Welcome, ladies and gentlemen, to Nobina's Q4 results presentation. Q4 is a strong result for Nobina, and also the net sales. We have an increase in net sales of 11.4% if we adjust for currency. It's mainly because that we have a strong performance of Samtrans, positive contract migration, and acquisitions at the beginning of the quarter. EBITDA, SEK 171 million, EBITDA adjusted SEK 129 million, which is almost three times as much as last year, which is also, of course, a very solid development. Mainly because of the contribution of SamTrans, of course, and we have some COVID-19, as we call them, retroactively money into this quarter also. It's important to notice though that this retroactively profits or money that's coming, it's not one-timers. It's something that we negotiate with our customers to get the control over the incentive contract that was never meant to take care of a COVID-19 or a pandemic situation. We also have increase in extra traffic during the month. Total cash flow also stronger, SEK 172 million compared to SEK 114 million last year. High earnings, with some positive working capital swings and a little bit less buyback of shares that we had last year. If we look at the full year, it's also a very good year for us. When it comes to net sales, we perform on a higher level than last year, despite that our buses, of course, have been running at a lower pace in the sense that we have had lower amounts of passengers. As we told you before, it's about 80% of the contracts that's not that affected because they are more production-oriented contracts, but we have a 20% incentive-oriented contract where we basically count passengers entering into our buses. These, as I just said before, are contracts meant to increase the level of public transport in society, and that's what they were set up from the beginning for. We have an EBITDA adjusted of SEK 602 million, which is an increase of 30% since last year, SEK 474, and that means a margin of 5.6%, which is the highest that we've ever produced in this company on a yearly basis. It's also above our financial target. Cash flow also on a very good SEK 760 level. Of course, it has some explanations. We have had a canceled dividend during last year. We have also, of course, higher earnings during the year. The situation was also so that we had a bond just at the end of 2019, coming in at the end of 2019, where we have been investing a lot of buses from this bond. That affects the cash flow a bit positive. We have also some bank loans that Henning Ljusnefors will tell you a little bit more about that. If we then look at our long-term trend for the last 10, 11 years, we can see that we have an increasing net sales over all years and also during last year. As you see there, we have over the last 10 years, more or less five years growth in net sales, and during the last three years, it's more than 7%. The earnings growth is even bigger during the last 10 years. It's above 11%, and during the last three years, it's almost 10%. Our strategy remains the same. We are focusing on smart traffic solutions, and we have renamed it a little bit from bus solutions because we are entering into other operational areas. We're not only driving buses anymore. We are still focusing on being a proactive partner, and that means from the beginning of the contract and until the very end of the contract. Resource efficiency is important for us to deal with the workshops and to deal with the planning so that we are efficient. It's about matching 12,000 people in this organization or employees with the about 4,000 buses that we have. That's a pretty big job to do, and it's about being efficient in that job also. Last, people in focus. We have 12,000 people that we want to enter into this company in a good way, so then we have a good onboarding process. We also want to educate and take care of our employees, and have the right advantages in the organization when we are working here. If we have someone leaving, we want that to be a structured process also in an off-boarding process. We have structured for you here our operational areas also that we start to think about in a greater sense nowadays. It's about public transport, of course, that's our typical business that we are always doing. We're also entering into the service traffic in a more profound way than we have before. We are making acquisitions, and we are also taking the business in a broader perspective. Of course, the test station's one example of that, but you can also expect to see further development in that business going forward. We also have one vertical that we call mobility innovations. Excuse me. Which is, of course, the mobility as a service development that we have in the company. We try to take care of the first mile and the last mile or kilometer or whatever you want to call it. In the center of that is, of course, our app and platform, Travis, where we expect to be successful in the future of integrating different kind of public transport into a payment system in a good way for the passengers. Of course, the COVID situation has affected us. I figured that I would explain to you in a short way and a little bit more longer term. As it is at the moment, we have about a 50% decrease in the passenger volumes. I think the last week, the two last weeks, it has started to increase a bit again. As we saw during last summer, it came back really quickly when the pandemic went away for a while. As I see it, when we have a full vaccination done and the pandemic is about to end, I think it will take about six-12 months to get back to normal levels. I think rather at the level of six, and maybe a little bit more than that, if we take into experience what we saw last summer. We have a limited impact on the 80%, as I said before, because those are our production-oriented contracts. Of course, we have larger impact on the 20% of the incentive contracts. That's what I've tried to explain to you, that we have been able to negotiate these contracts with our counterparts without going to court, because that's where it could end up eventually. That's a process that we don't want and our customers don't want, because those are quite lengthy, those processes. Overall, we have had to give back a little bit on the contract, and also our customers have reached out to us to make these contracts in a way that they could work for both parties. As I said before, they were never meant to be for a pandemic situation, but rather as an incentive to increase public transport in society. We, of course, had a negative impact on SamTrans. The original business with SamTrans is to transport, you could say, disabled people. Of course, these persons are more fragile than other persons. It has been an even more difficult situation for the SamTrans business. We have, again, been very successful in hedging that and also actually hedging the Nobina business into the pandemic operation that we are doing, mostly with testing stations, but also with vaccination and other anti tests and so on that we are doing in the COVID situation. We are running more than 290 test stations at the moment. We are doing that, of course, with SamTrans personnel, but that's also extended into Nobina. Nobina is contributing into this, and we're doing it also with some contractors. One of the most important things in this quarter was also that we were awarded a new contract with Folkhälsomyndigheten or the public health authorities for another 12 months of major test station actions in Sweden, and that's where we have been active in this before. That also includes possibilities to prolong this contract quarterly with another four quarters. That would mean that it could be extended until the end of 2022. Despite all these things, we've had a record result, and we'll talk to you about that, and we have a strong liquidity position at the moment. As I said, I think that we would see some white-collar employees work more from home, but I don't think that will affect us in a great sense. We have a lot of people traveling with our buses that need to go to work. It's hospital people, it's people in the stores, it's other type of employees that need to be at work. Our estimation is that in the Nordics, it's about 20% of all employees that could actually work from home. Of course, I think that will have some effect going forward, and we will be also in Nobina more flexible at offices and so on. Within our 12,000 people, it's obviously so that it's very few on a total scale that could work from home for obvious reasons. We have a population growth in all countries in the Nordics, and that further also going to help public transport. We have talked to you about strong urbanization trends before, and we have an environmental, should we say, awareness in society that also leads to public transport at the end. We acknowledge very much that we are competing against the cars. I think there will be more bicycling and walking and things like that also in the future. That's also what we try to take care of when we talk about Mobility as a Service, as we want to be the provider, not necessarily by ourselves, but together with other suppliers and operators into the Mobility Service. As I said, I think that the passenger volumes will recover some six to 12 months after the pandemic situation. Major events during the quarter. We regained a contract in Lund, and that's a contract that we are today driving, and we have been driving it for several years. That contract is going to be totally electrified going forward from, I think it's next year. We made two acquisitions in the beginning of the quarter, KE's Bussar in Kungsbacka and Götabuss. We're happy for that. They are being integrated into our company, KE's Bussar into Nobina Sweden, and Götabuss mainly into SamTrans. SamTrans, as I said, in collaboration with Infosolutions, got the one new tender for testing stations together with the Public Health Agency. That's about that. We had just recently three, four weeks ago, a tap issue on the bond that we issued was it two years ago now? That got fully covered with SEK 200 million that we wanted to borrow. We had a pretty good pricing on that, which was 0.65 points, I think. We were quite happy about that. At the end here and yesterday, the board decided that they will propose a dividend to the AGM, which is SEK 3.77 per share, which corresponds to 75% of net income, which in turn corresponds to 63% of the EBITDA after tax paid, which is our common way of calculating. Slightly less, maybe than one could expect. The reasons for this, of course, by the board, that they want to take responsibility over the situation that we are still in, and the six to 12 months that I've been talking about and that this will be the level. They also together with management, see possibilities for further expansions probably through some acquisitions going forward. In the quarter and also for full year 2021, we had tenders of 1,730 buses. Several tenders have been postponed into 2021, 2022, and that's why we have more than 2,000 tenders this year. We'll look into those figures later, 2,100, I think it is about. During the year, Nobina won 334 buses, which is corresponding to a renewal rate of 87%, meaning that we did not defend 355 buses that we were driving before. We are during the year, 51 buses short in that sense. These buses will of course start within a year or so. That's 2022 summer. For next year, as you can see in the next graph on page 10, we have over 2,000 buses, 2,107 to be exact, that will be tendered. Out of those, we have 383 that we are defending, and that's 80%, which fairly well corresponds to our market share in all four countries. We usually say that we have 17%-18% of the total market. We look forward to that. Of course, there will be a lot of effort put into these tenders. During the year, we ended 142 buses and we started 352, meaning that we gained market share during this year which is, of course, good. Here we have a difference of about 200, 210 buses. As you can see, this goes up and down a little bit. As I just said, for the coming year, we are about 50 buses short during this year where we were 200 buses positive. I think you need to stay cool in this tendering business because it's very, I shouldn't say easy, but it could be tempting for anyone to be too aggressive in this. It's just a fact that you need to live with your contracts for the amount of time that they are contracted for, and that's usually around eight years. Not very much you can do afterwards. Of course, you can become a little bit more efficient, but you won't get more pay from your customers. The average weighted contract length, 8.7. The average weighted contract age, 5.3, and we have an average age of the bus fleet, 6.3. I just, before going into this meeting, I calculated that we have about 60% maturity, which is a little bit over matured, and our buses are a little bit older than our goal, which is actually 50%. This is also ups and downs a little bit on this. During this year, March 2021 to February 2022, we will end 401 buses. We will start 340 new buses, where of 200 or 199 of those 340 buses are new buses. Maybe the exceptional thing here is that out of the 199 new buses, 197 are electrical or electric buses. We have seen it before more or less every tender, at least city tenders, is including electric buses. Of course, regional traffic still working on other types of buses. Usually, though, environmental friendly. Very good. You, Pernilla? Mm-hmm. A significant improvement in earnings during Q4. Net sales increased totally with 9.8%, mainly driven by increased number of SamTrans COVID-19 test stations and by contract start in Sweden during the previous month. The acquisition of KE's Bussar, consolidated from January, and Götabuss, consolidated from February, increased net sales with 1.3% in the quarter. EBITDA increased year-over-year due to the performance of SamTrans, retroactive negotiated revenue, and increased extra traffic, above all in Sweden. When looking at the country level, Sweden and Finland improved EBITDA compared to last year. Net sales for Sweden increased primarily as a result of positive contract migration and a continued extension of SamTrans testing activities for COVID-19. EBITDA increased mainly driven by the positive performance of SamTrans and increased extra traffic. The negative earning impact linked to the decline in travel due to COVID-19 was in part offset by retroactive negotiated revenue. Net sales for Denmark lower than last year, driven by the negative impact of contract migration and negative currency effects. The EBITDA was lower, primarily driven by a reduction in service traffic linked to COVID-19. For Finland, net sales decreased mainly as an effect of a decline in traffic due to COVID-19 and negative currency effects. The result for the quarter was higher year-over-year, primarily due to a larger bonus for customer satisfaction. When it comes to Norway, net sales were lower than in Q4, which is entirely attributable to currency effects. Norway grew sales organically with 5%. The result was lower, primarily attributable to negative index trend and increased maintenance costs, which were in part offset by increased extra traffic. If we turn then to page 16, we show the brief and the explanation regarding the development of the results year-to-date. We have effects of price and volume that are positive in terms of net sales and adjusted EBITDA. New businesses in SamTrans had a positive impact on both revenue and earnings, while we have decreases in travel volumes resulting from the COVID-19 pandemic had a negative impact on revenue in Sweden. We also have a currency effect, had a negative impact on net sales in Norway. If you look at contract migration, the adverse impact of sale of contract migration from previous quarter was offset in the fourth quarter by contracts started in the second quarter in Sweden. We have positive impacts of migration in Norway and Finland. If you look at indexation and operational efficiency, indexation had a negative impact on net sales due to COVID-19, and the operational efficiency improved for adjusted EBITDA year-on-year due to lower fuel and damage cost, as well as less overtime. We also have a negative effect in efficiency for the fourth quarter due to a proactive bus upgrade for a contract in Norway, and also the increased cost due to harsh winter weather. If you look at the cash flow, total cash flow for the quarter, slightly stronger than Q4 last year, mainly due to higher earnings. We also have positive working capital during the quarter and also reduced purchase of treasury shares. If you look at the cash flow for the full year, it is significantly stronger, mainly due to higher earnings, canceled dividend, and also, as Magnus mentioned before, higher level of bus finance funded by the green bond last year. We have a new bank loan connected to the finance acquisition of SamTrans and also certain effect on working capital. If you look at the investment, total bus investment in the quarter of SEK 394 million, where SEK 23 million is financed by the green bond proceeds. Last year investment year-to-date also boosted almost SEK 800 million by refinancing of existing buses from financial leases to installment loans. If we look at the balance sheet, cash position increased to above SEK 1 billion. We have higher earnings, the new bank loan and canceled dividend as explanation for that. The equity ratio at the end of the period was 17%, net debt to EBITDA in the lower end of the range. After that, I hand over to Magnus. Summarizing the quarter a bit. Continued strong performance from SamTrans, and we're happy for that. It's a very good hedge towards the, should we say, underperforming contractual traffic because of the things that we've been talking about. We also have made two strategic acquisitions in the beginning of the quarter, of KE's Bussar and Götabuss. We have a continued negotiation based on contractual interpretations with the PTAs, as we said here, resulting in these pandemic-adjusted agreements, and hence, you could say, retroactive revenues. These are, you could say, periodization's in an accounting perspective. It's not anything or anything else than that. We have also, during the quarter, defended our contract in Lund, and that contract will, in due time, go over to be an electric contract instead. In the light of the continued uncertainty, maybe especially the six to 12 months that I've been expressing, the board is proposing to the AGM that the dividend will be SEK 3.77. It should also be seen in the light that we think that the possibilities of acquisitions is increasing because we can see that other companies around us in our industry is probably suffering more than we are. This dividend of 3.77 is based out of 75% of net income, and it corresponds to yield, if you take the rate that was given the 26th of February, it corresponds to a yield of 5.8%. I think we are open for questions. Thank you. As a reminder, to ask a question, you will need to press star one on your telephone. To withdraw your question, please press the pound or hash key. Once again, if you'd like to ask a question, please press star one on your telephone. Your first question comes from the line of Erik Paulsson, calling from Nordea. Your line is open. Please ask your question. Yes. Hello. I have a couple of questions here. Regarding your COVID-19 testing, given now that you sent out the positive profit warning before this and had the one before as well, I guess, in terms of estimates from our analysis, it's very hard to predict the impact from the actual testing. Is it possible to give, from your side, any guidance on the future testing? Obviously, this is changing all the time, but how to think about this as an analyst? I think it's difficult to predict because it has a lot to do with the pandemic situation in the society, of course, or in Sweden especially, because that's where we are doing the testing. I think a very good aspect of this is that we won the tender. We're going to perform the majority of the mobile testing in Sweden for Folkhälsomyndigheten during at least this year, and then there are options to, as I said, during the quarters of 2022. You're asking me, and I think that, of course, the longer the vaccination will drag out, if we say so, the longer the testing will go on. I think that it will go on until we are beyond all doubts of people getting sick. I think there will be testing in society. Of course, very difficult to predict. I think we are actually still increasing in the number of testing stations, because that has also been a bit difficult to predict. I cannot give you a number of how many testing stations we will reach at the end, but we haven't started, in any measure, to slow down the number of testing stations. Rather, that they are still increasing. Mm-hmm. Is it possible to give a number of how much you receive in terms of payment for every test that you perform? No. Of course, those are company secrets and tender secrets. We don't give that officially. I think I could stretch as long to say that we get a certain number for every test that's made. The more testing, the more we make, so to say. Mm-hmm. In terms of, you mentioned here COVID-19 vaccination as well, or at least the logistics part of that for SamTrans. What does this imply for you during the spring, and how much will it provide your sales, et cetera? We don't give any forecasts. That's the base of that. I think you need to imagine a little bit yourself. We're saying that we have 290 test stations. It's not decreasing yet, it's rather increasing. We are doing it with all kind of resources, not only our own resources. It has gone into Nobina also, should we say, the contractual organization. It's not only sometimes performing this, it's done in a dual matter. We also use some contractors. That's as far as I can stretch, and I don't want to give you any forecasts either. Mm-hmm. Just to follow up on that, are you only providing sort of the logistics around it? You're not actually employing nurses, et cetera, that are doing the actual vaccination? No. If we talk about the testing first, we are in cooperation with Infosolutions, that was also named here. It's actually Infosolutions, which is the laboratory that is the main tenderer towards Folkhälsomyndigheten. We are, you could say, a subcontractor to Infosolutions. We take care of all the logistics around this testing. Some of these tests, as you've probably heard in the news also, have also gone to Germany. It's not only Infosolutions labs in Sweden. It has also been outsourced to other labs, and we are still taking care of all the infrastructure around this, including the car parks wherever we are set up to do these testing, because it's usually out in the field, if you say so. Sometimes it could happen that we are using a bus, but very often we are also using, you could say, construction site huts that is normally used on a construction site to be as an office, you could say. People come in a queuing system in their cars, and they pull down their side windshield, and you get this stick, and you put it up your nose, and then our personnel is taking care of handing out these plastic bags. The customer or the patient, whatever you call it, is putting back the pins and everything in the bag, and then they're receiving these bags, and then all the logistics about numbering these things and keeping track of everything is done by SamTrans and Nobina. When it comes to vaccinations, the possibilities as we see it are not as big in vaccinations. We are also in this field. It is also so that we engage nurses and others that usually subcontracted in contract. Especially we have one contract in Östergötland with region of Östergötland, where we are performing also vaccinations together with subcontractors. The license and everything, the medical license for the nurses are then going under the partner classes. Understood. The final one for me, just on depreciation levels, I saw it increase quite much here sequentially, I think it was by SEK 39 million going up to SEK 334 million. How should we think about depreciation levels going forward? Is this a result of the electric buses that you now have to a large extent? I think it's not really a result of the electric buses, even though that they are a little bit more expensive, as we have said before, but we are driving some well plus 200 buses, and that will be the continued amount as we have said before. It is rather so that we have provided for some buses in especially one certain contract, that have been driven more than we thought from the beginning. We have taken a certain height for one specific contract. Right. That's where you have found that one. That's a good fight that you have there. Is it this level that we should assume going forward as well? I think that this is a little bit of an extraordinary effort that we made on this specific contract as the buses were driven more than we thought from the beginning. Of course, going forward, I think you should expect probably a little bit lower level, but it depends also where we have the ending contracts and how buses are coming out and the way that we are optimizing and so on. It goes also a little bit towards the risk management and so on. We take an extra cost during the quarter as like a one-off connected to this contract. Okay. How much was that? Sorry. 35 million. Okay, great. 35 million. Okay, thank you very much. Yeah. Thank you. Thank you. Your next question comes from the line of Johan Dahl, calling from Danske Bank. Please go ahead. Your line is open. Yeah. Thank you. Good morning. Thanks for taking my question. I was just wondering, can you say anything regarding the sort of recurring bus operations, i.e., excluding SamTrans for the full year that you report now? You're reporting for the group SEK 100 million in increased EBITDA for the year. Were you able to increase earnings in the recurring sort of bus operations during last year? The ordinary, the contractual bus business, you mean? No. Of course. That's what I'm referring to that when I had my presentation before that the contractual bus traffic, it's not affected more or less up to an 80%. Where we have the incentives, we have had to negotiate with our customers or the public transport authorities, dealing with the contracts that were set up originally not for a COVID situation, but rather to increase public transport in society. Of course, it is so that we have had some varying meanings of how the contract should be interpreted. Of course, it is so that the contractual traffic has underperformed to some degree. That's why I'm very clear on saying also that these negotiations are no one-offs that we are doing. It's rather a recollection of money that we think that we have earned, and it should be even more in the normal circumstances. Due to the COVID-19 situation, it has been, if you could say partly, I wouldn't say underperforming because we've been driving the buses to a very high extent with very high efficiency, and we've been able to cover with cost reductions and so on also. In general, to the question, the contractual business is performing less good than it was 2019. Okay. The basic consequence of that is that the earnings improvement is to a very high extent related to some trends. Is that the sort of correct conclusion? Earnings improvements are related to some trends, but they are also related to extra traffic, is definitely one, cost savings, definitely the third, and the fourth thing definitely also is that we are performing much better in especially Norway and Finland. Norway, best result in a decade. Finland, almost the best result. We had some metro substitution when I came here 2017, I think it was. They gave us good money, but that was one-offs, you could say. In this sense, the business in Norway and Finland have been performing very well. The reason for that, of course, is that there are no incentive contracts in these countries, and we have also been able to increase the extra traffic, the bus or train traffic and so on. You should not neglect the cost savings that we have been doing. A good explanation and a big explanation, of course, that's the hedge with SamTrans and the thing that we're doing. Makes sense. The way you look on the upcoming financial year, can you give any guidance regarding CapEx for 2021, 2022? The second question is whether you can provide any sort of anecdotal comments regarding how the competitive situation is developing out there in the market. I appreciate that a lot of tenders have been postponed, but if you have any sense of where the competition is swinging. Finally on just the dividend policy, should we read into the dividend that you're putting more emphasis on acquired growth and possibly that you have a very well-developed pipeline of targets going into the current financial year? If I can answer the first one. The investment for financial year 2021, 2022, we estimate it to SEK 1.2 billion. It is approximately in line with last year now. Well, I at least remember your last question, and that was the dividend and the reason for the dividend. One part of that is, of course, that we see acquisition possibilities in the market. I think we could be a good taker of good bus companies. Some of them are worth something and some maybe not so much. We have good structures in this company, and we could, I think, increase efficiency also. Of course, those are synergies, and we shouldn't give away synergies in acquisition values and so on. We're pretty careful with that. We see definitely possibilities in the market. That I've been saying, I've been talking about that for a year, more or less. Of course, the further this situation prevails, the more possibilities. On the competitive situation, are you able to say anything there regarding the aggressiveness of some of your main peers out there? That's a good question. I think that the situation is competitive, definitely. We have been winning barely, or we have barely been defending the amount of volume in the contractual traffic. You're as easy to me to count from that, so it's nothing to keep secret. We have in a way been a little bit careful also with not bidding too low. I said to you before that when I see that competitors, the difference is more than 5%, because that's our margin, then I start to wonder, how are they really going to deal with this? We have seen some examples with 10%, 15% also. I won't, of course, mention where it has been and who has been bidding these prices. That's another thing. I think I can see that things are becoming maybe a little bit less pressured at the moment, especially in Sweden, where it has been a little bit pressured, I would say. I've said before that Norway has been a pressured market. I think during last year and end of 2019, we saw a pressure in Sweden, where we didn't really want to come down to the levels where others were winning. I think we can see that people are backing off a little bit. Of course, what do I know? There are 2,000 bus results to tender next year, and that's the big excitement with this job, I think. Thank you. Thank you. Thank you. Just a reminder, if you'd like to ask a question, it's star one on your telephone. Your next question comes from the line of Johan Sundén calling from Carnegie. Your line is open. Please ask your question. Thank you. Thank you for taking my question. I think we covered a few of my questions earlier during this call. First, I think one for Pernilla regarding the bonuses in Finland. Is it possible to quantify how big that effect was? We see almost a full positive effect from Finland. I mean, Finland was SEK 8 million better and almost the entire amount is connected to the bonus. Perfect. Regarding SamTrans, I noticed that you have increased the number of testing stations from both when you announced the new contract with Infosolutions and also from your last report. You highlight that the capacity of plus 20,000It's more or less the same. How should we think there? How has the utilization of your capacity developed during the quarter? Is it still on maximum capacity, or has it come down somewhat? Just to get a feeling for where it could end up in Q1 and so on. What do you mean? I didn't get the capacity issue and the 20,000. You stated in the press release when you renewed your contracts that you had above 20,000 capacity, about 20,000 tests per day, and you state the same number today despite that you have increased the number of test stations. Maybe I'm looking too much in those kind of details, but so you still are ramping up capacity at least. You're almost more detailed than my knowledge about the 20,000. We have a scalable model, you could say, as we are using both Nobina personnel, and then I mean Nobina Sverige personnel, as we have not an overcapacity in drivers, but we have a, how should we say, a capacity that we could use as we have people on hours also, and they are not necessarily fully employed in the company. As bus traffic is a little bit on the downside at the moment, there is capacity and so on. Then it's scalable in the sense that we are also using some contractors. I don't really have the information about how many people we are testing and so on. As I said, the number of test stations is not decreasing. It rather increases. How far it will increase, that's beyond my scope also. My thinking was that if you still increase the number of test stations, it can grow, but if your utilization decreased from maybe 100% during the fall to maybe 75% during the spring, it might not be this kind of sequential improvement that we have seen in the last few quarters. I think we need to come back to you with the numbers of people that are being tested if we are even giving those numbers out. I'm not even sure of that. If we can do something for you, because I'm not totally updated with those numbers, I must say. That's perfectly fine. We can take that afterwards. Also a bit of a follow-up on Johan Dahl's question before there on the dividend policy and so on. The dividend that the board proposed in relation to this report was at 75% of the net income. Should we read in anything about the outlook of the tax shield going forward, that you're preparing for changing the dividend policy going forward? That the tax. No, that's not something that you can read in. This is a decision for this year, and any other decision going forward will be made separately in that case. That's good. Also regarding your capital structure. Net debt to EBITDA 2.6 times. It's clearly below your target corridor. Have you changed any views on how much debt the business can take, or is this just due to the current circumstances regarding COVID-19 period? We have not changed our targets regarding that. It varies over time. If we start a big contract, that could be SEK 500 million, SEK 600 million. This varies over time. Of course, with this kind of result that we have presented now, then also that give a positive effect on net activity. No changes regarding that. Okay, so maybe your hope for starting up the Stockholm contract later on in this year certainly those numbers. That was all from me. Thank you so much. Thank you very much. Thanks. Thank you. There are no further questions on the phone line, so if you'd like to continue. Thank you. Okay. That's all from us then. We thank you all for listening in to this Q4 call. See you after midsummer, I think, it is next time.