Hello, and welcome to the Dustin Group Audiocast with Teleconference Q4 2020 to 2021. Today, I am pleased to present CEO Thomas Ekman and CFO Johan Karlsson. Good. Thank you very much operator. Good morning, and most welcome everyone, both our existing and potential new shareholders to our Fourth Quarter Presentation and Conference Call. Hope you're all well and had a good morning so far. Here on the call is me, Thomas Ekman, and Johan Karlsson, CFO. Today we present our fourth quarter also ending our fiscal year for 2021. This Q4 has been a transforming quarter in many ways. First, we see that our markets and the world is opening up, and the corona restrictions that have been in place for the last 18 months is loosened. Secondly, we are experiencing a very strong growth built from an underlying demand, which we have managed well to capture during the quarter. Thirdly, we closed the transaction of Centralpoint beginning of June, and from this quarter the shapes of our consolidated group are visible. I want also to take the opportunity here to emphasize that I'm really proud of our achievements on everyone on Dustin Group for their strong contribution in helping and supporting our customers and continuously enable them to stay in the forefront, especially now also when you see the numbers. Moving on then to slide two for the financial highlights to see how we are improving and performing now during the Q4. A really strong 20.5% organic growth, which is really good, and we have strengthened our position in the market and our productivity and strong position in the value chain benefited our performance in the market, which has been impacted somewhat by component shortages and supply chain disruptions due to the pandemic. However, we managed that well, and in combination with an intensive cost focus, good demand, and the acquisition of Centralpoint resulted in an adjusted EBITDA increasing to SEK 229 million, and the EBITDA margin strengthened to 4.5%. In addition, our online core business performed strongly in pace with a higher share of online retail and a greater need for mobility, cloud services, and security driven from the underlying strong trends. Those trends, the market trends that we build our strategy on, the online shift, the growth for mobility and cloud services, the demand for predictable IT costs, focus on security and integrity, and last but not least, sustainability. All those have continued during the quarter and during the year, and they are increasing in importance, making our long-term position even stronger. What is also interesting to see, I think, during this quarter is that our customers in SMB, they have increased their average order value with around 15%, partly driven by price, and that they've also increased their frequency, i.e., how often they buy from us with 11% versus last year. It is really high activity among our customers, which is really encouraging to see. Total net sales were SEK 5.1 billion, up with 77.6% versus last year. I said the organic growth was up to 20.5%, of which SMB showed a very positive 17.9%, and LCP really coming back at a + 23.7%, and B2C at 7.9%. Overall, strong organic growth, which shows not only good underlying demand, but also our capability to make use of it and deliver. Gross profit was SEK 758 million compared to last year's SEK 434 million. That gave us a gross margin of 14.8%, somewhat down from last year's 15.1% because of us adding more LCP volume from Centralpoint. Our adjusted EBITDA increased a lot and came in at SEK 229 million versus last year, SEK 101 million. As said, that gave us an adjusted EBITDA margin at 4.5% for the quarter versus last year's 3.5%. Very strong performance and strong earnings. The margin also improved by good performance in the structural changes we are doing, combined with the good cost control with all segments. Both SMB and LCP show good progress in the margin uptake. Consequently, EBIT was up to SEK 154 million compared to last year's SEK 84.5 million. Items affecting comparability was -SEK 37.9 million. EPS at SEK 0.65 versus last year's SEK 0.75. Our leverage at the end of the quarter was 3.4 versus 2.6 last year as a consequence of the acquisition of Centralpoint. The strong cash flow from operating activities at SEK 201 million compared to last year's SEK 110. Apart from an intense quarter in general from an operational perspective, we completed and consolidated the acquisition of Centralpoint in the Benelux on June 3rd. As you know, we also made a rights issue, which was fully subscribed and at approximately SEK 1.2 billion. With the strong results and with the cash, the board proposes a dividend at SEK 2.21 per share. Good. Johan, you can take us in deeper dive in the segment. Let's move to slide three on the SMB segment for some more details. Sales for the quarter ended at SEK 1,713 million, an increase of 36.7% over last year. That represented an organic growth of 17.9%. Sales growth continues to be strong despite challenges in the global supply chains. As in Q2 and Q3, we continue to see good sales development in the hardware categories from all customer groups in the segment. The acquisition of Centralpoint in the Netherlands affected the sales numbers in the quarter by SEK 236 million, and sales there were in line with expectations. Consulting and project-related sales continues to be affected by the pandemic. However, we saw strong sales growth in the entities that were integrated during full year 2019-2020, and recurring sales in the integrated units grew by 19% compared to Q4 last year. Geographically, sales development was strongest in Norway and Finland. If we look at segment margin for the quarter, it reached 9.8% compared to last year's 8.3%. The main reasons for the good margins were high volume growth with the shortage in the market and our ability to capture margin from that shortage, the acquisition of Centralpoint, strong sales of private label products, and effects from cost efficiency initiatives earlier this year and last year. This was, as in previous quarters, somewhat offset by the lower sales of high-margin project-related services. If you look at software and services sales, that amounted to SEK 389 million in the quarter, compared to last year's SEK 337 million, which was an increase of 15.2%. The share, however, of software and services was 22.5%, down from 26.7% last year, mainly due to the strong hardware sales in the Nordics and the acquisition of Centralpoint. In total, segment results ended at SEK 170.1 million, compared to last year's SEK 105 million, or an increase of 62%. Yet another strong quarter from SMB, both in regards to sales and margins. We move to LCP and slide four. Sales in LCP was SEK 3 billion, 240 million in the quarter, an increase of 118%, of which 23.7% was organic. During the quarter, we saw a very strong sales increase in public sector, both in demand from customers but also in deliveries. Sales to corporate customers continued to be strong and is, to a lesser extent, affected by the shortage situation in the market. Centralpoint added to the sales by approximately SEK 1.4 billion, and sales from Centralpoint were in line with plan, but as in the Nordics, affected by the turbulence in the global supply chains. Geographically, we saw strong sales in Finland and Sweden, while a larger contract in Denmark was affected negatively, and hence growth was lower in Denmark. Segment margin ended at 7.1% compared to last year's 6.1%. The increase over last year is mainly explained by the general improved margins in some of the larger contracts, cost benefits coming from larger volumes, and effects from last year's cost efficiency activities. Margins in the Benelux was in line with the ones in the Nordics. Segment results improved from last year's SEK 90.4 million to SEK 230 million, or by 154%. All in all, a very strong performance in LCP, both from the Nordic and the Benelux region. Moving to slide five and B2C. B2C continues to perform well and reported a sales increase of 7.6% from SEK 125 million to SEK 135 million. Of the growth, 7.9% was organic. The main reason for the sales increase was strong underlying demand for basic hardware, such as mobile phones and computers. The segment margin was up from 5.5% last year to 8.5% this year. The high margin situation generated by our good performance in purchasing in a market characterized by shortage continues. That, together with good cost development, contributes to high margins. Moving on to slide six, net working capital. Net working capital was -SEK 256 million compared to last year's -SEK 422 million. Last year was highly affected by the actions taken as a consequence of the pandemic, where focus was on securing working capital to mitigate potential risk in accounts receivable. Further to that, the inclusion of Centralpoint has affected the individual items in working capital significantly. If we then look at the details, we can see that inventory in the quarter ended at SEK 1,016 million compared to last year's SEK 493 million. The main reason for the increase was the inclusion of Centralpoint adding SEK 400 million and the higher purchase volume to reduce the risk from shortage of components. Accounts receivables were up SEK 1,199 million, mainly as a result of Centralpoint adding SEK 735 million, but also higher business volume in general and more sales during the end of the quarter added to the total balance. Moving on to accounts payables, which was SEK 1,604 million higher than last year, again, mainly affected by Centralpoint adding SEK 1,128 million, but also supplier mix and higher business volume added to the total balance. In total, we continue to see strong performance in the area of working capital, where we continue to stay in or below our target range of -SEK 100 million to -SEK 200 million. Looking at leverage, as Thomas said before, then the net was 3.4 if we include the pro forma numbers from Centralpoint. As you remember, our target is to stay between two and three. The main effect on the leverage in the quarter was obviously the acquisition of Centralpoint. Look at cash flow and investments on slide seven. You can see that the cash flow for the quarter was SEK 130 million in total. Last year was -SEK 38. If we look at the parts, cash flow from operating activities before changing networking capital was SEK 201 million compared to SEK 110 last year. While the change in networking capital was -SEK 423 compared to -SEK 90 last year. The main difference being the inclusion of Centralpoint and higher inventory levels due to the turbulence in the market. Cash flow from investing activities was SEK 3.72 billion compared to -SEK 19 last year, where the acquisition of Centralpoint affected the numbers. Cash flow from financing activities was +SEK 3.424 Billion compared to -SEK 39 last year. Main difference being the loans raised for the acquisition of Centralpoint and the rights issue. Moving to investments. Total investment amounting to SEK 54 million compared to last year's SEK 31 million. CapEx related to IT development was at SEK 15 million. SEK 9 million was the number for last year. If we look at the increase, SEK 6 million came from Centralpoint. Investment in tangible and intangible assets increased to SEK 24 million from SEK 7 last year, where Centralpoint added SEK 7 million and our new Takeback Centre in Växjö added SEK 4 million. Investments in assets related to service delivery was slightly lower than last year at SEK 15 million. All in all, SEK 30 million out of the SEK 54 million in CapEx was affecting cash flow. The others were change in lease or rent contracts. With that, moving back to Thomas. Thank you, Johan. Continuing to slide eight. Just want to show what we are now entering since we now include also Centralpoint numbers in our own numbers. We are also entering a new chapter where Dustin is what I would call a textbook example of how companies actually can develop under different management and different ownerships. Where we first had our founder phase, we started in 1984. From that 1995, starting to develop an online platform. The company was acquired by private equity company Altor back in 2006. The Nordic expansion started with entering new markets, build out of IT systems, warehouses, and so on. The IPO in 2015, where we have since then professionalized ourselves, put a clear strategy on services, as well as continuing expanding to new territories and new markets and offering. Now with the acquisition of Centralpoint, we clearly put our strong foothold in mainland Europe and build a strong platform for further expansion. It's a really interesting and transformative year behind us. This also shows the possibility of our robust business model. Moving on to slide number nine. To show the transformative acquisition, we pave our way in creating this European IT powerhouse where we now add all the capabilities from Centralpoint with the 700 coworkers, SEK 7.4 billion in sales, and SEK 330 million in adjusted EBITDA and around 50,000 customers. Combining Dustin in the Nordics with Centralpoint is as on slide number 10, the combined entity, which then consists of around 2,400 coworkers, SEK 21.7 billion in revenue pro forma, as well as SEK 1 billion in EBITDA pro forma and around 500,000 customers. This puts us also at the number 8 on the largest EMEA IT partner retailers. As you know, being large in our industry is a good thing in terms of purchasing power, influence of the whole value chain, drive the market, and driving both sustainability and profit through our scale. This is a new company with two strong regions where we set out for further expansions in the market and further out. Moving on to slide number 11. To see how we will build this. We have an attractive value creation agenda to speed up the ability to achieve our long-term targets, where we keep the strong momentum in the core LCP segments in the Benelux, of course, and we realize sales and efficiency synergies of about 150 million SEK annually on both local and group level. We will also accelerate the growth both in Nordics and Benelux through our targeted capability transfers in both SMB and LCP. We see big opportunities for SMB rollout also in the Benelux region, of course, we will continue the roll-up expansion in Benelux based on our proven Nordic recipe. Synergies are expected in areas such as procurement, private label, IT platform and functionalities, as well as knowledge sharing, of course. We also estimate that we invest approximately SEK 50 million in the coming year here to extract the synergies, and that we will reach them in full by 2023, 2024. Continuing on the value creation, over to slide number 12. We work on our 2030 commitments that we have showed you before, which will create value both for us, for our customers, and for our society. Just some highlights of our achievements this year is a reduction of 36% in CO2 in the comparable scopes, including the one and two and three of the scopes. We have reached the circularity level of the business at 18.3% now, our reported net sales in 2021, during last year. We have also conducted the plan, the 10 activities we had for social equality in the whole value chain. Such as working conditions in the factories, doing the audits in the factories, secure the gender pay gap closure that exists in the world. This has been very good progress all over the year. You can, of course, read more about our whole work in this in our annual report that will be published very soon. Then moving on to slide 13. Now, 18 months later, after the pandemic or post-pandemic, we can see that the markets are opening up after we've been through the pandemic. It's not over, definitely not, but we have learned to cope with it, at least in some parts of the world. The pandemic, as we all know, it is a human tragedy, but it has also taught us a new way of working. This was already in the cards also before Corona, but it has clarified the need of efficient and secure digital tools and digital way of working. For us, it has meant that our position is clearly strengthened and that our business model is very robust, both before, during, and after a pandemic. The trends that we have seen that I mentioned before, they have accelerated with distinct changes in customer behavior. There is an increased IT service demand arising among SMBs and LCPs, especially larger SMBs. There is an increased demand for instant availability online, as well as security, mobility, and remote management. We have, of course, an extensive experience in this and knowledge and can serve our customers in all our markets. All this shows our robust business model and our ability to ensure good access to products and services, which in the other end enables us to continue on a strong margin development. In short, you can say that we are very well positioned for what is happening. Before going into Q&A, let's summarize the fiscal year of 2021 on slide 14. Net sales grew with 20.3% to SEK 15.8 billion, where organic growth for the group was 9.6%, with SMB at a strong 11.6%, LCP at a really good 8%, and B2C at a strong 8.8%. Gross margin ended at 15.6% versus 15.5% last year or the year before, up due to our dynamic pricing model together with higher volumes and strong sale of private label products, somewhat offset by change customer mix with the acquisition of Centralpoint. Adjusted EBITDA came in at a good SEK 759 million, giving us an EBITDA margin for the year at 4.8%, an increase from last year's 3.9%. The initiatives or the actions we have taken on the cost side, both the strategic and short term, has given effect as well as our, of course, strong performance and volumes during the quarter. EBIT at SEK 576 million compared to last year's SEK 387 million and an EPS at 3.82 versus last year's 3.04. On balance sheet, as Johan mentioned, operating cash flow came in at SEK 740 million and leverage ended for the quarter at 3.4 to EBITDA. With the solid and good organic growth and strong earnings in Q4 as well as for the full year, we see that we are, as said, correctly positioned with a strong and unique digital relationship with hundreds of thousands of customers. Even more optimized e-commerce platform combined with strong relations sales force towards large corporates and public entities. Even more now enhanced with the acquisition of Centralpoint. With our service offerings coming back in demand, we further increase our relevance to the benefit of our customers. That combined, I should say, with our strong financial position means that we are very well equipped to face the opportunities and challenges presented by the business climate and, of course, our customers. Good. I think that was that, and we are happy to take any questions you might have now. Operator? Thank you. If you would like to ask a question, please press one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing two to cancel. You can ask as many questions as you wish, but please ask them 1 at a time. There will now be a brief pause while questions are being registered. The first question comes from Daniel Thorsson from ABG. Please go ahead. Your line is open. Yes, thank you very much. I start off with a question on potential price increases here. How much did increased prices drive the organic growth versus volume in this quarter? I guess the contribution from you being able to have a dynamic pricing model and using the component shortages for competitors in a favorable way for you, and for how long time do you think that will be sustainable? Well, as you know, our pricing is very intense in terms of how we do pricing. It's a very tough thing to talk about price increase from our side. What we have seen is that our purchase prices are going up, but we are able to adjust our own prices in accordance with that and even improve that a little bit, meaning we have higher margins on hardware in this quarter compared to a more stable quarter where prices are developing in a more stable way. I would say that the price increases we have seen coming from suppliers, we have been able to transfer to our customers in the same way as before or even slightly better. Yeah, exactly. I understand that. Could we quantify that? Are we talking around 1%-2%, or is it 5%-6%, or up to 10%? It was certainly a strong organic growth right now, and I guess that has partly to do with prices, not you improving prices, but the whole value chain, obviously. There are a couple of percentage price increase in that, but we don't really follow it in that way. It's hard to give you a number, but it's a couple of percent, for sure. Yeah, absolutely. That's fine. The second question on inventory, I may have missed the details there or the comments, but should we see the buildup in inventory right now as a sign that you expect to see strong deliveries in the next few quarters as well? You are still delivering lots of products in this quarter growing fast, and despite that, you're building up inventory on a net basis. Will you be able to deliver to customers? Is that how it should be? I think you should see it as we are building up stock because from a seasonality perspective, the quarter coming is stronger than the quarter we had just had. It's a natural thing that we build up stock at the moment, and we are building up stock in order to achieve the same thing as we achieved in Q4. No change actually in our way of working, but it's a security to continue to operate the way we have done it in the last two quarters. Okay. I see. The final question on product specifics related to the component shortages we have in the market. Which products are most scarce at the moment for customers? Has that potential mix effect from your product mix affected your margin, either positive or negative? The most difficult to get are the ones that are built to a specific specification to a specific customer, because as there is a shortage and the production problems, the manufacturers are running longer production runs with more, let's say, normal or general products and not customer specific. It's really hard to get customer specific into the factory. That's why. Okay. Can you say if it's computers, laptops, screens, something like that could change your mix, which is driving margin either up or downwards? The most sold product we do is of course laptops. Yeah. That affects on that. That it does. It has been shortages in all kinds of supplies, also the more non-strategic like Wi-Fi connectors and so forth. We see that it's being coped with in a better way now going forward, which is good of course. In fact what Johan said there, for us it's more to secure that when we have large orders of, for example, 10,000 laptops, then that can be harder to get the exact specifications. There are products available if you just have the purchasing power to get them. Okay. Excellent. Thank you very much. Good. Thank you. Thank you. The next question comes from the line of Fredrik Stenkil from Nordea. Please go ahead. Your line is open. Yes, good morning. Congrats on a good quarter. I have a question on Centralpoint. From the prospectus, it looks to have grown even faster than the 12% organic rate you presented at the announcement. Could you comment a bit on what's been driving that? Also if you see a risk for sort of normalization in the year ahead with regards to hardware sales and also how that would balance better margins in the project-based sales potentially coming back now? I think overall, Centralpoint has had a good spring and also good summer. That has been good and you're always cautious when you think about when you're doing large acquisition like this, how the sort of historical growth has been. We see the same patterns that we see in the Nordics for Benelux with Centralpoint there. It's the same drive in high demand. As you saw, our LCP organic growth at 23.7% was of course strong and due to the underlying demand in the market. There is a strong demand and as I said, the same pattern we see in Benelux as we see in the Nordics. It has been improved since the prospectus. Yes. Onto the second question, how that will materialize. There is underlying demand in the market, and let's see how that continues. That's also back to what Johan mentioned there, that we are building up so we can deliver also to the larger entities as well as the SMBs, of course, now during the fall. Then you also had a question on the project related or services, right, Fredrik? Yes. I think that we see it. The more people are coming back to offices, the more sort of the offices are opening up or the countries are opening up. There is also an increased demand for services. That of course, can benefit us now when we have also built a stronger platform for services, and we also are able to deliver it not only in the Nordics but also in the Benelux region. In Benelux and what Centralpoint brings into the table is of course a very strong position within what we call volume services, where they do a lot of customer specific services for larger corporates as well as larger SMBs. That is also something that we are building up also in the Nordics in the same way. Yeah, it has been a good period for both in the Nordic and the Benelux. Okay. Excellent. Thank you. Thanks. Thank you. The next question comes from the line of Mikael Laséen from Carnegie. Please go ahead. Your line is open. Yes. Thank you. I've got the question on Centralpoint, and if you can comment how the integration is developing and the SEK 38 million in items affecting comparability, what have you achieved with these costs? I think integration, if we take that first to start off. We have set out the plan for the integration for the next, let's say, very intensive for the next 12- 15 months. Integration is basically working in two directions. One is the cost synergies and the other one on the revenue side. The first step there is that we have created a totally global leadership team that are able to drive the implementation of the synergies in the various regions and the various business units. That's been done during this quarter. We are in the process of putting detailed plans together for each of the value streams where we are expecting to capture synergies. That work has, I think, shown that the assumptions that we did as part of the acquisition is still realistic, and we still have the potential to reach the numbers that we've said before. That's the status at the moment. Your second question again was? Yeah, it was the items affecting comparability, SEK 38 million. Yes. Part of it was the acquisition cost, of course, direct acquisition cost. There, actually, we got the company, so that's good. We have put some integration costs in items affecting comparability, where you should see them as part of the work we're doing to put the old acquisition, Vincere, together as one unit in order to then put them together with Centralpoint so we get to one entity in the Benelux. What we're doing now is actually, as of this week, we are moving into one brand for the Vincere Groep under the brand name of Dustin in the Netherlands, which is a great achievement from the team down there. That will have a super impact on our ability to drive the services and online business in primarily SMB then in the Netherlands. I think we have, in that, achieved a lot by this step. Okay. Interesting. Going forward, the coming quarters, how will you take the rest of the integration costs? I think you expected to have around SEK 50 million. Yes. I think we've said that since the integration costs primarily would come with reducing the number of people and reducing the number of sites, we believe that the majority of the costs will come in this fiscal year, so until the end of August. There we will also have initiated, let's say, the cost reduction associated to that cost at the end of this financial year. I think that's the plan we have at the moment. Okay. Got it. Just another one on Centralpoint on the supply chain situation. Obviously demand is strong there, but did you see any negative effects that you couldn't deliver really in line with demand? How much was the negative effect? We have very similar situation in the Benelux. You would say that this has not so much to do with the regional question, it's more on a manufacturer by manufacturer. The different brands, they are in different situations. Some at certain stages, Dell is more difficult than HP, the other month it's the other way around. It depends a little bit. They treat everyone more or less in the same situation in the Benelux with the same suppliers. I would say very similar situation. Okay. Yeah, fair enough. My final one, if I may, it's on the software and services part of your business, how the so-called service factory is performing and your work there, and also the data center integration projects, if you can update us on that, please. If you take the service factory, as we said, actually, remember our intention to integrate the companies that we did in order to create the factory and the base for services going forward. That was a bit interrupted from the pandemic, but before that, we actually integrated all but five of the acquisitions. We can now see that the development in these integrated entities are performing very well and actually growing by almost 20% in the quarter when it comes to recurring sales. You must say that the development of our standardized service portfolio sold by our own sales reps is performing very well. I think that has been a great success throughout this quarter. Now, we still have five entities not integrated, where we are now reinitiating that work in the Nordics to put them into the same environment as we have for the other integrated companies, and hence hoping that that will give us a better sales development in these entities. That's the work we're doing at the moment. I think we can say that both from a standardization perspective, where we have now a portfolio of highly standardized services for small and medium-sized businesses, and from a sales efficiency perspective, where we now have a combination of relation sales and online sales. It's working very well. The data center part? The data center is done in the Nordics. We are now with the data centers that we said we would achieve. Obviously, this is continuous work, unfortunately, because as we are integrating new companies, basically all the acquisitions that we made come with the data center. We need to continue this, but of course, on a lower scale. Because if we integrate one company, then there will be one data center to move into the base that we now have in the Nordics. It's much easier work, of course. Okay, thank you. Good. Thanks. Thank you. The last question comes from Erik Elander from Handelsbanken. Please go ahead. Your line is open. All right. Good morning, and congratulations to a fantastic quarter. It was really impressive. Great stuff. First of all, I was just wondering, when I look back at the historical numbers of organic growth for Dustin, every other year it has been strong, and every other year it has been somewhat not so strong, like 2% or something like that. Now when you have almost 10% in this year, should we expect this trend to continue, meaning that next year is going to be around 2%? Also, what is the reason behind this every other year volatility? First of all, everyone in this call is as good as to project the future. We of course see that what we have behind us, we are in the middle of it you might say, before the pandemic. That has proven to be a very strong shift in how people work. That of course we can foresee will continue. The changes in working environment will of course also affect the digital way of working and which of course benefits us. I should say, we still foresee a strong demand. We still foresee good opportunities for growth and for us grabbing that growth. To answer your question on the volatility, it has also been very much affected over how we have dealt with the public side primarily, which has been a bit volatile during the last years. Now where we have sort of added up and built a stronger portfolio in the Large Corporate and Public segment, especially in the public segment, whereas you know, our really strong position in SMB has created a good portfolio of a lot of customers that sort of mitigate the volatility. The same is now happening for us in the public side, where we grow a lot and have a wider portfolio. Also, with the acquisition of Centralpoint, we have broadened our portfolio, which then can mitigate the volatility in the growth numbers. That is the reason for it if you look back on the historical numbers. Okay. We see that we are strengthening our position. Yeah, sorry. Yeah. You're actually catching up on the big Norwegian guys. Yeah. I don't know who you're talking about now. No, me neither. All right. Perfect. I was also interested in 2019, before the pandemic, the hardware market was quite weak in the Nordic region. Yeah. You also, as the other players in this sector, suffered from that. Came the pandemic and also the remote work purchases and stuff like that. Now the market is really strong once again, post the pandemic and post all the remote work purchases. What has changed from 2019 to now? I think overall it's a level up of how people work and what kind of tools they use. The more you use the digital tools for working, the better components you need, the better equipment you need, the better tools you have, the more productive you will be. We see that the same sort of things are happening in their different workplaces. People upgrade their home office in the same pace they upgrade their office equipment in the offices. You work so much digital now, so you need good equipment and you need good networks, you need good routers, you need good screens. We see now that people buy larger screens. Last year, the average screen sold was the 27 inch. Now it's the 33 inch. People are buying better equipment, better cameras, better keyboards, and better hardware with more memory, stronger processors, and so forth. That we think can continue. I think also you would see a trend towards the fact that if your home office used to be a B2C customer buying that, nowadays there are much more B2B customers equipping their employees' home office. There is an enlargement of the B2B market, obviously where we are stronger. We can capture that trend and equipping home offices from a B2B perspective. That's good for us. That has been a strong trend among our customers to do that too. We do both home and office equipment for them. Interesting. Actually, the pandemic triggered remote work purchase boost that we're seeing is actually continuing right now and will do for maybe one, two years, or what do you expect about that? I think we will have a situation now which the very well-known word hybrid is a famous word right now. It will continue because these tools have shown. The tools that we actually have had for 10 years with the camera and the PC and the camera and the phone, and we have Skype and Teams and so forth, but we haven't used it on a broader scale. That people do now. Everyone knows how to use Teams. Everyone knows how to share a PowerPoint presentation and so forth. That demanded lots of change programs and stuff before, but now people are just diving into it and use it, and that, of course, creates a demand for better products. As I said, better products, better cameras, you want to level up. I think that is an important factor here, that as we see, it will continue. Okay, cool. My last question, actually. We talked about the big Norwegian guys that you can't mention here because that's like swearing in the church. We have the big German guys, which I also can't mention here, but they start with a B. You have now entered, some years ago, entered into the Netherlands and the Benelux region, which is very similar as I see in terms of IT development overall. What will be the next interesting markets for you now that you say that you're going to expand into a broader European area? These other companies have big market positions, and they have not entered into the Nordics because you have such a strong position and other companies as well. How can you compete with those, and what countries would be of interest for you? I think, overall, if you look back, then you can say that we have been expanding to new territories every third or fourth year, if you look historically, and that's about the time it takes for us to prove ourselves in the markets we are. I think overall, you can say what we find really exciting is that our SMB model with the online cost-efficient sales model with products on the shelves, that is really attractive also for the wider European market because it's not so common. Most IT companies and most of our competitors come from a service part. They come from the service consultancy, and then they have moved into hardware somewhere, but they're not at all on the same level of delivering a push model as we have in the Nordics. We've also seen that in order to gain that position, we need the scale in hardware, hence our acquisition of Centralpoint. With that, then you can get those large volumes, and then you can really start to build up a strong SMB position where you can find more attractive margins, you can find more attractive and more standardized offerings, which suits us very well. I think in general; you can say that there are openings in different markets like Germany, France, and so forth. It is. We might not need to take the full of Germany or full of France. You can take areas of Germany, for example. Germany is a massive market, so if we go into Düsseldorf, we can probably find a good business just in Düsseldorf. We'll see where we end up, but we of course see this as the stronghold we're now building in Benelux will for sure serve for further expansion in the future. This is interesting. Try to not make this as biased as possible. Would you say that Dustin is the next generation IT infrastructure delivery model? I would say definitely, even though I'm not biased. Of course. We see that we have a strong position. I think you should also make it back to the underlying trends, which is very strong on the online position, the drive for security mobility, the drive for predictable IT costs. You don't want to have an IT department in the company anymore, which is dark and costs a lot of money. You want to have visibility, you want to know what it costs, and you understand that IT is no longer someone else's issue in a company, it's your issue as running the company. It's the heart of the business, and of course, that suits our position very well. Okay. Thank you so much, guys. Great answers and a great quarter. Talk to you later. Thank you very much. Thank you. Talk later. Thank you. Thank you. We have no further questions. I will pass back to the speakers. Good. Okay. Thank you very much, everyone, for listening in and if any further questions, just send us an email or reach out in any possible means, and we will answer them. Otherwise, we will see each other later on during the day. Thank you very much. Thank you.