple of questions from Thomas Westerholm at Inderes. And his first question is: What are the key things that you aim to achieve by increasing the share of outsourced production? Are you, is it reduced operating leverage and flexibility, come to mind, or anything else? When we talk about flexible production, that this is one of the things. If you should be able then to scale up, but also then, and this is then, of course, subject for today, scale down. It's important then that you are able to do that because, as we said before, we are in a cyclical business, and that is the main reason. We want to be able to scale up, of course, that's more fun, but also then to scale down in a quick waya nd when we talk about this, we talk about time. So what we say is that we should be able to scale down this certain amount on three months, this certain amount on six months, etc. If we're talking about scale down. Scale up, then, similar thinking, a similar model, but slightly different then. But that's the reason. We do if you're not, I should not say stuck with our own factories, but we will continue to own factories, and we are not against it, so to say, but a portion is important for us, and this we have worked a lot with. So we think we are on the right track. And the target for outsourced is 50%. We haven't reached that. We have been around 40 to, up to 42, 43% at most. And now we are continuing this journey then to actually be more than 50%. We bought EdgeWater, which is our own facility, that put some pressure then on our targets, but we are quite certain that we will reach the target, which is then more than 50%, during next year here. Okay, thank you. And then his second question is somewhat related. So, compared to conventional product companies, you seem to be selective with the parts of the value chain you act in, i.e., outsourcing part of the production and running some dealerships yourself. Could you provide a bit of color on which parts of the value chain or segment of the business you're prioritizing going forward and where you rather depend on third parties? Mm-hmm. Excellent question, but, but a very, very long one. You may remind me if I miss something here. But if, if we start with the big picture, it, it's correct then that we have bought some, some dealerships, and we are talking about the hubs a nd a hub is then typically in a very interesting boating district for us. We want to be there ourselves, and we want to be there to do the brand positioning and also then to support the other dealers in the area because we, we have no ambition to cover it all. But that is the strategic background that we actually have our own dealerships. And we will, because we understand that this is tricky, for, for the external people to understand these pictures, we will actually... And we have already started, but we will present the group slightly different in the future and more, so to say, business area distribution and business area boat building then will be more separated. And then I think it will be easier then to understand the picture. And we identify ourselves as boat builders, no doubt, and the, so to answer the question, the focus is then on that side. But we are more market related, and if you should find the keys in Nimbus Group, I think for example, the product development, which we are very successful, and that has been a key ingredients in... Because the market we are in, it's capital goods, it is the recreational business, and then you need to have certain numbers of new boats, and there we have been very successful. And despite the fact that we are not the biggest company yet, so to say, we are on a journey, but we are growing. But if you look at the number of launches we have done, then you, if you should find anything comparable, then you must look at very big companies. So that is the key for us, the product development, but also then the sales distribution, even not related then to the distribution part of it, because that supports, of course, but we are market focused. Good. So his- And maybe Yeah, sorry. I must add, then, of course. So what we need to be skilled on is then, of course, the outsourced part, if you look at operations. We will have our own factories, we need to have our own factories to be able to develop good quality products, but we also need the production capacity, and then we need to be very skilled on the outsourced part of that production. And that is a competence that we have today, but we need to work further on with... I hope that was an answer. It was a very long question, but I think I answered. I think so. And then his third question is how we are looking to allocate capital going forward considering the current economic backdrop? Are you looking to restrict growth investments to deliver the balance sheet, or will you keep pushing ahead? It is a good question, and maybe we should. We don't have the possibility to be very open there, but we will keep pushing ahead definitely. It is a lot of opportunities, even when we see a market like we see today, there are opportunities, and we want to position ourselves on certain places, and that may be then in the distribution with hubs, of course, to get hold of certain markets. It will be the production, sorry, the product development, of course. So yes, we will—it's more pushing forward, but of course, then with respect for the situation. For the moment, as we have said today, we are in a restructuring phase, and that takes a lot of efforts from us, a lot of resources, and we have to fulfill that one before we take the next step. That's my feeling today, and I hope that is the answer to that question. Thank you, so much, Jan-Erik. There is one more question from the telephone conference, I believe. Tony Morehouse? The next question comes from Tony Morehouse from TT. Please go ahead. Good morning. Hope you can hear me. Yes, yes, we hear you. I've got three questions. I mean, it's obviously been challenging being a Nimbus shareholder, and we can be patient, but I would like some reassurance. Can you talk in layman's terms about the balance sheet? You say that there is no senior debt. What does that mean? I think one of the analysts I spoke to suggested that you might be net cash. I'm basically after reassurance that you're not going to run into financial difficulties anytime soon because the shares trade as though you are. My second question is, do you still count, or can you still count on the support of your top four or five shareholders, R12 in particular? Because I would imagine that they will be key in supporting you for any future, acquisitions that you might make. My third question is, given the share performance, your market cap, where you are, are you planning any investor relations events or any pushes in order to try and raise your profile with the investing community? Thanks. Okay, um- If, if- If you answer the first one, yes. Yeah. If we just start from the third one, the answer is yes. We need to work more with that, and so we will definitely be in more meetings with potential investors, of course, but also with our current investors. And if we look at our current investors, of course, I cannot jump into their heads and or answer for them, but what I can say is that we are happy for them, and they have been with us during this journey that has been tremendous in all respects. We do not comment on the share value. So of course, I have a feeling of it, but I will not comment on that. What I can say is that the growth we have had as an average, compounded average growth rate is +30%. And the market, the world market, at the same time has increased by roughly 6%-6.5%. So we have done a great journey, and then, of course, we need to so to say perform on the right level. And this quarter that we're talking about now, doubtful, of course, and that needs to be addressed and worked with. But if you look at the journey, I don't think that the bigger investors are unhappy with the journey, but of course, the current share price is then, I don't find the right English word for it, but it's not that fun anymore, simple as that. But we have trust in us, and we have trust in our investors, and we have a good relation. And if we move to this senior debt question, we don't have any long-term loans in the business today. We only have a credit limit which is financing our working capital, which means that acquisitions, etc, has been financed from either cash from the business or from the equity. So no long-term loans. That is, that is why we say that we don't have any senior debts. Okay, thank you. And then I have one more question from email here, from Daniel Johansson. And he also was thinking about the financing of demo boats that has increased drastically. Why is that so much? It's not financing of demo boats, I think. It is, or what I think this question refers to is the floor planning in the U.S. market. In the U.S. market, there is another model for financing, which means that we, because of accounting issues, need to show the boat in our balance sheet for the entire period when the boat is financed by the dealers. This is in accordance with IFRS. It does not belong to our, on, in our balance, so to say, that we don't own the boat, but we still need to show the debt and the liability, the asset and the liability in our balance during this period. That normally lasts for 12-18 months or something like that. We have not... I can comment upon that. This is a product that we have offered in Nimbus since before, but it has not been that big. But in U.S., this is the standard way of selling boats. So, to make that clear, we have not made any losses on this structure for within Nimbus during we have used this this model for 1 0+ years, and we have never lost anything in this in this setup. But it is also important to have it because it supports the dealers' possibility to have boats in showrooms, and this is positive for us, of course, because we want to have boats out there which are which to show to show our products, so to say, in in in the showrooms. So it's good for both of us. Mm. And, and, uh- Maybe I should add Sorry. Maybe I should add to that question. And, of course, everyone has it, but we are a listed company, and we have to show it then, exactly as Rasmus said, with the IFRS. But all the big competitors, if you look at their balance sheet, you find the same figure, and it, it's net zero value. But I will also add, because of the question there, demonstration boats. The demonstration boats is in finished goods. So that is the reason that we mentioned that during this, so we don't have any doubts there. So you find them in, as finished goods. So not all of the boats are, so to say, standing on the yard. They are actually in showrooms and things like that. That's also important to know. So when we now have the right balance of demonstration boats, that also means a certain part of this finished goods stock is then demonstration boats. So that is the connection, if that was related to the question. But that, that's a good clarification. Good. Yes. Yeah. Yeah. Then he has a follow-up question. So in the case that the dealer is not able to pay his debt to the finance companies, do Nimbus or EdgeWater have any debt or any obligations? Yes, in the long run. Since there are no, exactly as Rasmus said, we haven't experienced that from our side. But if the dealer cannot do it, then, of course, the first thing is then, of course, to sell the boats. The second thing is to replace the boat to another dealer. And that is something that the provider of the floor planning is working with them. And if they don't succeed in this, then they actually then can tell us, "Okay, then you have to buy it back," so to say. But then it's important to understand that what have we sold the boat for, which amount we have sold it for, and that's the dealer net, meaning that the difference between the market price and the dealer price is still there, so to say. So we're buying that at... Well, I will not tell you what level, but it's a much lower level than the market price, so the margin is still there to work with them. Okay, good I think that was very clarifying. Thank you, Jan-Erik. I have no further questions from email here. Do we have any more questions from the conference? There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Okay. Good. It's always fun to have questions and, and, good questions. There are no bad questions, but, but, that was fun. But with that, we say, thank you a nd... Thank you. Thank you.