Good morning, and welcome to this presentation of our year-end results 2021. It's our first presentation of year-end results following the IPO we did in December. It's satisfying for us to see that we are in Q4 well on track according to plan. With me today, I have Sture Stølen, whom is our Head of IR. Our CFO, Stein Yndestad, and then myself, Henrik Damgaard, I'm the CEO of Norva24. We will take you through the presentation of our year-end results and... Before doing that, since it's the first time that we are doing a presentation of our year-end, we would just like to summarize in two to three minutes what it is that we do and our journey shortly, so before we dwell into the detailed numbers. What Norva24 is doing is underground infrastructure maintenance. Underground infrastructure is really a key and very important market for all human beings, since it's this infrastructure that makes sure that we all have access to water and sewerage in any building in society. We have categorized our services into three categories. It doesn't mean that it's kind of divisions. It's more to give an illustration of the type of services that we do, and you see them in the page on the screen now. The first one is emptying services. That's when we do an emptying of different kind of separators and traps and tanks that you find in this infrastructure underground. Second one is pressure washing. That's when, for instance, we use pressure washing technology, for example, to empty and clean and maintain a tank underground. The third one is pipe services. That's when we work with the pipes. It can be operating with a TV inspection camera, like a robot that you use to film and document the pipe from within. It's those three categories of jobs that we do, and that is underground infrastructure maintenance. In its essence, it is this infrastructure that we work on maintaining that makes sure that you have access to water and sewerage in any building in society. A bit on our journey. We have origins far back. Actually, some of our entities have more than 100 years of heritage. Our journey on building a large northern European player in this industry started really in 2015. In 2015, we were mainly a Norwegian company, or we were only a Norwegian company, with 10 branches in Norway. Today, through a really successful buy and build strategy, we've developed into a clear market leader in Northern Europe. You see all the dots on the map here. That's all our different branches. We are really today from Gerolzhofen in South in Germany, all the way up to Trondheim in Norway. Covering a really large geography. Yeah. Looking a little into our quarterly results. We reached an important milestone with the IPO in December. It's really satisfying for us to see that we are well on track according to plan when looking at the Q4 results. We have a total operating revenue amounting to NOK 589 million. That's a growth of 32% in the quarter. We have a currency-adjusted organic growth of 9.4%. That's a very satisfying figure. Because as some of you may remember in the IPO process, we expected the market to be flat in 2021 and then a return to historic growth levels of 5.5% from 2022. What we really see now in Q4 is that the market is growing and we are seeing an organic growth rate of 9.4%. Well above what we expected and communicated in the process. We have a growth from acquisitions in the quarter as well of 27%. We have a growth on the Adjusted EBITDA of 30% as well, going up to NOK 82 million on the Adjusted EBITDA. A strong quarter for us. We will come back to a few comments on the different countries. But in particular, we have seen a very strong performance on the German market. That is very good for us to see because the German market will in the future be the biggest market for us and the biggest country for us in Norva24. Satisfying to see that important market really delivering and also indicating that we are well on track on our growth strategy in Germany. Looking at the news we also have this morning, we have gone into the important German Rhine-Ruhr region. It's actually the most densely populated region in Germany and one of the most densely populated regions in Europe. We've gone into that region through the acquisition of Zimmerbeutel. It's an underground infrastructure maintenance company located in Wuppertal in the midst of this region, and it's our first acquisition and presence in this important region in Germany. It's a company with EUR 4 million revenue, so a good footprint for us to get in in this important region. One thing we should notice also when looking on the quarterly results is a little on the cost side. We are naturally using a lot of fuel and what we have seen in the quarter is that the fuel costs on diesel have gone up significantly over the year, as you may know and have noticed. The way some of our contracts are structured is that we get index regulations from first of January on our customer prices. We've gotten the cost increases in Q4, but what we will see from first of January is that we then will get the price increases on our contracts towards our customers from first of January. Taking us into the overall numbers, as you can see, we've gone from NOK 445 million in revenue in Q4 last year to NOK 589 million in Q4 2021. On the Adjusted EBITDA, it's gone up from NOK 62.9 million- NOK 82 million. A stable margin also, but with also some mix effects with some acquisitions also having lower margins than what Norva has. That's important also when reading our numbers, also generally in the future. It is that we see also that we acquire sometimes companies with lower margins than us also because we are developing of course our margin through synergies by being large. We sometimes see also, as we see here, that the acquired companies has lower margins than us and the margin also has to be read in that perspective. Taking us to the key financial numbers on the year, we crossed NOK 2 billion in revenue with a 33% increase on the full year. The Adjusted EBITDA went up to NOK 258 million. We saw on the full year a currency-adjusted organic growth of +3.3%. We believe to have one market share in this year. We saw an acquired growth on the full year of 32%. On the numbers also important to pay attention to that now we have a net debt of 1.7x EBITDA. Stein Yndestad can come back a bit on that later on in the presentation. Acquisitions also well on track. We have done seven acquisitions throughout the year, but notice that the acquisitions were done in the first half of the year, so we paused on the closing of acquisitions in the second half year due to the IPO process. These seven acquisitions are all closed in the first half of the year. I'll take us through each of the four markets we have. This sheet really just shows a few facts on our largest market per today. It's Norway. It contributes with 40% of the group revenue. You can see our different locations in Norway on this map as well. Looking into the numbers, what we have seen in Norway is an organic growth of 5.7% in the quarter. We saw the Norwegian margin impacted by this with the fuel and the energy cost going up. We particularly have in Norway this mechanism in the public contracts where contracts are adjusted based on index regulations. That's why I'm also saying that what we have seen in Norway is really that we have gotten the cost of these increased fueling costs in Q4, but then we will get the revenue and the price effects on our side towards our customers from first of January 2022. We need to also look at the Norwegian results in that perspective. Yeah. Taking us to the next market, and that's Germany. Today's 32% of our group revenue and really the future biggest market for Norva. The German market in itself is more than double the size of the three Scandinavian markets that we are in in Scandinavia. Really, an important market for us in the future. Therefore, it's, of course, also very promising for us to see the results delivered from the German team in the Q4 period. We have revenue up by 80%, and we have an Adjusted EBITDA more than doubled in the quarter in Germany. It's a very strong organic growth, 27.5%. Really, a very strong delivery from our German team. Just underlining again, as we did in the IPO process as well, Germany has a very big potential for us. It is a big market. We are delivering in this big market and the results of Q4 is showing also that what we do in the German market is working. The next one is Sweden, and that's 15% of the group revenues. Here we saw the operating revenue going from NOK 192 million- NOK 306 million in the year, and in the quarter from NOK 60 million- almost NOK 100 million. A relatively flat Adjusted EBITDA development as well. What we have to be aware is that in Sweden we have a positive growth and a good EBITDA margin in all parts of the business except in one branch. As some of you may remember, we mentioned also early in the process that we have one of the Swedish branches that we are working on improving the performance in. Denmark is the smallest of our markets. It's 13% of the group revenues. It's really positive to see that the signs of improvements in Denmark that we have seen in earlier quarters and also communicated in all the earlier quarters are materializing in a positive organic growth in local currency, and also in a significantly improved EBITDA. The clear improvement is the result of the initiatives implemented in Denmark. The development in Denmark in Q4 is also validating what we have said earlier that we expect a positive EBITDA development in Denmark from 2022. We have already seen that here from the Q4. Really good to see that Denmark is moving in the right direction. Over to you, Stein, on a bit more details. Thank you. Yes, we're pleased to present the Q4 numbers today. It's a strong performance by the group. We achieve 32% revenue growth and 9.4% coming from organic growth and 26.6% from acquisition. This is driven by strong performance in our largest markets. On the cost side, we've seen the impact of energy prices increasing, with diesel being the major part of that, but also electricity plays a role here. These increases have also led to higher growth in the indexes that we have as a basis for our pricing adjustments in a number of public contract, as Henrik already mentioned. Looking into the line items here, we have a reduction in cost of goods sold, as we've used less subcontractors and we've delivered more with our own staff. We see that personnel is growing in line with revenues. When we do look at cost of goods sold and personnel jointly, this group is up by 27% versus a revenue growth of 32%. They make up a smaller proportion of our cost base in Q4 than they did last year. Transportation cost is impacted by fuel prices, and this has increased significantly. I mean, in Q4, just using Norway as an example, they're up by 25% year-on-year, and for the full year, it's more like 10%-12% in Norway. When we look at the other markets, we see a similar development. Other operating expenses is very much influenced by the IPO. When we take out the IPO cost, this year and other exceptional items last year, we see that other operating cost has a reduction in terms of share of our revenues. The group has also received a settlement relating to acquisition of business in Denmark prior to 2022, and the amount is re-recorded net of cost relating to the case. The cost, or I mean, the gain is fully adjusted in our Adjusted EBITDA numbers. There is no impact in our adjusted numbers of this settlement. Our group achieved almost the same EBITDA margin in 2021 as in 2020 in Q1. It's a strong performance for the group. We see that a continued strong quarterly revenue and Adjusted EBITDA growth. We have a continued growth in 2021 and particularly in Q4, resulting in a growth rate far above the market rate and a growth of 9.4% in the quarter on the back of a modest decline in 2020. Looking at sort of growth from 2019, 2020, and 2021, we're still up quite significantly. In addition to the organic growth, we also have a strong acquired growth of 26.6% in the quarter. Our Adjusted EBITDA is up by more than 30% as well, so our margins is on the same level as in 2020. We do see inflation playing a role, especially in energy prices. We do have a large number of public contracts which are tied to these indexes, and there is a lag in this, as Henrik mentioned. I mean, the price increases we've seen during 2021, and we'll start having the new indexes or regulating our prices based on the new indexes now in 2022. This is more important in Norway than it is in Germany, for instance, but we also have such cases or such contracts in Sweden and Denmark. As stated previously, Q4 is one of the strongest quarter during the year for Norva24. If we look at the next slide here, we see that we have a very positive effect on the working capital during the quarter. This is mainly caused by IPO effects. Both on other receivables and other liabilities, there is a significant result of the IPO. Adjusting for these items, we will be much closer to our historical numbers. For the cash conversion, we have an impact from the IPO since the Adjusted EBITDA does not include any cost related to the IPO, but of course, on the cash side, it does. Looking at the balance sheet, we have a very strong balance sheet for the continued growth. The most important change to our balance sheet is that we have significantly strengthened our capacity of continued growth, raised more than SEK 900 million, and we have a new revolving credit facility of NOK 1.1 billion, in addition to NOK 400 million of lease capacity with new banks. Our equity ratio is above 50%, and our leverage is 1.7 of net interest-bearing debt over Adjusted EBITDA. We're ready to continue our buy and build strategy in line with our previously communicated plans. Thank you. Yeah, just highlighting a bit on the size of the market we are in. We are in a NOK 140 billion market looking on Europe, and it's really a market with a strong market growth also historically of 5.5%. What we've seen during the COVID years, 2020 and 2021, is a flat market. What we expect from 2022 is that the market will come back on to the historical level of average annual market growth of 5.5%. As said before also, what we've seen in Q4 is also validating that expectation. Yeah. The biggest market in our portfolio is by far the German market, looking at it with a NOK 26 billion market size. That is to be compared with the Scandinavian markets that we are in that they are around NOK 10 billion. Really, also, from the perspective of the size of the German market, very good to see that we have such a strong performance in Germany in Q4. Taking us a little through the acquisitions, we have acquired in total 11 companies over the last year and a half. We have acquired revenues of approximately NOK 550 million in that period. We paused the acquisitions during the second half of the year because of the IPO process. What you will see on the next page as well is that we have a strong pipeline, and we expect a good acquisition year in 2022. Announcing our first acquisition in Germany in the Rhine-Ruhr district today. As you can see on the pipeline here on the right side, it's a good strong pipeline that we have coming into 2022. We're expecting a good acquisition year in 2022. On the ESG agenda, really also continuing working on our priorities. We have extra attention on the United Nations Sustainable Development Goals number six and number seven. Remember that number six is more or less all about our industry. It's about clean water and sanitation, so really, something that fits very well with our industry. This one, number seven, where we are working a lot on reducing our energy consumption. Naturally, we have a large fleet of vehicles and there we are measuring the kilowatt hours spent compared to the revenue. We are simply all energy and fuel and everything that we are consuming of energies are calculated into kilowatt hours, and that is seen in relation to the revenue. That's something that we now are tracking on branch level as a first country in Norway, but that's being rolled out in the other countries so that we can follow that on branch level and see that it's developing so that we get more and more efficient in our usage of kilowatt hours used when operating. When announcing the annual report, we will have a whole CSR report, of course, also includes, and there will be much more details on our work on the ESG agenda as well. Yes. This is our financial targets medium term, so it's what we aim for in 2025. We have stated that we would have a total revenue of NOK 4.5 billion in 2025, and the growth rate we have displayed during the year, and particularly the quarter, will bring us there. We have also said that we have a profitability target between 14%-15%. The quarter, we had a profitability of 13.9%, so we would also say that that's on the way of achieving our targets. Our capital structure, we've stated that we should not be above 2.5x. We may exceed that on the back of M&A transactions. In the quarter here and the year, we are at 1.7, so we're well within the frame of that. On our dividend policy, we've stated that we will not pay dividends due to the fact that we believe we have such great opportunities, deploying our capital, to grow, that we do not have any plans of dividend in the medium term. In general, it's a check on all the boxes to fulfill our strategy. Yeah. Just reminding everyone that we are on this journey. We're building a European lighthouse in the underground infrastructure maintenance industry. It's a very big market in Europe, NOK 140 billion market. We want to be that lighthouse, the driver of innovation and the largest player in this important industry. What we are seeing really in Q4 is that it's validating that we are definitely on the right track on that journey. What we expected, as said earlier in the presentation, was that the market would remain flat for 2021, but what we see in Q4 is that we are having a strong organic growth in local currencies of 9.4%. It's really validating that we are on the right track. I think we will move on to the Q&A session now. Yeah. I think we have some people on the phone, and then we have an opportunity to ask questions in the chat and through email. I think we'll start with the phone questions. Operator, could you connect us to any potential questions on the phone, please? Yes, sure. Ladies and gentlemen, if you have a question for the speakers, please press zero and one on your telephone keypad. We receive the first question. It's from Jean Johnson, S&P Global. Your line is now open. Thank you so much, and good morn- Good morning. Hi, guys. Maybe I'll start a bit from price level from M&A. Do you see any changes to multiples on the things you have in the pipeline, or does it still remain with what you've seen historically? It's remaining as we've seen historically. We don't see any changes there. No. No changes. Okay. Thank you so much. Is your question then answered? Yes, I think so, but I couldn't hear the answer. Oh, okay. Only heard, "No changes," but yeah. Okay, perfect. Yeah. The next question will be from Erik Foss[Faust] from KPU. Your line is now open. Hi there. It's Erik Foss[Faust] from KPU. Two questions, please. My first question would be on acquisitions again. You talk about good acquisition activity 2022. I know that it takes two to tango, and you never know, but you know what would you consider a good year? Is it three to five transactions done or even more than that? That would be good, just to get some thoughts on the prospective number of deals. Secondly, just on Germany, you had very strong organic growth in the last quarter, and I know it's a seasonal business, it can vary month by month. Was there any specific positive one-off there, or how do you look at organic growth trajectory for Germany for 2022? [Non-English content]Yeah. That's how you know. When it comes to the acquisitions. Yeah, your question was regarding the what would we see as a- Oh, yeah. ...as a normal good year for acquisitions. I think what we can say is that we expect it to be higher than what we have seen historically in 2022. As you say, it takes two to a tango, so it's always a little difficult to say. We have a good acquisition activity now, and we expect it to be a good year. To be a little bit more precise, I mean, we did seven transactions with an average revenue of NOK 50 million in the first half year. That is probably a higher level than you will see going forward with, but not much higher. Sort of, one a month is maybe ambitious, but it shouldn't be too far away from it. We should be adding quite a few NOK 100 million per year in revenues through M&A. That's very helpful. Thank you. Your second question was regarding if there was any specific one-offs that impacted the German results or if there was something particular there. What we saw generally in the German organization was a good performance in the business. Good activity levels, obviously, with these growth figures. We saw particularly good growth figures in the relining business. But a very strong growth in the German market generally. That's very helpful. Thank you. Thanks for your hard work for shareholders. Thanks. The next question is from Dean Zuzic[Cosy Van Bonisier], DNB Markets. Your line is now open. Yes. Good morning. You mentioned this index clause quite a few times. Just to get a feel for it, how big part of your portfolio of contracts are limited here, if you put it like that? How big part of the portfolio can you be quicker adjusting the prices to fuel costs, for example? You can say it so that looking on the portfolio of four countries we are in, we see the largest effect of this mechanism in Norway. We have this in almost all Norwegian public contracts that there is this mechanism of prices being increased based on a specified index. It's typically different types of transport indexes that is specified in the contract. Right. Here you will see that these contracts and the majority of these contracts are being adjusted in price from first of January. We also see it to some extent in Sweden and the Swedish market. Therefore you're also seeing an impact from that in Sweden. Also some contracts in Denmark. We're not in the same sense seeing it in the German market, that you have a specified index. There is more manual or an adjustment that is going on with a slightly different mechanism. This one is what we mainly see in Norway. It's with more or less all public contracts in the Norwegian market that you have this mechanisms included. I guess the majority of your contracts are private contract, aren't they? In there, in those that we should expect you to be able to quicker balance this than waiting for annual index adjustments. You're right that the private contracts are being adjusted. We are not waiting till first of January on doing those. There we are doing the adjustments faster. That's also something that you for instance see in the German market where we can do that. The biggest impact from this in Norway where almost all public contracts have this mechanism. Excellent. On this other gain that you now got the settlement fee in Denmark, have you received that cash in Q4, or is that something to come from a cash flow perspective? No. That was received in Q4. Excellent. Just on the refinancing you did on the debt and the cost you took for that, what kind of average cost for servicing the debt should we expect going forward? It's a significantly lower cost than we had before. At the current leverage, it's 1.25 above reference margins, reference rates. When I look at your net debt for the moment, most of it seems to be, say, leasing debt. The banking debt is obviously quite low. Is there a substantially higher debt cost for the leasing debt at this stage, as the way you report it? No. The leasing debt is 165 above reference rates. The cost you see in Q4 is predominantly from the previous loan agreements. Excellent. When you look at your financial target of staying below 2.5x, is there any consideration of what is banking debt in that and what is leasing debt? That's including all debt. All debt. When you look at your financial covenants, does that also have it on the total basis or- Yeah Just looking at the banking debt in that respect? No. That's- Just to get an understanding what kind of financial capability you have at this stage. Yeah. No, that's for the full debt of leasing. I mean, full interest-bearing debt, so leasing and bank debt. Of course then also on the other side it's based on IFRS, EBITDA. Not including sort of the cost for the rental contracts, et cetera, in the profitability there. Excellent. Thank you very much. Yeah. The next question is from Robert Redin, Carnegie. Your line is now open. Yeah. Hi. Yeah. Two questions, if I may. On this index- linking, I mean, if it is a sort of, m echanic process. Could you tell us what those price hikes are in that part of the portfolio now on 1st of January? I couldn't hear. Could you repeat the question, please? Or I couldn't hear it. Yeah. No. Please repeat it. Thanks. Yeah. The price hike now on 1st of January in this index-linking contracts, how large are they? That was my first question. America's not there. Yeah, I can start by answering that. It differs a little from contract to contract, because there are different type of indexes that we follow across the different countries and also within each country. They will be compensating us for the price increases that we have seen during 2020, 2021. That's, I think, what we can say on those. Yeah. Maybe you- No, but it's. Yeah If you wanna look into sort of what is the increases, which is half of the question, I guess. You can look at sort of the lorry index of Sweden and Norway, et cetera, and see how much have they increased. The second part of your question was that how much of our volume is linked to this? Yeah. That would be all of these long-term contracts? Is it 40% or it's a small share? I think what we can say is that it's almost all the Norwegian public contracts. We have also some Swedish contracts that are impacted and some Danish ones that are following this mechanism. We see it mostly in the public contracts in Norway. Perfect. Okay. Another question was on this, the Swedish organic growth in Sweden. I mean, you have this one unit, was it, sort of underperforming, dragging down the organic growth of the whole of Sweden. What are your plans and what's the timing there for rectifying that? Yeah. It's basically you can say 2 parameters we have to be aware of in Sweden. The main one is this one that you're pointing towards with the one branch. We're also seeing this impact with the cost indexes in Sweden as well. Not in the same sense as in Norway, but after Norway, we see these index regulations mostly impacted in Sweden. We have a clear plan ongoing with turning around the situation and improving the situation in this one branch in Sweden. We have a new management in place in this branch. We are at the... We are well on our way of improving the situation there. All right. Okay. Perfect. Thanks. Those were my questions. We have a follow-up question from Dean Zuzic[Cosy Van Bonisier]. Your line is now open again. Yes. On the same similar note on that Swedish question. I guess your statement about the development in Denmark, which looks very encouraging and getting the base up there, it seems like you're now through that impact of those phasing out of some poor contracts that you had that historically. Can you also maybe conclude that the geographical kind of mix where you had problems in the capital of branches there, that you have managed to get those back in working order again? Yeah. You're very right that the Danish results in Q4 are very satisfying. It's good for us as we said earlier in the previous processes that we expect and we saw signs of improvements in Denmark, so throughout 2021. Now we're really also seeing it materializing in better numbers. We have seen it particularly in the western part of Denmark, so the west of the Great Belt where approximately half of the Danish citizens lives. Our operation in that part of the Danish operation has really seen a good development during 2021. We've still been struggling a little during the year with getting the same development in the eastern part. We are beginning also to see signs of improvements there. It's validating what we've said before, that from 2022 and onwards, we expect Denmark to improve the EBITDA. And then that's also validated by the Q4. Excellent. It sounds like your contract portfolio now is where it should be basically also in Denmark. Yeah. We have seen a lot of the changes ongoing with the contract, still some work to be done. We have done a good chunk of work on that part. Excellent. One final for me. Looking at retention rates and renewals of existing contracts, what level did you reach in 2021? We haven't brought that figure today, so we had a good retention rate in line with what we saw also in 2020 on the retentions of contracts. We are still seeing that what we are working with improving the and professionalizing our bid management support is definitely increasing our win rates. It's the developments are good. Excellent. Thank you. Thank you. We have the next follow-up question. It is from Erik Foss[Faust]. Your line is now open again. Thanks for taking a follow-up question. Maybe just one more on the oil price. Unfortunately, since the 1st of January, oil prices continued to go up quite substantially. How should we think about the lag of compensating for the increasing oil prices? For 1st of January, you're compensating for the oil price increase of the second half of last year, but there will still be a mismatch during the first half of this year. Or just roughly how should we think about it? That would be helpful. Thank you. Would you like to? Yeah. No, you are right. I mean, what we're seeing that the price increases we are seeing in Q1 now, depending on how large they are and how permanent they are, will be compensated later. Not all contracts are January to January, but a fair amount of them are. We are working on, in general, working very actively on the pricing these days, to compensate for this this hike in petrol prices. We're also looking into, you know, are there ways of pooling our procurement better so we get the benefit of the global purchasing power of Norva24. Maybe as a follow-up, do you expect that for the year 2022, you'll be able to sort of compensate on an absolute basis? So let's say your fuel price, your fuel bill goes up with NOK 100 million. I'm just making up a number now. Yep. You can sort of increase the pricing for NOK 100 million so that absolute EBITA is protected. You know, there's a mechanical impact of a bit organic growth, a bit low margin, but the absolute EBITA is protected. Do you think there will actually be a little bit of an absolute EBITA headwind here for the year as it looks right now? I think in answering that question, it's important also just to understand that we work across the whole portfolio of contracts now very intensively reflecting the price increases that we see on our costs into the prices with our customers. It's of course difficult to forecast how the fuel price will develop. We believe that we are able to maneuver through this one with also being able to add that to our customer contracts, looking on the whole portfolio of contracts that we have. Of course, not knowing how large will the fuel price go up. What we see right now, it's we will manage definitely to increase our prices in across our cost contracts, so that it's in balance. That's very helpful. Generally, inflation is quite high in the world. Is there any other inflationary item that you are struggling with at the minute across your cost base? Nah. What we mainly see is this with the fuel, but also energy, of course. Heating is also a parameter. Can also be some of the spare parts that we use for the vehicles. These typical costs are linked with having a large fleet of vehicles, where spare parts are also increasing in price. That's really important to understand that we have a good position in the market and we have a good dialogue with the customers. The increases we see coming from the different parts of our suppliers will, as we see it now, be able to put forward in price increases that we will be able to compensate through customer price increases. Looking at the whole portfolio and looking at what we can see right now. That's very helpful. Thank you so much. The next question is from Jacob Edler, Danske Bank. Your line is now open. Yeah. Thank you for taking my question. I think most of them were already answered. Just, I mean, during 2020 and 2021, the postponement of some planned maintenance assignments obviously impacted you negatively. Would you say that the dynamic has improved here having into 2022? Yeah. We have seen that some of these maintenance projects are coming back, and that's also why we are seeing that Q4 is validating our belief that 2022 we will see a normal historic market growth. That's yes. We see that coming back, and we also see some of that coming back in Q4 also. That's a yes. Yeah. Cool. Just a detailed question. You're mentioning that underperforming unit in Sweden. Is that Södertälje you're referring to, if you are able to give color on that? I don't think we will go that much into detail on. Okay ... on the specific brands, but we have one brand that is, yeah, that we look a lot upon, so. Totally understand. Thank you so much. Thanks. At the moment, we have no further questions via the telephone lines. Okay. Thank you, operator. We have three questions on the chat, which we I think we already have answered them more or less, but let's just touch them briefly. One is on Denmark, and the question is really if the turnaround was better than maybe expected, and the future of the segment in Denmark. You can say in the sense that we actually have said earlier that we expect for 2022 regarding Denmark that Denmark EBITA will improve. From that perspective, it's of course very satisfying for us to see that the improvement is coming already in Q4. We're satisfied with the performance of Denmark in Q4. Yes. The second one is on Sweden, and I think we already answered that, but we can just give a brief repeat of Sweden and what we believe. What we believe?or.. Yeah. With the situation? Yeah, exactly. Yeah. We see two elements mainly impacting Sweden. One is this one with the cost indexes and the cost structure in the contracts. Then the second one is this one brand where we are working with improving the situation. We have a new management in place and then we have a clearer action plan ongoing and we are seeing that is progressing according to plan. Very good. The last question is on the multiple on the acquisition we announced today. Whether or not that is in line with what we have seen previously? Yes. It's in line with what we also earlier has paid for such an acquisition. It's in line with what we have seen before. As I also answered to the question earlier on in the Q&A session, we do not see a change in the multiples. It's based on the dialogues we have also with the pipeline. It's in line with the historic numbers, generally. Yeah. I think that's the questions I have from the chat and from the email. Any follow-ups on the phone? Operator? No further questions. Okay. Very good. I just think I'll just summarize shortly. It was a big and important milestone for us doing the IPO in December. Today we have announced our first year-end results following that IPO. It's the Q4 report really validates that we are on the right track on our journey towards building a European lighthouse in this very important industry, underground infrastructure maintenance. We are on track, and we will continue our journey onwards. Thanks a lot everyone for listening and attending this session. Thank you. Thank you.