Good morning, and welcome to Electrolux Professional Group and our Q4 and full year result presentation. My name is Jacob Broberg. I'm Head of Investor Relations and Corporate Communication. With me, as always, I have Alberto Zanata, the CEO, and Fabio Zarpellon, the CFO. I leave the floor for you, Alberto, to start. Please, go ahead. Thank you, Jacob. Good morning to everybody, and before moving to the comments of the Q4 result, let me spend a few minutes about the year that we just closed. 2023 was a solid year for Electrolux Professional, where we have been step by step building a stronger company, and that is the meaning of that sentence, is that in 2023 we delivered the historical high net sales, the historical high EBITDA value above SEK 1.3 billion, and the historical high cash flow. So we have been growing the company, profitably growing the company, and it is something that happened all across the different business and geographies. We have been growing the customer care, that is a strategic priority, more than double than the product sales. It is a quarter where we have been reaching, anticipating the achievement of the 50% reduction of the CO2 emission, Scope 1 and 2, of two years. So instead of doing this in 2025, as it was well planned, we delivered such a result in 2023. And last but not least, we have been also growing inorganically the company, signing the acquisition of Tosei, the Japanese company, laundry and food company, in December and closing it in January. So a year with a lot of things happening that have been making this company stronger than what it was before. Moving to the quarter, Q4, despite being a solid quarter, it is still a quarter where we have been a declining trend in sales. So what happened in Q3, in some way, happened also in Q4, with a slower pace. And that is important, because the signs of recovery that we were expecting in Q3, they materialize in Q4. Indeed, the order intake in Q4 is higher than the one we had the year before. And I have also, I can also anticipate that in January, this trend of order intake improving compared to last year, continued. It is a quarter where the margin, the decline of the margin, was impacted by the lower volume. We understand, do you have to consider the comparison with laundry, as we had to do in Q3, and as in Q3, it has been impacted negatively by the currency transaction effect. It is a quarter where we further improve our cash flow. So also in Q4, we deliver more than 100% cash conversion, and thanks to this one, we've been able to further reduce the ratio between net debt and EBITDA. Now it is below 1%, obviously, before the acquisition of Tosei. With all these things together, we also convene to propose the dividend of SEK 0.8, so improving it, growing it roughly 20% compared to the previous year, as it is in our target, financial target. Moving on to the market dynamics. So if you compare this picture with the one we presented three months ago after the Q3, you see that the different arrows are trending differently, in the meaning that they were all down. Now we still see Europe flattening. We see APMEA. I don't mean flattening, but with surely not the deep decline, and also the decline in the United States is less deep than what it was. This is what we see, and it is confirmed also by the order intake that is improving compared to last year. We are still sitting on a good order stock. We have two months, a little bit more than two months of orders in-house. That is giving confidence of what is in front of us. Talking about the two segments, so if we start from Food & Beverage. Food & Beverage has been affected again by the decline of the sales in the United States. It's mainly United States. Decline that is less deep than what it was in Q3. The reason of the decline are still the same, so it is the tale of the readjustment of the market, the demand that was very strong during the first half of the year. So the two speed in some way related to the to the... What was happening the year before with the missing components and missing product, the customer afraid not to get the product and stock the product, and then readjusting their stock, readjusting the demand, because the supply chain stabilize and the performance of the manufacturer were improving. Postponement also related to the uncertainty, related, connected to the interest rate, to the, to the inflation. Things are getting better. Some of the tests that we were running with the American chains ended being converted in order. They will not materialize in Q1, or, if they will do it, they will do it at the end of the quarter. It will be mainly in during the second quarter of the year. Yeah. What is really important is the margin improvement that we reported in Food & Beverage. The margin was a target to defend the margin, and the margin improved thanks to the price contribution, thanks to the material contribution. So, it is a good sign also, this one. If we move to Laundry, the decline also in Laundry here is a consequence also of the comparison with the previous year performances. I repeat what I said in Q3. In 2022, we had a bunch of order, SEK 220 million of order that have been moved from the first part of the year to the second one because we had no component. We pre-produced the product, they were unfinished, we finished them and delivered to customer during the second part of the year. Third in Q3 to third in Q4. So the comparison was even tougher than in Q3, in Q4. So, this is the reason why I'm confident that we are continuing to grow the business of Laundry. It's a resilient business. Also, the drop on margin is related to the fact that the sales of this product that have been moved from the first to the second part of the year was very high because we produced them earlier. So the cost, in some way, were the operating costs that we had in Q4, they were the ones where we had on top these sales. In addition to that one, we had also the currency, the currency transaction effect that was negative in Q3, and it is negative, and it was negative also in Q4. Also, for Laundry, we are reporting a positive order intake. So with this said, I will let Fabio comment a little bit more on the financial aspects. Thank you, Alberto, and good morning to everybody. As anticipated by Alberto, Q4 was a solid quarter with an EBITDA over 10% or SEK 300 million in the quarter. All along 2023, if you look at the trend quarter by quarter, we were stable over 10% EBITDA generated quarter by quarter. Despite declining sales, primarily U.S., as anticipated by Alberto, and let me say, material impact from currency transaction, we have been able to maintain the profitability also in quarter four, despite the declining volume. Positive contribution came consistently along the year from price, more than compensating the inflation item, like the labor cost. And then since the summer of last year, we see positive contribution from material and the reduction of logistic cost. Our focus on growing customer care is definitely paying off. Alberto mentioned the faster growth of customer care on total sales compared to total sales, and clearly, you understand this as a positive mix-up on the margin development. Then a few words about currency. Currency, there was an element highlighted already during the last quarter three presentation. During 2023, SEK, our reported currency, weakened against our major trading currencies that are euro, U.S. dollar, and Thai baht. If we look into the two ingredients of the currency, currency translation, currency transaction, let me start giving a view about the currency translation first. Currency translation positively contributed for approximately SEK 500 million in sales in the top line, and SEK 55 million in EBITDA. Therefore, with no material impact for what concern the margin development. At the same time, currency transaction, due to the weakening of the SEK, had a, a small positive impact on the net sales on the top line, an impact that is below 50 million SEK on a full year base, but quite a negative impact for what concern the EBITDA. Let me say, when I look into the impact on the currency transaction on a full year base, the negative impact was around 100 million SEK. Let me say, majority of it equally impacting quarter three and quarter four performance and margin. What are the reason behind this currency transaction impact, and what are the action that we are putting in place? During last call, I was mentioning about the business Laundry, where we have a large production facility here in Sweden, and several raw material that we buy for production are euro-based. The weakening of SEK versus euro clearly create an increase of the purchasing cost of raw material. In Thailand, we have a large operation, producing laundry and beverage product. The strengthening of the Thai baht against, our major sales currency of this product, that is SEK, that is euro, that is dollar, clearly increase the sourcing cost of this product. What are we doing? What did we already do? Considering this increase of the sourcing cost, we act selectively, and we adjust price. We increase price, we expect a benefit already to start positively contributing quarter one, with a full effect in quarter two of this year. Then few words on the finance net. Happy to report that, despite the increase of the interest rate that we faced in the market 2023, thanks to the reduction of the debt, we have been able to reduce the finance net to SEK 24 million, significant lower than the same quarter of last year. Here, we see the development of cash flow. Let me say, Electrolux Professional is back to historical good performance. You see that, also quarter four, we generate a strong cash flow, and we are back to a normalized cash flow, generation. Overall, in 2023, we deliver, as Alberto anticipated, record operating cash flow generation, and it was over SEK 1.4 billion. Here is about operating working capital. Let me say, during 2022 and 2023, we have increased operating working capital, on sales. Last twelve months, reported at the end of December, show an index that is at 18.1%, higher than last year, but started to see somehow an improvement compared to September. That was 18.2%. It is a rolling twelve-month index, but when we look into the quarterly performance, the picture is definitely better. And it is proved by the fact that we are actually reducing year-over-year, the operating working capital. In December, it was SEK 1.8 billion, 4% below last year at the same currency. So activities on operating working capital reduction are starting to pay off. And here, I would like to spend a few words about one major offender in 2022 and 2023, that was the inventory development. With the improved situation in the supply chain and the dedicated program we put in place, we deliver a significant, remarkable improvement for what concerned the inventory. At the end of December, inventory was roughly 400 million SEK lower than the peak we reached in the middle of this year, and 13% in value below December last year. The action we have put in place, and the stabilization of the supply chain, are really creating the condition that this improvement is going to stay. Overall, as anticipated by Alberto, our financial position is pretty solid. We have a ratio net debt on EBITDA below 1, at 0.9, and we have a cash availability at the end of December, close to 1 billion SEK. When it comes to the reason of the reduction of the ratio net debt on EBITDA, clearly, it has been influenced positively by the improved EBITDA generation, combined with a reduction of the net debt, close to SEK 1 billion, compared to December last year. This remarkable improvement that you see from the graph has been consistent delivered in the last 5 quarter, has been done after having paid a dividend for 220 million SEK. In December, we announced the acquisition of Tosei. We closed the acquisition in January. Acquisition that has been initially now financed with a bridge finance, but we are evaluating the fact that we are going to finance it more term with, let me say, long-term solution, with access to the capital market. So overall, I would conclude here that Electrolux Professional, also from a balance sheet perspective and a cash flow generation capability, is confirmed as definitely a solid group with the means to further support the profitable business growth. And with that, give you the word back to you, Alberto. Thank you, Fabio, and, let's, reconnect to what, Fabio just said, that the acquisition of, Tosei. Tosei, a Japanese company, the leader, in Japan for in laundry, the leader in Japan in the category vacuum packaging machine, that is an important category. It's not obviously as large as, cooking or refrigeration or dishwasher, but is a key category in a trendy way of cooking that is sous vide. Every time you have a vacuum package or every time you have a combi oven, you have normally a vacuum packaging machine close to it. I believe in every kitchen today, modern kitchen, you have vacuum package machine. So it is a, an important product, and this company is the leading, player, in this field, in, in Japan.... So very happy to have this company on board. It is acquisition or inorganic growth was one of the reason to have to separate the Electrolux Professional from the group. We are delivering about that. It is a sizable acquisition. It is an acquisition that is growing roughly 8% at the top line, equivalently, the bottom line. But in particular, it's an acquisition that I value so positively because we believe that we can create a lot of value with this company. We believe that this acquisition, as soon as we are able to materialize all the ideas that we have to create value with the Tosei part of the group, will generate an EBITA margin above our target of 15%. We already started to work. I personally was there already in January, and also our colleague leading laundry and the regional food sales in the APAC, EMEA, they were there, meeting with people. We found the people in Tosei very engaged, coming proactively with idea how to create value. Easy things, if you think about that, are related that obviously to organization, the product, but the most important one is to make use of the product. As I said, Tosei is the leading company in laundry, in particular in the laundrettes or coin-op segment. And to lead this segment in Japan, you need to have the so-called combo machine. It's the machine that you see in the picture. It is a washer and dryer, a combined washer and dryer, a product that we do not have in our portfolio. It is mainly, if not only, sold in Japan. Currently, we are buying this product. This is the leader in that segment, and this is the leading product in that segment. You can already imagine the opportunity that is offering such an acquisition. The other category that I already mentioned is the vacuum packaging machine. Here you see the tabletop model. There is a complete range, including the big machine for central kitchen for mass production. But for instance, with this product, the tabletop, that is the one commonly used in every kitchen, in every restaurant, we are already buying 100 and 100 and 100 of this product, selling them inside of our portfolio, mainly in Europe, under the Electrolux Professional brand. For the reason that I mentioned earlier, because it is part of the system that you have to deliver when you sell combi oven, when you sell rethermalizer, when you sell holding cabinet. So it is a core product. I personally had a look at the product that this company is producing, and they are pretty much advanced with the features that can be used also in our market and create even a technological gap. So very happy also to have this product, not only the organization, not only the network, not only the service, not only the showroom and the presence in Japan, but also the product that can be surely used, not only Japan, but outside of that market. Now, let's move. If the acquisition of Tosei was an important move for our inorganic growth, let me go back to this one. I believe you already know that it is one of the things that make me proud of working in the Electrolux Professional. It is our commitment to make this world a better place to live. And we have been executing the plan as fast as we can. The proof of that one is that our target to reduce by 50% the CO₂ emission, Scope 1 and 2, by 2025 has been reached already in 2023. So two years ahead of time. It's not only that one, you know, pretty well that our target, SBTi target, has been approved. So now we are starting to measure also the CO₂ emission for Scope 3. Their ambition, we know that is important, that area, because it's majority of the Scope 2 emission that we can influence, and we will work on this. But for the time being, at least let's celebrate this achievement that has to be only inspirational to make sure that we will get the CO₂ zero emission earlier than what is planned in 2030. With this said, I would go for the conclusion. Just to sum up, again, a solid year where we have been when we delivered historical high, and when I mean historical, I mean also when we were part as a sector of the group, historical high net sales, historical high EBITA value, cash flow. We have to improve the margin for sure, even if step by step, year after year, we have been improving the margin, the EBITA margin. We grew, we expanded organically, but also inorganically with the acquisition of Tosei. Sales decline in Q4 as they did in Q3 but a lower pace. In particular, in the United States, we are seeing a good sign, the one that we were expecting with an order intake that is growing and some of the test that we've been running along the year, converting them in approval of our product and orders. That will provide benefit most probably in the second quarter of the year. The EBIT margin decline mainly in relation to the volume but also the currency transaction, as Fabio explained. Cash was at the very high level. That is to be considered in some way the standard performance of this business, but it's the one that is giving us the possibility to continue to reduce the ratio between net debt and EBITDA. And as a consequence of the, let me say, the power, the possibility to invest, to invest organically and inorganically to grow this one. With all this said, we are not we, but of course, the board is proposing the dividend, improving and increasing the dividend from 0.7 SEK-0.8 SEK per share. And I repeat what we said, we are expecting, as we delivered in 2023, a step-by-step process to make this company a stronger company than what it was in the past. We expect to continue to see this step-by-step improvement, also because the microeconomic environment. I don't mean they are different. I don't mean that the uncertainty is over, but there are some sign related to the interest rate or the inflation that are making us looking at the coming quarter in a positive way. Jacob, back to you and the questions. Oh, sorry, before that, before that, I believe we have been talking about Tosei. I've been talking about Tosei, but Tosei is a big subject, is an important subject, and this is the reason why I'm pleased to announce that, middle of March, March thirteenth, here in Stockholm, we are organizing an Investor Day, and Investor Day will be focused on the Tosei subject. Of course, we will give you an update about the overall company performance and trends, but in particular, we will be focused on the Tosei acquisition, as we did for Unified Brand more than a year ago. We will have Paolo Schira, who is the President of the Business Area Laundry, and Richard Flynn, who is the President of Business Area Food APAC & MEA, attending the call and addressing you with all the hopefully possible information about this important acquisition. With this said, Jacob, we are back to you. With that, we open up for questions. Please go ahead, operator. Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and One on their touchtone telephone. You will hear a tone to confirm that you have entered the queue. If you wish to remove yourself from the question queue, you may press Star and Two. Participants are requested to use only handsets while asking a question. Anyone who has a question may press Star and One at this time. The first question is from Gustav Hagéus, SEB. Please go ahead. Thanks, operator. Thanks for taking my questions. Good morning, Alberto, Fabio, Jacob. If, if I might start with the comment here that you have order intake growing year over year as of, I guess it's December 2023 versus 2022. Looking at the U.S. market specifically, do you see underlying order momentum in the U.S. as well? And a second part to that, if you could elaborate a bit on... You also have a comment that the U.S. is starting to look better, but I guess the destocking that occurred happened in March last year, so naturally, the comps will get better in Q2. But to what extent that comment relates to easier comps or to- that you actually see an improvement in the market would also be helpful to understand. Thanks. Okay. So yes, the order intake, the improvement order of the order intake, relates to U.S., too. Absolutely, yes. It was in December and also in January. So also in January, we continued to see the same trend. The destocking, at least for what concern Electrolux Professional business, is basically over. So in the meaning that it is a limited portion of our business, the destocking, still there are some dealers, and some customer with the, product in-house, but I would say that is something that is really the tail of what happened in 2023. You rightly said that, most probably, we will see this happening, and having a benefit in Q2 more than in Q1. The other element is still talking about U.S., because I understand that the focus is about the U.S. business. All the things that we have been discussing in Q3, so let me say, the things that affected our business, so the integration of the IT system, the redesign of the rep organization outside, all these things are in some way over. The organization is stabilized, the IT system is in place. We have all the, the rep in place. We have the showroom at the rep organization. They've been trained, and they are doing demonstrations. The other important thing is that some of the tests with the chains have been turned into orders. So it seems that the on-hold feeling, or at least mood that they had summer, Q3, and also the last part of Q4 is starting to get better, that is what I'm saying. So in that sense, if we're lucky, then in Q2, you will have the double effect of easier comps relating to destocking no longer being a factor and a little bit better mood within the chains in the U.S. Is that sort of your, your hopes for Q2? Is that how I should interpret it? The hope is something, obviously. But again, we should have a relatively positive effect, yes. If these things are the things that we have been seeing in last part of December and in January continue to provide the result that we see happening, we should have a positive effect. Mm-hmm. Q- Q2- And then I guess- I would say what we see, at least, because you asked me also about the market, so not necessarily what we see, but if I look at the market, it seems that the market or the indication that we are getting from the customer or other operators is that in particular the second part of the year will be the one where we should see something happening positive. Then turning to APAC, then in Asia, which was a bit slower, I guess, than everybody anticipated, in its recovery. Do you see any signs that the trajectory is more positive going into 2024 in terms of demand? Yeah. Okay, I believe we should split Asia between China and all the rest of Asia. Asia and Middle East, let me put together Asia and Middle East. If I look at that one, you have two completely dynamic. So Southeast Asia, Australia, even, if you want to put it, Oceania, in the equation, and, and the Middle East and Africa are performing, well, are performing well. If I isolated those areas, we should be very happy. Middle East and Africa, we had historical high sales over there. So it is a very positive picture over there with the project, in particular in Africa happening. It seems that what is happening in the region, it is not significantly affecting the business. Obviously, not Israel, because in Israel we don't do anything or the real country over there. But if I look at the rest, it doesn't seem affecting our business so much. China is a different story. There are sign of a recovery also in this case, a couple of chains, Haidilao, that is a Chinese hot pot chain, that didn't buy anything for one and a half year. It was our customer. They restarted buying product from our facility. We have also KFC that restarted to evaluate the project. So it seems that there could be some movement, but still China is low, and China is very important for us. Now we are getting also into Japan, and also Japan has a similar dynamics of the one we are—we saw in Europe, in some way, Europe and United States. So a softening of the market during the second part of the year, like, like in the United States. Again, we don't have all the insight that we have in this market, because in particular, our kitchen business is basically non-existent, or it was, sorry, non-existent in Japan. But also in that one, we are expecting during the second part of 2024 a restart of the business. So Asia is a big, big geography with a quite different dynamics. Japan, similar to Europe and United States. China, still challenging, but with something moving, and the rest of Asia, Middle East, and Africa, and Oceania, in reality, performing, I would say, quite well. Perfect. And then, if I can sneak one last in, regarding sort of MA opportunities versus your leverage, I guess, you report 0.9x leverage here, but I guess adding Tosei to that would get it closer to 2x, I would assume, but still below your target, 2.5x then. But firstly, do you see, given what the comments been, Fabio, on working capital and so forth, but then again, you have a new structure with the new companies in the company. Do you expect sort of the old cash conversion metric to still be relevant for this year, around 100%? How do you see cash for 2024, and when do you expect sort of leverage to come down to a level where you can look at material targets again in terms of M&A? I think I would say the answer is yes, in the meaning that we see that a cash conversion being above 100% in 2024, and we see that we should be in the somewhat higher 1%... not 1%, 1 time and 1 ratio towards the end of the year. So, I don't know, Fabio, if you want to comment about that, but I believe this is- Yes, this is somehow the situation. You, as you correctly said, Gustav, consolidating Tosei, we will have a net debt/EBITDA ratio below two times. With the initiative we put in place on the operating working capital, we are going to secure a positive cash conversion and solid net cash generation along 2024 for the year. Also, in terms of means to finance possible acquisition, we have activated in September the CP program to finance short-term needs. But also we have in place revolving credit facility for EUR 200 million, fully utilized. So I would say that from a solidity ratio net debt on the EBITDA with the prospective cash generation and the means activated with our relationship bank, we have the means, I would say somehow already in 2024, to take opportunity that may come on our way. And as you know, also in term of finance guidance, we have also the target to stay below 2.5 times the ratio net debt on EBITDA. But we also say that, in case we have an M&A opportunity, we can go beyond that ratio, provided that we have a clear plan to come back to a solid situation, as I believe our performance since last year show that we have the capabilities and the capacity to do it. Appreciate all those answers. Thanks, guys. We now have a question from Harry Sherwood from the web. It's about the Tosei acquisition. You say... You talk about EBITDA margin being well in line with the target. Could you give some financial color on the EBITDA margin today of the acquired business or CapEx to sales? Will it be accretive or dilutive to your EBITDA margins from start? Okay, I can take it. Let me put first of all, in the context. Here, we talk about a company that generate just short of SEK 1 billion in sales in 2023, and SEK 140 million was the sales of the company last year. Historically, Tosei had a higher margin than our group, but somehow related in particular to a weaker performance in quarter four, with some declining market and sales, Tosei ending up the year around roughly our profitability, meaning the 11% in term of EBITDA margin. For what concern, CapEx requirement, the company is in line with the overall guidance that we gave you for the overall Electrolux Professional, meaning the couple of points, CapEx requirement on sales. This said, clearly, Alberto anticipated already some area of potential synergies, and we expect that what emerge during the due diligence and what is somehow confirming now after the closing with the dialogue we have with management, we have a really interesting and attractive opportunity of synergies that we expect to start materializing from next year onwards. To be said, also, that as anticipated, when we announce the acquisition, we are going to have also some acquisition/integration cost in area of SEK 40-60 million. That will be partly affecting this year, but I would say mainly next year. So overall, let me say, a company that will be a strategic important add-on to our group, with the synergies opportunity it can bring the company profitability in line with our target of profitability of 15%. Please, operator? The next question from Johan Eliason, Kepler Cheuvreux. Please go ahead. Yeah. Hi, this is Johan at Kepler Cheuvreux. Good morning to you all. I was just wondering, it's good that you shed some light on orders being up year-over-year, but how does it sort of relate to sales? Or the order levels you saw in the fourth quarter, sort of above sales, and is there sort of a pattern for orders that differs from your revenues that we should bear in mind? I think they are more or less in line. And indeed, we see the order stock, the book stock, that is, I would say that now is stable on the two-month level, meaning that we have ordered to cover two months. Obviously, it's not that we invoice whatever we have in the next two months, but we have two months of orders in house, and this is... I'm just recalling now, but it's more or less the same situation that we are having since September, so after the fall. So this means that basically what we get, we also invoice. Good. And, and then I was just wondering a little bit about the interest rates here. Going forward, you will increase your debt, obviously, on, on the back of the Tosei acquisition, and then, I guess you've, you, you have started negotiation there. How should we think about interest rates assumptions going forward? I mean, it's not up to me to speculate how the interest rate will evolve this year. But, let me say, ... We are paying market rate, considering in particular that we have a solid balance sheet. So I would say we are well-positioned in term of keeping the cost of funding relatively low. What we are doing, and I was anticipating earlier, is that our intention is to move from the short-term financing that we have in place with the bridge finance to more a medium-term sourcing in order to preserve liquidity along 2024 and 2025. But I would say that our main scope and area to reduce interest rate is to pay fast the debt. And, I mean, what we have proven, you saw the graph for 2023, and we expect to continue in 2024, is, with a quarter-on-quarter cash generation to consistently reduce, the net debt and therefore the interest. Whatever will happen in term of, interest in the market. For sure, and, with this level of funding, if, central bank are reducing interest rate, we can only be happy, but this we will perform regardless. So you mainly are looking for floating rates and just translating into your what you're paying eventually? I mean, this is a tactic that we are not going to disclose. The guidance that I want to give to you is that we are paying market rates, considering that we have a very solid balance sheet and a proven cash flow generation. Along the year, from the starting point, we expect to see a decreased weight of interest compared to the starting point pro forma with acquisition, thanks to the cash generation. Excellent. Okay, thank you very much. The next question from Karri Rinta, SHB. Please go ahead. Yes, thank you, Karri, Handelsbanken, and I have a few. Firstly, food and beverage, US, can you remind us how much of your total sales comes from this category? And if you can, give us a rough growth rate in that you saw for this category in 2023. So, one second, that I'm giving you the exact number. So here you have, Food and Beverage in Americas is SEK 2.4 billion out of SEK 7.6 billion in the full year. May I add, Jacopo? I mean, this figure that Alberto is presenting is now in our quarterly report on page number 18. Eighteen. So it's a new split that we have not disclosed before. So you will see the segments per geography presented there. So there we have all the figures. All right, perfect. Sorry, I had missed that. Then the order intake patterns around the year and given that you typically raise prices in early part of the year, so does that typically affect the order intake at the end of the year, either by that customers have some money over or that they want to make orders before your order intake? And so I guess the question is that, do you typically see your order stock declining sequentially in the first quarter? Let's say it happened, and it was a really spike effect in... But we are talking about now, more than two years ago, when we had the increase of price in the range of 9, 10, even 11 in some countries. I believe it was beginning of 2022 when we increased the price so significantly. And obviously, we have to announce this three years ahead of time, three years, sorry, three months, before implementing it. So in that case, during the Q4, we had a spike of order, and that was... And that one, let me say, inflated the book order, the order stock, in an incredible way. I would say that, other than that, normally, this is not happening, because, because the price increase that we already applied from January first in all the countries, then specifically, I don't know, for laundry, a little bit more in Sweden, little bit more, more in Sweden because of, of the weakening of the SEK or other things like that, they normally don't move so much, the order stock, so the book order. So the order intake, I would say, in this case, is not inflated by the fact that we are increasing price. Okay, that's helpful. Then the gross margin was down a bit from third quarter. Besides currency transaction, was there anything else that was explaining this decline? I would say that currency was the major offender, and somehow also the fact that somehow in quarter four we have a decrease also production. ... following the development of the market demand. Somehow, what are the expectation also going forward? You see that first, year-over-year, gross margin was up. Was up, thanks to the combination of price increase and reduction of direct material and transportation cost, and this has been more than compensated the volumes impact and the currency. Going forward, looking into 2024, difficult to judge what they are happening on the currency side, but I expect that the price combined with the direct material will continue to positive contribute on the development. Great. That's very helpful. Those were all my questions. Thank you. The next question from Anna Lindboe, DNB. Please go ahead. Hi, good, good morning, everyone. I only have one question. So you have talked a bit about the margin of Tosei, but I was wondering if you can comment how it impacts the margins in each division. Okay. Overall, as I mentioned, TOSEI concluded 2013 with an EBITDA margin around 11%. The two businesses, the two major businesses, laundry compared to the vacuum, they one represent two-thirds the laundry, one-third. Let me say, in terms of margin, at this stage, we don't, we are not planning to disclose, even if we can anticipate that somehow today the vacuum business is somehow higher in... Was somehow higher in 2023 compared to laundry. All right. That's clear. That was everything from me. Thank you. As a reminder, if you wish to register for questions, please press Star and One. If there are no further question, I think we would say thank you for today, and hope to see you in Stockholm on March 13, on our Investor Day. Thank you, and have a good day. Goodbye. Ladies and gentlemen, the conference is now over. 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