Hello and welcome to the Indutrade Audiocasted Teleconference Q3 2021. Throughout the call, all participants will be in listen only mode, and afterwards there'll be a question and answer session. Today, I'm pleased to present CEO Bo Annvik and CFO Patrik Johnson. Please begin your meeting. Good morning and welcome on our behalf as well. We are obviously happy to present the new good quarterly report from Indutrade. As usual, we have a highlight page to start with. The quarter had continued strong demand and positive development in almost all companies, segments, and countries. The dashboard is really green in an overall perspective, I would say. If we take the numbers organically, order intake was + 14%, then net sales +8%. I think it's important to remember that the net sales a year ago in quarter 3 2020, we had a flat situation. The +8% should be seen in that perspective. I will explain more on that later on here. We have increasing supply chain issues, but I would say that the overall impact continue in a group perspective to be limited. We had an all-time high EBITA margin in quarter two, and now we were able to beat that in quarter three here. Even if it was slightly, it was still a small improvement, which is obviously very positive. We are also improving our working capital efficiency and the acquisition side is really continuing to be positive and optimistic with now 13 acquisitions so far this year, an annual turnover of over SEK 1 billion, and a strong pipeline also going forward. If we talk about order intake more specifically, as I said, the demand was continued strong in the quarter. We had an extremely strong Q2 with order intake of above SEK 6 billion. Q3 is seasonally generally slower for Indutrade, but I would say that +14% organic growth is still very good. It is very broad-based. Absolutely most companies and segments and countries show a clear positive development. If we should elaborate on something standing out, the MedTech and Pharma segment is still developing very well for us, and we have invested both acquisition-wise and organically in this segment, and it's performing very well. Infrastructure, a lot of investment, obviously, in this area, not least linked perhaps to the pandemic to some part, also going well. The process industry in general, everything from steel, pulp and paper, but also chemicals are developing in a good way. Also I would say the general engineering sector has been strong. Perhaps it's easier to mention what has not really developed that strong versus a year ago. I think the marine segment still has improvement potential or catch-up potential. We see that the order intake for building new ships is increasing, but our companies in this segment have not started to really deliver higher amounts of components yet. But there is an improvement, basically the same for airplane building. I would say that the automotive sector is also a bit slower. We don't deliver any direct material, but investments in certain production equipment and so on has still some improvement potential. All, I think, develop positively. We have a large business in the valves for power generation, and in that business, we also saw a growing order intake in the quarter. If we talk about our business areas, all business areas actually grew their orders organically during the quarter. It's a broad-based improvement. Standing out most positively is Industrial Components and Fluids & Mechanical Solutions, but I will also explain more about that. Order intake was 3% higher than sales in the quarter and is 7% higher year to date. Our order backlog is now record strong, and also important to say that I think it's in good quality. Total growth in the quarter was +21%. Organic, as I said, +14%. Acquisition effects, +7%. Currencies and divestments were very marginal this quarter. No real impact. If we then turn to our net sales situation, I think it was also very good and strong. We increased with 15% versus last year, and the organic development was +8%. Again, reinforcing that a year ago in Q3 2020, we had a flat sales situation. The +8% was from a good level, I would say. Acquisitions added +7%, and again, currencies and divestments had a very marginal impact this quarter. In a geographical sales perspective, I would say that all our larger countries developed positively. It was again broad-based from a geographical perspective. Standing out a bit more than others was Germany and Denmark. Germany is perhaps a rebounding automotive industry driving there, even if there's still room for improvement, the development is ongoing in a positive sense. A slightly slower growth was noted in the U.K., but again, all markets developing positively. I assume you have questions about supply chain issues. We obviously have our fair share of that, and they increased somewhat, I would say, in the quarter. Many of our companies have experienced longer lead times from suppliers, and a few also have real supply shortages. This has forced us also to extend lead times to our customers, in some cases also delaying invoices or invoicing. The consequences are slightly held back sales level and an increase of the order backlog. This is quite difficult for us to estimate since we have this portfolio of quite a lot of companies. Our best estimate at this time is that the effect was somewhere between SEK 100 million and SEK 200 million in delayed invoicing due to the supply chain-related issues. In general, most of our companies manage low to medium volume levels, so our situation is not as bad as high volume producers within automotive or electronics or white goods and so on. We have, in that sense, a more favorable starting point. Coming back to organic growth, it's really encouraging to see a strong development. This is a real focus area for us, and as I've said earlier, there is a potential to improve this area versus the historical development we have had the last 5-10 years. I will come back to this a bit more later on in the presentation. If we look at our EBITDA result, we had an increase in the quarter of +18% versus last year. As I said, the EBITDA margin increased to an all-time high level of 15.3% versus 14.9% in Q3 last year. Organically, EBITDA increased with 9%. Acquisitions added another 9%, and again, marginal effect from currencies and divestments. The organic margin improvement was really driven by the strong sales development and also improved gross margin. It's really comforting to see that when we ended year 2020 we had a gross margin level of 34%. In quarter one, it was 34.3, quarter two, 34.8, and now 35.1. We have quarter by quarter really improved our gross margin despite all the difficulties with increasing prices for incoming material and freight and so on and so forth. I would say that our companies are doing a terrific job in being agile and moving costs to our customer base. I would say that the customer base obviously understands this in a good way. It's also comforting to see that the newly acquired companies are contributing with an improved margin. We are buying quality companies with good financial performance. We also had some one-off effects this time. We had that one year ago as well. In this quarter, the net effect was +SEK 17 million. Last year, it was +SEK 21 million. Patrik will explain the details of this when he presents the financial information in more detail. All in all, the EBITDA margin, excluding one-offs, was 15% versus 14.4% last year. If we then turn our focus to our business area development and start with the organic sales, you see the bars for the different business areas. Quite a few of them have really high and strong development, as you can see. All business areas grew organically, which I'm very happy about. A strong +10% growth was happening in DACH, in Industrial Components, in Fluids & Mechanical Solutions and Finland. Four business areas with a growth of well above +10%. Again, as I said, the increase was really broad in all these business areas, but MedTech pharma customer segments were particularly strong in DACH and Industrial Components, and general engineering and infrastructure stand out more in Finland than Fluids & Mechanical Solutions. Most companies developed positively also in business area U.K. and Measurement and Sensor Technology, but the overall growth was held back slightly by a few companies with strong references last year. Negative impacts also from component shortages in what we call MST, and I would say that Brexit in business area U.K. had a negative impact if we should comment on broader sort of areas with more impact. Sales levels were also high in the Benelux area and Flow Technology. The aggregated organic growth was slightly weaker because of strong comparables last year. Last year Flow had, for example, +8.2% organic growth in the quarter. They saw strong growth in the process industry, but also more in the single-use area, for example. In Benelux, the strong presence was mostly noted in valves for power generation. This business is developing well, but it's slightly volatile by its nature. Most of you know, they had a very strong Q3 last year. Yeah, I think that is enough for comments. If we turn to the EBITDA margin development for the business areas, as I said, overall 15.3% for the group, all-time high level. The key reason is that we managed to improve gross margin, as I said, despite price increases both from components, raw materials and freight and so on. Really great work by our companies. Another key contributor to the margin increase is a good performance from our newly acquired companies, also very encouraging to see. The margin improvements were in general broad-based, and most companies in the group really improved their margins. The largest aggregated margin increase were in business area DACH, Fluids & Mechanical Solutions and Industrial Components, basically driven by the higher sales as the most important dimension. These levels are really high and great level for these business areas, not least if we compare to a couple of years back when they were at very different levels. BA Flow Technology also managed an improvement from an already high level and sort of a difficult reference from a year ago. Measurement & Sensor Technology is a high profitability area for us, and they were able to keep the high level of plus 18%. Three of the business areas had an EBITDA margin decline. Finland, they came in at 17.5%. It's a very strong level for Finland and almost on par with a year ago, underlying a very strong performance in Finland. I would say many companies in the Benelux also improved their margins in the quarter. The company we have in valve for power generation, they had lower sales this quarter, and that impacted their EBITA margin. This impacted, I would say, overall for Benelux to some extent. This company for valve for power generation, they are a project-based company, you can say. This quarter, some of the deliveries were pushed from Q3- Q4. I think sales will be better in Q4. There is nothing sort of dramatic other than that, I would say, in that business. Also in the U.K., several companies improved their margins, but Brexit in general and some mix changes in a few companies caused the Q3 margin to be a bit lower than in Q3 2020. We turn to acquisitions. So far, we have had a really good year and been able to acquire 13 good companies. As I said, a total turnover of a bit above SEK 1 billion, so really good performance so far. We have a good track record of making successful and value-creating acquisitions, and it's really based on a well-established platform we have. We are really clear in terms of what we are looking for in our acquisitions. We are fairly open-minded when it comes to segments, but we obviously want the companies to really have a leading niche position in the segment they operate and with a technical edge, you can call it. They should have a solid track record of profitability and have growth potential. Last but not least, strong management sharing our values and culture. Not every company in the world fits our criteria, but there is a fairly large pool of companies in Western Europe, which does so. We have a strong pool to work with. The pandemic had some impact on our acquisitions, and we slightly sort of delayed our processes in order to really be sure that when we actually finalized an acquisition it was going to be accretive, and we wouldn't experience any sort of problems. Our pipeline right now is very strong, I would say. I would be very surprised if we wouldn't see more acquisitions from Indutrade before the year is over. Quarter four has started really good and we have been able to acquire the companies Allflow, SILROC, and Italprotec. They are really into this scope of focus on MedTech, Pharma as we have detailed out as one really interesting area. All these companies have flow related products linked to MedTech, Pharma and they are involved in this fast-growing single use areas with components established in clean room facilities and so on. The acquisition side is very promising, I must say. With that, I will leave the word over to Patrik, and he will explain more about the financial development. Thanks, Bo. Hello everybody. Let's dive into the details a little bit then. As Bo mentioned earlier, total growth for orders and sales was +21% and +15% respectively in the quarter, and year to date at +19% and +13%. Order intake, as also noted earlier, continued to be higher than invoicing, +3% in the quarter and +7% year to date, and order backlog is now very strong. Gross margins higher than last year in the quarter, despite the increased prices, 35.1% versus 33.6% last year. There are multiple drivers for this improvement, I would say then. Production efficiency, better sort of volume absorption in our factories. Product mix changes are on aggregate level positive and, of course also then successful pricing work from our companies, contributing to this improvement. Year to date, the gross margin is at 34.7% compared to 33.8% last year. EBITA grew 18% in the quarter, and margin noted again an all-time high of 15.3% versus 14.9% last year. Accumulated EBITA grew with 24%, and the margin is 14.8% versus 13.4%. If we then elaborate a little bit more on the one-offs Bo mentioned, net effect in the quarter +SEK 17, and these relate then to the revaluation of earn-out provisions and also on the positive side, and then write-downs of goodwill impacting negatively. As I said, net impact +17. The main reason for these one-offs is the pandemic, which has made the market situation more difficult for some of the newly acquired companies. In general, I would also say that we have over the recent years slightly increased the share of earn-outs in our acquisition contracts. Thresholds in the contracts are often based on sellers' ambitious plans. Going forward, we will now and then also have these type of impacts with earn-out changes and potentially also goodwill write-downs. I don't think this should be viewed as something extraordinary, and it's more of a sort of normal course of business for us. Maybe lastly, I think it is in, you can see from the disclosed numbers that we have a good development in newly acquired companies. Good sales development and good margin development in the newly acquired companies. They are contributing in a really good way. Excluding these one-offs, EBITDA margin was 15% in the quarter compared to 14.4% last year. A good improvement. Moving further down into the income statement, finance net slightly lower than last year, thanks to both slightly lower debt levels, but also slightly lower interest rates. Tax costs up 27% in the quarter, 32% year to date. That's basically in line, I would say, with the increase we've seen in profits before tax. The underlying tax rate, no big change in that one. Earnings per share up 19% in the quarter and 29% year to date. Return on capital employed improved a couple of steps to 22% versus 19% last year. Of course, driven by both the high results and also improvements in working capital efficiency. Cash, I think, is still on a strong, good level but decreased slightly versus last year to SEK 671 million. I'll elaborate a little bit on the next slide on the details. Lastly then on this slide, net debt/EBITDA decreased further to 1.3 versus 1.5. That's historically low. Of course, also then thanks to favorable result and cash flow development. Moving ahead then going into detail on the cash flow. As you can see from the graph, I think it's still on a good level, high levels, even though it's slightly lower than last year. The reason for it being slightly lower is increasing working capital. Last year, we actually had a reduction of working capital in the quarter that sort of boosted the cash flow. There's no drama in the increased working capital. It's quite natural, I would say, when you have this type of growth. In addition to that, we have also had to, in some companies, add some buffer stocks to manage the more strained supply chain situation. Despite this, the working capital efficiency is increasing despite these changes then. That's good anyway. Okay. Moving to earnings per share, grew in the quarter with 90% to 1.27 versus from 1.27- 1.51. That slide is slightly higher than the improvement in EBITDA. The main reason for the improvement is, of course, the EBITDA development, but also supported by, for instance, the lower finance net I mentioned earlier, and also a relatively stable amortization level. That's also supporting the EPS development. On a more longer-term trend perspective, three- and five-year average, we see a strong growth in EPS, +17% and +16% respectively. Those are strong developments. Finally, the debt side. The interest-bearing net debt end of the quarter was slightly lower than SEK 5 billion. That's also slightly lower than last year. The reason for the lower levels is, I would say, the strong cash flow that you saw from previous slides that we've had in the last, I would say, one year. The net debt equity ratio decreased to 51% from 61% last year. This is a historically low level. To summarize, to sum up sort of the financial position, I would say it's really strong and low debt ratios, as I said. If you look at the short-term debt and comparing that with the long-term guaranteed facilities we have, we have a good headroom. Our flexibility is really good when it comes to financing. Thanks. I leave back over to you, Bo. Thank you so much. I thought I'll elaborate a bit on how we sort of drive sustainable, profitable growth. The slide you have in front of you now is really illustrating what we call our strategic cornerstones. It's what we try to add to drive primarily organic growth among our companies, which obviously is a key part of the overall sustainable profitable growth. This is also, I would say, a benefit part from entering into the Indutrade group from being individually sort of managed, owned company. You get a lot of extra dimensions here, which you don't really have when you work by yourself as a family company. I would say that the base is a structured governance framework. Here we also have a portfolio perspective on our companies, and we try to adapt to company needs and potential. This is well working since many years and I would say a really professional structure. Then we have four key cornerstone areas. We have people and talent management, where we offer a lot of different development programs, training programs, tailored to, I would say, Indutrade MDs and key professionals in our companies. We have organized knowledge sharing in market segment perspectives, in technology sectors and so on, which also is a value realizing for our companies. We have a sustainability block where we add knowledge and framework to take steps forward in terms of sustainability. We also have more of a general Indutrade toolbox where our companies can have modern theories, trainings, practical examples in everything from driving sales to value-based pricing to capital efficiency and things like this. This is to a very large extent voluntary, and the uptake from our companies is high and appreciated. As an addition to those four cornerstone areas, we have added digitalization, and we are trying to move into a new normal situation and use all the learnings we have built during the pandemic to operate in a more efficient and with more quality with the help of digitalization. We are, I think, taking big steps forward here in a good way. This is very much driving organic growth. In addition to this, and also in parallel to this, we are also stepwise increasing our acquisition capabilities. Basically, as we speak now, we are adding resources at the business area level to build both scalability and capability with primarily focusing on internally generated projects. Where people in our companies basically find acquisition opportunities, and then we have the resource and the capability to take care of those opportunities in a better way. All in all, I am very confident that we have the right initiatives to continue delivering sustainable profitable growth also going forward. Back to Q3 and the key takeaways, continued strong demand with positive development in most companies, segments, and countries. We think that the demand and the positive market will continue also into quarter four. We had an all-time high EBITA margin, and we also had improved capital efficiency. We have a strong order backlog, and we expect, as I said, a continued good demand. Our supply chain issues are likely to continue, but also they are likely to be manageable, potentially increasing a little bit sequentially from Q3- Q4. So far, 13 acquisitions this year, SEK 1 billion extra revenue, and a very good pipeline ahead of us. All in all, well-positioned for continued sustainable profitable growth organically as well as through acquisitions. By this, we end the formal presentation, and we open up for potential questions. Thank you. If you wish to ask question, please press zero one on your telephone keypad, if you wish to withdraw your question, you may do this by pressing zero two to cancel. Our first question is from Carl Ragnerstam of Nordea. Please go ahead. Your line is open. Hi, it's Carl here from Nordea. A couple of questions from my side. Firstly, when you say that you had a strong development from pharma/med tech, could you give some flavor or further flavor on which subsegments or categories that is still driving growth? Do you mean within pharma or Exactly, yes. Yeah, the broad development is from the single-use area where we basically deliver components which are used when you design and develop a new drug and also when you produce new drugs. I would say it's mostly linked to biological drug development where we see new drugs which are more targeted to more narrow specific scopes and the volumes are not as large as broader drug productions, but the substances are extremely expensive. Here, the single use is coming to its best rights, and this is really increasing. It's narrow niche-oriented drugs, but also more broader cancer treatment drugs and also actually COVID-19 vaccine production. In addition to these single-use silicone-based components assembled in clean rooms, we also have more of the traditional stainless steel Flow Technology components for high volume drug production in some companies. I would say well positioned in Europe for this. We have also companies involved in medical equipment for drug production, different types of tablet production, for example. We are one of the leaders in insulin sort of product for the Nordic markets. It's quite broad-based, but the bigger growing area is the single-use area. If I can add. Yes, please. Carl, a little. If I can add a little bit, I think if you go back one year, we also had a very strong development. At that time, it was partly and partly at least related to COVID. I would say that the COVID impact in what we see now is very limited. Now it's more broad-based and a more long-term structured development, I would say, rather than COVID. Do you see a tailwind or a headwind from the segments which actually grew quite nicely during COVID? As of now. Of course, comparables are, for a few companies, tough. We have quite many companies working in the MedTech, Pharma, and there are a few ones with really tough comparables, and they are flat or even declining, a few of them, but the aggregate is still increasing a lot. Even though we have tough comparables, because of COVID, I think we are continuing to grow. Perfect. A quick question. Could you please help just to give a brief. I mean, at least indication of on your 8% organic growth, how much is volume and how much that comes from price increases? Well, that's a great question. For us with plus 200 companies, extremely difficult to explain. If you have a guesstimate, that's fine as well or any indication. I think we refrain from that. I don't know, Patrik, if you have any? No, it's really difficult, but of course, there is a price component that we can agree to, and it's slightly more than what we normally see as inflation, yes. I can't comment more on that. Yeah. It's fine. On obviously, you had a strong order intake growth yet again here. What read should we do when entering Q4 from that? You on one hand talked about delayed delivery times, et cetera. How should we look at it and how much that will be delivered in sort of short to mid-term? If you take quarter four 2020, that's the first quarter when we basically started to grow organically again after the more difficult parts of the pandemic. We had an organic growth of 3% quarter four in net sales 2020. The comparables becoming a little bit tougher. If we look at our daily rates now and compare that sequentially with Q2 and so on, I think that we will continue to grow but flatten out slightly in growth rate in Q4. Perfect. Also the final question from my side, sorry for that. I mean, in Fluids, for instance, you report an all-time high margin, at least from the data I have, incremental margin 33%, I guess. Do you have any extraordinary effects there which should imply that we should not extrapolate it? No, there is no bigger one-offs, I would say. They have had a fantastic development. A lot of course, in fluids specifically, you have a lot of production companies. When you have volume growth in these type of companies, you have normally a quite good leverage. I think that's the sort of the main reason for the development and no big one-offs, no. Okay, perfect. Thank you. Thank you. Our next question is from Johan Dahl of Danske Bank. Please go ahead. Your line is open. Yes. Hi there. Good morning. Can you just talk briefly about the gross margin improvements that you referred to that's happened sort of sequentially throughout 2021? I guess it's you know it's a fair mix there between prices, product mix, and cost out possibly. If you look at those various buckets, where do you see the main sort of contribution coming from? That's just one question. Secondly, you talked, Bo, about the quality of the order book. Can you elaborate a bit to exactly what's so positive about that order book that you built throughout the year? Yeah. If we start with the gross margin, I think it's as you say, it's a bit of mix and pricing, but I would give credit to that we have been good in terms of pricing, perhaps more than the mix element. I don't know, Patrik, if you have any other? No, I say I think that the pricing and the mix are bigger than the production efficiency is important, but given that we don't have big, you know, big factories with a lot of fixed cost compared to many others. Even if we are good in that, it's not the most contributor, I would say. The pricing and mix are of these three more contributing. But yeah, the difficulties of sort of saying who contributes more. The order book in some industries, the order book can be a certain number a certain day and all of a sudden it's down 20%, 30%, 40%, 50% if the market shifts dramatically. I think we have more quality, more stability in our order book than those types of industries or examples. We try to be careful not adding in sort of projects which we don't find are realistic and relevant, reliable in the order book. That was my comment linked to the order book. It seems more a question of sort of the viability of those projects perhaps more than the profitability. Is that correct or? Okay. Yeah. Yes. The deliverability of them more than. Yeah, I didn't mean that maybe the order book has extremely high margin versus where we are today. It was more that, yeah, the order book will actually be delivered at some point. Okay. On your M&A growth, I mean, interesting you talked about adding resources in the group. I mean, apparently you see a need for that. We also see net debt coming down quite significantly, but still you refer to extremely strong pipeline. Can you just clarify why we're not seeing more on M&A or how we should read this? Yeah, there is a very high activity level which hasn't been finalized yet. So, you can expect good deliveries in terms of of acquisitions in the next couple of quarters, I would say. Okay, thanks. Thank you. Our next question is from Max Bacco of ABG Sundal Collier. Please go ahead. Your line is open. Yes. Thank you. Good morning, Bo and Patrik, and congratulations on a very solid report. Just one question from me, which is a bit more long-term, regarding your margin. Since 2019, the margin has come up a few percentage points looking at EBITDA level, and it's now well above your 12% target. If you look ahead, consensus estimates from our side expect your margin to remain at the high 14.5% in 2022 and 2023. The question is basically, do you think this is reasonable? And if so, do you consider to raise your margin target or is the organic growth prioritized? Good and relevant question. First of all, the margin should be seen in a business cycle perspective, so not in an individual quarter or even in an individual year. It's over a business cycle the 12% relates to. We have been in a good business cycle now for some time, I would say. Even so, we are obviously discussing the margin objective. Right now we feel that the market has impact from COVID and from other sort of more specific situations. The planning right now is that we will come back to this when the market is more normalized, perhaps in the spring or similar. It's definitely we are actively discussing this and we will at some point most likely during next year come back with a new perspective on the, we could say, margin target. Okay, thank you. Thank you. Our next question is from Robert Redin of DNB Carnegie. Please go ahead. Your line is open. Yeah. Hi. On that comment, Bo, you had about organic growth, if anything moderating a bit in Q4, was that for order intake or for sales? Which comment do you specifically mean now, Robert? You said something about organic growth, if anything, I think, you know, growing at a slower pace in Q4 than Q3. That's what I heard. Maybe I misinterpreted what you said. Oh, no. Yeah, I said that in Q4 2020, we had an organic sales growth of +3%. The reference is increasing a bit, but we still expect a good quarter four in terms of organic sales growth. But perhaps the growth rate will flatten out a bit in relation to the curve we have seen so far. But still at a good level. Yeah. Okay. Because I would. I think. The order intake has been. Yeah. Robert, I mean, we believe that the underlying demand will continue on the good level we've seen and that's sort of the mathematics comparing to more tougher comparables means that the growth rates will probably decline, flatten out a little bit. Still, demand we believe will continue on the high levels we've had. All right. Yeah, because I mean, the order intake has been, you know, very strong and growing at a faster pace and so on. Maybe the order backlog is then, the duration is longer than normal in the order backlog. Yeah, I would say that that's a right assumption. The order backlog is a little bit longer now due to the supply chain-related situation. Both in general, in most businesses that we have longer lead times. But also mix-related with what Bo talked about, this single-use that's growing above sort of the average and that business has longer lead time than our average business. Both sort of from a mix perspective and a general perspective. All right, perfect. Bo, you said something about recruitment, adding resources into the M&A organization in the business areas. Is this sort of more of the same, just more people or is there some type of change in direction and responsibility with regards to M&A? Not really. We have a central team who are obviously active, but the business areas are already today very active and more or less self-sufficient to make an acquisition from A- Z. It will be the volume of projects now are increasing, and to have sort of local feet on the ground with a little bit more specific capabilities will help definitely. It's not really changing focus. We have had our setup like this for a while, but it's more adding resources with the right capabilities, and shouldn't read in anything else than that into this. The volume of potential acquisitions is increasing, so you need a bit more people looking after that process. Yeah. Yeah. Okay. That's positive. All right. Thanks so much. Thank you. Thank you. Just as a reminder, if you wish to ask a question, that's zero one on your telephone keypad. There'll be a brief pause while any further questions are being registered. There are no further questions at this time, so I'll hand back over to our speakers. We say thank you for your interest and wish you a continued good day. Bye bye from us.