Good day. Thank you for standing by. Welcome to the Nobina Q1 Report 2021-2022 Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star and one on your telephone. Please be advised this conference is being recorded. If you require any further assistance, please press star and zero. I'd like to hand the conference over to speaker for today, to Magnus Rosén. Please go ahead. Good morning from my part also to you, ladies and gentlemen. This is the result presentation from Nobina Q1. We had a net sales which is more than 30% better than last year, most of it organic also. Main reasons, of course, the Samtrans COVID-19 business that we've been talking about before. We also have some retroactive revenue into the result and to the top line. We can also say that we had pretty weak comparables since last year when we didn't have any COVID-19 agreements with the PTAs or, for that matter, basically no Samtrans COVID business at all. EBITA, SEK 255 million. EBIT adjusted SEK 210 million, which is 4x as good as last time. Basically, the same thing holds for the result. Of course, weak comparables from last year. Also, then no COVID-19 business within Samtrans. On the other hand, now we have a strong COVID-19 business in Samtrans during the last quarter, and we also have the retroactive revenue of SEK 35 million, and that basically falls right through to the result. We have a cash flow which is SEK 108 million compared to last year, SEK 405 million, but that's quite normalized. Strong competitive momentum at the time. We have won new contracts during the period for SEK 6.7 billion. We were also awarded a new extended contract with the City of Stockholm, which is the base, you could say, for Samtrans business and where they have been very strong already from the beginning. We won 4 out of 6 contracts, and there was a cap on that, and we could win more. It was SEK 240 million, 2-year contract with extension possibilities for another 2 years. We also have, after the period, defended traffic in west of Sweden, in Vänersborg and Trollhättan. That's traffic that we hadn't driven before up to now, and it's worth over the period SEK 1.7 billion. We have also had good development in the Travis platform, where we are now focusing on integrating Voi as a player into the app platform. It's going to be totally possible to pay and to see where all the scooters are in the cities where Voi is present and were, of course, in the Nordics to start. We have other development possibilities and plans going forward also with the Travis platform. The proceeds of the green bond have been used, all of it basically for electric buses in Malmö that we just started up or is starting up this weekend. It also includes BRT solutions in Malmö, and we are happy for that. Another electric contract that we are starting up this coming weekend is the Turku electric bus contract. It seems to have gone quite well in both these two cases. The AGM decided on a dividend which corresponds to 75% of net income, which in turn is, if you express it after tax, it's 63% after book tax or after pay tax, I mean 63%, that is then SEK 3.77 per share. We have also had a strategic acquisition in the quarter, which is the Skåne-based Telepass, which is an extension of Samtrans business. That business is now being consolidated from the 1st of July, meaning yesterday, all paid for and all set. We take a little bit more about the acquisition of Telepass. It enables basically Samtrans then to establish itself as a national player. We are now present in Stockholm, Gothenburg, and the Malmö region. With our own companies. This, of course, gives good coverage for what we are trying to do with Samtrans. It also gives possibilities to increase quality, as we've been talking about that before. We're going to do quite a lot of things going forward. Fossil-free transportation is definitely one of those. We look into the acquisition itself. It's so that Telepass have had a tremendous growth during the last 4 or 5 years. The CAGR of revenue have been approximately 67%, which is, of course, very good. They now have a sales of SEK 350 million, EBITDA of SEK 60 million. The normal contract portfolio is around the 4 years that we operate with Samtrans on those. The purchase price we've been quite precise with this then. We have bought the company for SEK 150 million, there is a potential for earn-out considerations up to SEK 45 million over 3 years. That's of course also so that we want to keep the people in the company and so on which is also within these earn-out factors. Nobina is now 100% owner, we think it has been a quite attractive price for this company as it's a clear market leader in the region and that we see that we can develop the business together with Nobina. We can just also conclude that Göteborgs Buss have been doing very well, we have been using also Göteborgs Buss into the test station business, basically that company is repaid within half a year. If we go then to the contracts, we have been submitting just above 900 tenders for buses during this quarter. This is actually for this quarter. For the quarter, still have pending a little bit less than 200 buses, and announced have been 719 buses. Out of those 719, we have won 300 buses. As you can see, there is 307 buses that has been announced, and we have 163 competing buses. That means that we must have lost something. Yes we did. We did not win the Uppsala contract which contains about 170 buses, but we have more or less covered for that. If we just take it forward into the quarter where we are now, the pending buses have also been decided and it's concluded with the buses, the 67 that I just said was between Hässleholm and Malmö's buses that we won. Actually the 127 buses was buses around Växjö in Småland that we didn't win and the difference was quite huge. I'm not too sad about that, I should say. That means that we at the moment are - 7 buses if we would add the 194 buses to the announced buses. It's more or less break-even and we have won as many as we have lost. That includes then also the Uppsala or Uppsala län traffic which contained 170 buses for us. For the year, it's still remaining more than 1,500 buses. Out of those, of course, the Stockholm contracts being the most important ones and the turn in of the tender has been postponed until August, the normal process takes on after that. We will have, I think, a decision on those buses at the end of the year or something like that, then the traffic will start a little bit later. If we look at the changes during the period, it's not much to say about that because it's zero. We haven't started any buses, and we haven't ended any buses. Average weighted contract age 8.8 years. Average weighted contract age 5.4 years and if you divide those two, you get a maturity rate of 61%, which is a little bit over mature, but lots of contracts coming up that we are changing I think rapidly and that's going forward. The average fleet age is 7.4 years. If we look into the expiring buses during the year now, during the year 2021-2022, we will have 412 buses expiring. We should note again that SL Norrtälje has not been decided yet. It's appealed to the Högsta förvaltningsdomstolen not only by us, but by a few others also. We will see where that is landing. That verdict is not given. It's decided that it will be evaluated for a court case in Högsta förvaltningsdomstolen. I think that answer will take about 2 to 3 months before it's decided if it's going up there. If we look at the traffic starts that we have, then they are 321, and out of those 321, 199 buses are new buses, and the absolute majority, 197 out of those 199 new buses are electric buses. Not that much more to say, I think, about this picture. Okay. We reported a net sales growth of 30.5% for the first quarter. That's corresponding to an organic growth of 29.1%. This was primarily, as Magnus already mentioned, a result of continued strong performance of Samtrans COVID-19 related business, positive contract migration effects from contracts started last year in Sweden. We have retroactive revenue of SEK 35 million. We also had unusually low revenue last year as there were no pandemic-adapted agreements in place in Q1 last year. In addition to this, acquisition added 2.2% to the growth in the quarter. This relates to the companies Göteborgs Buss and KE's Buss, both acquired end of last year. Telepass will be consolidated from 1st of July, has not yet been included in the figures. The EBITDA increased SEK 166 million in comparison to last year, and the drivers for this were again the performance of Samtrans pandemic-adapted incentive agreements in place this year, the retroactive negotiated revenue. When we look at the segments, Sweden was the main driver for the increased EBITDA. If we go into the segments, Sweden increased its net sales significantly, and this was primarily as a result of strong growth of Samtrans, driven by the COVID-19 related business, positive contract migration acquisition, and that we had no pandemic-adopted agreements in place last year. Then we have the retroactive revenue. The EBITDA in Sweden was also significantly higher than last year, and this was also driven by the Samtrans COVID-19 related business, pandemic-adopted agreements in place and retroactive revenue. Looking at Denmark, both net sales and EBITDA were lower than in the same quarter last year, the main driver for this was negative contract migration effect. For net sales, we also had a negative currency effect. Net sales in Finland was lower than last year, when adjusting for currency effect, we saw a small net sales growth in the quarter. Both net sales and EBITDA were negatively impacted by reduction in traffic due to COVID-19. Norway had higher net sales in comparison with last year, driven by growth in extra traffic, and in addition, we also had a positive currency effect. EBITDA for Norway was lower year-on-year, which was primarily attributable to a negative index trend. If we turn to page 12, we show the explanation regarding the development of the results year-to-date. If you start with price and volume, it's the main drivers to both the increase in net sales and the EBIT adjusted, and this is primarily driven by the strong performance within Samtrans and the high demand for Samtrans testing stations. In addition to this, we saw positive contribution from having pandemic-adopted contract in place, the retroactive revenue and acquisition. When looking at contract migration in the quarter, we had a positive effect on net sales, but negative on EBIT adjusted, and this was primarily from contracts that started last year in Sweden. If we look at other, these items include a negative effect of SEK 30 million from a revaluation of buses that are available for sale due to reduced commercial traffic related to COVID-19. Cash flow from operations significantly strengthened due to increased earnings. Total cash flow for the quarter was given Q1 last year. That was mainly due to that in Q1 last year was boosted, because we raised a loan of SEK 200 million connected to the Samtrans acquisition. We also this year have a bit of higher amortization due to the bank loans related to Samtrans. We also have a negative working capital swing compared to last year. If we look at the investment, in February, we conducted a tap issue, as Magnus already mentioned, and during this quarter we have used that for the electrical buses in Malmö. Out of the total bus investment in the quarter, 96% were related to electrical buses. We have a cash position that has increased to SEK 1.2 billion. The equity ratio of about 18%. Net debt-to-EBITDA at 2.3x, that is below lower end of the range. Strong liquidity and strong balance sheet. This gives, I think, a very strong start to the year. We have some parts that's performing on high levels. We already now know that Q2 with some parts is going to be pretty good also as society is keeping a high level on testing. We know that we are running the 200 test stations, as we say now, but that is actually 340 test lines. There is no test station out of the 200-plus test stations that are being closed during the summer, but there is a small reduction on the test lines. By test line, we mean that it's how many rows of cars that can come forward doing their testing at the same time, and could be one, two, or three lines. A test station of three lines is of course then bigger than a test station of one line. The message is that this is continuing on a high level, even though we have some reductions in the biggest test stations. To the quarter, the figures, just as Pernilla said, you need to take into account also that we had a revaluation of the commercial buses in the group. That's partly because they have become a little bit older, and there has been very little commercial traffic during the year and during the pandemic, which is actually one and a half year now. We partly see a possibility to renew these buses a little bit, and that's the reason also why we have written down the value of the buses that we have used. I think that's a forward-leaning measure in what we are doing. We are also continuing our growth during the quarter at 29% organic. As I said before, basically a little bit due to the weak comparables that we had before also. The ridership in the original traffic is actually coming back. We faced numbers during the winter and partly into Q1 also that was down to like 50%. We can already now see that the figures are starting to get close to 70%. We ended last summer with actually, and part of the autumn also, with 85% of normal passenger figures before it went down again in the second wave of COVID that actually came in mid-October, I would say, last year. Ended up in basically the 50% beginning of the year, just as it was in March, April 2020, or at least in April, May 2020. We see a clearly positive trend in the ridership. That's of course good. I said before that I believe that when the pandemic is in a stable situation, I don't think you could really say that yet with the Delta and so on in the pandemic. When it is a little bit more stable, we will have about 6 to maximum 12 months before we are up to full speed again with passengers and everything. We've had several significant contract wins in the quarter, we're happy for that. They are, as I can see it, on good earning levels. We have missed out on the one that I told you about Uppsala, that gives more or less an even score so far for the quarter if you also count a little bit into this year. There are things, of course, that are moving and so on the whole time. I feel quite confident with our base business and our public transport sector. We also have a real estate dividend that the AGM has taken a decision on, and that is SEK 3.77 per share, and that has of course already been paid, corresponding to 75% of net income. Now, operator, I think we are ready for questions if there are any, and we certainly hope there is. Thank you, ladies and gentlemen. We'll now begin the question-and-answer session. To ask a question, you're willing to press star one on your telephone keypad and wait for it to be announced. Should you wish to cancel it, you may press the pound or hash key. Once again, to ask a question, please press star one. Your first question comes from the line of Erik Paulsen from Nordea. Please join, Erik. The line is now open. Hi there. I have three questions. I start with the first one. You write about in your report and also state here that Q2 will also be strong in your view, but it's hard to predict what it will look like that as for now. Can you give some more guidance regarding Q2 now, as we have seen now that you have had quite good quarters in terms of testing, et cetera? What should we expect now for Q2? I think we won't go with the exact numbers, but Q2 will be on the strong side definitely. What we refer to when it's a little bit more difficult to say for the future, that's the full year and so on. We are quite sure that Q2 will be a strong quarter. How strong, it takes too far to say, but if we say it, we're pretty certain of that as we basically know, and that's what I've said, that the testing is continuing on a high level. As we have now reported in the report, we have corrected a little bit, which is also on our side actually, and it has been changed now that we are getting paid for the test stations. We are not getting paid for each test that we are doing. There has maybe been a little bit of a misunderstanding on that. It makes the case even more firm that we are getting paid for the test stations. To be even more correct, we are getting paid for the test lines, I should say. We know that there is a small reduction, or there is a reduction in the test lines, but all the test stations are still there as society wants to keep a high level of testing. That's actually my second question then. If we could get a number on the test lines as it is now and the reductions here during summer? Test lines, plus and then it's a few plus/minus, but 340 approximately. The test stations, meaning the physical places where we are testing, it could be 1 line, 2 lines or 3 lines. Those are +200 places around in Sweden. The reduction now during summer here, what do you expect in terms of test lines? The reduction is on no physical test line or on no test place. We remain in every corner of the country, if I say so, or in every city and in every village where we have been. There is a little reduction, between 10% and 20%, I would say. Okay. The test lines. Yeah. My final question is regarding, you talked about the SL Norrtälje contract, and I was wondering if that includes the double-decker buses that you have been running for quite a while regarding the incentive contracts there. I think it's like 676 line or something. Does that include that? Yes, you're quite on the spot there. Yeah, it includes the double-decker from Norrtälje to Stockholm. The 676, I think it is, just as you said. It's included in this contract definitely. Also the city traffic, if we could call it that, in Norrtälje and the lines around Norrtälje. I get the impression that that double-decker line that has moved from Stockholm to Norrtälje with quite good capacity, hasn't that been quite a good profitability for you? If you lose that out, it could be a stark loss in profitability for you. We have other contracts that are also good, and you couldn't say that this is exceptionally good. Of course, it has not been a loss-making contract, and we don't have any loss-making contracts, by the way. We don't really state every single contract and what the earnings are and so on. It's a good contract. There are also other good contracts. This is getting to the Håkan Samuelsson's tool. Our argumentation here is that we need to find out how much a PTA can steer who they want to win a contract, meaning that in this case, it was very randomly selected who got into the second and the third round in negotiations of this contract. It's quite common that we have negotiations when we have a tender process with PTAs. That needs to be defined how that is going to be done in the future. To be a little bit more specific about this one. Okay. Thank you very much. I get back into line. Sure. Thank you. The next question comes from the line of Johan Dahl from Danske Bank. Go ahead, the line is open. Yeah, thank you. Good morning, everyone. Just a question on the requests for quotes that you get currently from the PTAs. Does that reflect in any way changed expectations on travel habits? I'm just wondering how much wiser you guys have become regarding long-term effects of this, of potentially changed traveling habits. The tendency is that we get a little bit less of incentives into the contract compared where it used to be 5, 6, 7 years when we won, for example, Södertälje and some other contract in Stockholm, which are 100% incentivized. There is more uncertainty at the moment of what is the normal ridership. An incentive contract works usually so that we have a base year where the level of measurement is established. Of course, the PTAs are a bit scared for having the level measured at the moment because there's low ridership, and then it would be easy to increase the level of ridership. That's definitely one tendency. There are maybe some other things also. We are, of course, corresponding to this, but I think in general it's quite normal except for this. PTA sort of request from you guys to submit tenders for pretty much similar volumes looking forward. I would say that there are also contracts that have been postponed because of the uncertainty of the pandemic. You could say the two SL contracts in South Stockholm, Huddinge, Botkyrka and Nacka Värmdö, which are two of the major or biggest contracts in Sweden actually. They have been postponed more than for a year. That's one issue also, but it is about how the uncertainty lives with the ridership at the moment. Now I think that this is going to proceed. We're going to turn in, everyone is going to turn in their tenders in August. There are some specialties. It takes a part to go into the details of the contract or the tender formulation. There are some changes in how, in this case, SL wants to run their incentive contracts, but there are still incentives in the contracts. Okay, good. Also on this sort of testing business, and I am sorry to dwell on this, but it seems to be the biggest Delta in the report versus last year. Just to be perfectly clear, is it that you've got a fixed remuneration per testing line, i.e., you would be actually gaining from having as little tactical testing as possible due to sort of low variable cost? Is that sort of the pricing model that you apply? Secondly, beyond Q2, what's your visibility here in terms of readiness and availability of testing lines and hence your income from this area? If we start with the first question, it's what I stated. We get paid for each test line that we have open, meaning test station. We don't get paid for each test that we do, meaning that we have a better coverage of fixed costs than maybe we have partly explained before and what you have instructed us to say. I just want to make that clear that we are getting paid for each station and each test line. Then I will go into details of how exactly we're getting paid, and so on. It's more covering fixed costs as you're saying. Obviously, it doesn't take too much to say that the testing have gone down a little bit more than I expressed that the test reduction or the test station reduction will be for the summer. I just said 10%-20%. The actual testing for the last, maybe starting May or something like that. I think in March, April, it was quite a lot of testing still. We had a lot of contamination and so on. Obviously, when people get vaccine and so on, the testing will go down a little bit. For the next quarter, we can probably say that we are staying with the number of physical test stations. We're taking down the test lines a little bit, which is a little bit less than the testing that's going on. I hope that's clear. Yeah. Just so I get it right. Maintaining readiness is one thing, but as testing, actual testing goes down, is that positive for your profitability then? Is that correct, Magnus? No, I wouldn't say that. It doesn't really matter, I would say, because we are getting paid per test line and test station. We don't have variable cost into this in the same amount as if we would have been paid for each test. We keep up readiness for the society or for testing. Of course, there is a little bit less administration if we have a lot of tests instead of just a few tests. These test kits, they don't weigh too much, and they don't take too much space. The transportation and the logistics that we do with these tests doesn't really matter if it's one test or 1,000 tests. If you get what I mean. I get it very clear. Thank you so much. I will get back in line. Thank you. Next question comes from the line of Johan Sundén from Carnegie. Please go ahead. Thank you. A few questions from my side as well. The first one is on the retroactive revenue. Now we've been into this pandemic situation for over a year, and you have been reporting retroactive revenue for, I think, 3 or 4 quarters in a row now. How much lower are, so to say, the run rate contract pricing in your pandemic-adapted contract? Should one look at the retroactive revenue as an extraordinary thing now, or is it just one thing that compensates for the lost revenue in this quarter or so? What's the lag? When you started to renegotiate contract, you said that you renegotiate for 6 or 9 months. Now you should start to renegotiate the second time and so on. Yeah, there have been various times on this. 3 months up to 12 months, I would say. For some, I think would be even longer, at most around 6 months. That's why we've had to come back to the negotiation and to the retroactive income sometimes because we might have had 1 contract that have ended, and when a contract have ended and we don't have any firm agreement with the PTA, then we book the actual amount of passengers boarding the bus, if that's the incentive, which is the incentive which is, of course, the most important one that differs most. This retroactive income could never be a one-off. That I must clearly say, because we are already, we haven't stated how much, I won't say how much either, at this point, how much we are losing, because we are losing, we have said that a bit before. I don't know if you could say lose, but we are taking some of the hit in the incentive contract as we have a ridership which is much lower than what was intended from the beginning. We make these contracts, the COVID contracts, as we say, it's stated in a percentage, I won't say the percentage either, on how much we get paid for. That incentive contracts turns in more or less into the production contract, but obviously with less than 100% of the incentive that we thought or was intended to have. You're right in the sense that the core business, when it comes to PTA business and public transport with a ridership of, well, we've been down to 50%. I explained now that we are crossing 65% or something. We're getting up to 70%. Last summer, we were up to 85%, and I think that in a 6 months to a year, we will be back to this 100%, is taking a hit. That's why, of course, the Samtrans business, which is completely different business from what we have been doing before, have been a hedge to what we are missing out on the incentive business. There is a lower result in the normal contractual business that we have run. Your description and your question, how we should phrase it, is in the right direction, but it takes too far for me to reveal the figures in this. Yeah. If we phrase it like this, are you overcompensated in this quarter by the retroactive revenue, or if we had the normal steady state, should the revenue... No, I think we are not overcompensated. We did say the number, didn't we? We did SEK 35 million. SEK 35 million. That was basically one, or maybe it was two contracts that we have been dealing with for a pretty long time. I think I'd say also that for next quarter, there will be most probably, it's not signed yet, but most probably it will be signed, another contract that expired 3 months ago, and we have had the negotiation now and so on. There will be also that I can think of one contract at least, if not more than two, I think, for the next quarter also. Something around some SEK 20 million-SEK 35 million should be expected in retroactive revenue for the next quarter as well, at least? It could be in that level, yeah. Yeah. Great. That was very clear. Then also Norway, I noted that you wrote that you have a lower index effect due to your cost in Norway from last year was lower due to COVID. How long will this persist? Will we have now during this fiscal year, a lower kind of revenue base in Norway? And say if passenger volumes increase, should there be a time lag and pressure module factor? In Norway, it's not actually incentive contracts because they only have a production contract. It's the interpretation of the interest rate index, which is a little bit unfortunate, I would say. Ruter, who is the main PTA for us in Oslo, have made this interpretation, and we are accepting that. It's about, in Norway, an interest rate increase before we get compensation on that. The interest rates have been quite low, and we're taking a small hit on that. You could say that, I'm not taking this too far now, we would be compensated going forward when the interest rates are increasing. Okay. That's clear. Let's see. I have another question that's regarding your tax rate, paid tax rate. It was some time since you commented regarding how much tax you will be able to pay. I know that you rearranged your financing structure, so you had a favorable situation for another few years. When should we expect that you should be forced to start paying tax in Sweden? In Sweden, if you look at the tax loss carry forwards, we have almost used up them. As you mentioned, we have this new E.U. tax regulation from 2019 that we're able to use tax depreciation times over only 5 years, and that enable us to further delay this entering into a tax-paying position. The effect from this depends on the level of investment going forward. We have not made that forecast yet, so to say, because it can vary between the years going forward and depending on how much investment that we have. Sorry, Pernilla. My headphones, the battery died. The last 10 seconds there, can you please repeat that? I don't know where I missed you. This new E.U. tax regulation from 2019, we have the possibility there to make the tax depreciation times over only 5 years, and that enable us then to further delay when we enter into a tax-paying position. The effect from this depends on the level of investment going forward. This will vary between the years, depending on the level of investment. Next year we will probably have a lot of investment and then that affects the situation. We have not made a forecast that we have published regarding this. Okay. That's also very helpful to know how it works and what one should take into consideration. I think that was my questions. Thank you so much. Thank you. Thank you. Thank you. A follow-up question for Mr. Paulsen. Yes. Thank you. I was just thinking about Q2 again, and you're talking about a good development, et cetera. If we look historically back in time, now it's a special situation with the testing, et cetera, but if we look back in history, it seems like Q2 has always been slightly better than Q1. How should we think about the sequential improvement in earnings before tax comparing Q2 with Q1 here? I think the seasons are, as you say, a little bit offset. Normally Q1 is probably the weakest quarter that we have. No, Q4 might be, and Q1 is the second weakest. Then Q2 would be the strongest. Q3 would be the strongest, of course. Yes. Q2, the second strongest. That's the way it normally is. I think that's offset a little bit at the moment as we have other parameters into this. Q1, Q2, I think we stay with what we have said, and that is that we believe it's going to be a strong quarter. The comparables for Q2 are maybe a little bit better than Q1, at least, because they were very low. Maybe you have to look into that a little bit. Still, it seems to be a good quarter. This year we will have the strong first half year, and the second half year you will probably see a bit of more normal. We have told you also before, I think, and that you maybe have been, all of you, a little bit missing on that this year, the first half year is the stronger part and the second half of the year gets a little bit more comparable against the figures also that we had last year. Of course, depending on what's happening in society and what's happening with ridership and all these things. Everything is a bit more uncertain at the moment. We have confidence in what we are doing, and we think we have a good business and everything. Don't misunderstand that. All right. Thank you very much. Sure. A follow-up question for Mr. Sundén from Carnegie. Please go ahead. Thank you. Sorry, I come up with another question. This is regarding your M&A strategy going forward. I know you're widening your target range a bit and start looking at these special transport companies. What kind of company should we expect that you look into? How big of a shift of business model will this make? Will you, for example, look into emergency traffic, for example, ambulances or fire safety and so on, or will you stick to this kind of heavy transport and so on? It takes a little bit too much to say the strategy going forward, I guess. I think we're looking broadly. Don't forget that the contractual traffic is also a place where we are looking for decent businesses and so on. Of course, a lot of companies have had problems now as the commercial traffic has been very weak and maybe also for other reasons. I think that there are quite a lot in there, and then we'll see where it lands. Of course, the special traffic or the sometimes kind of business is something where we are looking at and maybe expanding in some direction. It might be the direction that you're imposing here or talking about, but it takes a little bit too much to say exactly where we're going. One should expect you stay focused on wheel-based transport, not going to rail or boats or so on? No, primarily wheel-based and primarily in the north. That's what I've said for 4 years now. At some point, that might change, but I don't think it's time to change it yet. That's as precise as I can be. Good. Thank you. I can come back with this discussion another time. Sure. Thank you so much. Thank you. Okay, no further question at this time. Please continue. Okay, very good. We thank you all for participating and have a very nice summer. See you next time.