Hello, and welcome to the Dustin Group audiocast with teleconference Q2 2021. Throughout the call, all participants will be in a listen-only mode, and afterwards, there will be a question and answer session. Just to remind you, this conference call is being recorded. Today, I'm pleased to present CEO Thomas Ekman. Please go ahead with your meeting. Thank you very much, operator. Good morning and most welcome, everyone. Both, of course, our existing and potential new shareholders to our second quarter presentation and conference call. Hope you all have had a good morning so far. Here on our side of the call is myself, Thomas Ekman, and Johan Karlsson, CFO, and also Fredrik Sätterström, Head of IR, in the room as well. Today we present our second quarter results for our fiscal year 2021, and we are continuously navigating ourselves in our different markets through the current conditions. I must say, I'm very proud of our achievements and everyone at Dustin for their strong contribution in helping and supporting our customers and continuously enable our customers to stay in the forefront. Especially also now, when you see that the hard work also shows up in the numbers. As you have seen, we have also announced an acquisition of Centralpoint in the Netherlands, in the Benelux region today. We will, of course, come back to that later on in this call. Let's first just go through the quarter in brief. If we look at the quarter, I should say that we have strengthened our position in the markets, and we report an organic sales growth of just over 6% for the second quarter. Our productivity and strong position in the value chain have, of course, benefited our performance in the market, which has been impacted by component shortages and supply chain disruption due to the pandemic. This, in combination, I should say, with a strong cost focus, resulted in an adjusted EBITDA increasing more than 30%, and the EBITDA margin strengthening to 5.5%. In addition, of course, our online core business performed strongly in pace with the higher share of online retail and greater need for mobility, cloud service security, and driven by the underlying strong trend. Continuously, as I also mentioned in the previous quarter, the five market trends that we build our strategy on, the online shift, the growth mobility, cloud services, demand for predictable IT cost, and focus on security and integrity, and last but not least, of course, sustainability, they have all skyrocketed during the pandemic and making, of course, our long-term position even stronger. With that said, as an introduction, let's go over to Slide two, Dustin at a Glance. Most of you know us, but just briefly as a refresher, we are by far the biggest e-tailer in the Nordics and now also soon in the Benelux region with a large assortment, fast deliveries, great customer support, and competitive pricing. Sweden is biggest market in the quarter here with 40% of sales, and then the other Nordic countries between 15% and 20%. Netherlands, which we entered a little more than two and a half years ago, soon three years ago, is currently 7% of sales, but which, of course, be more now with Centralpoint. That is shortly about Dustin. Moving on then to slide number three for the financial highlights to see how we are improving and performing now during Q2. As said, we continue to strengthen our total market position. Net sales were SEK 3.6 billion, up with 4% versus last year. The organic growth of that was 6.4%, of which SMB showed a positive 8.3%, LCP 4.9%, and B2C 5.5%. Overall, strong organic growth for all segments with an increased activity level among all our customers. Gross profit was SEK 591 million compared to last year's SEK 557. That gives us a gross margin of 16.1 up from last year's 15.7. As said earlier, our adjusted EBITDA increased with 30% and came in at SEK 201 million versus last year, SEK 154 million. That then gives us the adjusted EBITDA margin of 5.5% for the quarter versus last year's 4.3. Overall, strong performance and record earnings, which is, of course, really good. The margin improved by, of course, good performance, but also on the structural changes that we're doing, combined with continued good cost control within all segments. Both SMB and LCP showed good progress in the margin uptake. Consequently, EBIT was up to SEK 177 million compared to last year's SEK 133 million. Cash flow operating activities was SEK 218 compared to last year's SEK 155, and EPS, earnings per share, also up to SEK 1.38 per share versus last year, SEK 1.04. Our leverage in the very lower part of our target at 2.0 versus last year's 3.1. As you know, our leverage target is between two and three. Apart from an intense quarter from an operation perspective, we have, as previously announced, we have closed our business center in Stockholm due to the change in customer behaviors, and we have launched IT Workplace, which is a true online service aimed towards smaller SMBs. Of course, as announced today, we have acquired Centralpoint in the Netherlands giving us a leading position, and we become an IT powerhouse, not only then in the Nordics, but also in the Benelux. We will come back to that, as I said before. Let's just briefly go through the segments. Johan, can you take us through the different segments? Yes. Let's move to Slide 4 and SMB segment in some more detail. Sales for the quarter in SMB was SEK 1,615,000,000, which was an increase of 6.9% over last year, representing an organic growth of 8.3%. Sales growth continues to improve quarter-over-quarter despite challenges in the global supply chain. During the quarter, we saw good sales development in all the hardware categories from all customer groups in the segment. Recurring sales of services is slowly coming back after last year's negative effect from the pandemic and grew by 6.3% in the quarter to an annual sales rate of SEK 838 million. We saw positive sales numbers in all countries, with Norway and the Netherlands performing particularly well. The project-related installation and services were still suffering from people not being in the office. The situation is getting better, and we saw a slight positive trend quarter-over-quarter. Segment margin for the quarter was 10.6% compared to last year's 9.3%. The main reason for the good margin was strong sales of private label products and high pricing levels in the market due to shortages and the effects from our cost efficiency initiatives. This was somewhat offset by lower sales of high-margin projects related to services and advanced hardware. The share of software and services was 21.6%, down from 22.8% last year, mainly due to the strong hardware sales this year. In total, segment results ended at SEK 170 million compared to SEK 140 million last year, or an increase by 21.6%. Segment margin at 10.6% was 1.3 percentage points higher than last year. All in all, a very strong quarter for SMB, both in regards to sales and margin. We move to slide five and the LCP segment. We can see that sales in LCP was SEK 1,894 million for the quarter. This was an increase by 1.7%, of which 4.9% was organic. During the quarter, we saw continued good sales to the public customers with strong performance in Norway and Denmark. Sales to the larger corporates declined slightly as they were affected negatively by both component shortage and delivery issues. This effect was stronger for the larger corporates than it was for public customers. Segment margin ended at 7.2% compared to last year's 6.3%. The increase over last year is mainly explained by generally improved margins in some of the larger contracts, scale effects from higher volumes, and effects from last year's cost efficiency activities. Segment results improved from last year's SEK 118 million to SEK 136 million, or about 16.4%, continuing the strong performance we've seen in the LCP segment during the last five quarters. Moving on to slide six and the B2C segment. B2C had a strong quarter from a profit perspective. Sales was up from SEK 169 million last year to SEK 175 million this year, representing a growth of 3.3%, of which 5.5% was organic. The main reason for the sales increase was a strong underlying demand for home office equipment and gaming. Segment margin was up from 5.4% last year to a record high 8.6% this year. Good product mix and high price levels due to the shortage of supply in the market contributed to the good margins. Leaving the B2C and moving on to slide seven and net working capital. Net working capital was negative SEK 549 million compared to last year, SEK 164 negative last year. We continue to deliver low working capital numbers as we use our strength in the value chain to get good terms with customers and suppliers. Further to that, we have utilized the opportunity made available by the authorities in our markets to delay tax payments of SEK 135 million. All in all, this has made it possible for us to maintain the low level of working capital in Q2. If we look at the details, we can see that inventory increased in the quarter to SEK 575 million compared to SEK 495 million last year. The main reason for the increase was higher purchase volume due to our asset as an activity to mitigate the risk of shortage of components. Also, the higher sales of private label contributed to somewhat higher inventory levels. Accounts receivables was up with SEK 88 million as a result of higher business volumes. If we look at accounts payable, we increased SEK 236 million, mainly as a result of the actions taken last year during the pandemic. In total, we continue to see strong performance in the area of working capital and remain at the level of Q1. Leverage at the end of Q2, as Thomas mentioned before, was 2.0, where our target is to be in the range of two to three. The main reason for the decrease compared to Q1 is a stronger business result. Moving on to slide eight, cash flow and investments. Cash flow for the quarter was SEK -32 million compared to last year's SEK -9 million. Looking at the parts of the cash flow, we see that cash flow from operating activities before changing working capital was SEK 207 million compared to last year's SEK 159 million. A change in net working capital, slightly positive, SEK +10 this year compared to SEK -4 last year. Cash flow from investing activities was SEK -18 million compared to SEK -123 million last year. Last year's numbers was affected by earn-out payments that period. Cash flow from the financing activities was negative SEK 231 million compared to last year's negative SEK 42 million, where the main reason was that we took up a new financing last year of SEK 256 million in the period. Total investment for the period amounted to SEK 43 million compared to last year's SEK 216 million. CapEx related to IT development amounted to SEK 9 million, which was the same as last year, and investments in tangible and intangible assets decreased from SEK 191 million last year to SEK 23 million this year, as last year's numbers was affected by prolonged rental agreements. Investments in assets related to services or service delivery was SEK 5 million compared to SEK 11 million last year. All in all, SEK 18 million of the SEK 43 million in CapEx was affecting cash flow. The others were changes in lease or rent contracts. With that, moving back to Thomas. Good. Thank you very much, everyone. Continuing on over to slide number nine and our updated sustainability targets and commitments. Just to highlight a little bit on our work here. In the previous quarter, I explained more in detail about our Zero Carbon Emission Target, as well as our ambition to increasing a fully circular offering by 2030. Today, I also want to highlight our work within our third target here, 100 Initiatives for Social Equality. Again, all these three commitments, they are designed to redefine the impact of our business and how we behave and how we act. It will, of course, naturally involve innovations and solutions with all those around us throughout our value chain. As always, we believe that hard work will pay off, and these commitments really keeps not only us, of course, but also our whole sector moving ahead. If we look at the 100 initiative and 100 actions, to set those, we start off this year with setting 10 of those. Let me just briefly go through some examples of that. As you can see on the slide, we will work to close the gender pay gap in all our markets. Here we have reached a good way in Sweden, but we also want to emphasize that work, of course, so we close that in all markets. Health and safety training has been established for all our private label suppliers. We have introduced diversity and inclusion training internally, and we have also introduced a stamp, which is factory audited by at Dustin as a guarantee for fair working conditions in our factories. With this, of course, also with the diversity and inclusion work, I should also mention that we form partnerships within that work with different partners that support this and can drive this work forward together with us. We have also trained all our managers in the competence-based recruiting, how that is worked, how that is done, and we have also introduced, and working on introducing competitive parental leave conditions for all employees in all markets. We have, when it comes to recruitment, also activated an anonymous recruitment in our recruitment systems. I think these are just very practical and pragmatic and clear examples of how we work with this. There are lots of actions that needs to be taken. All in all, to improve the social equality all around us and all the things we can have an impact on. To this, of course, we also continue to ensure that our suppliers adopt our supplier code of conduct. We are right now at 99.8%, aiming, of course, for 100% on that. In this work, we also do a risk assessment, I should say, to evaluate our suppliers' ability to long-term comply with our code here. All in all, these are strong commitments. They require, of course, hard work, all three of them, all three of the commitments. That is also what is needed. Before moving on and telling you more about our acquisition announced this morning, let me just sum up our second quarter for our fiscal year 2021 on slide number 10. Net sales grew with 4% to SEK 3.683 million, SEK 3.6 billion, where organic growth for the group was 6.4%, with SMB at 8.2%, LCP 4.9%, and B2C at 5.5%. Gross margin 16.1% versus 15.7%, up due to positive product mix and our dynamic pricing model working together with higher volumes, of course, and strong sale of private label products. Adjusted EBITDA came in at record high SEK 201 million, giving us an EBITDA margin at 5.5%, which is, as you know, spot on our financial target and an increase from last year's 4.3%. Initiatives and actions we have taken on the cost side, both on the strategic ones and the short-term ones, has of course given effect, as well as the strong performance as you want me to also view in the quarter. EBIT at SEK 177 million and EPS then coming in at SEK 1.38 per share. On balance sheet, operating cash flow at SEK 218 million and the leverage at the lower end of our range at 2.0x to EBITDA. Operation, of course, worth mentioning, we closed our business center as we announced earlier in Stockholm due to change in customer behavior. We have launched our IT Workplace, as I mentioned before. As I summarize the quarter, the corona pandemic and its effects are still very present, of course. It is a challenge, both in our markets and in society as a whole, and it continues to be short-term disturbances in supply chains. However, we have also demonstrated, I think, great strength during this quarter with the speed at which all colleagues at Dustin have adjusted to meet the needs of our customers, both the short term and to the long-term behavioral change that is brought on to all of us by the increasing pace of digitalization. With the good organic growth and record earnings in Q2, we see that we are correctly positioned with a strong and unique digital relationship with hundreds of thousands of customers and even more optimized e-commerce platform. As well as the ongoing build-up of our standardized service offerings, where IT Workplace is one example of that, to further increase our relevance and the benefits for our customers, of course. That, combined with our strong financial position, means that we are well equipped to face the opportunities and challenges that comes to us through the business climate and our customers. Building on that, we would of course like to take the opportunity now, while we're on the call, to present our acquisition of Centralpoint, and I suggest that we take any questions you might have on the quarterly results, as well as our expansion in Benelux after that. Let's proceed over to the acquisition and move over then to slide 12. With this, Dustin, we take a leading position in the Benelux region by acquiring Centralpoint. We become the market leader in the region and, of course, creating an European IT powerhouse. We expand our home market, so it's not only Nordics, it's also Benelux now, and that is, of course, paving the way also for continued expansion. It is a very accretive effect on this. If you look at EPS, it's more than 50%, if you compare it on a pro forma basis. We see that given the fact that it is a very strategic fit in this, and we know the drill, we know the business, we know how it works, we see, of course, significant sales and efficiency synergies in this. We also see that due to this, we do not change our financial targets. Moving on to slide 13, to go through a little bit about the strategic rationale and key facts on the business. As said, this is an opportunity for us to establish Dustin as the market leader across all customer segments in the Benelux region through combining existing operations that we have in the Dutch market with Centralpoint. I also said it is a strategic fit with attractive value creation opportunities for us. It fits very well to our current business. We get also critical mass in the market and across all segments to enhance the local service offering and, of course, introduce additional value-added service in the market. As said, also, we see significant sales and efficiency synergies, the areas worth mentioning here is, of course, procurement. We will also introduce our private label products in the market, and we see also, of course, synergies between IT and the technical platform. Not to say the least, we of course have knowledge-sharing and SMB sales in this that we can leverage on even further. It will also be a natural platform for us when continuing expanding in Europe, both organically, but of course also with bolt-on acquisitions. Centralpoint, some short facts on that. It is an IT supplier or a value-added reseller with focus on hardware and software to the LCP as well as the SMB segment in the Benelux region, Netherlands and Belgium. It's approximately 600 employees, and it's presence in three locations in the Netherlands and Belgium. Revenues amounted approximately to SEK 7 billion within a EBITDA of approximately SEK 280 million in 2020. It is a market leader today in the Netherlands, with a market share of around 5% of the total addressable market. What is really good here also, of course, is that they have strong tender capabilities, and that results in high revenue visibility, which is good. Current management will also stay in their current positions. If we move on to slide 14 and look at the financial impact and expected sales and efficiency synergies. The combined revenue of the companies will be approximately SEK 20.4 billion, and a combined revenue, if you look back 2018- 2020, will be approximately 7%. The combined EBITDA will be approximately SEK 800 million, and with the combined EBITDA margin, if you look back 2018- 2020, about 4.3%. The EPS accretive effect of more than 50% on a pro forma basis, including the cost synergies. We see expected sales and efficiency synergies where we expect to find those in areas as procurement, increased label penetration, the IT and tech platform assets, of course, knowledge-sharing between both LCP and SMB and the online operations. We see that it is expected to generate approximately SEK 150 million of sales and efficiency synergies fully implemented then at 2023. We expect to invest approximately SEK 50 million to accelerate the extraction of those synergies. Centralpoint has an omni-channel approach, very similar to Dustin in the Nordics. It's a combination of consultative sales or relation sales, outbound sales, and of course, online sales. Centralpoint also has the same hybrid supply chain model as we have in the Nordics, where we work directly with vendors, but we also work a lot through distributors. It's a strong company that fits us very well. Again, just to brief so you get the full picture of the company. It's a leading supplier in the Benelux. Hardware, software, as well as services. It was formed through a combination of Infotheek, Scholten Awater, and Centralpoint in 2018, but the company was originally founded in 2001. It's based in Nijmegen in Netherlands, where they have the headquarters and the sales office for Netherlands, and it's also in Wijchen in Netherlands, where warehouse and distribution center, and in Aarschot in Belgium, where the Belgium sales office are situated. They have very efficient and central logistic operations to serve the Netherlands and Belgium. As said, a total of 600 employees with around 36,000 customers across the Benelux. Financially, as we said, it's SEK 7 billion and around SEK 280 million in EBITDA for 2020. With that, Johan, you can proceed on slide 16 to talk more about all the other. Yes. Let's move to look at little bit on what Thomas was talking about, the value creation going forward, coming from the acquisition together with the Dustin organization. With these four building blocks, we think we can explain how the value creation will be generated the coming years. You will start on the left-hand side with the business plan of Centralpoint, which is quite a growth-inspired business plan. It builds on, I would say, three fundamental pillars in order to grow. These would be to expand in the Belgium market to become as strong in Belgium as they are currently in the Netherlands. It is to expand the offering also to software and grow software business in combination with hardware, mainly in the Netherlands market. To add infrastructure offerings and sales on top of the basic hardware sales that is currently done mainly in the Netherlands. That forms a part of the local Centralpoint business plan. On top of that, obviously we, as Thomas was saying, we have identified SEK 150 million result synergies coming from both sales and efficiency initiatives. Moving to the efficiency initiatives, I would say that purchasing power and what we can do with the purchasing power is one of the strongest part of this plan. It's clear that, as you know from before, we are one of the leading IT partners in the Nordic region where we can use our power of purchasing to a great extent. Now we will have the same situation in the Netherlands, but also we can use the fact that we are now a true multi-regional player, which we believe will give us an even better position with the vendors and distributors in the European market. That will clearly contribute to the synergies going forward. That in combination with launching our own private label assortment to a greater extent in the Netherlands will add to profit. Then moving on to, let's say the competency capability transfer, and you can, to some extent, also take them with you from the synergies, because one of the competencies that we can clearly use is our Nordic excellence in online SMB sales. This is an area where I think we can generate a lot of sales synergies coming into the Benelux market. We have a very strong plan and target in this area, but also not forget the excellence that Centralpoint organization has on tender business. I think we can, in many cases, we will be able to leverage on that knowledge also in the Nordic context. Last but not least, we will of course, continue to look for bolt-on acquisitions as we have done in the Nordics. We are now in an even better position in the Benelux market to continue that journey. All in all, we believe that this makes the prospects of continuing with the good speed of both sales and profit growth in the Benelux region and also for us. We move to slide 17. We basically say that this acquisition will not affect our financial targets as they are stated today. As you know, the growth target is 8% organic growth over a business cycle. As you can see on the slide 17, if anything, we believe that the acquisition can support that growth target. Moving to margin, I think we discussed a bit before that our firm belief is that the margin potential in the Benelux region is the same as in the Nordics. Now as the customer split in the Benelux region, including Centralpoint, is slightly more skewed towards the LCP side. We are currently at a slightly lower level of margin in the Benelux compared to the Nordic, but that is also one of the possibilities for us to, with a better scale, support our SMB expansion in the Benelux, and that by itself will improve margins going forward. If you look at capital structure, obviously, after the acquisition, you heard that from Thomas that in the end of the Q2, we were at a leverage of 2.0, and after the acquisition, we will end up at 4.5, but with the proposed right issues, we will be back on 3.3. We believe that we will deleverage with the cash flow generated by the business down to the area of 2- 3 within a reasonable future. No change of the financial targets. Moving to slide 18. If we look at In the middle summary. The total consideration was EUR 425 million on a cash- and debt-free basis, and we bought Centralpoint from Infotheek Holding B.V.. The acquisition multiple is around 15x excluding synergies and 10x including synergies. As part of the consideration, we have issued about 8.2 million shares to the former owners. Obviously the acquisition is subject to competition clearance by the Dutch competition authorities. In terms of financing, we have a bridge financing from Swedbank to cover the initial period, then we will propose a rights issue of SEK 1.2 billion to reduce leverage in the first instance. That we will summon an EGM which will give authorization to the board to resolve [inaudible] and the rights issue that will be held on the 18th of May. At the moment, the main shareholders are supporting that decision. I think with that, back to Thomas. Yes, thank you, Johan. Let's just summarize it on slide 19. To summarize the acquisition, we will become the market leader in the Benelux region. Of course, as said, paving the way for continued expansion. The combined LTM revenue of around SEK 20 billion and an EBITDA around SEK 800 million. EPS accretive effect of more than 50% for the last financial year on a pro forma basis. We see, of course, as Johan was into as well, that with the strategic fit, we see significant savings and efficiency synergies in this. We do not change our financial targets due to this acquisition. Very exciting, of course, and it's a strong Q2 quarter. Shows our position and our strength in the value chain. Combining that with this acquisition, of course, puts the foundation for us to create the IT powerhouse that we are building here. With that, Johan, I think we are ready for questions. Any questions you might have. Operator, over to questions. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. You can ask as many questions as you wish, but please ask one at a time. Our first question comes from the line of Fredrik Stenkil from Nordea. Please go ahead. Hi, good morning, guys. I have a question on the synergy target of SEK 150 million. I was wondering, you did talk about it a bit, but if you could be a bit more precise of how much are sales synergies and how much are cost synergies out of that? I'll wait with my second question. I think rough numbers, you can split them in two, 50/50. Sales would be 75 and cost would be 75, or efficiency would be 75. Clearly most important are purchasing and our ability to exchange, let's say, accessories with our own private label accessories. These are also the ones that we have greatest visibility of, I would say to start with. Sales synergies are clear in the sense that we get scale now in the Benelux region. From that scale, we can add our online competence and SMB competence also to that region. I think that is a very important both short term but also long term growth opportunity for us. Okay. Makes sense. Thank you. My second question. You write out that the organic growth CAGR has been 12%, and that seems like quite an attractive number to me. What would you say have been the main driving forces for them to be able to have that sort of growth? Because I assume the market has not been growing at that pace. I think they have a very strong competence in how to handle large RFPs, let's say, and both in public and corporate tenders. That is, I think, one of their strongest part. That in combination with really good relationship with the local vendors to get good pricing. That has been a success factor, I think, from the board. Okay. Excellent. If I can just add one last, if you want to disclose if it was a bidding process or if it was an exclusive negotiation? Yeah. This was a bidding process. It was. Thank you very much. Yeah. Good. Just as a final reminder, if you do wish to ask a question, please press zero one on your telephone keypad now. We have another question from the line, Ramil Koria from SEB. Please go ahead. Yes, thank you, operator. Morning, guys. A few questions from my side as well. Just starting off on the financial targets. I couldn't help but to notice the fact that you're not mentioning the payout ratio. Given the balance constraints now as opposed to rights issue, how are you reasoning around potential dividends? I think overall that's for the board to decide later on during the fall. Of course they will consider how the overall balance sheet looks at the time for the possible dividend. That will be for the board to take a decision on later on. That's clear. The margin target which you outlined you were aiming at to reach in the next fiscal year, is that still valid as per your CMD communication, was it 18 months ago, or does that change now? I think it's still valid. The possibility to reach it will be affected by how fast we can implement the synergies. That plan we are doing more fine-tuning now when the deal is actually signed. We will have to come back on exactly that, but there is no change in our ambition to reach the financial target in margin for sales. Very clear. Thank you, Johan. Perhaps the two final questions in one go. First off, if you could shed some light relating to Fredrik's question earlier about synergies and the cadence as to when they will be reached. You're saying full synergies will be visible in 2023, 2024, but you're also taking a one-off write off the closing of the deal. Shouldn't we expect some cost synergies to be reached from the initial phases here? I think you will see efficiency synergies coming through in 2021, 2022 for sure. Of course on the sales side, it's more of a ramp up situation on sales. It will start pretty fast, but we need to build that business in a more long-term way. It's not a one-off thing that you end up with then. Of course on procurement, for example, you can move faster. I think there will be. Let's put it that way. It's not 1/3 every year added. It's probably more in the beginning, but it will take some time to get the full synergies out. Okay. Perhaps on the gross margin side, could you shed some light as to how the gross margin structure looks like in the company? Gross margin is pretty similar to what you can see in our LCP business. Actually, the business down there is pretty close to that. Okay, the final one, if I may, guys. Yeah. Yeah. On a more high level basis, I think you earlier mentioned that this gives you the potential to continue to expand in Europe. Perhaps I'm mistaken, but how are you reasoning in terms of accumulating market shares on your existing markets versus continuing to expand geographically? You have in the high single digit area market shares in both the Nordics and in the Netherlands now, and some presence in Belgium as well. How are you reasoning for the future story here? As you understand, we have a lot of things to do in the Nordics and the Benelux region right now. What is clearly visible is that our business model it's very exportable. It is possible to export our business model. Of course for that we need a platform. What we're seeing is that we have now two strong platforms or one combined platform with the Benelux and Nordic region, which gives us those opportunities. However, now, as said also, we still want to continue to prove ourselves in the Nordics and continue to prove ourselves of course in the Benelux region. It's very possible for us to do that. We see that our business model works in other European areas as well. Now with entering into Belgium as well, we see that there's also room for further expansionals there. It's very clear. Thank you so much. Thank you. As there are no further questions, I'll hand it back for any closing remarks. Okay, very good. Thank you very much operator, and thank you very much for everyone listening in. Please just revert if any questions to myself, Johan, or Fredrik, and we talk and see each other very soon again. Thank you very much for today. Thank you. This concludes our conference call. Thank you all for attending. You may now disconnect your line.