Thank you. Good morning, everyone. It's Gerteric speaking here. Thank you, and Hans is here as well. We start with our ordinary way of presenting it. I start, and then Hans continues, and then we open up for some questions. I'm sure all of you have read the report, and the headline is, as we believe it bears correctly so, "Strong start to the year." Of course, it's very important to be humble when we talk about strong start to the year. We all remember what kind of a first quarter we had last year, particularly in March, and that's why we like to remind the readers in the report that although everything looks peachy keen, it's important to remember how everything turned out last year. Our sustainability profile, of course, is very important for us, and it's a line all through the report that all three business areas benefit from that, which we are very pleased to note. After all these years of preaching, finally, the world is turning more sustainable, which is right up our alley. We can also note, of course, like we all note, that when you don't travel business-wise or privately, you do other things instead. It's very obvious that people start to refurbish and renovate their homes, and that's also a benefit to all our three business areas. When we look at the growth, it's been a good underlying organic growth, but it's been a headwind this quarter, naturally, by the Swedish strong currency. Typically, it's a few percentage up and down, but this particular quarter has been a very strong headwind for us. The underlying organic growth is substantial. That's the message we like to send. Of course, all three business areas, and the group consequently, have improved the operating results and the operating margin substantially, and that is due to the organic growth, but also through the prudent way of keeping our costs at a reasonable level. We do not travel, we do not exhibit as we did in the past, so that's also naturally an important factor. Not saying that we all of a sudden would just start to spend enormous amount of money again. I think it's a time of reflection. Did we travel efficiently in the past? Did we have all those shows in the most efficient way? Of course, we're going to return to traveling and exhibiting our products in the future. As bad as it is with the pandemic, it also gives you time to reflect on certain patterns and behaviors that do not necessarily have to be exactly the same as prior to the pandemic. Of course, acquisitions have not been totally hindered, to get new acquaintances, that is more difficult. We have several negotiations ongoing, we only completed one so far this year, and we did that just a few days ago, as you know. It was a relatively mid-size acquisition in Britain on the Element side, which is very much a technological acquisition where you, instead of using ordinary immersion heater or thick film heater, here we talk about cables that you can regulate or use non-regulated cables for heating purposes, which is a, should I say, a white spot it's been in the past. We've been representing other manufacturers in that area, but that's now under our own wings. Just having a quick look at the figures. You've seen them. The growth, of course, is dampened here by the strong currency. Nevertheless, the gross margin is up compared to last year, and this is substantial growth in operating profit. The margin is also taking a decent jump from just about 10 up to almost 13. If we just leave the figures and look at our ordinary bar chart here, we see that 2019 had a very regular development quarter after quarter. We had a typical growth. Last year, that pattern was broken in the second quarter, where it was almost a little bit lower than the first quarter. We believe now, I'm going to come back to that pattern is back on track again as far as demand is concerned. We have other issues, and I'll also refer to those. If we just have a look at the results, we've been able to cater for the shortcomings in the second quarter of last year, still produced a better operating profit. This year, of course, the first quarter is substantially over the first quarter last year. If we just jump into Climate Solutions, that business area did not suffer so much in the first quarter last year. That was riding through almost the whole first six months without any major issues. We had a decent organic growth also first quarter last year. That continues now, of course, again, hindered by the currency. The underlying message is naturally the sustainability message. In Europe, it's really pumping on. It's been a little bit more modest in North America. As we mentioned in the report, it seems like the new administration is really aiming at coming back. They are back on the Paris Agreement, and they're also acting now in favor of continue the subsidies or tax advantages when you install more sustainable climatization products. Naturally, with that development in organic growth, the operating margin, as well as the operating result itself, of course, have been very successful. Again, we had a very good cost control. You see the figures here, the substantial jump in profitability, and also with the margin taking more than two percentage units up. NIBE Element, where we had a tougher period last year, the first quarter, and now almost all segments are coming back, more or less, of course. We pronounce very much that we are back on the semiconductor side, which is very obvious to all of us that that industry is really trying to combat the lack of semiconductors. We supply, of course, the producers for the machines for those factories. That's quite a bit of a lag between you start to plan a factory until you can start to churn out semiconductors. Nevertheless, that's a big market for us now. The timing for the acquisition, two years ago of Therm-X was ideal, we can conclude now. Of course, sustainability again, HVAC industry is really having a good time, particularly in Europe, that is. That's also contributing to NIBE Element's development. The world is going electric, and of course, the automotive industry, although the regular automotive industry with combustion engine cars, they don't show such a tremendous development. The activity in electrifying vehicles, both on the passenger cars as well as on the commercial vehicles, that is very obvious. NIBE Element has really come back. They improved their operating margin as well as naturally operating profit. There again, as we mentioned so many times, we have such a good cost control, and that is not dictated from our offices here in Markaryd. That's something that's been instilled into these companies over years. We've sort of been practicing that. It's very pleasing to see now that we are working together so well and presenting such a good result. You see that here with the operating margin is taking a jump over 10% again. We've been below for some quarters, which is not so pleasing, but we never sort of shivered in a way. We always felt we were coming back, and that's clearly demonstrated again with an improved operating profit and a decent operating margin. If we then take a quick jump to the stoves, perhaps that's the business area that's had the most dramatic growth. We had really a tough period last year when it came to stoves. There we had a contraction, and this year it's booming, and that's including both Europe and North America. Of course, we continue to spend considerable amounts on R&D to be able to match the expectations on the wood-burning stove side when it comes to emissions, particularly particles. Hopefully, eventually one day also being able to produce machines without any smoke or without any smell. That's a tremendous task we have undertaken, but nevertheless, we have the size now where it's natural for one of the market leaders to take on such a challenge. Again, margin is improved, of course, due to the organic growth and the good cost control, which is very pleasing. That's demonstrated here. It's almost unreal figures when we look at it here with the operating margin taking a leap from SEK 50 million in three months and the margin in itself from five and a half to 12, more than doubling. First, again, when you compare yourself to weaker quarters, we remember how it was a quarter a year ago. We were a bit paler, should I say, and now we have a totally different situation. Nevertheless, we can say that we were able to run through last year without any major issues. We came out with a decent result despite the pandemic. Now we've demonstrated that once the economy is changing, we are ready to go in that direction. I promised to mention a few things about what was mentioned on the first page of the report, that's the different situation in the market right now when it comes to components, delivery times, and also price increases. I think that has taken many of us by surprise. Again, that's a business condition that we just have to combat. During the first quarter, we've been able to do that. Of course, we all know that there are delays in deliveries of components, not only to us, but to most manufacturers. How you compensate for that, well, it always comes as a surprise, but you just have to be very flexible in production, and you have to produce when you got the components. Again, a flexible workforce is one very important factor. When it comes to predicting what this is going to mean in the future as far as the shortage, let's say, of the containers and the shortage of the components, our belief is that everyone is working like crazy to get to a position on the sub-supply side to come to a normal situation. Our estimate is that that will take some months still. Price increases, we've seen a number of manufacturers and sub-suppliers taking the chance of increasing prices. I guess that's the name of the game in a market economy. We, of course, also have to increase our prices accordingly. You also know that we have a fairly modest way of doing things when it comes to price increases. We don't like to burden our customers unnecessarily, but of course, we have to compensate ourselves, but also absorb possibly some of it through our own productivity. That is a very clear message that our prices will also increase, but as you call it, in a civilized fashion. We just hope that the world is eventually going to come back to a situation where the supply chains are working as they did prior to the first quarter last year. We've been looking at the pie chart here now, distribution of sales. It's pretty much the same as before when it comes to distribution of sales. When it comes to the operating profit, there you see the NIBE Climate Solutions is still having two-thirds, but the NIBE Element and NIBE Stoves have been stepping up a little bit, which is pleasing to see. When it comes to the distribution of the group's sales, here we see a change, that is that the U.S. dollar, shall I say, weakness is more apparent here. The U.S. dollar has weakened more there. It's double digits compared to last year. Of course, that also an illustration whereas the, excuse me, the EUR has weakened perhaps some 4% or 5%. That means that the North American part of the pie is a little bit lesser due to the weakening U.S. dollar compared to a year ago. Still, we believe it's a healthy distribution of sales. The Nordic countries, our home market, is almost a quarter of our sales. There we have a relatively strong demand and customers with a relatively high income as an average. We think that's very important that the Nordic countries going to serve us as our home market since our own country is fairly small, but together we form a continent up here in the north with some 25 million people. I think that's very quickly my message. Hans, you continue, please. All right. Thank you, Gerteric. I will quickly take you through the business areas a little bit more in detail, and then some balance sheet comments as well before we leave room for Q&A. If we start with NIBE Climate Solutions being our biggest business area, the picture from Q4 remains in a way and continues. Meaning that where we have the sustainability theme, where that has come across, that drives sales, which means that the Nordics has been stable in this area for a long time and continues to be so and grow nicely. We're in this phase of replacing heat pumps with heat pumps, you can say, to a large extent. Then mainland Europe is growing where the sustainability theme is taking off more and more. Whereas North America still is a little bit weaker, although measures are taken, which we think will benefit us going forward. Of course, the oil and gas prices are low there still. In terms of sales, we came in at SEK 4.3 billion, that's, as you can see, a growth of 6.8%. Seemingly all of it comes from acquisitions, the underlying organic growth, as Gerteric mentioned, was quite healthy, actually. It's the headwind when we translate everything into the Swedish currency that hits us in a way. Gross margin has been improved up from 33.4%-35%. Also what's not really displayed here is that the SG&A side has also improved, leading us to a very healthy profit improvement there of some 29% on this growth there of the 6.8%. Coming in at a margin of 13.4%, which during my time here, which is close to 10 years now, is an all-time high. In terms of distribution of sales, and Eric touched upon it, and since Climate Solutions is so large, it of course has an impact on the whole group. Here, the North American business has declined in relation to a year ago. It was 26% at the time, and Europe was 45%. That's the major shift here. The Nordics is basically the same. This is, of course, a result of the currency, but also the fact that Europe has picked up and has grown stronger than North America over the last year. Shifting into Element then. Here, you can say that the picture from Q4 continues, which means that the growth in HVAC and semiconductor has been strong, but also rail has improved as well as white goods, with people spending a lot of time at home and both wearing out their equipment, but also probably wanting to install new equipment. The automotive industry is very interesting in the sense that, just as Eric mentioned, there are numerous projects ongoing here to electrify the business as such, although there is still a large portion of traditional cars where this is not as evident. Sales came in just above SEK 2 billion, a growth of 5.6%, of which a rather small portion was acquired. Here, the underlying organic growth has been quite healthy in a way, but also with a strong headwind from currency. Again, due to the fact that the comparisons to last year have been a little bit weaker, the growth here has come in stronger than for Climate, which never was hit as much. Gross margin up slightly. Also here, SG&A has been kept at a very good level, leading to this profit improvement there of some 20.8% up to 10.8%. Also this is an all-time high during my time again at NIBE for a first quarter. In terms of distribution of sales, as you know, NIBE Element is our most global business area, and here the picture has remained fairly much the same, although the European part has also grown, but which is a little bit more of a consequence of the exchange rates. Then, as we said, last but not least, Stoves has had a tremendously good development in Q1. Typically, it's Q3 and Q4 where everything happens, and Q1 and Q2 are considerably slower, you can say. Here, clearly, the effect of people working at home and wanting to renovate their homes has had a strong impact. Not only that, actually, we had a slightly longer and later winter also this year. When it is cold outside, that drives sales within NIBE Stoves. Here we've seen this growth here of some 23%, including a currency headwind and just a little portion coming in from acquisitions. It's been a very strong Q1. Gross margin has been slightly hit. We, of course, continue to spend considerable amounts on R&D for the stove that Gerteric mentioned to bring down particle emissions. Also it's a juggling, of course, to meet demand when it kicks up like this which has an impact. Nevertheless, results up to SEK 85 million from SEK 32 million are extremely strong for our NIBE Stoves business area, coming in at 12% in Q1. NIBE Stoves distribution of sales is fairly much similar as before, with a quarter each in North America and Nordics and the rest then in mainland Europe. Leaving then the business areas and looking at the balance sheet for the group, there is not so much to comment upon. The changes there are just a consequence or a logical consequence or a natural result of our growth. If we look at the liability side and equity specifically, that has come up from SEK 17.7 billion- SEK 19.1 billion since year-end. If you look, you can ask, why hasn't it increased more given where we stood a year ago? That is to a large extent a consequence of the exchange rate differences of transactions from our foreign subsidiaries, which doesn't go over the result, but on the equity. There was some comment in Q4, I think it was, where it was said that that had a big negative impact on us. That is just a simple math exercise when you recalculate or translate it into Swedish currency. Where that hit us by slightly less than SEK 1.5 billion, we're almost up to SEK 0.9 billion now as a result of that. Otherwise, the balance sheet is very stable, you can say. From a cash flow point of view, we have, of course, generated a lot more cash than last year. Close to SEK 1.1 billion from operations, up from the SEK 0.8 billion. A slightly more negative change in working capital, although the working capital as such is lower than it was at the corresponding time a year ago. It is a phase of the year where we are trying to build inventory. We're actually very low now due to the high demand. That's a result of that. We continue to invest in our operations here. It's slightly lower this quarter, but we are in a phase where we are expanding and have stepped up slightly compared to just a few years ago. Overall, we've generated an operating cash flow of some SEK 408 million, up from SEK 360 million last year. Consequently, the key financial figures are developing well as well. Unappropriated liquid assets is, of course, our cash and cash equivalents, which is at 5.6%. There's definitely room for further acquisitions. The interest-bearing liabilities in relation to equity is coming down consistently, you can say, as is the net debt to EBITDA. Of course, when there is no large acquisition coming on board. Equity assets ratio is also very strong, catering for a good position to acquire. Just a few more comments here on the key financials. The working capital is at 14%, as you can see. A fairly low number compared to where we have been before. Really in a situation where we need to build some more inventory here to meet the demand. Last but not least, we can just comment upon return on equity. As you know, we have a goal there to reach 20%, and that's, I think, the only key parameter that has not developed as nicely, if you put it like that, as the operating profit, sales growth and so forth. Due to the fact that we have a very strong balance sheet, we've made the rights emission some years back. Now, given the situation we're in, it's stepped up considerably. Yeah, leaves us in a good position for the future, I think. The closing share price we typically don't comment upon. We do leave room for a lot of questions. Thank you, Hans. I think it's time for you guys out there to shoot at us now. We've had the advantage of keeping you listening for 30 minutes. Just out of courtesy, please, we have also a board meeting going on, so we thought that it would be appropriate if we could return to that around noon at latest. It's also sad today to note that we also have our annual shareholders' meeting, and there'll be no presence, as we all know. Typically, there are a lot of festivities here, and it's like examination day, typically with some 1,100, 1,200 people coming. It's a decent weather today outside. It's not totally sunny, but it's pleasantly warm and it's abandoned. We are going to be eight of us at the shareholders meeting. We're really looking forward to next year when we can have people here again. That shouldn't overshadow the figures. The whole little village of Markaryd would look forward typically to this particular day, and now it's just an ordinary day without any spectacular views and visitors. Thank you for that. We are ready for the questions. Is anyone there? If you do wish to ask a question, please press zero one on telephone keypad. If you do wish to withdraw your question, please do so again by pressing the zero two on telephone keypad. Our first question comes from line of Carl Ragnerstam from Nordea. Please go ahead, your line is open. Hi, it's Carl here from Nordea. A couple of questions from my side. First of all, you mentioned, of course, both pricing as well as the component discussion on your session here. Just so I got you correctly, do you expect increase in shortages when entering Q2? Would you say that it will have a material impact on the component side, firstly? Yeah. Well, of course we expect price increases, we can't really judge whether there are going to be any shortages. We've seen, should I say, delivery performance hasn't been as regular as in the past. So far we've been able to produce as before, with some hindrances. If you're delayed with two days, well, you have to compensate that overtime or working on Saturday. That's how we are trying to combat that. We can't really predict what's going to happen in June and July. We just hope that everyone is struggling and doing their best to come to their feet again, obviously we've been sort of pulling down on our resources too much and let people go, obviously, and didn't expect the demand to come back that fast. We do not send the warnings and now the whole world's going to collapse, but we think it's appropriate to inform you as analysts and shareholders that it's a little bit cumbersome to get things to work. Okay, perfect. On the raw material side and the pricing side, have you so far implemented price increases during Q1, and do you plan to implement price increases during Q2 as well, given maybe the raw material side or the never-ending raw material price increases? Would you say that the vast majority of the price increases will be done through internal efficiency, or what's the split between internal efficiency and the price increases, would you say? Well, we don't hand that out. It's just out of courtesy. We believe that if you just push on what you get, there's no room for efficiency. Of course, we also question price increases from our suppliers. They can't just say, "We're never going to increase price above 4.5%." What's the reason for that? Just like our customers say, "Why would you increase prices with so and so many percentage unit?" That's what we are saying. As a manufacturer, you also have a responsibility to improve productivity and do things better, not just because of the price increase. That's why we preach all the time in our report as a continuous work, that we improve our productivity to be able to counteract the price increases. Of course, we are not a bank, and everyone has to understand that, both our suppliers as well as our customers. We have to mitigate naturally what's coming to us and what we put forward to our customers. Of course, the price increase, that's the easy way out. There also could be consequences. You have to reason around that. That's what we are saying. In the very short term, would you say that we should expect a lag effect between when you implement, to some extent, price increases and when you have implemented internal efficiency measures, which could, of course, negatively impact gross margins in short term? Well, I think those questions are impossible to answer. Of course, we have the thumb on the pulse all the time. Every day and every week, we monitor, of course, the prices coming in, changes and stuff like that. Well, how should we counteract? We don't check prices once a quarter. We do that continuously. I think that we have a pretty good way, a rational way of following price increases and monitoring those accordingly, eventually also increasing our own prices. Of course, there's no lag in that sense. Of course, you can't increase prices every month from a practical point of view. I think that we have a pretty good handle on that. Yeah. The final one from my side is regarding NIBE Climate Solutions and the organic growth. You mentioned Netherlands, you mentioned Germany, Sweden are performing well. Could you give some flavor on the current market development in Germany, what kind of growth pace we are currently seeing there? Also, could you perhaps try to compare your performance with what the competitors working with alternative solutions are performing, including hybrid pumps and gas solutions and so on? There is a good healthy growth in Germany, and we follow that as a business area. Of course, that's been the whole idea that we have established ourselves very solidly over a number of years. We got started in Germany in 1992 when heat pumps was hardly known. Eventually, that was through an importing company. Then, of course, since 2002, we had our own subsidiary for NIBE brand name, and that's outside Hanover. Then, of course, we acquired Alpha Innotec through a strange maneuver, in a way, some people might have said, by acquiring Schulthess in Switzerland and then getting a position in Germany also production-wise. Alpha Innotec was acquired 10 years ago. Knowing that it would be very important also for our Enertech Group in Sweden to have a platform, we also acquired WATERKOTTE, which is one of the leading oldest companies on heat pumps in Germany. We believe that we are very solidly established in Germany with two entities producing in Germany and ourselves producing here. Of course, we follow the market very closely. We are very pleased to note the growth, and we follow that one. Of course, we like to be even bigger, but it's a pretty good struggle out there by everyone now. Perfect. How do you perform compared to other alternative solutions, would you say, the hybrid solutions and so on? Well, you mean hybrid when you combine a gas burner to? Exactly. Yeah. We don't have that. We work strictly with heat pumps. Okay, perfect. Thank you. If you're going to convey a sustainable message, it's difficult to combine it with a gas-burning boiler. Yeah. It was more like how you compare to competitors working with the hybrid solutions. Yeah. If they are gaining market shares compared to you. Of course. We never produced any gas-burning boilers. That's why we have no answer there. We are not positioned there. Okay, perfect. Thank you. Thank you. Our next question come from line of Douglas Lindahl from Kepler Cheuvreux. Please go ahead. Your line is open. Hello, Gerteric and Hans. Congratulations. Strong report today. Two questions from my side. Gerteric, you began this call by mentioning that you had a few M&A discussions ongoing. Is it possible to add some more color to that, potentially geographies and more importantly, with business areas and niches, would you say? Any comments on that would be very interesting. I'll start with that one. Thank you. Mm-hmm. I think that, as we said so many times before, we don't put priority on any specific business area because we just talked to thinking about the smallest business area. We still lack wood pellets. That's a very obvious chunk that we would like to add. Still, we are relatively small in North America. That's another thing we are looking at. On the element side, of course, now we've seen how important it is to broaden your scope. Coming from an immersion heater situation like 25 years ago, we moved. We just were sensing our way, the market. Okay, perhaps we need thick film. Perhaps we need thin film. Perhaps we need resistors. Now we are into cables and those components supplying the semiconductor industry. That opens up new avenues into medical industry, into the space industry, specific components, both in Europe and in North America. Not having left, but understanding that the element market as we see it today is much broader than is just heating or putting an element on a cooker or putting a drying element in a washing machine. This is much broader, particularly now when the world is getting even more electrical. There are so many possible acquisitions all over, naturally Europe and in North America, but also in Asia. It's overwhelming. It's fantastic. When it comes to Climate Solutions, naturally, there we also believe that the organic growth is interesting, but still, we are relatively small and just in a Mediterranean area, in the southern part of Europe, of course. That's a very important area for us to grow. On the commercial side in Europe, we still could be much, much larger. In all three sectors, we have very interesting avenues, but there is a hindrance, we must say, that a new company, it's fine to sit in front of a screen and try to present yourself, but nothing supersedes meeting a person in person and. Yeah. Discussing eye to eye, having a meal together, and just detecting those very important signals, what kind of individuals you have in front of you, that is particularly important for us that run a business that is so autonomous. We just pray and hope that we're going to get out of this deadlock sitting in front of computers so we can meet people again. We have a number of names, very interesting such, but when it comes to large acquisitions, we would rather have chances to meet people just rather than buying companies online. Like the Heat Trace in the U.K. now is SEK 100 million or GBP 10 million sterling or quid. That's SEK 112 million. Okay, that's done totally online. Of course, we know the people there because we've been selling their equipment for years. That, again, facilitates that particular acquisition, but it's awkward. That's the only. Hans is showing a balance sheet that pumped up with both cash, and we have a tremendous line of credit. We're just ready to go. Just like that vaccination to come to perfection so people can get out and meet us again. Yeah. on the Climate Solutions side- I got a little emotional there. Gosh. Yeah. God. No, sorry. No, that's a very good answer. On the Climate Solutions side, it's on the Mediterranean and also commercial in North America, or North American generally, I would say, on Climate Solutions. Yeah. Mm-hmm. Okay. Coming back to North America, you write here in the report, you comment about the U.S. Clean Energy Act proposal that was recently put forward. Just so I understand that, is this considered to be materially more positive than the previous tax credit, would you say? Would this make heat pumps really competitive relative to gas in the U.S.? Any comments on that would be helpful. Thanks. Well, there you touched upon two very important issues. If we just continue to say that if you go for the most inexpensive one, then I think that we're never going to leave gas, because if they lower the price of gas, you say, "Well, it's less expensive than a heat pump." We believe that the subsidies that were put in place, prior to this suggested program, were sufficient. The problem is, when you have a situation that is one or two or three or four years, the advantage of this suggested Act is that they're going to run for 10 years, which means that you also have the time to build up an infrastructure around it. We know when we started to sell heat pumps in Germany, drilling rigs, just to establish those, takes quite a while. If you only have a window open during one or two or three years, you say, "Well, should we really invest in that?" The advantage is, of course, the certainty. The level puts it in the same category as the PV panels, which is very good. The subsidy also puts it in the same category as what it would cost to install a complete HVAC unit with water heat and everything on a regular installation. Then, of course, comes the savings and comes the sustainability outlook. We believe that we're going to have the same attitude in North America as we've had in Europe recently, when gas is more and more questioned. It's not only price matter. That's why we always mention if price would be the issue, then we would never be able to curb the carbon dioxide emissions. There has to be other reasons around that, and we have to all assist ourselves in that movement. I'm not a fundamentalist. Don't take me wrong there. It's not only a price issue, and if this program passes the Senate, we believe it would be a tremendous assistance for a longer-term program and infrastructure improvement around heat pumps in North America. I guess the U.S. is clearly lagging Europe on the theme that you're highlighting there, that it's not only about price. The U.S. seems to be clearly quite a lot about price still. That might change. Yeah. Thanks. That's very helpful. Would the longer timeframe now also indicate that it would make more sense to do investments in the U.S. as well? I mean, organic investments in your business. Well, we are fairly well established when it comes to heat pumps with our three brands in North America, or in the U.S., and one brand in Canada. We actually have four manufacturers. Not necessarily believe we that we need a fifth one, but rather stable market conditions. Okay? Okay. Yeah. Okay. That's it from me. Thank you very much. Thank you. Our next question come from line of Pam Liu from Morgan Stanley. Please go ahead. Hi. Hello. Thank you very much. I have two questions, please. Number one, in the NIBE Climate Solutions, it seems that the organic growth in North America is behind the other regions. Could you please tell us a bit more about the reasons here? This is because we have seen peers operating in the North America residential HVAC space, reporting stronger demand. Is there anything specific that you are facing in particular in that market? My second question would be that I understand that you're in the process to migrating your refrigerant used in the heat pumps to R290 with a lower global warming potential. I'm just wondering whether there's any future margin impact. Are these refrigerant more expensive than the ones you had before, and how do we think about margin going forward? Thank you. Okay. Well, the North American growth, the uncertainty of the present program continuing, of course, that is a hindrance to the North American heat pump market. It's no secret that the present administration is more aligned with the European way of thinking when it comes to curbing carbon dioxide emissions. I'm not criticizing anyone in the past. We are just observing. We believe and we see that the present administration has a totally different attitude, also demonstrated by joining the Paris Agreement again. They also understand that it takes more than one or two or three years programs. It takes a longer period to really, again, allow the infrastructure to prosper. That's why the North American or the U.S. market has been, should I say, a little bit lagging. Of course, during the pandemic situation here, it has not been any help either, because you do not change a market under those conditions. We felt that it was underway, but then, of course, the U.S. society, and for that matter, the Canadian, they have been suffering tremendously by being locked down. We see a positive trend. Of course, the bill is going to pass the Senate now. That is very important. We believe that since with a vague or slim majority, I mean, it is 50/50, but the vice president having the ultimate vote, we believe that they can get that passed. There are several Republicans also being positive because we managed to get a shorter program in place by negotiating with both parties in Washington some years ago. When it comes to the refrigerants, we thought that going to the, now everyone knows, the R290 was going to be a little bit of a market gimmick for us, demonstrating that we are mastering that now. Typically, we don't release our product releases through our annual report, through our quarter reports. It's been such a tremendous pressure that we have to do it now. We think that's overreacting. Nevertheless, we do not believe that that's a I mean, propane is relatively seen less expensive than all the other refrigerants because they are chemical blends that require naturally a chemical company to come out with that with those margins. Propane is less expensive. The difficulty or the challenge is, of course, at certain blending conditions, it's flammable and explosive. That's why you have to be very, very cautious, both in production and during the actual running period at the consumer's levels. That's why we've been cautious about launching those products, but they are coming in a long, long row now, we don't see any disadvantages. I mean, then again, the refrigerant part of the heat pump is not that phenomenal. It won't be a, should I say, a price hindrance or a margin hindrance, but neither can we expect a tremendous improvement. It'll be a slight improvement. Particularly the message that we provide the market with heat pumps with a GWP that's below 10, that's a very, very strong market to be conveyed. A message to be conveyed. I'm sorry. Was it too lengthy of an answer? No, that's perfect. It's very clear. Thank you. Thank you. Our next question come from the line of Fredrik Moregård from Pareto Securities. Please go ahead. Your line is open. Thank you very much, operator. Good morning, Gerteric and Hans. Just thinking about the component shortages that you are experiencing and commenting about, clearly all manufacturing companies are facing similar issues as you are. Also, I would assume that companies with more global supply chains are more vulnerable to these sort of issues. I was just hoping maybe you could compare or give some comments on your sourcing structure, your supply chain versus some of your competitors in the Nordics and perhaps in the Central and Northern Europe areas, particularly within Climate Solutions, just how you compare with those and if it could be perhaps an opportunity for you to gain some share if they are even more exposed than you are Well, that's a question. That's a high caliber question. It is impossible really to answer it. You can fill in, Hans. We, of course, worship value added, meaning that we try to produce as much as possible in-house, like immersion heaters, like heat exchangers, like all the steel cabinets and things like that. Nevertheless, even if you have value added, we don't have a mine. To really have value added, you need a mine, and then you need a steel work, and then you get the steel here. Of course, we can say that we shorten the supply chain by having our own production of practically all steel constructions or sheet metal constructions in a heat pump, in a water heater, and also on the Element side, all the cabinets and stuff like that. We don't have to rely on the sub-supplier on a third level. First comes the mine, then comes the steelworks, then comes who is producing cabinets for you. We do that. That also to be brought outside, of course. It would have been another insecurity added. It's the same thing with heat exchangers, of course. Again, mine, steelworks, stainless steel, we don't produce that, but we produce the heat exchanger, meaning that takes away one level of uncertainty. We are not invulnerable or whatever you like to call that, or invincible. Of course, we're going to have difficulties, but our way of thinking, that is, we believe, an advantage. To put it very bluntly, we do not, for instance, as a heat pump manufacturer, we do not produce compressors. There we have, of course, compared to other manufacturers where they produce compressors, there we have a shortcoming, and we have combatted that and are combating that by having several suppliers. Hans, you can fill in. If I just fill in. I think we also believe very much in the business model that we have with our, to a large extent, independent companies managing a lot of these operations on their own. We're not dependent upon one huge factory upon which everything stands and falls. It's rather a number of companies solving these solutions locally, you can say. Of course, our people work together in the background in supply chain matters, purchasing, and so forth. If one company fails, so to speak, or has a problem, the other one might not. I think that also brings a balance into the system in a way. Although we're not invulnerable, as Eric says. Anything can happen, of course. Okay. Thank you very much. That's just the answer I was looking for. Thanks. All right. Thank you. We have no more questions from the line. I'll hand it back to our speakers. Well, they're so polite. Thank you very much. It's just about noon. We're going to continue, and we're going to look after the annual shareholders meeting as well. Hopefully, the dividend is going to arrive at some of your bank accounts accordingly. Around the 21st of May or something like that, or 26th, I hear some whispering here, we are going to end up with some more shares. Today's number multiplied with four. That's also a change. It's a pleasure always to present the report to you and also to receive the questions. We really hope that you don't think that we are naughty by not answering all the details. We could be more detailed, but we think it's fair for all shareholders and people out there, of course, to get fair information, but we cannot totally, should I say, undress ourselves. Thank you very much again. You have a nice day now. Thank you. Bye-bye.