Good morning. Warm welcome to Mycronic's first quarter 2021. My name is Tobias Bülow, and I'm heading Investor Relations. With me today here in Stockholm, I have the Mycronic President and CEO, Anders Lindqvist, as well as our CFO, Torbjörn Wingårdh. After the presentation, there will be time for questions. I would already now like to ask you to limit your questions to two per person as a start, and then feel free to get back in line for two more new questions after that. We will end at latest 11:00. For your information, this session will also be uploaded as an on-demand on the web. With that, I leave over to Anders. Okay. Thank you very much, Tobias. Today, we would like to present an agenda looking like this. Of course, talk about the quarter a little bit in short, with the new operating model we have when we run the business through four different divisions. We will go deeper in that as well. Torbjörn will give you a detailed view on the financials. We will end up with talking about our strong platform for future growth, and then ending with the question and answer session as Tobias just explained. First talking about what we do at Mycronic. At Mycronic, we make it possible for our customers and our partners to develop products based on the latest technology within electronics. It's therefore that we're saying that together we are bringing tomorrow's electronics to life. If we move into the quarter and the result, you could see that we had a very high relative growth of 75% compared to the same quarter last year. It's a little bit what I usually call a mathematical effect because it's partly because of the comparative quarter last year was a very weak quarter, in this year, we had a very strong quarter on the sales and therefore, of course, the relative growth look very strong. We had a very good sales in the quarter. We had the delivery of three mask writers from the PG division, including a high-value mask writer being in the Prexision 800 Evo. We had a very strong performance in the HV division and also reasonably good performance in the other divisions. Because of the product mix, especially because of the delivery of the high-value Prexision mask writer, the EBIT came out very strong at SEK 498 million, corresponding to a margin of 39%. We also had a very good performance in the other divisions and in the former Assembly Solutions divisions, which was the model that we used until April last year. We announced a target last year that we want to reach an EBIT to be about 10% for this year, and we actually recorded an EBIT of 13% in the former Assembly Solutions. Also all this despite a headwind where we had a negative currency effect of SEK 90 million for sales in the quarter. If you look on the order intake, here we are comparing to a quarter which had very high order intake last year. The order intake last year, we had five mask writers. The order intake this quarter was SEK 1,027 million which is quite a normal number, I would say. I think it's quite a good number as well. If you say our guidance for this year is to deliver a revenue of SEK 3.9 billion, you can see that the order intake of SEK 1,027 million is supporting that quite well. That is without any display, any high-value orders in the Pattern Generators division. Anyway, we had very good orders in the High Flex division, especially in North America and China. We have two orders of SLX mask writers for the semiconductor industry in Pattern Generators. We have a very good momentum in the High Volume business in China, driven by the automation trend. The backlog is then of course reduced because of the high sales and the lesser order intake to SEK 1.7 billion coming from SEK 2.7 billion, and consist of at the quarter of 12 mask writers. If we move into the divisional view, since a year ago, we changed our operating model, and now we drive the business in 4 different divisions in a very decentralized way. The reason is to get closer to our customers, having a short decision making paths, and be much quicker on reacting and really realizing the full potential of every business. Starting with the Pattern Generators. As said, we had very good deliveries, one Prexision 800, which is an Evo, which is a high-value machine. The first Prexision Lite 8 Evo and also one SLX machine. That was a very strong quarter. Of course, it's not possible really in the PG division to make comparisons between quarters because the deliveries are a little bit up and down all the time, so it needs to be viewed in a longer view. On the order intake, we had the two SLX machines, and that should be compared to five mask writers last year. Of course, that was the reason behind the decline. On the backlog, it's down to SEK 800 coming from SEK 1.9 in that case, and in the backlog we have also a change in delivery, which is one SLX machine that should have been delivered in the first half of this year that is now moved to the third quarter. In the backlog, as of now, we have actually 13 systems. I said we have 12 systems in the quarter one. We also received an order in early April for an SLX machine. Now we have 13 systems to be delivered from the backlog in the future. In the High Flex division, we see good development and also an improved demand. We see this demand being sequentially improved. From a low point that was somewhere mid-last year, we have seen that month by month, actually, quarter by quarter, we have seen an improved demand. This has been especially visible in the U.S.A. and in China. We also have a very good improvement on the result. When we announced this target of being about 10% in the Assembly Solutions divisions, a lot of that was coming from efficiency measures. We have done a lot of activities to improve cost efficiency in this division. It has been difficult to see the effect of that because we also had a decline of revenue during last year. Now when revenue start to pick up again, we clearly see the effect. We are very happy with this improvement. We recorded an EBIT of SEK 35 million for the quarter, which is equal to a 13% margin. Also just compared to the same quarter last year, the order intake is flat, comparing to the previous quarters, it's actually improving. That improvement, as I said, is mainly coming from U.S. and China, Eastern Europe is extremely slow at the moment in this division. If we move into the High Volume division, this is mainly selling and dispensing equipment, it is mainly active in the Chinese market. We have a very strong performance. We have a very strong domestic market, domestic market is China in general in this case. We see that the automation trend that is ongoing in China is really increasing the confidence in doing investments. The order intake increased by 46% compared to the same quarter last year. We are improving our positions and also gaining share in this market, the growth of sales was 67%, EBIT is following very nicely. We have 64% up and corresponding to a 24% margin. I think we see a very strong continued performance in this High Volume division. We are, of course, very happy with that. We have a division, Global Technologies, where we currently have two lines of business, and one of this business line is, we call it camera module assembly, which is mainly for the automotive market. The automotive market has been very slow, so last year was really bad for this line of business. We have seen a recent pickup in the automotive business, but still from very low level. We actually also have started to see sales outside of the automotive, as an example, in the drone market, where the same technology is also possible to use. The other line of business is optoelectronics, and in the quarter, we had a very strong U.S. market, very much driven by needs in data communication, fueled by 5G and cloud investments. That has been very strong. We are usually very strong in China. It was a little bit slower in the quarter, but it improved towards the end of the quarter, actually, so that we saw an improvement. Still, the result is not very good here. Recorded SEK -14 in the EBIT, which is actually an improvement from the same quarter last year, but still not good, of course. We have actions in the pipe to improve that should be visible a little bit later this year. Also, this division is the one where we have the biggest impact from potential trade conflicts between countries and companies, of course, which is so far haven't had a major impact, but of course, this is increasing the uncertainty of our business here. If we look a little bit on our long-term target, we feel very confident still with them. We confirm our long-term targets. One of them is that we should reach a sales of SEK 5 billion, and that is not later than 2023. We should have a profitability which is above 15% EBIT over a business cycle. This is on average or in the cycle. A capital structure that is where the net debt is less than 3x EBITDA. We are far away from that at the moment. On the short-term targets, we confirm them as well. This is this year, we want to reach a sales of SEK 3.9 billion. This SEK 3.9, we have also said, and that we said also when we did the guidance the first time, that this is at the currency levels that was existing at the end of 2020, around December, actually, 2020. You can have that in mind also if you want to recalibrate on that one. Another short-term target is that this year, during 2021, we want to be about 10% in EBIT margin for the former Assembly Solutions divisions. That was called the Business Area Assembly Solution in the past. We were for the quarter, and of course, this is really a minimum. We are very happy to see that we are above this level currently. With that, I will now hand over to Torbjörn here to go a little bit more in detailed on the financial side. Thank you. Thank you very much, Anders. In terms of net sales and EBIT margin on a rolling 12-month basis, our net sales rolling 12 months amounted to SEK 4,437,000,000, which was a very good level, and thanks then to this very strong first quarter. The EBIT margin in the first quarter was 39%, and on a rolling 12-month basis, it was 30%. In addition then to the strong performance from PG, we also see a positive margin development from improving performance in High Flex and also improving in High Volume, which already was at a very good level. As you see here in this graph, that Aftermarket provides a stable base of recurring revenue for our business and for the group. Looking then at the last year compared to this year, we see then the very strong volume with the effect from Pattern Generators and also from High Volume. The COGS increase we see here is in line with this volume increase. Our R&D investment in Imperial was stable, and we have also seen on the selling side that we have cost savings from travel restrictions and less industry fairs, which in the short perspective, of course, saves cost, but then longer term can be a challenge, which we try to work around as much as possible under the current circumstances. You all know that we are now presenting the segments in terms of our divisions, which is new then, and it's related to the organizational change we did last year. We see here the very strong difference and positive difference between last year's first quarter and this year's quarter related to the strong deliveries within Pattern Generators. As Anders have commented on previously, also, we are very satisfied to see the improvement on High Flex, and that now it's starting to show all the good actions that has been taken in terms of their performance during last year, and now showing in these volumes that we can see here in the first quarter. High Volume already performing on a good level, also show an improvement year-over-year. We are very satisfied to see that Global Technologies is coming into an improvement compared to what they have done before. As Anders commented, actions are being implemented in that division to improve performance. The cost for group functions is at a stable level. All this resulting in a 39% EBIT margin for this quarter. In terms of R&D for innovation and growth, we saw a decrease in R&D spending from quarter one 2020. We always have a stringent approach to our R&D investments in terms of having solid business cases when we're doing investments here. We also have seen with the distributed organization, the reorganization last year that more responsibility is taken by the divisions in terms of making the right decisions. We find that that is a good effect. We then see the R&D spending decrease, which is not necessarily the level that we'll find ourselves going forward. It's connected to the amount of R&D investment opportunities we see. Low levels of capitalization and amortization during the quarter. The resulting R&D cost to sales ratio was 11.5%, then a decrease compared to the 14.2% last year. We end the quarter with a very strong cash position of a bit more than SEK 1.6 billion. We had a slight increase in working capital, primarily driven by lower advances from customers, which is a result of the deliveries within the PG division. We also acquired a minority interest in one of our subsidiaries within the HV division, and that included then an outflow of SEK 39 million. The net cash position is SEK 1.4 billion. We feel on a very good footing in terms of the active M&A strategy as part of our growth strategy that we have communicated several times before. With that, I'd like to give the word back to you, Anders. Okay. Thank you very much. I will conclude the presentation. We feel that we have a very good foundations for continued strong performance. It remains solid. You could see that the new organization that has now actually been in place then more than a year because the implementation, the starting date was April 1 last year. You see that the results are start to come because of the customer-centric, scalable, decentralized organization. I think it was especially good during the pandemic, which is still out there, obviously. I think we have managed that in a very good way and very much thanks to the decentralized way of working. We could take fast and good decisions. If you look on the product portfolio, we have a very competitive product portfolio. We continue to invest to keep it competitive for the future as well. There is no change in our attitude to this at all. In the growth plan that we have, acquisitions is a part, or part of that, of course. Obviously, we haven't done one in a while now, but we are really ready to do it. As Tobias said, we have good funding, we have the means to do it, of course, but it has to make sense, and it has to add value to our business. Of course, being selective in that it doesn't happen really every day, but this is really something that we have on the radar, and it's included in the strategy to grow by meaningful and good acquisitions. Finally, we have a very strong culture being innovative, dynamic, and responsible, and customer-centric, and so on, which is a very good base for us to deliver the future results. By that, I feel really that we have a very good position to continue to be successful and continue our strong performance. That's ending the part of the presentation. Yeah. I hand over to Tobias again here. Thank you, Anders. With that, we conclude the presentation and then move over to the Q&A session. Operator, please go ahead. Thank you, ladies and gentlemen if you have a question for the speakers, please press zero one on your telephone keypad now. If you wish to withdraw your question, you may do so by pressing zero two to cancel. Our first question comes from the line of Daniel Djurberg of Handelsbanken. Please go ahead. Thank you very much. Good morning, gentlemen. Congrats to the very solid earnings in the quarter. I had a question if you could talk anything about visibility on the Pattern Generators, especially on the display side. As you mentioned, you had that very good order intake on the SLX side, on the IC side, while less so in display. I was thinking if you could share with us some of the market dynamics that you see. Are there any technology shifts already in the AMOLED, or is it more temporary impacts from the OEM, you could say turbulence in Huawei and LG, et cetera, that impacts short term? How should we think on the visibility for the display? It would be great if you could elaborate a bit. Thanks. Okay. Yeah, thank you. I was expecting of course that should happen. I think first of all, there's no conflict between SLX and display, right? Just the semicon market segment is isolated from the display one. To be successful in the semicon doesn't mean unsuccess in the display. We could be good in both at the same time and vice versa as well. We have been very successful, I think, in the semicon market space with the SLX. When we launched that machine, we said we should take the majority of orders of the launch, and that we have definitely done, so I think that is good. As you say, we haven't seen any orders on the display side for quite some while. We are quite early in this value chain in the display industry, if you look from where the consumer is actually buying panels in the shape of TVs and computers and smartphones and all that. There is a panel maker and there is a mask maker, and then there is us selling to the mask maker. It is a very long, how do you say? Investment cycles, very long investment decisions. What we sell today could be used, the technology could be seen in a few years in the future. If we look on the technology trends, we see no difference there really. Still the shift from LCD to AMOLED is still ongoing. The majority of panels are still LCD, so that shift will go on for some time. We also see that this increase in complexity for displays are also there, still there, no change in that, as well as the area of displays and so on. Also new technologies coming in in forms of micro-LED and mini-LED and stuff like that. We don't really see any difference in the drivers long term at all. You could say that this shift from LCD to AMOLED is a little bit slower than it has been, and this is actually due to the success of panels makers, where they produce a lot of LCD panels right now because of the big need in the market. That's really driven by consumer behavior. At the moment, we believe that long-term, that should be a good thing for us because it means that if our customer's customers are profitable, of course, they have a big willingness to invest in future technology, or at least the ability to do that, and that should be positive for us. Short answer is that we have not seen any change on the technology side in the market that should impact demand for our product, and no really big change other than usual in the market dynamics on who is doing what, and so on. Is this also true for your funnel, so to say, the visibility on your ongoing discussion with the likes of Photronics and so on? You have the same number of similar discussions ongoing as you saw a year back or two year back or whatever? Yeah, I would say that all the major customers have similar, or have the long-term plans from the customers are looking the same as they did. Of course, they can be in different stages in discussions on new equipment and so on. Absolutely. May I have one last question, perhaps, and I think we could just perhaps, Torbjörn, more for me to understand on the R&D in the former ASI High Flex and High Volume. It was down quite much in High Flex, but up a bit in High Volume. How to think about the R&D resources? Are they joint, so they can work for one project more with the High Flex for a while and then go to High Volume, or what is the deviation depending on? You should think about the R&D spending in terms of the divisional taking responsible for their own R&D. I think to a certain extent there may be some resources, but it's not really much. It's more like the divisions adapt and review their own business cases for R&D in a clear and accountable fashion. That the group level percentage goes down is not sort of a group centralized planned event. It is an event as a consequence of the divisions' due diligent and disciplined approach to R&D coupled to our new organization. Okay. If you look at the High Flex, for example, down 27%, of course, some of that is currency, I guess. Was that more of a plan to make it more profitable then, or if you can just comment on that? Well, the R&D spending, it was absolutely part of all the actions taken to improve the cost structure of the ASI division. Yeah. Yes. We can confirm that. Perfect. Thanks. Thank you. Our next question comes from the line of Mikael Laséen of Carnegie. Please go ahead. Good morning. Hi. I have a few questions. I'll take them one by one. First of all, can you comment on the component shortage, what you said in the report, and maybe also initially here during the call? I missed a couple of minutes here in the beginning. What you're seeing. Can you elaborate on those comments, and also how this relates to the unchanged guidance? The start of 2021 is really strong, and suggests a significant slowdown perhaps later on. If you can elaborate around that. Thanks. On the component shortage, that was commented in the report, and for the quarter, there was no impact, I would say, or very little impact on that. Of course, we are affected in both ends of this in a way because also semicon, especially then it's also on our customer side, and so on. If you look on the supply side for us, of course, there is a little bit more management with the inventory and suppliers and so on, but no big impact. If you look forward, we believe that it could have a bigger impact going forward. At the moment, we don't really foresee a big change, and that is not part of an unchanged guidance. I think in the guidance, you need to remember that we actually pegged that to a fixed currency, which is equal to end of December 2020, and so on. You might want to recalibrate a little bit depending on that one. You're right. We have a good start of the year, and I think I'm very happy with the order intake of a little bit more than SEK 1 billion in the quarter, given that we had on the PG side, we had no large mask writers in that. There were two SLXs in that order intake. I think we have a good base for our business, obviously. On that business, we don't really take an order and turn that around in this short time. We are confident with the guidance of SEK 3.9 billion, that I should add. Okay. Thanks. Thank you. Our next question comes from the line of Viktor Westman of Redeye. Please go ahead. Thank you. Congratulations on a strong quarter. I want to ask about the growth prospects for the High Volume division. What is the runway there? What do you think the market growth can be here? All right. We do a lot of things, I think, and we have been very successful for quite some time in this division. I think we deliver good performance quarter by quarter in here, and now it's more visible also because of the divisional breakdown that you can see. We have been driven very much in the past by the investments in the mobile phone industry and so on, which also see a lot of technology change, 5G being one of them, of course, and so on. Going forward, we want to be present in many more segments. We are present now also in the semicon with dispensing equipment. We are also present in a segment which is growing very fast, and especially in China, which is electrical vehicles or new energy vehicles, it's called in China. We're trying to expand our applications within dispensing into more market segments to capture growth opportunities besides that. We're also expanding geographically. Still the majority of our business is in China, but we are expanding in the countries around, obviously, and also globally. We're growing very fast outside of China, but coming from a smaller base. The percentage growth is high, but it's a smaller base, but rapid growth. End of last year, we opened a sales office in Vietnam as an example of that geographical expansion. When it come to the market, we are actually taking share in this market, so we are growing faster than market, but we really want to participate in those market segments that is growing fast, like new energy or electrical vehicles, like semicon for dispensing and so on. Our ambition is to grow at least with that market, and preferably above, of course. Would you characterize these markets as a super cycle, or are they rather long-term structural growth trend? I think it depends. They're not the same, all of them. Some of them are short and intensive, of course. I think in general, there will be always, long-term trend, this is a good market to be in. Then it can be faster and slower in between, of course. Yeah. I'm just going to do a quick follow-up on the first question because I anticipated your answers about automotive there. Can you just say what's the timeline to address the automotive dispensing? Yeah, we already do have sales in automotive dispensing, especially for the new energy vehicles in there. We want, of course, to address more and more applications as going forward as a part of growth initiative. I cannot really disclose any timeline for how complete, but I think a good thing with electrical vehicles is there are much more electronics, much more electronic applications in such a vehicle than another one. Of course, we want to participate as many as possible where it makes sense with our technology. Okay, great. Thank you. Thank you. Our next question comes from the line of Anders Rudolfsson of DNB Markets. Please go ahead. Your line is now open. Yes, good morning, and congratulations to a great report. We have been through the pandemic now for a year, and we can see there is a lot of, so to speak, pent-up demand for a number of products out there in different sectors. The first question is, do you see anything regarding that in this report and perhaps, if it will be, looking ahead? The other question is perhaps related to that as well, as we can see that China now building up their own, so to speak, high-tech industry and really want to compete with the U.S. and so on. Will that lead to much more interest of your products looking to late 2022 or later? Thank you. Okay. First on the pent-up demand. I think you need to split that a little bit in the world, I think geographically. I think the China business has been good since mid of last year or even early before mid of last year. I think there is no accumulated demand at all in that part of the world. While we have seen a good increase recently, especially in the U.S., if you take the remaining countries, Europe is actually still slow, especially Eastern Europe. There's a big difference in between. It's difficult to say what is a one-time effect of accumulated need and what is sustainable. I think if you look on the sequential development, I think we have a step-by-step improvement. It doesn't really say that it's one good month and that's it. That is very difficult to say what is what. The other question there about China and the technology, I think it's. The same actually goes for other regions as well. U.S. and Europe also want to be independent, and we could see parallel supply chains being built up maybe. There's a lot of discussion on the semiconductor side where that should be manufactured and so on. I would say short-term or medium-term, this should be good for us, of course. The more, if we can sell to three places instead of one, of course, that should be a benefit for us, and including China, of course, and the increased need of technology. Okay. Thank you. Thank you. Our next question comes from the line of Daniel Djurberg of Handelsbanken. Please go ahead. Thank you, operator. Sorry. Yeah. I had a question on M&A. You highlighted that you have a good war chest for M&A. A lot of companies that I cover indicate that pricing, especially on software and companies with high recurring, is quite high right now, or ridiculously high, more or less. I was thinking, have you seen a lot of M&A process that has been hurdled or been done due to this? How big of a problem is it for you? Also, the second question would be a question on AS. You have a target of at least 10% EBIT margin for this year and going forward. I was thinking if this target is a big hurdle for mitigating growth, I would say? Do you need to back off a lot of procurements due to pricing? Is this ambition to be about 10% and that we saw in Q1 here and onwards more of an internal thing that to do the operations better? Okay. Thank you. All right. What was the first one? All right. Yeah. I was thinking about the second question so much, I almost forgot about the first one. No worries. Yeah, M&A it was about, right, and the pricing and so on. Yeah. Correct. I think it's right. I've seen some very strange or ridiculous price level. We have not jumped off any kind of project because of pricing yet, I would say. It has not been the reason for not doing an acquisition in a while, actually. That is one. We are quite selective, and I think we really want to have high performing companies in our portfolio. They are normally a little bit expensive, but I think that is how it should be, that the good companies cost a little bit more. As you say, in some markets or some segments, this has been very crazy. I think of course, we have different avenues in our M&A strategy on what we want to acquire and so on, and it could be technology and so on, we are mainly looking on the equipment manufacturers that can complement and increase competitiveness of our portfolio and so on. I think it's a little bit less of a craziness on that side. It has not been a reason for not doing it so far. It could definitely be, of course. You're absolutely right. It was about HF, what has really created this improvement in profitability and so on, and are we saying no to the market? No, that's not the case. All the gain, when I communicated this target of 10%, I said that that should be reachable with no change in revenue. Since I said that, the revenue declined, actually. That was one reason for not having it visible in the past. We have done a lot of efficiency measures. The idea is to deliver as much sales power and innovation power and market coverage and so on as before. Just do it in a different way and become more scalable to get more leverage in the business. Without jeopardizing anything on innovation or market coverage and so on. We are saying no to deals, of course, when there's no money in it. I see that as empty calories in a way. That doesn't really help. Believe that it should not impact the growth rate, at least not profitable growth rate. That's in the plan, to continue to grow as well. Perfect. Great. Thank you. Thank you. Our next question comes from the line of Mikael Laséen of Carnegie. Please go ahead. Okay. Hi again. I was curious about the High Volume results. I noticed that the margin improvement was almost, well, more than 10 percentage points quarter-on-quarter when we're talking about gross margin. What is the reason behind the gross margin and the strong results? Was this an unusual quarter or just a normal thing? How should we look at the gross margin going forward? Because it has varied quite a lot in that segment. Thanks. Yes. That is correct. The majority of businesses in China, there is a very high price pressure in China, so that is having impact on margin, but also our cost down initiatives are working in parallel on that. The majority of changes here is customer mix, I would say. Product and customer mix, maybe more customer mix than product mix, where we had at this time before quite big orders to few customers, with, of course, bigger negotiating power when it comes to prices and different scope. It will vary with product and customer mix going forward as well, but around these levels, I would say. Okay. Just to follow up. When we look at the order backlog of nearly SEK 700 million for High Volume, what type of margin is built into that? Is it the run rate the past 12 months that we should think about fair level or a bit higher even maybe going forward, depending on the mix? Thank you very much for that question. I think, firstly, we are not disclosing the gross margin levels in the backlog, even though it is a very interesting aspect of it, that we, of course, ourselves are keeping track of. I think it's fair to say that due to contractual reasons in the Chinese market, the turnaround of a contract from a IFRS revenue recognition perspective is a bit longer than the pure building the machine and deliver it aspect. I think that's an important aspect to bring in. Part of the realization or the revenue recognition in each quarter comes from orders a couple of months back. That means that the price pressure that Anders is commenting on, that effect is a little bit delayed. Trying to answer as directly on your question at the end, should we look at higher gross margins? I would not think that that is something that you should build into your forecast. Okay. IFRS accounting, what is the reason for that delay? Okay. Yeah. I think maybe not this meeting is the right place to go into the details of IFRS revenue recognition, but it's connected to the change in usage of the equipment from all aspects that are important. I'm sure you're familiar with the IFRS revenue recognition conditions. Yeah, exactly. I was just curious about the revenue model that you have in China, if that is different compared to Europe or? No the Americas, for example. No, the contractual model. Okay. Thanks. Thank you. Our next question comes from the line of Viktor Westman of Redeye. Please go ahead. Thank you. Question for Torbjörn. Can you help me understand the SEK 32 million in operating income? I was a bit surprised that there was not a negative currency effect here. What are those SEK 32 million related to? I interpret as you referring to the other operating income and expenses. On that line, we have a number of currency effects which you are correctly relating to, but we also have contributions in different parts of the world, mainly related to R&D spending, where we get local government subsidies for R&D investments. Those are main aspects there. Yeah. Okay, great. That's impacting. I'm going to assume those. Yeah. Thank you. Thank you. I'm going to assume those are one-term thing. I have another question also on the EBIT margin- No, you should not. Sorry. You should not assume they are one. Okay. All right. Okay. Thank you so much, Torbjörn. Yeah. I was going to ask also one question about the EBIT margin target. It was interesting to read Anders' comments in the report that he was talking about being well above 10% EBIT margin in the AS divisions combined. This was the first time I heard or read this, actually. Can you say what's the reason behind that? What's the reason behind this new optimism? Is there anything that have changed in terms of long-term margin prospects? I can describe the thinking a little bit when we made a target. I think I explained it at that time, why 10%. I always say minimum 10. It means that everything above is better, of course. This is a minimum thing. The reason why putting it up at the first place was really that we benchmarked to other business, other companies. There is no one really exact like us, but I think we have a lot of peers in a very similar industry with a very similar business model, and we could see that the level of earnings, the EBIT level was higher in these businesses, even higher than 15%-20%. Then we said, Okay, then we should be at least at 10. Once we are at 10, of course, we will not be happy with 10, so it's a kind of a journey of continuous improvement, of course. Of course, it's easier to be more positive, and we now deliver 13 also, so that is part of that. That it's visible that what we actually are doing is paying off, and it's not one-time items or one-time effects in that it's a good level to be at. The target is 10 minimum, not 10, but at least 10. Yeah. Okay. Sorry for squeezing in a last question also. The SLX market, SLX continues to impress us. Is it time to increase the market TAM estimate for SLX? That's difficult to say. I think the SLX market is partly a replacement market and partly a new investment market. I think the analysis we did in the past on the market size was quite wide, actually. Then also the assumption on our sales and that. We have not seen any reasons of changing that. On the other hand, the shortage of semiconductor is on every news today, of course. Also there is, I think, a lot of what we have also said, and the reason why we launched the SLX, that there is a need, of course, of less advanced semiconductors as well, very much also in the new applications in automotive and so on. I think we have a good position there, but that was in the assumption when we launched the machine and also estimated our potential in the market. Okay. Very good. Thank you so much. Thank you. Thank you. We currently have no further questions. I'll hand back to the speakers for any final remarks. As there seems to be no questions left, we will then end the call. Thanks for joining today, and welcome back next quarter.