Hello, and welcome to the Permascand Top Holding audiocast with teleconference for Q4 2021. Throughout the call, all participants will be in listening only mode, and afterwards, there will be a question and answer session. Today, I am pleased to present CEO Peter Lundström and CFO Linda Ekman. Speakers, please go ahead. Thank you very much, and welcome to Permascand's quarter four earnings release and the presentation. Today, we'll continue the education of Permascand for our investors, and we will make a short introduction, shorter than last time. We will talk about the financials, the quarter four, some of the updates and some of the questions that might come during the call or after the call, and then we'll do some concluding remarks and looking forward. If I turn to page 3, I would like to say that we now have had basically 2 years of restrictions. The pandemic situation has caused issues for, I would think, us as human beings, but of course, for all the companies. I'm really looking forward that there seems to be a light in the tunnel, and hopefully this is going to be ended during this year of 2022. We have used these two years of the restrictions to actually focus on our implementation of our strategy. We have built our platform for our future growth. We have used this time to actually focus on our internal processes, investing in something we believe in will be very critical for the future to come, where we believe it will be a large-scale electrochemical demand in the coming years going. We are a global independent provider of mission-critical electrochemical solutions, and we are very proud to serve the world from our top-class production facility in Ljungaverk. We can move on to the next page, which is page number 4. We believe that our strategy in having three markets to serve. We start with Industrial Solutions. That's the market we have been serving since we actually saw the daylight. Since 1972, this has been our home base. This is where our technology has been developed. This was the paradigm shift in this industry in 1971, when the Dimensionally Stable Anode came to the world, and we have developed it since then. From the 1920s, we have looked at other segments and other markets that we could serve out from our core technology. Water Treatment was the next market, we saw that it was a big opportunity for a company like Permascand and where we could utilize our core technology and use it to serve a new market. That's a regulated market. We've been talking about it before. It kicked in in 2017. It's a new build market, where we are going to install disinfection systems for ballast water treatment and all the vessels that are crossing the Atlantic Oceans and other oceans where they need to disinfect the water before they go into a harbor. That's a new build market, and it will be, by the time when it's over around 2025, 2026, an after-market and service business. It will be then very much a lookalike of what Industrial Solutions is today. That's a lot of after-market and service business that we're doing. There are similarities in how this market has developed over the years. Industrial was in the beginning, of course, a new build market, and when you have enough production capacity, it is to serve them in the after-market and service sector. It's the same in the Water Treatment. It's a new build market now where you take your market shares, and you are then securing your after-market and service business. We have the future, Electrification and Renewables. That's the area where we see and we believe it will take off when the Water Treatment market new build starts to see an end and turn into an after-market and service business. We believe a lot that Electrification & Renewables driven by the hydrogen, the metal purification and the power transmission will be the future and will be really the leg for growth if we look long-term into Permascand. If you change the picture and all these segments they are utilizing our core technology and we can utilize our production facilities in a very efficient way and we can use our core competencies and tweak it into the customer service specific needs. If you take the next one, page five. Just a reminder of what we are actually doing. If we take it from the simple side, I'm now looking at the left side. I mean, it's all about the anode, the cathode, which we call the electrodes. You connect it to electricity. You are using some type of liquid. You circulate it through the anode and the cathode. You do a purification or you do a disinfection. That's basically in its simple form what it's all about. If we take the middle part, what is really important in this business, and what has been important since we started, is actually the lifetime cost of catalyst and electrochemical processes. We have proven that we are able to lower the energy consumption through our anodes, through our catalytic coatings. We have proven that we are creating a stable environment for our customers and their production process. We have also proven that the anodes, the titanium anodes, the dimensionally stable anodes, they are reusable. We still have from customers the anodes that we produced for the first time in 1978. They are coming back for refurbishment and repairs still. We don't have to always use new materials when we repair and when we are refreshing the surface on the anodes. We have also proven that we can reduce maintenance stock and that we have high- quality products with a long lifetime. We can guarantee a decade where it's normally working. I think the average lifetime and average guarantee time that we're working under is between eight and 10 years. We are working with longer lifetime and trying to optimize the customer's processes and of course making them more successful in the future. It is a huge market for this type of product and for this type of processes. We are a company in the size of SEK 400 million-SEK 500 million and we are operating on a market globally that is really, really large. There is absolutely room for growth long, long- term in many different segments. We have chosen the three ones that we believe is fitting very much Permascand as a company, the technology experience we have and that we can be world-class support to our customers' processes. If we move to number six, just to remind everyone, it is not only about the product. It is how you get to the product and how you treat raw materials, for instance. What do you do with the raw materials and what type of raw materials are you chosen for your components and for your products? The next step that is absolutely critical for the lifetime and for the efficiency in the customer's process and of course to be efficient from a cost perspective as well, it is the catalytic coating. It's not only by spraying the electrostatic coating to the titanium plates or to the nickel plates. It is how you pre-treat it. It's how you are applying the solutions to the anode and how you're building up these electrodes. What is the size of an electrode? Should it be larger? Should it be square? Should it be round? It's also very important. It's how you assemble the electrochemical cell. How can you do it in a very efficient way? You know that after 8-10 years, it will come back to you and you need to be able to dismantle it. You need to be able to repair it in an efficient way. You are able to send it back in a new shape with the same specification as it was done 10 years before. It is the secret sauce in the middle. It is all about the understanding of the cell design and how the customer operates its production. It's all about what type of coating, what type of anode and what type of coating are you applying. We have spent 50 years in R&D. We have several patents. We are serving many different customers. We have a good understanding how this should be and all these different parameters that is important for the customer. We are normally very good at fulfilling. It is we have a good product, but it's also around the engineering and how you're manufacturing it. How do you do this in an efficient way? How do you guarantee that each component and each product is repeatable and have the same specification and same function? Because that is important for the customer. If you cannot deliver a full scale production site that is running under similar specifications, it will be more difficult for the customer to steer and to control their process. That means that they might not make their profitability they are looking for. We have several to secure this. It's important about the knowledge around the customers. It's important about the knowledge about our products. It's really important about the knowledge how you manufacturing this in a very efficient way. Also that you can repeat it decade after decade. That is what we have proven since 1971, that we are very good at this and very capable of supporting and supplying to our customers in three different market segments using our core technology. If we take slide number seven, reminder of our strategy. We have phased Permascand into different stages. We started in 2016 with phase one. Phase two stopped last year and we're now in phase three. If we take it from the right side, the Industrial Solutions, I mean, there is no secret that where the market is and where we can gain market share and drive growth for Permascand on a market that normally is not a growth market. It is North America. We need to strengthen our physical presence. We need to strengthen our ability to produce more in North America, and we need to strengthen our customer support. Customer intimacy is very important with these clients if you want to win the really large scale yearly contract with them. You can get bits and pieces, and that can be a big chunk of course from an ordering perspective and from a sales perspective. If you really want to be a player on the North American market, we need to strengthen our physical presence, and that's part of our strategy. If you take the left side, the Water Treatment, I mean, there's no secret that now it's the big bang. It's about serving the customers and get them the disinfection systems for the new build market. After that, it is to turn it around and serve them from the aftermarket and service. From our perspective, as I said before, it doesn't really matter if it is a new build or if it's an aftermarket or service. It's very much similar type of production for us. It goes through the same machinery. It comes back to us, we refurbish it, and then we send it back. If we take the aftermarket, that's the future. We believe that the really take off from that will be when Water Treatment market will start to end the life cycle. It's a regulated market. It's supposed to be finally installed around 2025, 2026. From that, it will be an aftermarket of service, and then it will be to capitalize on that market. We have proven that we are very good at continuing to drive sales and drive profitability through this type of markets and through this type of work. The hydrogen market is a booming market. It comes from very low- levels. It's not a new market that's been there. We've been serving it for 20 years, but it is on very, very low- level. We see it grow quarter- by- quarter. That's where a lot of attention is in the world, but it's also a lot of attention in Permascand to build this market for the future. We announced last year that the technology center for us is very key to success to be serving this market. We are building in accordance to the plan and accordance to the strategy, a good platform for the future. Electrification is more than hydrogen, despite the fact that maybe the size of the business is hydrogen. There is also very interesting markets when it comes to electrowinning, which is the purification of metals. That is, of course, also driven by the green transition that is going on. We have the power transmission that as well is a very interesting market for Permascand. You can read in the papers about the projects that are in the planning phase with the electrification cables between different continents and so on and so forth. There is a lot of electrochemistry in this type of installations that we're of course aiming for. This is also a market we have been active on for many decades and are well familiar with and of course of high interest to us. It is about winning customers across all segments. It is about new build, and it's about aftermarket and service when the new build is up. If you take number eight, it's to highlight that the growth strategy we have for North America, we have been working on that for since basically Permascand 1.0, and it starts to pay off. We had in the beginning of Q4 a press release, where we were rewarded a yearly contract with one of the large-scale global manufacturer in the US for chlorine and caustic soda market. The value is depending on from year- to- year and what investment programs they have between SEK 30 million and SEK 50 million per year, and we have started to deliver on this contract. We are really pleased to see that after all hard work and after many years of testing and customer contacts that we were rewarded. This is really, for us, a proof that we are a reliable player on the market and that we're able to convince the global companies that they should place large orders to us and we would prove and serve them for decades going forward. Number nine, we're coming into Q4. It was released a couple of hours ago, and I'm very, very pleased to see that we continue to make progress in Permascand, and that we see that what I said in the beginning, that we have focused on building this platform, invest in OPEX and CAPEX, to be ready for when the market is starting to take off for larger scale orders and for larger scale installations. We can see that the investments we have done, the automation, the robotizations, and the streamlining of processes has continued to show high gross margins. There is no doubt that the idea we had several years ago is paying off. We have built a platform that is flexible, and it's profitable, and we have a lot of spare capacity for the future. The investments are down. We fill it up with new orders, and we deliver on that, and we can capitalize highly to that. We saw. Maybe it was not too surprising for us since we have been in this business for 50 years, but Q4 was maybe not the best order intake period in Permascand. We know that our order intake and order deliveries can be a little bit lumpy depending on the customer projects and then the investment plans they have. If I try to explain how the customers are working, it's difficult for us to get customer decisions when you are in a situation where material pricing is fluctuating a lot. It was a lot of price increases during last year, so every time they asked us for a quotation, it was actually more expensive. At the same time, the lead times were longer and longer each time they asked us. At the same time, if they accepted the price and if they accepted the lead time, the transportation from the customer, if it was a repair to us, was very unreliable, and the suppliers' deliveries to us could also be very unreliable. It was not a good external environment for decisions. This is not for us as a company, it's not surprising. This is a little bit how it work. We are very happy, and this is more important for us, that the activity level, the projects, the inquiries, is at very, very high historical levels. That means, in Permascand terms that an order will come. Our issue is that we might not see in time. It can take long time until it come, or it can take shorter time until it can come. The order intake for Q4, I mean, it's not really, a disturbance, short- term. I mean, we have a strong backlog, and we have a production planning, and we have a delivery plan, that goes from that. Of course, if it continues to be uncertainty on the market, then the customers are playing a game because they're not doing that. I mean, they are businessmen as we are. But if prices start to drop, if things start to be much more favorable for them, they might wait another month or another quarter if they believe it will be cheaper. Because we don't speculate in pricing, we don't speculate in currencies. Each time we make a quotation, we do it from the global market prices and the currency situation at the moment. What we see and what we're really, really glad at that there are in all markets a strong underlying demand, and we have a really, really good activity list on a historical basis. We're looking very positive into the future. I believe we see the light in the tunnel when it comes to the pandemic situation, and that should also ease up these other parameters and the factors that cause a little bit of a hiccup in the order intake. It's not a disaster. I mean, we had SEK 74 million out of SEK 82 million from last year. Of course, we are a growth company, and we like the customers to place the orders, the sooner the better, of course. We also see, which is very interesting, that Industrial Solutions, that is the conservative market, it's not maybe a growth market as such. We see a lot of inquiries from greenfields and from expansions in production capacity. That might also be a very happy time in the next coming years to see if they are realizing these plans and so on. They're also, of course, driven by the green transition, as it is. We have invested for the future, so we have a very good result, very good margins. We have a good sales performance. We have a good cash flow in the company, and we have, at the same time, done OPEX and CAPEX investments for the future. I will now hand over to Linda. She will continue with some of the financial performance and describe it in a better way. Thank you, Peter. Yeah, I'll continue to speak about the Q4 and give you some comments on the outcome. As you can see, the key metrics that we have listed is the summary and what we want to highlight. I will go into details. If we start with order intake, Peter has talked about it a lot. What I can maybe add is the comparison to the Q3, which was really high. We had an order intake of SEK 203 million last quarter. That doesn't mean that we are much lower now. That, depending on the customer plan, the customers order on a yearly basis, especially in the Water Treatment sector, where we get bigger orders on fewer occasions, and that's what happened in the Q3. Okay, moving on to sales. In the Q4, we had SEK 130 million, that is up 10% from last year. That's also up, if we compare to the Q3. We had an order book of SEK 451 million when we ended December. The order book for us is the customer placed orders that are planned in time and also value. 451 for us gives us a really good visibility for 2022. I'll give you some more details on that later. We prove that we can have a good result, that we can deliver positive margins. We had an adjusted EBIT margin of 25%. We also had earnings per share of 0.35. Finally, we have cash flow from operating activities that is also positive SEK 33 million. We move on to page 10, and I give you some more comments. Now we're looking at the segments, the three segments that we have in Permascand. We're also looking at some historical Q1. I need to remind you again what Peter talked about before. We have the three segments based on the same platform. Still they have some different characteristics, they have different maturity or commercialization phase in the market. For Electrification & Renewables, that is mainly new products, it's development and test, that's also why it can be different between the quarters. It depends on which project, which customer investments that are finalized, and how we can plan it over time. On the Industrial Solutions segment, that's more a mature market, that's a going business and more stable. Those quarters should not differ that much, neither in sales as in margin. Moving on to the last one, Water Treatment, that's a regulated market. You need to have a license approval, and you need to have installation within a limited time. Our deliveries here is depending on the capacity in the shipyards and dry docks for the marine vessels. With that said, I still need to comment on the Q1 2021 when we look at these quarters, because our Q1 2021, Permascand was affected by the global pandemic. It was the second wave that hit us really hard, and we needed to postpone some deliveries in all segments. As we can see here, we did not deliver as much as planned, and we didn't even have the efficiency in our production, so we dropped a little bit in the gross margin in Q1. Since then we have starting to see kind of the end of the tunnel, starting to see that we are going back to a more stable production and stable deliveries that we can plan for. For the Q4 2021, we see an increase in sales both in Electrification & Renewables and in Industrial. In the Water Treatment sector, we are flat compared to same period last year. When we say that Electrification & Renewables have grown sales SEK 22 million compared to SEK 12 million last year, we saw a growing demand maybe a year ago for deliveries in power transmission, and those were delivered in the Q4. That's since we have a pretty long time from order to delivery, that is something we have worked on. If we see how the Q4 it splits the sales between the segments, the biggest segment, Water Treatment, it stands for 50% of the revenue, Industrial Solutions 33%, and Electrification & Renewables 17%. This is also how we see going forward that Electrification & Renewables in our long-term plan is the segment that we expect to grow and take even a bigger part of the total sales. Finally, I'd like to comment on the gross margin in the Q4. In the Electrification & Renewables segment, we kept our level of 18%, and as I've said here, the sales is depending on what type of projects that we do, and it is in this test phase or development phase, it's a bit lower gross margin than the other segments due to the maturity of the market. In Industrial Solutions, we had a real pick-up in gross margin. We delivered 47% compared to 38% last year. This is due to the fact that we have now installed the automation, the robotization. We have worked strategically within many areas to kind of get more cost efficient and sourcing and planning in a better way. That we're really glad to see that it's paid off. In Water Treatment, we have also improved the gross margin to 36% from 27% last year. That's also the same reasons that we saw in Industrial Solutions, that we get paid for the investments that we made that are now starting to be in use full scale. Okay, we move on to page 11. Some comments on the cash flow for the Q4. We had a strong operational cash flow driven by the profitability. We had SEK 33 million positive cash. Of course, we have continued to finalize the investments that we do. We have also been able to pay back loans or we are using a smaller part of our credit facility. We have got more cash from that. Going out of the Q4, we have cash SEK 36 million, so we have strengthened our position there. Move on to page 12. Since the Q4 is kind of the end of the 12-month period, we can now compare four-year development. We have looked at this for a couple of times now, and it needs to be reminded that when we stood there in 2019 looking forward, we didn't foresee two years of global pandemic. We stood in 2019 with a very growth plan. However, it has been prolonged, the growth, and it's important to remember that we haven't lost any order. We can't see that we have lost any business. It's just that it has been spread out for more longer period of time and more years. In both 2020 and 2021, we kind of stayed at the level of SEK 400+ million. Total for 2021, SEK 405 million. It's a little lower than 2020, but as I said, it's nothing that we are worried about. If we look at the order backlog, that also shows that we have a good visibility for continued growth. We have already signed orders of SEK 451 million. The SEK 451 million is about 78% for 2022. 56% is Water Treatment and the other segments, Industrial Solutions and Electrification & Renewables, stand for about 20% of the order backlog each. Then we look at the gross margin, and as we have talked about during this presentation, we are really glad to see that we can now get the margins up due to the integration and optimization and the production process. Also the gross margin of 36% in Q4 drove the profitability for the full- year as well. For the whole year, we end up at 30% gross margin. The adjusted EBIT development also has improved over the four-year period. We have for 2021 SEK 60 million or 15% in adjusted EBIT. Peter talked about before that we have not only invested in CapEx but also in OpEx. We have invested in resources for future growth and also kind of adapting to be a professional company in a digital environment. Moving on to page 13. Some comments on the financial position. Permascand has a pretty clean balance sheet. We have some intangible assets and goodwill, but most of it is tangible assets in the form of robots for our manufacturing and also for efficient coating methods. We have non-current assets that are increased, driven mainly by the inventory build-up. The reason for the inventory to increase is changed deliveries. We need to kind of keep a little bit more of our key components in stock. Non-current assets, of course, is also customer payments or receivables. On the other side, we have strengthened our equity. We did, sorry, a share issue in connection with the IPO. We also paid back a bank loan at that time, which gives us a different financial position than we started the year than we are at now. Going out of 2021, we really have a strong balance sheet or a strong position for future growth or future activities. Okay, now I'm moving on to page 14, and I'm going to hand back the word to Peter. Okay, thank you. I will wrap up this call with some conclusions and key takeaways. I start to say I'm really proud of the Permascand team and how they have during these two years of I would say stressful environment managed so well to set the platform for Permascand and with all these different internal process efficiencies, investments, OPEX, CapEx, so on and so forth. We have really, as an organization, proven that today we are a much stronger company than we were two years ago. The other key takeaway that it has been a challenge on the market conditions, not the market conditions as such as the customer demands. The customer demands long- term is there, and it has actually improved during these years. It is a problem when prices on material is fluctuating, and in particular when it gets more expensive each time they ask for a quotation. It's also complicated for the customer decision when the lead times especially from the suppliers are longer and longer each time they ask for a quotation. It's of course not helping when the transport sector has been unreliable especially from the summertime of last year. For us, it comes and goes a little bit, the pricing. We have a strategy to not speculate in material prices and in currency. We are transparent with the market price to our customers and we are making quotations around that. We are looking really into the future and we believe that it's not going to get worse. It's actually looking like it's going to be better. The activity level in Permascand is at a very, very high historical level. That normally means sooner or later the orders will come, and we will deliver on the projects and on the customers' expectations. We see that the segment, the markets, they really have strong underlying demand. We have worked a lot during these years, and we really see the results now on the efficiency improvements and the investments we have done in machinery, robots, and we see it in the gross margin across. I mean, we're trying to utilize building from our core technology platform, utilize our resources as much as possible, and tweaking it for the customer demands in the end. We have a very high ability to be flexible and to be efficient in our production process, and also reliable in the quality we are producing. We believe that we are built a platform that is perfectly positioned for these growth markets and these mega trends. We believe that the really mega trend with hydrogen is going to take off in a couple of years' time with high production demands, and when we need to have the ability to do it. That is what we focus on now to building this platform for the next growth train to start. It is through the technology center, and it is through the products, components, and the way we're going to manufacture in the future. We are fully confident that the financial targets that we have presented already when we went into public company, they are unchanged, and they remain. We believe strongly in these targets, and those are the ones that we are working on every day and going to deliver. That was all from us, and I say thank you for listening. Thank you. Our first question comes from Gustav Österberg with Carnegie. Please go ahead. Good morning, Peter Lundström and Linda Ekman. Just a quick follow-up sort of on the order environment here. You were talking about three things, as I understood it, higher raw material prices, longer delivery times, and challenging logistics. I mean, could you develop further on sort of the ranking between these and the importance of that? Also comment on the sequential development for all three of these. Are you seeing a sort of a better situation at the end of Q4 than at the end of Q3, or what are you seeing currently? No, I think we definitely saw that the decision process was maybe even further delayed in Q4. That was basically from the position that the material pricing has started to drop, actually. I mean, we are of course heavily for us important to have precious metals. It's iridium and ruthenium, and those were on a global pricing and on a historical level, on really high- levels. It kind of peaked during last year, and then it started to fall off. Of course, if it would have stayed at this high- level, that may have been good for us. When it since started to drop, they are speculating that it will drop even further. That means of course that they will have a cheaper investment if they wait. It is a little bit speculative on what's happening. If we look at the forecast for these precious metals, it does not look like the market forecast are going to increase. It's more stabilized now and it might even start to drop further. It has been quite stabilized over the situation. That's good for us. I mean, that means that the customer decision process will hopefully ease up a little bit. When it comes to lead times, lead times is always a challenge. We are always quite used to that the material supply do have like a 6 to 9 months lead time in many cases. Of course, we have our production time. The ones we can influence is of course our own production time, which we have now proven to shorten quite significantly. When it comes to the external lead time, I mean, we're a little bit depending on that the suppliers can supply to us. Since normally a customer order when it is some size, it's many interactions. During last year, it was each time they asked for a quotation or for maybe had a decision point, it was both price increases, and it was both lead time increases. That is also something we see now. It seems to be turning around and the lead times from the suppliers has shortened a little bit. That also seems to be maybe we have peaked and it will be a much better situation going forward. That also, of course, eases up a little bit the decision process for the customers. We have also changed what we can do on the sourcing side. We have beefed up our situation a little bit. I mean, if you look into our balances, you see that we have a little bit more stock today maybe than we had in the past. That's of course to secure ourselves and not be that dependent. When it comes to transportation, we have also changed a little bit our strategies. We have actually pre-booked a lot of shipments and transportation beforehand, and now we're then changing our production planning, so we can fit that. Normally it's the other way around. For us, I mean, we do see the light in the tunnel, but that's not said that we can promise the customer decision processes. We are working with global companies, and it's quite complex decision processes in these companies to many levels, and it can take some time. We are then one puzzle piece in this complete puzzle. What we know with 50 years of experience, if the activity level in Permascand is high, it normally means sooner or later an order to Permascand. The difficulty is to say when. Okay, thank you very much. Just a very brief question perhaps to Linda on the gross margin improvement, which is very, you know, large, and it's a good gross margin level in the quarter. Is that fully derived from manufacturing improvement and efficiency, or do we have anything else sort of in terms of mix or something that's impacting the margin in the quarter? As I said in the segment, it differs a little bit. For Electrification and Renewables, the gross margin is dependent on which type of product we are running at the moment. For that segment, it fluctuates a little bit. For the Industrial Solutions and Water Treatment side, the increase is primarily driven by the production cost efficiencies that we see now that we are fully implementing our investments and the robots. Okay, perfect. That's all from me. Thank you very much. Thank you. Our next question comes from Karl Bokvist with ABG Sundal Collier. Please go ahead. Thank you, and good morning. My first question is just on whether or not you've been able to see or hear anything about the development between technologies in ballast water. I think historically you talked about how your technology, electrochlorination, and your main customer, De Nora, have been gaining market share. Just wanted to see if you've heard anything during this year when it comes to EC versus UV, for example. I mean, if you look on the market, I mean, it's basically three technologies that are dominating. It is the EC, electrochemical, the ones that we are representing. You have the, what you say, the lamps. UV. UV. Then you have chemical injections. The EC market is still, I would say, dominating the installations. Since it has been price increases on raw materials and these type of systems has kind of been more expensive to produce, we have had, I would say, a very good situation since we have been mitigating our needs of price increases to our customer to win through the efficiency programs we have. We have actually gained market share during this period in accordance to the reports. We have gained through this, I would say, a little bit complicated situation through the raw material pricing and so on and so forth. I mean, there are basically two dominated players. It is the UV, and it is the EC. I mean, we are in the middle of this installation race at the moment. EC was absolutely the dominating one in the first half. It will be very interesting to follow what will be in the second half. An EC system is at the moment still, I would say from my perspective, but I'm talking of course, because we're representing this, it's still a favorable situation going forward. We expect to continue with the market share we have. If we are successful, we will continue to expand. We do have a very nice market share together with our customers in this segment, and it has increased during this period of time. All right. Thank you. A follow-up on Gustav's question when it comes to lead times. Just given the dynamics that you are seeing now and the visibility that you currently have, how do you think one should look at 2022 when it comes to deliveries from the backlog? I mean, could it be such a case that if orders start really to pick up in the Q2, that these could still materialize into sales? Or will it be kind of the Q1 that determines the sales level for the remaining year? I mean, we have tried to kind of improve our situations, as I've tried to explain to Gustav. Since we are sourcing a little bit differently, we are holding more stock to kind of shortcut a little bit the lead times and be more, I would say, supportive to our customer needs. The same with transportation. I mean, we are trying to make more reliable transportation systems for us and for our customers by pre-booking and ensuring that we have. I mean, in the past, it was like we produced, and one week before we were close to finalize the delivery, we ordered the transportation. That doesn't work today. We have changed a little bit the parameters to make our ability to deliver still if the orders are a little bit in the waiting or if they come late. Normally, in a normal circumstance, I mean, the window for us for deliveries are open longer than quarter two. It starts to be a little bit tricky when we're moving into September month to deliver before the year end. It depends a little bit on the products, it depends a little bit on the type of work that we're going to do. We can do a lot of work without having a lot of supply of materials. If it is a coating, I mean, we do have stock of precious metals, and we do have stock of titanium. Normally we can be very fast in delivering these type of products. I wouldn't be too worried about that the end of quarter two is the deadline for us to be able to pick up orders and turn them into sales. We have changed our way of doing that to improve despite the fact if lead times are continuing to be longer than it was normally. Understood. Just on the investment side, this year was a bit lower in terms of CapEx. Just wanted to hear if you could shed some light on how much this year you devoted to, let's call it expansion CapEx. If we should think about 2022 as the start of the kind of raised CapEx levels that you talked about at the time of your IPO. I mean, 2021, I would say it was an in-between year when we have finalized the Permascand 2.0, the automation, the robotization, and we are starting up 3.0. I mean, the investments that we did in 2021 has been very much relating to the technology center and to some uplifts and upgrading continues in all the sites. I mean, it is heavily focused on starting up phase three. We are of course then going to expand, as we said in the IPO process, in 2022, and start to build this platform, install the labs, the facilities. We're looking into the next generation of coating technology, which you can say is a production efficiency in one way. It's also part of this technology center and the next generation of products that we would like to put to the market. We are having a very efficient machinery for coating, but also that we are improving the environmental factors that are influenced by this process. All right. That's all for me. Thank you. Thank you. As a reminder, if you do wish to ask a question, please press zero one on your telephone keypad. At this time, we have no further questions. I will now hand back to our speakers for a final remark. I would like to say thank you to everyone that has listened. As I said, in the key takeaways, I'm really, really proud of the Permascand organization and what they have achieved during these two years of pandemic situation and external influences that might not have gone in the direction that we thought when we entered into 2020. We are really looking into the future, and we're really looking forward to continue building Permascand and to make sure that we deliver on the financial targets that we have set up as goals for us internally, but also for you to make a decision on. We believe that we are only in the beginning of our journey as a company, despite the fact that we have been trading for 50 years. We feel well- prepared for the future, and we are going to do everything we can to speed up the process as much as possible and bring growth to the market. Thank you very much. Thank you.