Good morning, everyone. Welcome to Lagercrantz year-end report presentation that we will run here during 45 minutes to an hour, I think it will take, or so. We normally do this, we try to let you all have the presentation available on our website. It's currently available on www.lagercrantz.com. You can download the presentation. We will run it through. As normally, we will cover some pages in the beginning or chapter in the beginning where we'll give you background to all those of you that are new to the group. We will go over the year-end report and the figures, we will also talk about what we see ahead of us, and also connecting them to our new program, the Lagercrantz Towards a Billion, which is the program we launched here a month ago. As said, we will put you all on mute, I will try to do that first. Just give it 15 here and mute all. Okay. Let's get started. I think we've released the numbers here this morning as I'm sure you're all familiar with. We have a year that is ending end of March. This is our full fiscal year 2021, ending end of March 2021. The numbers were released this morning. Together with me here today is our CFO as well, Kristina Elfström Mackintosh, she will also join us. She also is available here over the phone and ready to answer any questions you might have. We try to run it like we are giving the presentation, we will open up the Q&A at the end. If you feel an urgent need to put a question even in between, please don't hesitate, but do so. We will open the Q&A at the end. That I think is a better option. Let's start with page number one and two here. To give you first an overview, Lagercrantz currently is a tech group, we are some 58 companies currently with all the latest acquisitions we made. We view companies as profit centers or businesses, it might be more than one legal entity in each of them. Still, as we run them as profit centers, currently it is 58 different businesses that we have within the group. All very niche-oriented, addressing a specific market with some niche, very clear technologies, and working in niches, building strong market positions in these different niches. The companies are very different, but they all have in common that they all work B2B with different types of technologies addressing a specific market. We do quite a lot of value-creating and value-adding within the group. We don't do sort of just pure distribution or pure box moving or anything like that. We alter the products, add things to the products, and we also drive a lot around proprietary products currently, which I will describe a little bit later. The revenues in the group are currently exceeding SEK 4 billion. We have been growing the group steadily for many years and have reached that number now. We are around 1,600 employees. You can see also the divisional structure up to the top of page number two. That is the new structure. For those of you familiar with this know that we have up until now really been running four different divisions. We have now made a reorganization, a new structure where we are putting up the five divisions. I will describe them a little bit later. You can see over to the right where we have our businesses geographically. You can see that we are basically in the Nordics and Northern Europe. Also you can see all over to the right, you can see also that we have some footholds and some sales companies in other parts of the world with both China and the U.S. and a couple of other places as well. What is important to know about us is that we have acquisitions as the very clear thing within our DNA and are making some five to eight acquisitions per year. That is part of our business model. We've been on the Stockholm Stock Exchange since 2001 as a separate company. Before that, we were part of the Bergman & Beving group and have been as such part on the Stockholm Stock Exchange since 1976. We've been around for many years. We move on to the next slide, which is the divisions on page three. There we have the divisions again. It's again according to the new structure. We have now split up the different businesses in these segments or divisions. The Electrify is basically the old Mechatronics, where we have quite a number of companies that are addressing the trend in the society with more electrification, have quite a number of different companies addressing and driving products and services around into that market. The second one is the Control. That's basically half of the old division Communications, where we have a number of companies in the area of measure and control with Precimeter, Radonova and a couple of others that are the main ones, but we also have a number of more niche-oriented smaller companies as well. The third sector we think is very interesting for the future is the TecSec sector, that is technical security. We see a lot of things happening there, and we also see that we can address that with some of our companies already addressing that. We started out with the ISG Nordic and a couple of other companies, more of traditional type of TecSec companies. We have built a group broader than that with some R-Con, with the sprinkler systems, but also now with the Frictape coming into that division and also CWL, which is the new company we acquired just a month ago. The fourth division is then the Niche Products division. That is basically unchanged compared to previously. Here we managed to make quite a few acquisitions over the years and it's clearly to be one of the key parts of the group. It's currently a nice, just very important part when it comes to profits and also on the same level as Electrify when it comes to business volume. They have around 30% of each of the volumes and profits in the group. Last but not least, we turn to the international division which contains some of the companies that we have down in Central Europe. Here we have the German companies, the U.K. companies, and a lot of the Danish companies as well. Here we plan to go more for exports or international related type businesses and have some acquisitions being made in the U.K. and also in Germany. Thank you. That's the division structure. Entering into the numbers then. Let's look at page number four. You can see here our trend over a long period of time, all the way back in 2005 and 2006. You can see the upwards trend in our profits. You can also see that the profit line is exceeding the bars behind, which is the net sales, and you can see then that the margins are improving along the way. You can also look at and see that we've been affected by the COVID-19 pandemic here in the last year. We see that it's been picking up along the way, and we have now had a couple of better quarters, and especially the last one was we feel very strong with some really good numbers and good margins as I will come to. For the year, we now climbed above the SEK 500 limit in terms of profits at the financial items, which is something we've been working towards along the way. It's a very strong uptick there in the last quarter, as you can see all the way over to the right. We're basically back on track and feel that we are confident about what we have ahead of us. Looking aside and moving a little bit more into the numbers, we have also communicated in our report now around the business conditions that we saw a general improvement. I'm on page five now. We saw a general improvement in recovery during the quarter. Even though the top line wasn't growing, we saw some stronger order intake. It's been like that over the year that we have seen a sort of an upwards trend in our numbers along the way, and the order intake was up 5% compared to the Q4 last year for comparable units. We also saw that a handful of our groups, some 55 businesses or even 58 businesses that I talked about earlier, still are affected by the COVID-19 pandemic. It's the Freaktape, it's the Radonova and a couple of others that we have mentioned. Otherwise, we feel that most of the companies are doing very well, and especially the bigger ones are doing very well. For instance, as we point out here, the Tormek has been doing it very well for us during last year and continue to do so. Wapro is another one, and Nikodan and also then Elpress, of course, within the Mechatronics division delivered another strong quarter. We also saw in the quarter was that the restructuring measures, I've been talking quite a lot about them in last year, in the Electronics division. We have not been satisfied with the types of businesses and what they've delivered from the Electronics division for some time. We decided a year ago to do some restructuring in Germany and Poland and a couple of companies in Norway as well. We now saw some effects of that or have had two now quarters of effect from that, which means that the division Electronics have delivered quite much better numbers now in the last couple of quarters. During the period, we also brought five new acquisitions on board, meaning that we also added to the numbers. 1st of January, we have VP Metall, Hovicon, Esari, Pro-Ag that came in a little bit later, and then also VEAB also a little bit later. They complement our existing operations, these companies. There we also can see some synergies along the way. I think it's also very important to point out the CW Lundberg acquisition we made here in the last month that will add to the group here starting the 1st of April. That is one of the bigger acquisitions we've made over the years, and you see the net sales is close to SEK 200 million there, and the EBITDA is some SEK 33 million was last year, and it's been growing quite nicely in the last few years, and we expect a lot of CW Lundberg going forward. A very nice acquisition to be brought on board to the group and I think it will be a cornerstone for us going forward with that acquisition as well. Looking a little bit more on the numbers on page six, you can see that the net revenues amounted to SEK 1.18 billion, which is slightly up from last year, not very much really. We saw most of the businesses doing very well and also having some good growth in some companies. Some five companies or so, a handful of companies were quite affected still by the COVID-19, therefore we didn't manage to grow the net revenues during the quarter. The EBITDA, on the other hand, was very strong, increased by SEK 100 million to SEK 292 million, as opposed to SEK 152 million last year. That meant that we have an all-time high EBITDA margin of 17.2%, as those of you who have followed us know that we have been in the 13%, 14%, 15% range earlier on, now we've reached the 17.2%, which I think is great. We see that we have a stronger and stronger portfolio along the way, and it's great to see that we also managed to deliver a very strong EBITDA margin here during the quarter. Profit after financial items then was increased by 32%, as you can see there. That's also important to point out the cash flows and the acquisitions. I think I've covered the other ones on that slide. Looking at page number seven, we then landed a good year we feel. Given the pandemic, I think it was a very strong year. Sales again, picked up a little bit in the last part of the year, but earlier on it was a bit soft and affected by the COVID again. EBITDA for the full year then increased by 9%, and a strong EBITDA margin of 15.1% as opposed to 13.5%. That is also the strongest we've had for a full year. Profit after financial items increased by 9%, and you can see that the earnings per share reached SEK 1.91 per share. The return on equity was 22%, which I think is a good level even though we have the target of 25%, so slightly below that, but still on a very good level now I feel. I think it's also important to point out the cash flows. They were really strong. They were strong last year with SEK 507 as well, but they were even stronger this year with SEK 782 million, which I think is a very strong number. During the year also, or in the last part of the year, we also then launched a program for the future growth, which we call the Lagercrantz towards one billion. As you know, we are growing the 15% per year, that means that we basically have the ambition to double the size of Lagercrantz within five years. Given now that we are at the SEK 500 million for the year, we basically are aiming for the SEK 1 billion in the years to come. With some good acquisitions along the way, we feel that we have a good opportunity to reach that within the five years. The board of directors then finally proposed a dividend raise, a good raise really from SEK 0.67 to SEK 1 per share, which will be handled on the annual shareholders meeting in August. Looking at page number eight, you can see the outcome by division, how that looks. This is the older divisional structure. I have another slide later on with the new divisional structure. You can see it was a very strong quarter. You can see that down below to the left, you can see the very strong EBITDA margins in all divisions really. The Electronics, you can see, had a few softer quarters looking backwards there in time series there. Have been delivering now some nice numbers here for two quarters with a 12.5% and 14.3%, and the other ones have been doing very well and came in very strongly here. We also put out some comments by division here on page number nine, and you can see that the Electronics division then increased their EBITDA with a strong 85%. That is heavily affected then by the restructuring they made in Germany, Poland and Norway as I pointed out earlier. We also saw some improvement in the market situation in Germany, which is also something we commented on earlier on that has been turned for the better for the companies that we have down there. That also contributed to the strong earnings here in the quarter within the Electronics division. Within the Mechatronics division, EBITDA increased by 9%, and had a very strong EBITDA margin. We saw some positive developments especially in the bigger companies with Elpress and a couple of others as well in Cabcon and Norwesco also did very well. We also saw some negative impacts by the pandemic in some of the companies, QuickSafe which was part of the Mechatronics up until now the 1st of April, where it will be moved to another division. They were addressing the helideck out offshore, and it is very hard for them to perform any installations, given that they are not welcome out there for the sake of not spreading the virus. Therefore, they have been struggling a bit. We also had last year some international telecom projects that affected the numbers very nicely last year. That was not repeated this year, but they are moved to a later date, some of those also affected by the pandemic. On the other hand, the acquisitions, Esari and VP Metall contributed very well to the improvement in earnings in Mechatronics. I would say Mechatronics performed a very nice quarter, even though they did not have all companies doing well and they are affected also by these delays in the international telecom projects. Communications also reached SEK 39 million, basically the same level as last year, but it is improvement in margins. We saw some positive development in a few of the companies, especially Metro IC, Nortelco, and Letti in Norway, which performed very well. On the other hand, Radonova, which is a strong profit contributor, especially in the wintertime when they're making measurements around radon, and they have their season, that was negatively affected by the pandemic. Customers have a lower tendency to measure radon when everyone is occupied with sort of dealing with the pandemic rather than worrying about radon. We know that that probably will come back in a year or so. Not a huge effect, but still effect that affected the total numbers. We also have R-Con, which is one of the main contributors within Communications. They had a good order intake, but the company was moved to new facilities, new premises, and that affected the invoicing and the production facility down in Norrköping during this quarter, which we feel is a temporary thing. Last but not least, we have the Niche Products division, which then really contributed very well with an increase in EBITA with 49% to SEK 61 million and a very good margin. Niche Products is becoming really one of the very key things for the Lagercrantz with becoming the biggest division. Struggling a little bit with Electrify. Those two sort of divisions are the biggest ones within the group going forward. We saw some strong volume growth in earnings improvements from several businesses, and especially the tool making Codan and Wapro we highlighted here. They will report a good growth. We also saw some continuing challenges due to the pandemic for Asept and SIB, their brushes for airfields. That has also been negatively affected by the pandemic. We still have a handful of companies that are affected, but all in all, a very strong quarter, I would say. That was what I would comment on the year-end report. I would like to move on to what we see ahead of us, and I would like to describe a little bit of what we see with the Lagercrantz towards one billion. I pointed out we have made a strategy work here during the year, and we feel that we have a very strong business concept within the group. We have put it together in a strategic program that really lines out that we will continue the journey for the future. Within five years, we have definitely the ambition to build an even stronger B2B tech group and deliver SEK 1 billion profits, and that is the EBIT profits that we're talking about then. That is sort of the highlight of the whole thing. What does this mean then? What will we do? Well, we have tried to both internally and externally and to everyone clarify the strategies and the financial goals and make them even clearer and sort of ambitious for the future. We have then decided also to reorganize into five divisions with clear growth ambitions for each division. We have decided to increase the capacity within M&A, try to speed that up even more, and set some clearer and more ambitious ambitions for M&A going forward. We will also then focus on sustainability, which we feel is very important to all our companies, something we've been working with for many years, and we will continue to do that for the future as well. To go into this a little bit, we have then clarified our vision and financial goals. We would like to be a sustainable supplier of value-adding technologies with market-leading positions in several established niches is our vision statement going forward. That means that we still continue to build the group, and the cogwheel here over to the right is a very good picture of that, where we will have really niche-oriented sharp companies within the group, and we can perceive ourselves as a good owner of these companies. They will together bring a very sort of stable, good profit growth for the shareholders and for the group. That means that we have our annual growth profit target of 15%, which is the earnings before tax. We have also highlighted that we really are pushing for better organic growth going forward. We feel that we have good opportunities, more proprietary products, and as that share of sales increases, we feel that we can go more for exports and have a better organic growth going forward. Once we are through the pandemic and everyone is sort of back to normal, I think we believe that is a very justifiable goal for us. We have then also decided to raise the bar a little bit when it comes to acquisitions to the five to eight acquisitions per year. Those two together, the organic growth and the acquisitions per year should clearly bring us to 15% per year. We should also do this very profitably with having the return on equity in exceeding 25%. We have been in that neighborhood for quite some years now, and we plan to continue doing that, and along the way, also deliver fully on the 25%. I think a key thing in doing this, I'm on page 12 now, is the aim for the 75% proprietaries. In the last report here, we communicated at 65%, which is the level we are at the moment. You can see how that gray field here has been improving and increasing along the way over the years, all the way since we first acquired Elpress in 2006. We've basically seen an upwards trend in the share of proprietary products within the group. We have the clear aim of 75%. Given that we now have made some more acquisitions of companies with proprietary products, we see a little bit of lift already there here in the months, the quarters to come. That's very key to us. With the proprietary products, we see that the margins are higher. We see that the gross margins are higher, we see that the EBIT margins are higher, and we see better opportunities for growth when it comes to exports, when it comes to developing more products and addressing new customer segments. That means that the opportunities for organic growth we feel are better when it comes to proprietary products. Also with some higher margins and that, we feel confident that that's the right route for us to go. We will also remain our focus on value add. On page 13, you can see the development back since 2005, 2006. This is, of course, something we're very proud of. This is a very good trend, and we reached a new all-time high, as you can see here in the last year at the 38.5%. Of course, this is very important also to our bottom line to have some good gross margins. We will in the Lagercrantz towards one billion program also then reorganize into five divisions. We have highlighted in our communication, in our report some really clear and obvious reasons for doing this. We feel that the old divisional structure. We've always been opportunistic, and that means that we have to some extent also acquired things we believe in, even though the headline is not maybe the right thing. Along the way, we feel that these headlines is better for us because it both sort of clarifies what's in the different divisions, but it also clarifies where we would like to go. Here we have identified a number of areas where we feel that there is underlying structural growth. That is something that we're aiming for now. Especially within the Electrify, that's very clear. Within Control, we see a lot of measure and control technologies including sensors and other type of things that is also very sort of an area of growth. We see the TecSec area where we feel that is also a growing area, where we would like to take better care of society and personnel and health and environment. TecSec areas is growing depending on those things. The Niche Products is doing basically what they have been doing, and Internationally then taking the companies that we have already within the International division, the ones that we have in Denmark, in Germany, in Poland, in the U.K. Here we basically would like to take the Niche Products concepts really on export. We basically should look for companies that have proprietary products that are working maybe in those areas, in those geographies rather than in the Nordic and sort of copy a little bit what we've been doing in Niche Products but doing internationally within the new International division. I think this is very exciting. This is very promising for the future, and you can see that the different divisions down there, you can see they have a little bit of difference in size. They all have good ambitions when it comes to EBITDA margins down to the bottom there. You can also see what companies that are in the different divisions. We have communicated this. I think it's very promising and something very important for us internally. We have in our communication, as we pointed out on page 15, you can see how the pro forma in the new division structure will look like. We have done this two years back sort of so you can see the pro forma quarter by quarter. This is how now we will follow up the group and communicate to the market as well as our first Q1 report. We will drop the old way of reporting or the old divisional structure. Go moving into this one instead. Part of this program is also the increased focus on sustainability. Here we have basically gone with what most are doing, working in the three dimensions: environmental sustainability, the governance factor, and the social society factor you can see there. We have basically put together some clear goals and some clear ambitions in those levels. I also think it's very important to highlight the one we have on the left here, where we have some 50+ local initiatives in our different companies. I think we have a very strong portfolio when it comes to what is sustainable, what has growth, what would add to society going forward. To highlight that even more and to make everyone involved in the group, we have now launched 50 local initiatives or really have some initiatives going in each company, and we will follow up on one goal per company in our follow-up to make sure that everyone is involved, everyone is taking this seriously, and people are really changing the way they're doing business to a more sustainable way of working. That, I think, is very promising for us going forward. Last but not least in this program, on page 17, we also feel that we should increase our capacities in M&A. As pointed out earlier, we see some 1/3 of our growth coming organically, while 2/3 should come from acquisitions then. As the group becomes bigger and bigger, of course, we need to make bigger and more acquisitions along the way. That means that we are now aiming for five to eight companies to acquire per year. In order to do that, we will expand our geographies when looking. We will look a little bit more into Central Europe. We will continue doing it in the Nordics, of course, but we will reinforce and strengthen our capabilities in other markets as well. We will look mainly at Germany, Poland, Benelux, and the U.K. are those markets that we're looking as a little bit of new geographies to us when it comes to acquiring. We have made more add-on acquisitions previously, but we will look for new companies as well now when we go into these markets and feel that we have the strength and the size to do so. Looking at the acquisitions lately, I will round off with the chapter here around acquisitions. During the last year or so, we have made some eight acquisitions, especially so now here in the winter time. We took a pause here when the pandemic hit us here last summer or spring, summer, this time around last year. Since then, we have made quite a number of acquisitions here in the last quarter or so, some really important ones as well. I will cover them a little bit briefly here. There are quite a lot of them, what we try to do is put together a fact sheet for each of our acquisitions when we make them. The first one we made here, or the first one I'd like to brief you on is the VP Metall, which is a Norwegian company. This has a good strategic fit with our Elpress, which, as you know, is our biggest company previously. They're also making electrical connectors, but both companies are making electrical connectors, but this one, VP Metall, is based on what we call implosive connectors. Those are primarily used for high voltage applications. A very strong company, a very niche-oriented company, has a very strong market position in Norway, somewhat in Sweden and Finland and Canada as well. Our ambition here is to make them more international and build that company geographically with a very strong niche-oriented product that they have within that company. You can see down to the right there, I tried to put together some numbers when we make acquisitions, and as you can see, they have a strong EBITDA margin with some 23%. The growth here, as you can see, has not been great, but given that we see some opportunities internationally for this company, we expect the growth to pick up here under our ownership. The second one I would like to cover is the Esari, that is a Finnish company, and they are making these type of equipment shelters and technical buildings or technical houses you can see over to the right there, and building those. Has a very strong, solid performance with some EUR 5 million of sales, very strong in their market in North Finland, and also expanding into Sweden, have had some projects in Sweden as well, and also some really good performance you can see down to the right there. This company has a clear connection also with the Elkapsling, which we already have. They have slightly different product ranges. We plan to bring Esari a bit to Sweden. We plan to bring Elkapsling a bit to Finland, and that's how they will expand together and find growth for both companies, some cross-selling opportunities we see there. The third one I'd like to comment on is the Hovicon. Hovicon is an add-on acquisition for Asept, which is within the Niche Products division. This is a very strong company in Central Europe, especially in Holland and France and the Benelux, with these type of dispensing solutions. For those of you that looked into Asept homepage, you can see that these are similar products. Even though this is a little bit more of trading products and a little bit more of products that are not patented in all ways. It complements also product-wise, the Asept business that we have. As you can see down to the right, a very strong performance as well when it comes to the margins and also some growth in that company. The fourth one I'd like to comment is the Sajas. Sajas we acquired here just before Christmas, it was even a little bit earlier than that, and they're making the brushes. This is adding to the SIB business with the brush systems for airfields. Here we have brush systems for road sweeping, have a clear market-leading position in Finland and in Sweden, but also have some strong volumes in Germany and a production facility in Tallinn as well. Some strong performance, even though we plan to bring this higher up, this is not living up fully to our standards, but we see some good opportunities to develop this further and to bring the margins and the volumes up here, given that they can also work together with the SIB business that we already have within the group. Last but not least, I would also like to cover the CW Lundberg, which is the company we acquired in Sweden, in Mora, in Gävle in Sweden. This is a very important acquisition for us. Here we have a little bit more sizable business and some really strong performance, as you can see down to the right there, with close to SEK 200 million. This will be a very strong company within the TecSec and a very important part of building the TecSec division going forward. CW Lundberg is the leader in safety products for roofs. You can see the bridges and the other types of products, [Non-English content] in Swedish, preventing snow from falling down from roofs. You can see the barriers that we put up there, that type of product they have and are a very strong player in Sweden, but also have some export ambitions in Poland, where they have a subsidiary, and also in Norway, where they also have a subsidiary. This, I think, will be a very strong company for us going forward. To round off, I think it's been great to be able to present all this to you. I think we concluded a very strong year. I think we concluded some of the best margins we've had. We came through the pandemic in a very good way. We have now landed some good acquisitions. We also have the new program Lagercrantz Towards One Billion, which I think is very exciting and promising for the future. We know where we're heading. That was the presentation I had for this morning. Kristina, would you like to add something more before we open up for Q&A? In order for you guys to unmute yourself, you should unmute yourself by pushing star six. You can unmute yourself and go ahead with Q&A if you'd like. Can you hear me, Jörgen? Yes. Just a couple quick questions. Firstly, on the, as you put it, Electrify right now, hearing some substantial investment programs, mainly in transmission Sweden. Can you just talk about what sort of visibility you have in this area, what you're getting from your main customers, and how you are staffing this operation to cope with the growth, if you see it? I think there has been quite a lot of talking about growth in the newspapers, and we think that it's heading that way. So far, we haven't seen that sort of explosive type of growth that we might see in the future, or not explosive even, but a good growth. I think what we see is there are a lot of official reports and stuff that you can read around it, and they all are quite promising. For it to take off, I think we need to get through the pandemic and we will see some investments. What we're doing is that we are addressing this market on a broad perspective. We have quite a number of different products addressing both these markets, and we're working mainly through wholesalers and also some OEM customers with the wind turbine manufacturers and that type. For instance, those guys, but also ABB and those type of companies are customers of ours. I think we're very well positioned, and I think it's very promising in the years to come. We don't see it happening this quarter. That will probably take some more time before people are really starting to invest in this. Just to follow up, your ambitions to acquire companies outside Sweden, outside Nordics, to what extent is that due to the fact that you're seeing increased competition for deals locally and domestically? Can you just talk about what sort of normalization you expect on SG&A cost for the group as we head into a post-pandemic type of world here in the second half? Thank you. Yeah. Your first question around M&A, I think that we still feel that the Nordics is a very good place to be. I think there are a lot of good opportunities. We are looking quite a lot at companies, but we also see some increased competition. We see more bidders out there and people are a little bit more aggressive, but we don't see it really going the wrong way. You can see that, for instance, I think we are a well-established player and people like to do business with us, and therefore the CW Lundberg, for instance, I think is a very good example of where they choose us and we choose them, and we manage to cope with also a competitive landscape. I think it's important to realize that we are becoming more and more pan-Northern European and, of course, the bigger markets are in Germany and in the U.K., and we also see some of our peers going that way. Therefore, I think it is good opportunities for us to be there as well. I think it will fuel growth, but I think you will still see that we are making quite a huge proportion of our deals in Sweden and the Nordics. That was maybe the somewhat of an answer to the first one. The second one with SG&A, of course, we see some effects from the pandemic in a positive way when it comes to SG&A. People are not traveling. We don't run fairs or go to fairs in the same extent that we used to. On the other hand, what we feel is maybe that some of it will come back. We need to have what we call positive costs when it comes to going out to customers, entertaining with customers, going to fairs, and build business in the long term. I think some of it will come back, but I'm pretty sure that not all of it will come back. You can also see that due to the pandemic, we have also reduced our number of employees during the year with some 6% like- to- like. We have also cut out some costs, and that I think is not a temporary thing. We plan for that to be sustainable. Thanks. Mm-hmm. Okay. Someone else would like to have some question? Fredrik Nilsson from Redeye here. Can you hear me? Yeah, we can hear you. Regarding Electronics, the margin was really strong. Should we expect a level like this considering the restructuring? It's a difficult one. I would maybe add a couple of more quarters before we see it sustainable. I got the same question really on the previous quarter when they were at the 12% level, and I put out the same answer basically that I think we should see it for a couple of more quarters before we see it is sustainable. I think that what we have done is we have cut out some lower margin business, and therefore it should be, but I think the 12%-13% range is more sustainable or something I would expect, rather than maybe 14% is a little bit on the high side. Okay. One more question from me. Mechatronics also had quite strong margins. Was that mainly a sales mix effect, or have you become more efficient in the companies in that division as well? Yeah, I think it's both. We see that some of the higher margin companies with Elpress and I think many of the companies are doing quite well within Electrify, within that division or Mechatronics. The one that's been slowest really is the Frictape at the moment, and that we're moving now to TecSec, and I think that will come back once we're through the pandemic. It is, I think, a mixed effect mostly. Still some of our companies are doing really well, but I also have a few others that are not really fully running on the full year. Okay. Thanks a lot. That's all from me. Hi, this is Marcus at Pareto. Can you hear me? Yes. Hello, Marcus. Welcome. Yes. Hi. Sorry, it was sure hard to get onto the line. A couple of questions from me. First of all, thank you very much for giving us the order intake growth of 5%. Can you talk a little bit about the book-to-bill, so where you are right now? I would assume that order intake is higher than sales. How does the component shortage play into this? Do you see any impact from this on those sales? Mm-hmm. Yeah, I think that we do see some shortages in some areas, we see some, what I would call imbalances when we talk about sort of different types of components. We see some price inflation as well when it comes to raw materials that the prices are fluctuating quite a lot and are moving up. It is somewhat of a turbulent time that we're going through. I think all in all, in a group level or on Lagercrantz level, we see that it levels out. I think we have very strong pricing power. I think we proved that so many times. By being sort of very niche oriented and being very strong in specific niches, we also have some good pricing power when it comes to adjusting the prices if you're hurt by increased raw materials or currency effects or something like that. I think also that what you're pointing out is that we see some I don't like to comment on the book-to-bill, because I don't think that's fair to everyone else. We see some order intake and some order bookings that I think people are placing just because they see shortages and want to make sure they have their raw materials. On the other hand, I think that's also in the end driving growth. I think that goes for everyone really. Okay. To some extent, yes. Okay. Continuing on the margin, so very good margin. Just to make sure, there are no special items in there which is lifting that temporarily or anything like that, but you are at a higher level this quarter? Not really. Temporary things. No. We don't see any really temporary effects. Yeah, we had one. The Tillväxtverket, the additional, we released a reserve of that, some SEK five million. That is on group level. Okay. I will also comment then. Other than that, we don't have any temporary effects. Okay. Sort of project related or anything like that, I think it has to do with, we are improving some margins and doing a good job out in the companies, but also then having a somewhat of a lower cost base than normal due to the people who can't travel, and we can't do the sales work as we normally do. Okay. Moving on to acquisitions. Very good level, especially at the end here. Is this what you want to do, or did you aim to go this way, or is it just because we know that you want to focus more on acquisitions, right? That's a clear target of yours. Is this an effect of that, or is it also pent-up demand from the pandemic and a bit of a catch-up? Yeah. I think we are constantly running the M&A. We have an M&A team going in Sweden. We have one in Denmark. We have one in Finland. We have basically a guy in Germany. We are looking more and more into the U.K. It is like we are broadening our capacity and increasing our capacity. When it comes to sort of concluding deals, it's also very much a matter of whether you have sort of managed to get all the way through and make sure that we're doing our due diligences, and we are running our processes, and it happens quite often really that not quite often, but sometimes it happens that we are all the way to the sort of finish line, but we don't end up concluding the deal anyway. It's a matter of some sort of ups and downs when it comes to running the processes, and I think during this winter, I think it was a bit of a sort of stuck up a little bit due to the pandemic. After summer, we have seen quite a number of processes sort of picking up, and we haven't managed to conclude these deals. I think the vision that we're putting out here is the five to eight acquisitions per year. We managed to make five acquisitions in the last quarter, and I don't think we will make five acquisitions every quarter. That's not what I'm saying. I think the five to eight acquisitions is more reasonable looking forward. Okay. On the other hand, I also think expect us to make a little bit more sizable deals maybe along the way. Yeah, because that was my second question. First, because I know the timing is very difficult. Of course, it's a negotiation between you and the seller, and you can never predict when these are going to come in. At the same time, I also know that you're focusing more on actually making acquisition with a clear targeting, express target that you have, that you are focusing more on it. It might be too early also, hence my question. Yeah, then on the larger targets, just a bit curious to see your thoughts about Because you move abroad, right? There were some other questions about you moving down more towards the continent. Do you expect at the same time, we usually see targets in the U.K., in Germany, in the Netherlands being a bit larger? Do you expect the same thing here? As you move kind of from the Nordics and more south, that we should also expect the targets to be a little bit bigger? A little bit, yes. On the other hand, if you look at the ones that we have concluded, you can see that they are absolutely right the same size as we have previously done. You can look at the [Non-English content], for instance, that I mentioned on earlier here. The markets are bigger, and I also expect some of the targets to be a little bit bigger, especially if they're for sale for an international buyer, which we would be then coming there. I think you could expect slightly bigger targets or deals down there. That I think as well. Okay. Excellent. Thank you very much. Thank you. Do we have some final one or the additional one? Some questions? Okay. Yes. Yes, hi. Can you hear me? Yeah, I can hear you. Yeah, perfect. Jörgen, just one more question regarding your new acquisition strategy. As you say, you're a well-known name here in the Nordic market, and companies tend to choose you. Do you think it will be more difficult to enter relationships with companies outside the Nordics? Do you expect longer M&A processes in these regions? Should we expect a bit slower structural growth in the international divisions going forward there? I think, no, not really. I think, yeah, we are a bit more unknown, that's for sure. We also have been entertaining and working with M&A companies and firms for the last three to five years. We are building our networks, and we have come somewhere with that. I don't think it will take us that long time, really. Of course, we are more unknown and it's also about arguing to the sellers that the business model that we are running and being a sort of more of a Scandinavian-type company with its Scandinavian-type culture as well. I think it might take us a little bit more time to sort of convince everyone that it's the right path to choose to go with us. On the other hand, I think when we get into sort of discussions, that's happened to us a few times. I think they like what they see and they like our concept. Also when we look at some of the companies here, the [Non-English content], for instance, is a good example. That company, that's something we've been working in together with them and view them as a partner in the industry for quite some years. It's also more that we are also addressing areas where we're already in when we go for that. In the international division, however, we will also look at new things, new type of companies. It's a little bit of mix there, but I think the main thing will still be to work with the Electrify, the TecSec, and the Control divisions and the Niche Products division to sort of also build the clusters and the areas that we're already in, but doing it now in Mid-Europe, Central Europe. Perfect. Thank you. Good. Kristina and I will be available if you would like to place a call to us. Please, I think our contact info is available on the website if you would like to sort of have additional questions or so. Thank you everyone for listening in, and have a good day too