Welcome to today's presentation, where we have the pleasure to present GomSpace. To help us through today's, we are joined by CEO Carsten Drachmann. Today's topic is the Q3 Report coming out this morning. I think if you look at the cash flow and the gross margin, you are telling the story about your turnaround also in your figures, so very impressive there on this. As always, you can ask questions in the box down below during the presentation, do it in Danish or in English. I will try and translate to the best of my abilities, but we will probably take the most of the questions in the end to have a better flow. But no worry, we will pick them up. But I think for now, Carsten, I will hand the word over to you. Okay. Thank you very much. Thank you. Pleasure to be back online here talking about the Q3 results to the market. I wanted to start with a little reminder what I said from the very beginning of the year in March, when I started, profitability and cash is what we are focusing on. So, we will go through the report. You'll see a similar structure there, so if you have been here before, I'll go through the summary, a quick reminder on GomSpace, and then I will give you an update on the transformation status. We very much drive internally, I want to emphasize that again and again, clarity and accountability, healthy organization, sustainable results, and shareholder value. This is really what we're focusing on, and a lot of the reasons for the improvements we're having now internally is very much focused on the two first bullets, clarity, accountability, and healthy organization. So I think the recipe of is working, thus far. So let's take a look at the numbers. Start with the key highlights. We have continued to focus on the turnaround situation financially, also changing of the organization. And in the third quarter, I'd like to highlight three areas that we have improved on. We have implemented our new organizational structure, so we're executing on a strategy, as we said. We're actually starting to really measure and operate in our business units that we have defined earlier, which gives us much more clarity and insight to how are we doing on products, how are we doing on programs, how are we doing in North America? So it really helps us manage our financials. That's all talk, Carsten, what about the numbers? Well, we are now at SEK -6 million free cash flow for the third quarter. This is a good improvement from Q2 this year, from the second quarter, where we were at SEK -28 million. If you go further back, first quarter, we had SEK -42 million. You see that later. So emphasis on SEK, we are focused on cash. Cash is improving. We have also improved... It's gradually, step by step, we have improved on our product order intake, as we said we would focus on. This is good business for us because it's easier to manage. We get an order, we do supply chain, we do production, we ship, and we can then invoice the customer. So it's a very good and a very scalable business model for us. So I'm happy to report that so far we're trending in the right direction, and it is going up. Another highlight, I have said I'm not—I don't want to talk much about revenue and EBIT as such for now because it's really about cash flow. However, I think it's worthwhile noticing that we've been able to get our revenue to SEK 196 million this year to date. So for the first nine months, we are at par with our full year 2022, and I'm happy to project that we will have the best year in terms of revenue so far in since GomSpace was founded. So we're gonna surpass what we had in 2021. So I think that that is also a very good trend on the revenue side here. Headcount-wise, we are 132 people now. This is the target we set ourself in January. We have executed on that. It has leveled out where we wanted it to be, and we are cautiously recruiting, are very mindful about keeping our cost base, and we will scale it with the business scaling going into 2024. However, we are cautiously recruiting again. We see a lot of activities, a lot of demand for our products and the programs in the market, and we simply need to be able to sustain all the requests that we're getting. So, we are at the right level for costs. I don't and we're not gonna jeopardize that. We are recruiting key positions now to make sure that we can also meet the demand going forward. So those were the highlights here. Let's dive down a little bit. A quick overview. Order intake, it's was in line with our goals, and the product order intake in particular was made up about 50%. Obviously, we'd like to have much more orders, but it was a good, healthy order intake, let's put it that way. Healthy order intake with good margin. We also had a change note from from ESA, with SEK 17 million in the third quarter also, which I would consider a healthy margin and cash. Revenue-wise, I just mentioned there that we are up at 67 million for the third quarter, which, when you accumulate it over time, actually is trending towards the the best year that we will be the we have had so far. EBIT, small improvement, going in the right direction. Still more to do. We need a bigger top line to do this, and we also need to see the further improvement of our mix of margins, meaning we have a healthier margin in general. But improvement there, and number of employees down to 132, which is where we will stabilize it, and then we will grow from there when the business is growing. So overall, all the numbers I believe are trending in the right direction, as we would like them to. Oops. More key highlights. I pressed the wrong one, I think. Here we go. Repetition on cash. I'll repeat what is our goal, that we set ourself. We want to be free cash flow positive latest by the end of 2024. This is obviously also a target of not just hitting it in one quarter, but having a sustainable free cash flow going into second half of 2024. As you can see from the graph, and I just communicated, we are now at -SEK 6 million. Mindful that it's still negative, but yet look at the graph, it's a good improvement. We are starting to have a business that makes sense, and we can manage it cash flow-wise as well. So we maintain our goal for a stable free cash flow situation, latest by the second half of 2024. Quick reminder to those of you who haven't been listening in to before or maybe just bought into GomSpace. We are present around the world. We have business offices in Denmark, Sweden, Luxembourg, and France, and also North America, which is one of our focus areas, 132 people. Note what's worthwhile noticing is that our experience in space missions, we have a lot of space missions. We are absolute at the top in terms of experience in New Space. Lots of space missions, meaning launching satellites, lots of products sent into orbit. Some of the things that are important in this space, in this area when you're building satellites, is that does your technology actually work when it's sent into space? And the answer is, yes, it does, when you buy it from GomSpace. Total more than 50 years in orbit, so we have accumulated a lot of knowledge over the years. I thought some of you might have seen the press release. I thought I'd just do a little advertising here, which is what we are very excited about. We have launched two more satellites with our very good customer, long-term customer, Unseenlabs from France. They keep sending up new satellites. They keep needing more satellites. We launched two more with them. It went up on SpaceX Falcon 9 Transporter. Success. It went up. These are the kind of things we are... We're sitting up all night watching this, very interesting. Hopefully, it doesn't explode and all those kind of things, but nevertheless, it's just exciting because this is a lot of work for the team, a lot of work for the company to get to this point, a lot of work with a very good customer, and now it's launched. It's working. Great, great, great job. Further to that, we also launching more technology, meaning there were other satellites on that rocket that went up, which has our products built into it. As I mentioned before, product business. One of the ones worthwhile mentioning here is Nara Space from South Korea. South Korea is really booming now. They have a lot of investment into space, especially into New Space here. You see a little quote from one of our customers here, Director Yukyung Lee. They have launched a satellite with a camera on it. It's called, they call it Observer-1A, which 1.5-meter resolution. Doesn't sound like much, but when you're very high up in the sky, it's actually quite okay. So a lot of success in sending out more technology into the space and very, very exciting, as you can imagine, for the employees here at GomSpace, because this is the ultimate, work many years on this, and the ultimate is when it's actually flying. So, well done, team at GomSpace. We do different things. I mentioned products. We have the so-called payloads, can be cameras, it can be different kind of communication. We actually build the satellites themselves altogether, and then in the end, we do so-called constellation management, or it's a communication with the satellite. Once it's flying, we can send information up and down, we can download pictures, we can help our customers also decide what they want the satellites to do when they're out there. So we have four different business areas in this context. What can you actually use it for? Many of you know by now, but just giving ourself a couple of examples. There's a camera, which is the one that is most people understand. Earth observation, it's called, so you can take pictures of Earth. You can understand how the oceans are moving, what's happening to the forest. You can use it for many things. You have different kind of radar applications, it's called SAR. You can actually see through clouds, and you get a radar image of the ground, so you're able to identify objects through that. We have something called signal intelligence, which I strongly believe is a growing market; it's one of our focus areas. SIGINT, it's called here. It's basically where we can listen in on the ground from the space, from the sky, and see all kinds of frequencies. If somebody is speaking on a walkie-talkie, on a cell phone, a radar signal, any kind of radio activity, we can see it. We can't necessarily listen in, but we can record it, and then we can send it to that information to people who might be interested in it. One example is Unseenlabs that I just mentioned before. They're using it for fishing boats. They're monitoring for the French government. They're monitoring what's happening between the English and the French fishing border, and they can see if the boats are going where they shouldn't be going. And the reason is that the fishing boats often turn off their little signal, saying, "Here I am. This is who I am. Oh, I'm going into a place where I shouldn't be. I turn it off, so they can't see me." Doesn't work, we can still see you. So this is a very good application. Okay, transformation status. Where are we? The numbers are giving you some indication where we're heading. Let me dive a little bit deeper. I want to recap. Sorry for those who are watching every time, but this is really important. Technology and people, yes. Global brand, yes. Growing market, yes. Evolution in customer base, yes All good... So where are we on the financial performance? I already mentioned, we actually are trending towards the highest revenue level. Now, mind you, we are focused on cash flow. However, our cash flow is getting better, and, our revenue is also improving to a record high. Obviously, we need to work on our profitability and our gross margin, which we certainly are. We understand the mix of products and projects that we need in order to achieve this. But over time, there has been a fair growth, and, actually, the top-line growth is continuing the journey since 2016. Remember our focus areas: increase product business, focus on project profitability, expand in North America. That hasn't changed. Same thing. So what did we do in the product business? We had 22+ million in order intake in Q3. This is actually the best quarter we've had so far. We've hired a product marketing manager. It's quite important for us to do much more marketing for the product, so we have a very competent person who has started now working with us. And another interesting observation is that the average deal size for our product sales has increased 30% compared to 2022. What does that say, Carsten? Well, it says that in average our customers are buying more. It's the same effort for us, whether it's EUR 10 or it's EUR 100, it's often very much the same effort. But the average value of each deal is higher, which means with the effort, with the resources we have, we actually get better, or higher, revenue, and larger deals. So this is a very good progress. On the right-hand side, you'll see we closed a couple of important orders with Epic from Argentina, US, and also Unseenlabs are buying not only satellites from us, but they're also buying our products. And then, we're summing it up because the product deals are usually not summing into tens or hundreds of millions SEK. It's we are selling one, two, three, 10 at a time. So we are communicating on an accumulation of product sales. I think worth noticing here, this happened within one month, so that's really good. You can do the math and multiply by 12 if you want to. But look at the range: Argentina, Germany, Italy, Israel, South Korea, UK. This is global business. This is what I mentioned on my first slide. This is global business, and we are out there. We have customers that know us, and we are selling around the world. Profitability, we got the change order from ESA, that I mentioned earlier. This was very important for us because we wanted to achieve the improving the profitability. We have been struggling. I've been reporting on that with these projects, and it's much better, and the relationship with ESA is very good. We launched two satellites, as I mentioned, and there is an increased, let's just call it an increased, activity around sales, meaning a lot of demand, a lot of requests for quotations are coming in. And we are very focused on healthy opportunities, which means while we have a big volume of potential opportunities, we're really looking for the ones where it meets our criteria for healthy margins. North America, we had a order take of about SEK 4 million. Not big, big stuff yet, but it's going, trending in the right direction. We are continuing to work with SAIC, our partner in the US, with the joint meetings. And then, being in a market is a good thing because you start learning what's going on in the market, and we're starting to learn the demands from the North American market may be slightly different from what we see in Europe or in Asia. So while working with SAIC and some of other our customers over there, we're also starting to adjust our market offering towards the US, so we are ready to capture the opportunities when they come along. So in summary, free cash flow went to SEK -6, great improvement from Q1 and Q2. Product order intake is on track. We reached our target of 132 people, and our organization and structure has been implemented, and we're executing in a new setup. So clarity and communication, back to you. Perfect. I have some questions, Carsten. The first one, you might need an Excel sheet, or if you already know this, I'm very impressed. What will approximate break-even point be with the present cost structure if the sale was only the product business? Let me rephrase it into what would I like to see and when am I satisfied with my product business? I would say we would like to trend it up towards SEK 25 million per quarter. If we are there, I would say we have a good healthy business, and basically from there on, we can start growing and think differently about our future. A goal around up to SEK 25 million is a good target. That would mean a good target to look for, and we are not talking about the break even of the total business- No, not of the total. I joked a little bit. Exactly. Yeah, it's a little bit different- Yeah. Yeah. But that's the level where it really starts to be healthy. Yeah with your sales effort and everything. Mm-hmm. Perfect. What are the main explanation for the positive development in gross margin, and is it sustainable going forward, i.e., was there something positive in this quarter so we should be a little bit careful to put the boats into the future, as you say? Yeah. So there are two things I would say: More product sales is any business around the world, isolated product sales usually has a more healthy margin. So the increase in product sales has helped our gross margin. Also focusing on having projects that are profitable, has a good healthy margin is there. Remember, we canceled a contract with ESA in agreement with ESA early in the year, and we did that simply because we could see that this is not gonna yield our criteria. It's not gonna meet our criteria for profitability. So that one disappeared, otherwise you would have seen a different number, a lower number. So this is the reason why it's improving. Why is it not even higher than that, which I would like it to be, obviously? We are still, we still have this so-called Juventas program. So our deep space program that we, we really love, and it's, it's on track, and we, we're doing well with ESA. But it has been a problem child. Years back, many of you have seen it reported earlier, so we are still carrying the negative contribution from that project. Mind you, we have fixed the cash flow problem, so cash is isolated seeing we are managing the cash okay, but technically from an accounting perspective, we still carry this project until it's closed, so therefore there is a negative impact. If I just understand you correctly, you actually have a negative impact- Yeah Because I was looking at it and say, "Do you just have some good projects that you're executing in this quarter? Oh, right. You know, you can have bad projects and- Yeah. Yes, it would have been higher. It will be higher when we finish the Juventas project, but it's okay because cash-wise we're managing it, so then we are okay. Yeah. That's our goal, and then, you know, there are accounting rules, and I still have to account for damages from 2021. I understand. Yeah. It's just flowing into, to your PNL, and- Yeah ... it doesn't necessarily have any cash effect, but- Mm-hmm ... but it's good news, good to hear that it was just not some project, the good projects that you executed this quarter and then- Yeah ... some bad one. It was actually the opposite. So- Yeah, ... so it's, we could look a little bit at the trend line if I understand- Mm-hmm ... that correctly. Mm-hmm. Perfect. Correct. Can you tell more about the cooperation with Terma? We have a very good cooperation with Terma, as we announced earlier in our Memorandum of Understanding. We are working closely with them towards Asia right now. And in general, I would say we, we are really complementing each other very well. They have a very strong setup for ground segment. They understand radio technology very well, but the combination with the ground operation that Terma can do and our satellites, our ability to launch satellites with different kind of payloads and capabilities, is a good combination. So I actually see this as a very strong partner and a Danish partnership consortium that can compete globally. So that, I think that's what I can say about that, that we're working very closely and very well together with them. Yeah, and there's a question. You gave an update on Terma, and I know you can't go into more details. We are interested in the stock market, but hell yeah- Mm-hmm ... as investors, but you can't go into real detail. But also others, MOUs- Mm-hmm ... he's mentioned, you have mentioned something or written something about, Korea or Singapore. So, is there other MOU we should look out for and are seeing any- Mm-hmm ... positive, development on this side? Yeah, so let me just comment on the markets. I'm not sure I can say where to look out for MOUs. Always look out for our news because they are hopefully getting better and better, so let's just put it that way. But just that there is a trend. You can Google Nara Space, and you will see there's a lot of... So NARA, N-A-R-A Space and Korea, you'll see there's a lot of articles coming up, and you'll actually see that the South Korean investments into space are growing. And we have a good relationship there, and we have not just one, we have several customers that we're working with. Singapore, and some of you know, I lived in Singapore last year, have a good relationship there. They're absolutely committed to be one of the leading space nations in Asia. So there are also very good investments coming in Singapore that we are tracking and, let's say, engaging into. Perfect. We have some questions here, and one regarding your order book. How are your ambitions for Q4 regarding new orders? Can you provide some comments on the current order backlog, and maybe you can provide some flavor on pipeline and the current market situation? I will take them one by one. It was just to- Yeah ... keep it in that sentence. And- Yeah. ... and maybe start by the last one, the market conditions- Yeah. ... because I was little—I am seeing Starlink being announced, be going- Mm-hmm ... on the stock market. I know venture capital now will look for the next Starlink. Yeah ... so, a little bit about your feel about the market, and then we can go into a little bit more details on- Yeah, yeah ... on your order backlog. Yeah. So a little bit feeling about the market out there. Is it buzzing? Your feel about it. Yeah. So what we are observing is we have many in this New Space industry, there are a lot of startups, there are a lot of companies looking for venture capital. Those companies are typically many of them will be our customers. They want to launch services in space. They have great ideas for how to to operate a satellite network and providing a service. Unseenlabs is a very good example with the fishing boat example I gave you. They're doing really well. They're we started with them eight to 10 years ago, and they are absolutely killing it now. So what I see is we have more and more of these startup customers with very good business plans. We have spoken with them for several years. They always need capital, it's normal, but they start coming back, and I can see, I can feel that they are starting to get the capital and the backing from the market. I don't want to talk to whether the market is indeed going that way, but I can only talk to what I see is that, the customers we worked with for a long time- Yeah ... they've been needing capital, it's coming now. In terms of our order backlog, I'm not gonna comment specifically on that. I think I have a hint at the bottom here saying that we are cautiously hiring people actually also to meet the demand for requests. So obviously, in order to build a business, we need more sales. The product sales is always coming, so what I can comment on is that you will see this flow of products coming in. It's around this 20+ mark right now. As I indicated before, we wanted to go a bit higher. So this is continuous thing, but we typically empty it out every quarter. So it takes from 0-3 months to deliver. So this is a rolling thing. This will never, this will never be SEK 100 million or SEK 200 million order backlog, because we always ship it out quickly, so it's more quarter to quarter. So that's why it's important to understand, okay, SEK 20 million is that a good... Yeah, it's a good thing. You can multiply it by four, so then it's, in principle, this is what it's where it's going annually. And then, in terms of of these larger programs that we're looking at, yep, we are cautiously hiring to make sure that we can keep up with the demand. I think that's a good answer to that question. It makes a lot of sense. If Starlink started to show their money, how much they earned- Yeah. ... they may be on the way to a stock market, venture capital will start looking for the next one there. Yeah. That's how it works, so makes sense. Yeah. Then there's GomSpace gave US market to the SAIC. How do you maintain the focus on their pipeline follow-up also after attending shows in the US together? Any progress there? Yes. So we have a joint pipeline that we are working on, so we are sharing opportunities working together with SAIC. So it's a mix between what they bring in to let's say to the partnership and what we bring in. Our approach to the market is very much that where it's a larger, more complex project, potentially with local production, et cetera, SAIC is a perfect partner for us to open the doors. And remember also, SAIC can hold government contracts in the US There's a lot of money in government contracts in the US It's a little bit harder. It's not that we cannot do it, but it's a little bit harder for us. For example, with NASA missions, which an opportunity to do as well, SAIC can easily manage those contracts, and we ship technology that they can build. So, the relationship is ongoing. A joint pipeline, I think, is a good answer to that question also. Yep, keep our fingers crossed. Yes. Then there's a question: Which part of your technology are you selling most of within the product sales? To get a kind of- Mm ... a feel, what, what is moving? Where, where do you have a stronghold? Where do we have a value proposition that is picking up in the market? Yeah, yeah. Mm-hmm. So if you... I don't know whether you can be so specific, or wanna- Oh, but yeah. ... tell that, but- I can give a couple of hints, and let's see, I'm not sure how much it translates to people. There's no doubt that things like power modules, meaning like you have in your computer, you need to have a little power module so your computer can run. This is on every single satellite, not only one, but many of them. So there's clear demand. So every single satellite goes out, needs this product, and there we have a very good heritage, and we're also releasing new products in the power supply area, if you like. There's another thing called software-defined radio, SDR. This is actually a hardware and software platform that's used for the communication links down to Earth and back. This is also something that pretty much every satellite need, and we have a very good track record also and a good traction. Mind you, we have 247 different part numbers and product numbers, so we have a lot. But looking at the high runners, this is where we have a stronghold, and this is also where the market will absolutely continue to grow. Perfect. Then, is there any extraordinary element in the free cash flow this quarter, also in regards to the working capital? Is it a push? Is there any extraordinary? I know we should make the trend line on one quarter basis, but is there anything extraordinary? No, the simple answer is no. Nothing extraordinary. It's a pure clean free cash flow. Perfect. And then now there's a question about where to put the stock. What would it take, and is there any thoughts about putting your stock on the American market? You know, maybe there's more interest in space than on the Swedish market. Yeah ... else, thanks for the exciting journey, but any thoughts about that? And I know it's a big task, so but... And I also know that you there probably would be more investors understanding... Yeah ... space, but, Yeah. Yeah, yeah. So let me answer it. Let me pose the question a little bit. Are you focused on investor relations, and you're focused on how to create additional value through other means than delivering good results? Which I think is a baseline, and the answer is yes, of course we are. And it is certainly a focus. We need to understand the best possible way to go for our shareholders and also for we want to be able to have a good access to capital going into the future. How do we get that? Of course, by performing well, by the share price going up. I think, Michael, you and I talked about it just before. We can put the question back to the audience with a smile: What does it take, right? Yeah. We're on a very good track here, so I'll, I think I'll put the question back to the shareholders, and then we'll see. Yeah. We'll see. Perfect. I understand you can't comment on it anyway, but thank you for giving us some idea. Can you give an idea on the competition scene, both on projects and product business? Mm-hmm. So, a little bit about the competition you're facing out there or meeting out there? Yeah, yeah. Yeah. There are, there are a couple of, as always, of course, you always have competition, especially now. Remember, GomSpace 10 years ago were probably almost a, a sole, sole provider of technology, but now there's a lot of competition. They are out there. There are competition in Europe, in the US, but we do see a trend picking up. We are still on... I call it reactive sales modes, sales mode on the products, meaning we actually have enough requests just coming in. We have a hard time dealing with what's there, which means there is a demand and a search for our product. Yes, there are competitors out there, obviously, but our customers still come to us, and what we are working on strategically now is how do we more strategically access the market to also continue to grow our product business? The product business you see now is a product business that just flow just because we are and we have an offering, then we can take it further from there. In terms of building full satellites, yes, there are also several companies out there, but the approach is a little bit more bespoke, if I can call it that. Building of a satellite, fewer around. What do I see from customers that we have been with in the past that maybe left us or we left them, let's just call it that way, going back? Are circling back. I feel customers are circling back to us, so we do have a relatively unique position and the ability with all, with all the flight heritage that we have, and it starts to matter. So having a technology in space that works, we see a trend towards this coming back. We can go a little bit back to the venture capital investment situation. There is a risk, there's risk money going to space. There's been less, and while 10, 5, 10 years ago, an investor- it was difficult for an investor to ask for, "But does it work? How do you know it works?" "Well, we don't, because nobody has launched it." Those questions are on the table now. "How do you know it works?" Now the answer is, "Well, we can go to GomSpace because they've done it, they have done it before, and they have a long heritage." So I think we start seeing a trend towards investors asking for more certainty and GomSpace being able to provide a good level of certainty. Perfect. Last question, how about the servicing of satellite that takes place from Luxembourg, development and earnings? Mm-hmm. Oh, we don't, we don't measure Luxembourg as a separate entity, so that's going in there. But it's going well. We actually continue to develop our software. We have a number of opportunities we're working on for selling our software for the operation. Our operation center is still in Luxembourg and continues to be there. Actually, every new mission that we are launching and creating is needing of the services from Luxembourg, and we're even starting to sell it to customers also. It's in small bits and pieces, so we're not announcing it, but we do have- we start to have a little service business going for the operation side. Perfect. That was the last question. Carsten, thank you for taking us through your results. There was a study on Bloomberg that said that all analysts was less and less saying, "Congrats, guys, with a strong quarter," and so on- Yeah. ... because there was an uncertain world. But I, I would like to say that, because I think it's nice to see words followed by figures. That's always nice as an investor. Yeah. I will allow myself to do it at this time. Thank you for the audience for listening. And Michael Friis, just one more thing. If I, a small advertising perhaps. If you haven't already seen it, there was a very good article on one of our- Yeah, I saw you. ... big investors, Hargreaves. I thought I'd mention it because a lot of people are asking about our investors, and when I meet customers and partners, "So who are your investors?" We talk about that and say, "Well, they're 10,000 very good investors. I can name them from one end to the other, I have the list." But there's one person in particular, it's Mr. Hargreaves, Peter Hargreaves. So if you haven't seen it, there is an article in the Financial Times from last weekend, and also we have an English version on our website that was created. Why is this important? This was... I did my due diligence when taking this job. I knew it was a turnaround. One of the reasons that I actually agreed to go into it, I could see that Peter Hargreaves is there. Meaning, he's a billionaire in pounds. He is interested in space like Jeff Bezos and others. So he's backing us, which means, for me, once this is turned around and we start getting positive news, to the extent that we need capital to expand and grow further, we have that possibility. You can read the statements from Mr. Hargreaves, saying that he's very committed to space, and he's very committed to GomSpace as well. So worthwhile looking at it if you're wondering what's happening going into the future, and giving you some confidence there. It certainly gives me a lot of confidence. Perfect. I think we will include a link to your webpage so people can read that, and we will post this video and so on, on the social media. Perfect. Thank you. Thank you. So people can find it there, at least, they can find it. Or sorry, if they haven't seen it, they will be able to find it there. Thank you, Carsten, and thank you for the audience- Thank you ... for listening in. Welcome.