Welcome to the NCAB Q4 presentation for 2023. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now I will hand the conference over to the CEO Peter Kruk, CFO Anders Forsén, and Head of Investor Relations Gunilla Öhman. Please go ahead. Good morning, everyone. This is Peter Kruk speaking. So welcome to today's conference for our Q4 results. So I think we're continuing on a similar note as in the previous quarters with markets remaining weak in all of our regions. We can still see net sales and order intake being impacted by continued inventory normalization, as well as continued weak demand at our customers, but also our customers' customers. Order intake, however, is stabilizing. We can see the levels we were in Q2 and Q3 are remaining in Q4, and our book-to-bill is now very close to 1. And we can see some signs of more activity in both China and North America. We can also see some industry segments like automotive, EV charging markets, and aerospace and defense performing better than the market in general. Positive in the quarter is that we've continued to maintain and develop our gross margins, and that supports a strong EBITDA result in the quarter. We've been able to drive efficiency gains in both purchasing and logistics costs, to improve our gross profit and also then offset the lower sales. Also positive is that I think we're working diligently with our M&A activity pipeline. So we're growing our pipeline and progressing pipeline activities in Europe and North America. And notably, we're expanding our pipeline in the East region. If we look a little bit more detail into the figures, we can see that our net sales compare year-over-year declined by 14% to SEK 879 million. That is an organic decline of 23% in Swedish kronor. If we look upon the order intake, it decreased by 9% to SEK 873 million. Organically, that is down 21% versus last year. But it's also showing a slight decline of 5% versus Q2 and Q3. But if you factor out seasonal effects around year-end and some FX movements, we are basically on par with Q2 and Q3 order intake levels. And as mentioned, the book-to-bill is now at 0.99, which is also a good improvement from earlier quarters. EBITDA amounted to SEK 119 million, which is a decrease by 16%. The EBITDA margin reported is 13.5% versus 13.7%. However, to note is that we had a one-off positive contribution in Q4 of 2022 from restated acquisition costs for one of our acquisitions. Making that adjustment, we like to see that the operating EBITDA margin is improving from 12.8% to 13.3%. And as we mentioned, gross margin continuing at a high level at 38.2% versus 34.1% in the prior year. Operating cash flow strong at 86%. This is now a little bit more than 70% of EBITDA resulting from cash flow. Working capital remains stable at a very low level of 5.4%. The board is proposing a dividend of SEK 1.10 per share, which is the same level as prior year. If we take a step and look at the whole 2023 numbers, we can also see here that we have a net sales decline by 8% to SEK 4,088 million. The organic decline was around 15%. If we look at the order intake, it's a decrease by 11% to SEK 3,751 million and an organic decline of 18% in SEK. EBITDA, however, amounted to SEK 647 million, which is an increase of 3% despite the decrease in sales. And this coming from the stronger EBITDA margin of 15.8%, versus 14.2% in 2022. The gross margin is a contributor to this and is averaged for the year of 36% versus 32.2%. And an extremely strong cash flow of SEK 700 million versus also a very good cash flow in 2022 of SEK 568 million. And the main contributor beyond the strong EBITDA is, of course, significant working capital improvements that have taken place during the year of 2023. To note, during the year, we have done a number of acquisitions. So four acquisitions in the year. During the spring, we acquired three companies. First was Bare Board Consultants in Italy that joined in Q1. We had then two companies joining in Q2 with Phase 3 in California based in Silicon Valley and Ddb Electronics in Germany, but also with sales in the DACH region. After the summer, we have then also done an acquisition in Spain, Electronic Advanced Circuits, and we have a startup set up in Portugal to enter that market also. So totally, we have added close to SEK 400 million of annualized sales to the company. We are now. This is what the company looks like today. We are today 17 operating companies serving our markets and our customers. We are a little bit above 600 specialists in the company, and we are using some 32 main factories. NCAB, as you may well be aware, have no in-house manufacturing but are only working with outside manufacturing partners. And our aim is to be delivering printed circuit boards for demanding customers, delivering on time with zero defects, and produce sustainably at the lowest total cost. Our aim is to be the number one PCB producer wherever we are, and we are already the leading company in our segment. Everything we do is printed circuit boards. We do the product that you can see to the left, and it's basically the foundation for any electronics that creates the intelligent module in any kind of electronic product. Our focus is very much on high-mix low-volume, so typical industrial applications where the cost of the overall bill of material is significant, quality demands are very high, delivery reliability is paramount, but the printed circuit boards are a very small component in their overall bill of material. So it's a critical component but low value, which means that we can add a lot of value to our customers, and also do this with a healthy gross margin in our business. We have a very well-diversified customer portfolio serving a lot of different industries, all with very specific unique demands. We are able to serve them with good technology and services to make sure that they can be competitive in those specific industries. We have now a history which last year was 30 years' celebration, and it's been a history of strong constant growth starting out in the Nordics, entering into Europe, and then North America. It's been a growth founded on strong organic growth as a basis, and then increasing events of acquisitions. Up until the IPO in 2018, we had something like 15% annualized growth in the last decade prior to that, of which maybe two-thirds came as organic. From the IPO, we have continued with even stronger organic growth but also adding more of acquisitions to that growth. We can see now in 2023, it's the first year since 2009 where we've actually seen a decline in our overall sales. I think all other years have been growing years. I think we can also look upon the global market for printed circuit boards. The decline that we're seeing in the global market in 2023 is very similar to 2009. We have every ambition to believe that the market will turn around and continue growth for the longer perspective. Anders, over to you. Thank you, Peter. So just to repeat a little bit of the financial numbers for the quarter. As you said, we reached SEK 879 million in revenue, which is 14% below last year. In U.S. dollar, it's almost the same; it's 13% down. Of course, we always know that December is a weaker month. A lot of orders or deliveries are pushed into January. So normally, December is soft in invoicing, which also have impacted the revenue a little bit in this quarter. We are anyway happy to see that we can continue with the EBITDA margin. We did SEK 119 million in EBITDA and 13.5% in EBITDA margin. But if we take a look into what we had, this reversal of earnout payments in the second quarter, which had a positive impact 2022 and also deduct small transaction costs this quarter, we actually go from 12.8%-13.3% in EBITDA margin in the quarter. So still stable and good level. Looking then into the full year, 2023, as Peter said as well, we are down a little bit in the revenue. We are down 8%, and in U.S. dollar, 13% down. I think we should be really proud of what we have done with the EBITDA. It's up 3%. And I think our business, we focus a lot on keeping looking at the gross profit, because that's a gross profit that really covers our operating costs and so on. So during this year, we have seen volume go down. We have seen prices go down, but we have been very good in mitigating the prices and keeping a higher gross margin. So even if we have reduced prices towards our customers, we have been able to cut costs even more to the factories and also for the freight side, which means that we can improve the EBITDA. As we mentioned before, we have invested in our new IT platform, and we launched that in one country in November. And we have taken costs for about SEK 27 million during 2023 for the new IT platform, meaning that the improvement is in a way even stronger. And this picture shows clearly how we have been working with the gross margin. And of course, it is a little bit of mathematics. When prices are going down, we need to cover ourselves with a higher gross margin to secure the gross profit. Then we can see the increase to 36%. I would say we have been extremely good in mitigating the lower prices and so on to make sure that we have a gross profit, which is very much in line with last year. Looking into some more of the quarterly development of the revenue, as I said before, we are down in net sales, and we are a little bit down in order intake. You can see the line shows the order intake development, and we have seen that we have many quarters had revenue higher than order intake. I think now we are in a situation where we have invoiced or delivered almost all extra orders we got when we had the longer lead times. So now we are back to a normal situation, and we expect that, as I said before, order one quarter will be revenue next quarter, more or less. So I think that is that part. What more to say? We can see also that we are on the order intake rather flat versus Q2, Q3. We have seen some seasonality, and we also see that many markets are now starting to pick up a little bit in the order intake versus second and third quarter. And we can also say that almost no order book is left from this hike we had in 2022. So we are back to a normal lead time and normal situation again. So going into the EBITDA for the quarter once again, we are in money a little bit down versus last year. If we adjust for this extra income we had last year and also transaction costs, we are on more or less the same level. I think we should also remember that normally the fourth quarter is the weakest quarter because we see some drop in revenue in December, and we normally have the same kind of costs. Full year earnings per share was SEK 215, and as I said, we are proposing a dividend of SEK 1.10, which is roughly 50% then of the net profit. Peter, no segments. Yeah, if we look upon the different segments. First, one comment about Nordics. From 2022 to 2023, we moved some of the business over to segment Europe. But if we then look at the adjusted order intake, it still decreased by 19% to SEK 188 million. And you can look upon the net sales decrease at SEK 200 million with adjusted net sales decreasing by 21% in Swedish kronor. What we can see is that in the quarter, we can still see quarter-over-quarter since Q2 onwards, stability in the sales numbers. And we can see that Norway and Sweden, with contribution from EV charging notably, and also aerospace and defense, are doing quite well. EBITDA decreased to SEK 31.5 million, but EBITDA margin improved year-over-year from 15.3%-15.8% in the Nordics. Looking at the European side, where then there has been some gain of volume from 2022 to 2023, looking at the adjusted net sales, net sales overall decreased by 11% and adjusted net sales decreased by 24% in Swedish kronor. Order intake reached SEK 445 million, and adjusted order intake for comparable units decreased by some 26%, where we are also adjusting for acquisitions that have happened in the year. We can see that in the fourth quarter, the German market, as we've seen, the general German economy has slowed down in the latter part of 2023, and it's also impacted our sales. Other markets in the European segments are more stable, and we can see positive development in businesses related to our automotive activities. EBITDA performed very well in the segment for the quarter. We see EBITDA increasing to SEK 56.4 million from SEK 53.2 million despite the lower sales. It corresponds to a margin in the European segment now of 13.1% versus 11% in 2022. Looking at North America, order intake amounted to SEK 190 million. Adjusted order intake for comparable units decreased by some 19%. If we look upon the net sales, we can see we are on par with the prior year. But however, if we take out the Phase 3 acquisition, net sales are down significantly by 31%. However, we can now start to see some improved market and sales since Q2. Phase 3 came in in Q2, and we can now see Q3 and Q4 a slight positive trend throughout the year. EBITDA decreased to SEK 25.3 million, and EBITDA margin decreased to still a healthy 13.3% but down from 17.7% in 2022 Q4. Finally, our East segment, still the market conditions in China remain muted, but there are some signs of increasing activity. And I think our company, we have a strong focus on niche applications where we can provide a lot of technical services. Order intake still declined to SEK 49 million from SEK 51 million year-over-year, but it is increasing now from Q2 and Q3 levels. Our net sales increased with 6% to SEK 59 million versus SEK 55 million in Q4 prior year. And our EBITDA increased slightly to SEK 11.7 million, but a strong maintained EBITDA margin of 20% versus 21% in the prior year. Anders. Yeah, thank you. Looking into our pipeline of acquisitions, I think we have a very healthy pipeline. We are in more discussions with more companies now than in a long time. So the market seems to be very favorable to do some transactions. We have also started to look more and more into Southeast Asia and the eastern part of the world. So we have increased our identified companies. We have found a number of companies in that area. Still, we are looking for very much similar companies like NCAB. Focus on the high-mix low-volume, make sure that they have the right customer portfolio, and of course, no own production. As before, we are always looking into profitable companies where we see that we can add the business in a good way for NCAB. As we see, we have done 6 acquisitions the last 4 years, and we are in good discussions with a number of companies. So it looks rather promising. Also, we have still a very strong balance sheet and financials. We have been able to work a lot with our working capital during 2023. We built up a lot of extra inventory during the pandemic, but now we are back to normal. So we have a net working capital of net sales of 5.4%. We still have a very strong return on equity and a good solvency. Right now, including our loan agreements and frame agreements for acquisition loans, we are close to SEK 1 billion in available cash for further growth investments. So we think we are in a very flexible and strong position. Very good. Then also one thing which we are also proud of is that during the year, we have continued our work on sustainability. We have initiated work together with EcoVadis to assess our sustainability work in all ESG areas. We're very happy and proud to be awarded the gold rating from EcoVadis, which means that we are among the top 5% globally of all the companies they are rating. Also, very positive this week, we were awarded the Brilliant Awards leading employer of the year company within the area of construction, manufacturing, and industrials. Again, this is something we're very proud of. We are also the winner in 2022. This is work we will continue to work on. Looking at our strategy, we remain focused with a foundation focusing on PCBs. The global PCB market in 2022 was around $80 billion. The high-mix, low-volume business is around $25 billion. So we see a great opportunity to continue to grow within this market. We keep a focus on printed circuit boards with an asset-like model, outsourced production. We are continuing to invest in more technology and services to allow us to grow organically as well as through sustainability. We are looking to expand continuously geographically to add new markets and better coverage in the regions where we are already active. M&A is an important part to accelerate this process. In this market, there is still very much a fragmented competitive landscape, and we see great opportunities for market consolidation through acquisitions. We remain and reiterate our financial targets that were released after 2021, whereby we are aiming for an annual turnover of SEK 8 billion in 2026 and an EBITDA of at least SEK 1 billion in 2026, and still remaining with a net debt over EBITDA less than two times. We are a cash-generative company. Whatever cash we feel that we do not need to sustain our further growth, we will be making in terms of dividend to our shareholders. As historically, we have also forward-looking, we approximate that or estimate that to be in the range of around 50%. With that, we open up for questions. If you wish to ask a question, please dial pound key 5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key 6 on your telephone keypad. The next question comes from Gustav Bernblad from Nordea. Please go ahead. Yes, good morning. It's Gustav here from Nordea. Maybe just to start off here in terms of the Chinese manufacturing industry for PCBs and the oversupply situation there. I mean, are you noticing any difference in terms of demand or supply consolidation, bankruptcies, or anything? And then also if you can comment on any indication of pricing ahead? Maybe I'll start with the second question on the pricing side. I think what we've said before and actually what remains panned out what we were estimating, that we saw quite significant price decreases starting in late 2022 and during the spring of 2023. Then we were not really expecting to see further price increases in the second half because we could see that the factories were running at very low margins in their business. However, there was some movement on the Chinese RMB versus the US dollar in Q3, which enabled some further price downs. However, in Q4, we've seen more stability. So we're not really seeing further price movement down. If anything, once the market would turn up, we can expect that some price increases to come back into the market. Regarding the financial health of the manufacturing industry, there are clearly strains. We have seen some manufacturers go out of business, not factories that we were using, but nevertheless, we have also seen some other factories be sort of penalized by the governments for not maybe maintaining equipment, etc. And I think this is, again, an area where we NCAB can make a big difference for our customers because we have boots on the ground. We are working with the factories. We can identify where there are issues and make sure that the equipment used for our production is fully maintained, etc., and if need be, move production to other locations. So just like in 2021, then there was more a question of, could you get supply? We could add a lot of value for customers to make sure we had priority in production and secure the supply chains by being there even throughout the pandemic. Now maybe there's more of a risk of quality issues where factories feel the necessity to maybe try to cut corners. We can, again, safeguard our customers and the quality in the product we deliver to them. Yeah, okay, perfect. And then maybe it sounds like a relatively soft outlook for demand in H1 2024 in your wording. I know the visibility, of course, is relatively low, but are you expecting a gradual, sequential improvement in orders from here, would you say? I mean, I think what we've said before also after Q3, we don't expect, say, a dramatic turnaround. I think we're going to see gradual improvements potentially as inventory reductions come to an end. I think we can see that, I mean, we basically came down to our low inventory level after Q2. Both Q3 and Q4 have been quite stable and around a little bit more than 5%, which is a quite low number for us, historically speaking. I think we've seen some of our customers also starting to come down to more normal levels in inventory. But then, of course, you have their customers' customers. So I think we are expecting that, say, also in the next couple of quarters, we will still see impact of inventory reductions, but these will gradually go away. That alone should help to boost or lift our order intake somewhat. And then, of course, we can see that once if and once the general economy starts turning around with maybe interest rates coming down, that should then create further boost. But maybe that is, as you indicate, maybe more in the second half. Perfect. And then just the last one here. I mean, let's say that demand is bottoming out here for the overall group. Can you sort of reason a bit around the gross margin development here if we are to see demand gradually increase? I mean, how much do you think you can give or how much do you think you have to give back and so on? But I think it's a little bit like Anders has said. I mean, a lot of it depends, to say, what happens to the overall pricing. I think, I mean, I think right now, I think we've not really I mean, we've been giving price downs to our customers, clearly. But of course, in order to maintain the same kind of gross profit or not give away more than you're actually saving, your gross profit percentage needs to go up. And I think we've done that and maybe found also some additional savings. So I think we believe we can keep a fair bit of the margin improvement we have generated in the last couple of years. But of course, if there's great significant pricing volatility, that may have some impact, of course. But I think one thing which is maybe also positive to remember when we looked at the overall long-term graph of growth, we mentioned that, say, 2009 was down and 2023 is down on a global scale. I think important to note both in those two years or at least in 2009 and also other years when there was more kind of a flat development, that subsequent years actually showed a greater growth historically. And I think that might be something we can anticipate or hope for in the coming years as well. Question point is more, when does the turnaround happen? Yes, okay, I got it. Thank you very much. That's all for me. Thank you. The next question comes from Johan Skoglund from DNB Markets. Please go ahead. Peter, good morning, Anders. Johan from DNB here. I have a few short questions. Good morning. Good mornings. Just to clarify on the order trend, what can you say about the monthly trend during Q4? Could you give any color on the first weeks of Q1? We do not comment on Q1. I think that I think you always have a bit of seasonality effect. It's a little bit hard to talk about a trend throughout the quarter in Q4. I think it's more kind of, I'd say, stable. The The positive trends that we may have seen in some areas in Q2 and Q3 were continuing to be visible in Q4. I think on the only negative side, maybe was Germany was weaker in Q4 than in Q3. Otherwise, I think we've seen the signs where we saw stability. I think that stability was kind of reinforced. Maybe there are some further positive signs. I think one thing which I think is also important for our future development is also that throughout the year, we've had a very positive development in terms of new part numbers. We won a lot of new part numbers with customers. We're growing that number over 2022. We've also added some 200 new customers to our portfolio. I think we are positioning ourselves for a good development once the market also stabilizes. Okay, thank you. And on the destocking effects where you're expecting a gradual recovery, but any color on how long that could proceed? I mean, shelf life for PCBs is quite short, if I recall. Yes. Yeah, and I think it is what you say. I mean, our customers typically do not have a lot of inventory of printed circuit boards. Maybe before they had some, maybe a little bit more in their stock levels than what they used to have. But I think they also had built sort of semi-finished modules where they had mounted components on the boards, etc. So that was a stocking. I think now the situation we're facing with now is not really our customers maybe having huge inventory. That is more their customers. So we have EMS companies which are producing modules for an OEM customer. Someone may be producing for, I don't know, Atlas Copco or Volvo or someone. And they have some inventory in their supply chain. So I think that is what we're seeing right now. That is why it's a gradual development. I think this is like where you're cleaning the stairs, but cleaning it from the bottom. So I think the factories are running very lean. We have already come back since a couple of quarters to low levels of inventory. Our closest customers are now maybe coming closer to normal levels, but they still have some cases customers which still have some inventory. So I think that is why I think we have seen I think we've seen the worst of inventory reductions, clearly. But probably it's a gradual process how we get out of it. Okay, thank you for the additional color there. Then lastly, on the M&A pipeline, could you perhaps share how multiples have moved and the, I mean, the development and growth of the pipeline? I mean, in Q3, I think you mentioned that 8-9 targets and discussions at the time of that, and now it's growing. So any more color on the number of targets and multiples would be appreciated. First, I can go to the multiples. I think their order is stable. I think we tried to make the offers or discussions we have something between 5 and 7 times EBITDA, a little bit depending on type of company and which stage they are in. So I think that's rather stable. What has changed a little bit, I would say, is that we see more and more companies we have been talking to where we couldn't agree on the valuation, which are coming back to us and would like to take up the discussion again. So we have a number of cases where we didn't really agree on the valuation 1 year ago and where we see now that they would like to take up the discussion again. So I think that is a positive sign. I think the main reason is that they maybe had after this growth, 2021, 2022, everyone expected it to continue. And now they see this flattening out or even going down a little bit. So that means that we are much more easy to have a common view on the future. And I think therefore also make an agreement. And we normally don't mention exact numbers, but we are in that range or a little bit higher than we said one quarter ago. So from that point of view, we are in a number of good discussions. Okay, and just to clarify then, if price expectations from sellers have come down, what are the main sticking points or pushbacks in M&A discussions now? Are there any big themes? No, not really. It's always that, I mean, these are smaller companies, and they normally don't have a clear organization to complete the data room and all that kind of stuff. So sometimes these kind of transactions take longer time than you would like them to take. So I would say it's a lot of time constraints maybe from some of the sellers. Okay, got it. Thank you. That was all the questions for me. Good luck with Q1. Yeah, thank you. Thank you. The next question comes from Anders Rudolfsson from DNB. Please go ahead. Yes, good morning. Congratulations to another good report. Two more questions from DNB here. The first one is regarding AI. Listening to a number of calls from American companies, there's huge demand from, for example, AI chips. There could be. We also see trends that we see increasing momentum in PC sales and, well, all over the place, so to speak, regarding tech products. If it starts to be a major market for this, which it already is, of course, but if you look it into, when and where will you come in here in this trend? And when do you think it could actually happen in your figures as well? I would say sometimes, as in industrial applications, it tends to go a little bit slower than before these technologies would be adapted. However, where we will see it is in that, say, driving some of those AI applications requires specific microprocessors and certain semiconductor products that are used, which then also puts different demands on the printed circuit board. Generally, these are high-powered products with then demands on technical requirements on the printed circuit board. So it will require, say, we will be well-positioned to support our customers to provide them with the access to this kind of technology. So I think it's a trend which, when it happens in our industries or our target markets, is an area where we will be able to support and benefit from this trend. You haven't really seen it in your figures yet, but you expect it to come, or? I think we will see it. You can also see it's happening in terms of how we do business and how our customers do business. In terms of our product deliveries, I think we're not seeing it to any significant effect at this time. Regarding AI specific for NCAB, how do you work with that today? Can you actually improve margins or product development, whatever, with higher margins or faster products? I think there are various tools where we strive to become more efficient. Whether one calls it AI or something else, maybe a question of definition. But I think we do a lot of things, and that is part of our IT investments that we're doing, which is creating us platforms and tools to enable us to both use our data, our customers' data, and do it in a more efficient way to even improve our service to our customers and become more efficient internally as well. I mean, so many clients you have really would be very supportive for your products. Yeah. Well, the other one, actually, for Anders, been so long, such a long time in NCAB and really have done a fantastic job on growing the company. If you compare today's market with, let's say, 5-7 years ago, is there any big difference? And in what way in that way would it be different? And And looking forward, what do you think you actually can use going forward? Oh, 5, 6 years ago, maybe not so much difference in the market. I think still we do have a lot of opportunities. And somewhere you can compare, I mean, as I said, I've been in a company for a long time. So even here with 2009, we had a financial crisis. And I think what we could see after that was that when the market really took off again, it was very easy for us to support our customers. We had huge capacity in the factories. And I think that our business model at the time was very easy to grow. We didn't need to invest much more in people or invest in machinery, production equipment, and so on. So our business model makes it easy to follow and have a flexible way to follow the revenue stream and demand from customers. So I think that is something we can take with us. And then I think the market is still very, I mean, a lot of electronics is needed. Then, of course, we had a very strong boom during the pandemic when the lead times increased. And that created this kind of strange things. And maybe we had a little bit higher growth than we should normally have had. But I think that is adjusted now, and we should be back to a more normal situation. Well, that's all from me. Thank you very much, and good luck. Thank you. Thank you. Thank you. As a reminder, if you wish to ask a question, please dial pound key 5 on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers. There is one more question written on the site. It's about the EBITDA margin that has been significantly lower this quarter compared to previous quarters this year, even though gross margin is at record highs. What is the reason for this? Also, other expenses as a percentage of sales has increased significantly this quarter. Could you elaborate on which items are included in this accounting term? I think the main reason is that revenue is down in the quarter. So if we compare the revenue, we had some SEK 950-something million in the third quarter, now down to SEK 879 million. We have more or less the same cost structure. Of course, our purchase of PCBs goes down, which indicates that we have a stronger gross margin. But on the operating cost, they are very much the same. And I think we can normally see a weaker result from an EBITDA margin point of view in fourth quarter due to that it's normally weaker revenue in December, which has an impact on the quarter. So otherwise, I think that the costs are very much the same as we had in the other quarters. And so there are no extra costs or no special higher costs. It's more a relationship with the lower revenue. Thank you, Anders. There are no more written questions. I'd just like to remind you about our financial calendar for this year. Our next report is our Q1 report, which is Thursday, the 25th of April. Very welcome back then, and thank you for today. Thank you. Thank you.