Good morning, and welcome to Permascand Top Holding AB Q3 2022 earnings call. All participants will be in the listen-only mode. Should you need assistance, please signal a conference specialist by pressing Star then zero on your telephone keypad. After today's presentation, there will be an opportunity for you to ask questions. To ask a question, you may press star and one on your telephone keypad. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Mr. Peter Lundström, CEO. Please go ahead. Thank you very much, and welcome to Permascand quarter three presentation. Together with me, I have Linda Ekman, the CFO, and we will together today present the Permascand's quarter three performance. I would like to start, and we move into page number 3. I'd like to start to say that 2022 is a record year in the company history. We have record sales, we have record profitability, we have record cash flow, and we have a strong balance sheet for the investments that we would like to make to gain all the growth opportunities that we see on the markets that we are serving. After nine months, we have reached full year of 2021 sales, which is a milestone in the company history. We have a good order book from several customers, and it picked up from quarter two. We have, as we have said before in the former presentations we have made, that we have natural shifts and variances between quarters as part of our business model. We are and have a lot of projects that could be phased in differently from year to year and from quarter to quarter. Quarter three is no different. Last year, we received a yearly order within the ballast water treatment market, and it's from 2022, more in last quarter, and we have one more quarter to go in this segment. We expect the order intake to continue. The year-to-date order intake is stronger than last year, and it's up 12% compared to last year. For us as a company, I mean, we're looking at the longer trend and it's important, and that is important, and we have strength in all our financial parameters versus last year and the previous years. In quarter three, it has been a challenging period, especially from the operational standpoint. We have had low capacity utilization through the quarter. We have had several breakdowns that has meant that we have to shift, and we have to replan, and we kind of have to add cost into our business to be able to deliver on time and to the promises that we have been giving the customers. On top of that, we see price pressure in the ballast water treatment market. Our goal is to support our customers in the segment and to protect the market share. We have tried to gain more new contracts and secure the future of the market business. If you look into the customer activities, I mean, it continues to be on a high level. We have a very good pipeline for winning orders in the coming quarter and the quarters to come. We believe that we will win our first commercial order from ongoing projects within hydrogen during next year, 2023. We are following our plan in investing into the new technology center, and we are in full swing of building a new R&D and test lab facility. We have, during the quarter, installed our new coating technology. We started up the process for commercial use, and this new technology will give and improve the yield in our production. It will be more cost and then environmental efficient than our normal electrostatic coating application method we use. We are foreseeing this to be the next generation of the ways that you are coating the materials, which is very important in our business. I will hand over to Linda, and she will go through more of the numbers. Thank you, Peter. Let's look at some of the details that you see before you, for the third quarter. We will also go into the key metrics and some more details. I think we'll move on to the next page immediately. As you know, Permascand business, we divided into three different segments, and this is a segment results for the third quarter. These all three of those have some different characteristic, and they develop a little bit different. Let's go through them one by one. The first one is our electrification and renewables segment. This has the smallest part of the group sales today, 11% in the quarter. This is a segment where Permascand products are used in the rapidly growing markets for green technology. In this segment, we deliver electrochemical cells used for the process of extraction of metals such as copper, nickel, lithium, also production of hydrogen gas, and energy storage. The orders and the sales in this segment is at this stage, at this level, at a prototype level. It's in the stage maybe before the large scale production, test and demo facilities. This also has effect on the order intake per quarter and the sales, and also gross margin because it varies due to the product and the customer's commercialization phase. In the quarter, we had an order intake of SEK 1 million. Year to date, however, we have received SEK 42 million in order intake. In this segment is also the one where we have a lot of activities going on. We have RFQ and dialogues with customers for next steps and then moving past these test and demo sales into the commercialization phase. We have sales of SEK 13 million in quarter three. That's the same level as the quarter last year. We deliver a gross margin of 15%, which is also in line with full year 2021. Going out to the third quarter, we have a order backlog of SEK 59 million in this segment. The other segment for Permascand is industrial solutions. This is Permascand base. It is the customers primarily in the chemical industry. We serve chlorate and chloralkali production. We have served them for over 50 years in the market. In this segment, the most of the sales are refurb and recoating based on customers' maintenance plans in their production facilities. We have also seen in the order intake during this year that we have a capacity expansion in the market. We have received order both for greenfield and brownfield deliveries. We are also really glad that our customer base is growing, so we have more customers that we deliver to today than we did a couple of years back. In the third quarter, we had an order intake of SEK 38 million compared to SEK 21 million, that's a growth of 81%. We had sales in the quarter of SEK 41 million compared to SEK 28 million. That's a 46% growth and a gross margin of 26%. As Peter explained before, we have had some operational challenges. We believe this is a temporary effect on gross margin that is lower this quarter. We know the reasons, and we know how to handle it, and we believe that looking at the longer trend, we have high expectations for picking up the gross margin again. When we go to the third quarter, we have an order backlog in industrial solutions for SEK 189 million. The third segment is water treatment, primarily ballast water treatment that you know is a regulated market. Most of the sales in this segment is still new build and new installations. What we saw this quarter, we had an order intake of SEK 105 million. We delivered in sales of SEK 66 million, and we had a gross margin of 20%. Now to this quarter, we have an order backlog of SEK 136 million. There are some combined factors for the order backlog development in water treatment. We have seen for some months now that we have shorter lead times, we have faster deliveries, and our customer place smaller orders, but more often. We also have experienced price pressure in this segment following the installation timing for the ballast water regulations. We believe we can meet it with a new generation of our product so that we can meet expectations in the market. Let's move on to next page. We believe that Permascand performance should be reviewed in longer cycles, not only specific quarters. Due to the business, separate quarters can be isolated, notably really good or notably a bit less performance. In the longer cycles, we want to show with these diagrams that Permascand has proven to grow both in revenue and also in profitability. If we start with the revenue development, we have now a new record in company history. For 12 months, we are now at SEK 552 million, and the 9-month sales is SEK 422 million, which is more than we did in full year 2021. This is the continued growth that we foresaw already in 2019, but 2020 and 2021 was kind of a hold back due to the COVID and the postponement of delivery and installation. Now it's picking up again, and we continue the growth that we already foresaw some years ago. The order backlog development, we have a total order backlog of SEK 385 million when we ended September. As I explained in water treatment, we see a changed pattern for customers to place more orders, but smaller ones. We should also remember that in the second quarter, we did a write down of SEK 63 million from an order within electrification and renewables. If we compare the beginning of the year and adjust for the SEK 63 million, we are actually at the same level as we did beginning of the year. Normally the trend for Permascand is at the end of the year we receive orders for next year. We believe that the fourth quarter we will be higher going out of the year than we did in the beginning of the year. Profitability, we have over a couple of years managed to grow gross margin, the development. We now have an average 12 months of 34%. Just a couple of years back, we were at 24%-25%. This has been possible due to the optimization and scalable production. As we explained, we had 22% in third quarter, but the long-term trend is that we are step by step have a better scalable production. As we gain gross margin, we also have an EBIT development that is positive. The operating profit and sales growth combined makes the EBIT also grow, and we are at 21% twelve months right now. This is due to that we have not gained costs for overhead and the increased cost base at the same pace that we have managed to grow sales. Still to remember is that in the operating results, we are doing investments for the future. We are actually adding costs for recruitment and for knowledge so that we can build the base for growth. I'd say it. There's a couple of million already in the cost base for the future that should be noted. Speaking of profitability, it's also mentionable that we have return on equity, 29%. Compared to last year, it was 11%. We have also return on assets, 24% compared to 7%. Let's move on to the next. Permascand has had a very good cash flow development, also in the third quarter, but already for the full year. In the third quarter, we have SEK 39 million operating activities, and a total cash flow of SEK 33 million positive. Year to date, SEK 55 million. The main reason for the strong cash flow is of course the positive results, the strong operating income and change in working capital. Moving out of the third quarter, we have a cash of SEK 91 million. We have a debt situation that is. Let's move to the next page. I can explain about the financial position. Here you can see the total assets are now at SEK 551 million. That's the growth from SEK 455 million in the beginning of the year. What we have done during this year is we have invested in tangible assets. It's the optimization and coating facility. We have also increased current assets, trade receivables, and inventory. And also the cash, as I said before, is now SEK 91 million, so that's increasing the assets. Equity side, equity has grown from SEK 283 to SEK 347 due to the positive results that we have had. We have a net debt that is SEK -79, which mean a positive cash position. Loans outstanding is only SEK 13 million. The equity to cash ratio is 63%. With this, I want to highlight that Permascand has a solid financial position and prepared for growth. Move to the next page. Let's take page number 8. Now I will present some of the growth opportunities that Permascand sees, that is very important for our journey the coming decades. On the page number 8, I mean, I would like to highlight that Permascand is an electrochemical company, and we are focusing on developing and supplying components into three major markets. It is the water treatment, it is the industrial, and it is electrification and renewables. Where we see in the electrification and renewables, where we have the absolute biggest potential for growth. And it's for new installations, in hydrogen, and in particular for industrial applications. I will in the next coming pages. I would like to present the market potential and what we as Permascand are focusing on to attract growth and to build a platform for us to deliver on new installations. By that also, securing and building an aftermarket, recurring aftermarket and service business. If we move into page number 9. There are many studies in how big this market is, and we have picked out a few of the market study reports, just to illustrate the growth potential and the level of magnitude that we are heading into. We all know what's happening in the world. We all know what's happening with the environmental situation and so on and so forth. Hydrogen is an enabler to make the world a little bit greener and a little bit better by replacing, for instance, fossil fuel in industrial production. It starts basically to take off from next year. I mean, today we are on the megawatt scale in the world, and we are looking for the gigawatt scale that will start to build up from 2023 and onwards. The whole point of all these studies is that it doesn't matter if it's 40 GW or if it's 30 or 80 or 200 or so on and so forth. It is a very large-scale market that we are developing now for the future, and in particular then for electrochemical components to make this happen. It is today driven by two technologies. It is the alkaline, and it is the PEM. There are also some interesting new technologies that are under development, tested, and that we believe will also take a good market share when they are ready to scale up and to explore. We believe that Permascand is very well-positioned with a long history and tradition within particularly the alkaline technology. We also are positioned with new customers and for new technologies and new ways of producing hydrogen in a safe and an efficient way. If we take page number 10, since the magnitude of the business, we are focusing basically into these three areas, because to make sure that we are able to deliver in accordance to how the market will develop and in accordance to how the customers expect it. It will be a lot about material handling and sourcing, because there's a lot of materials in these products and in these components, compared to what we are used to within our other markets, within industry and water treatment. It's also around to handle this magnitude of materials and this magnitude of components that needs to be produced. We are really focusing on how to develop the products and how to develop methods to manufacture these. The last one, which is one of the core competencies within Permascand, is to find a flexible and large-scale manufacturing capacity. I mean, that will be very key in the future. We need to be able to produce in large scale for the new installations. In the future, we need to be able to redo the whole work when it's time for the aftermarket and service and the refurbishment business. We have a clear strategy, we have a clear investment focus, and we know what we are doing in these segments to strengthen Permascand and to be able to deliver in accordance to what we expect that clients and customers will kind of ask us to do in the coming years and in the next couple of decades. It's all around the procurement, the organized for procurement and how we are going to strategically source all these materials in a sensible way without taking too much risk and without making too much cost involved in this. It's about the recycling, it's about kind of the circularity of these materials in our products. When it comes to product and manufacturing development, I said that we are investing into the technology center. We are building up this through our partnership model together with our customers and with the market expectations. We are developing current technology and in particular the alkaline, but we're also developing together with our customers the next generation. In the end, whatever we are developing in the products, we also need to be able to produce it. There's a lot of synergies and there's a lot of work between product development and to be able to manufacture this in a very efficient way. What are the methods, how to do it, that is very crucial and it's very key to be successful. When it comes to the large box, the flexible and large-scale manufacturing capacity, we have been now for a couple of years been investing into what we call the modularized manufacturing concepts. We do it through automation, and we do it through robotization because it will be very flexible. It will drive flexibility, it will be more cost-efficient, and it is a scalable manufacturing process. We will need large scale, and sometimes you also need to be very flexible and efficient when it comes to lower scale production facility. If we move to number 11, this is just to illustrate and to give some flavor and just convert when we're talking about 1 GW of hydrogen, because that is a quite common figure that is now circulating in the news and in the market at the moment. This is an illustrative example. If we take the differences between technologies that are existing on the market, I mean, there are no matter if you choose technology A or technology B, this is large scale. I mean, Permascand was for 5-6 years ago manufacturing coated anodes around 20,000 square meters. We have built capacities since then, so we have a capacity of around 100,000 square meters, and we're currently running around 30,000 square meters. Just 1 GW of hydrogen is basically what we are doing today with the customers and with the markets we have. It's a lot of materials, there's a lot of electrochemical cells in to produce 1 GW of hydrogen. Also the component sales values are increasing significantly. It's about between SEK 2 billion and SEK 3 billion in component sales values, depending on what type of technology that you are delivering and so on. For 1 GW of hydrogen, you can produce basically 140,000 tons of hydrogen production. What is 140,000 tons of hydrogen production? Let's turn to page 12. If we take 1 GW hydrogen and we take it for steel manufacturing, for 140,000 tons of hydrogen production, you can actually produce about 2 million tons of steel. Last year in the world, it was produced 2 billion tons of steel production. Just to replace the fossil fuel, the coal to produce steel, it is a magnitude of 1,000 GW. It is an enormous market if you think about where the market is today and what we as an electrochemical company do. It will start to scale and it will start to grow from very small numbers from where we are today. If we turn to the next page, which is page number 13, we like to highlight the partnership we have with Verdagy. It was press released a couple of weeks ago that their new electrolyzer technology has been demonstrated for commercial use. This also shows the strength between Permascand and the partnership and the models, how we work with the customers. We have in a very short time period, as we believe in our industry, been able to take a prototype into commercial use. We are having big hopes for this technology to start to scale during the coming years to come. I would also like to highlight, and this was press released from RES Group. RES Group is an independent company within the renewable sector, and they have increased their belief in what they say is one of the largest industrial investments that will take place in the coming years. They're starting small. It's not small from today's perspective, but of course, 20 MW is not the 1 GW. They will build a 20 MW factory not too far away from where Permascand is located. They will scale it up from that in the coming years. Permascand, we are together with RES, and we have signed an LOI in particular for a co-commercial research center in this megawatt factory, because we believe that will be one of the key importances in the future to have a very strong technology center, but also able to run full-scale testing with the parameters that are in a megawatt or gigawatt factory. We believe that will be very beneficial, and we will also shorten the development time and our abilities to improve customers' processes. If you move into number 14 and kind of wrap up this session, I mean, the key takeaways is that we ended 2019. That was a record year for Permascand as a company. We had two years with COVID and other external factors not playing in our favor. I'm really glad to say that 2022 will be another record year in sales and in the financials. We still have one more quarter to go, and we can see that order intake is picking up and we're growing our order book for the future. We have, as we have stated before, strong cash flows and solid financial position, and this will be important for us since we are in an investment mood and we are in a mood of gaining traction on markets and in particular the hydrogen markets for the future. We have had challenging operational circumstances in the quarter, and we are overcoming them and we have overcome most of them, and we are a very flexible manufacturing company, and we have proven that, basically. Whatever happens in our facility, we are able to solve our problems in a very short timeframe, and to get back on track. We have only one focus, and that is the customer satisfaction, and that we should always deliver in accordance to what we have decided and what we have agreed on, according to the expectations. We are really glad that despite the turbulences around us in both financial sectors and in the world, our customer activities they are continuing. They are primarily driven from global green transition. You can basically say when energy pricing is going up, there is even more incentive to invest in better components and in better performance within the catalyst sectors that our customers are using to lower the energy consumption and by that also mitigate some of the additional cost for how it is today. We know that we are building an order book, and that is the foundation for us in the coming quarters to continue to grow and to gain market and secure the recurring aftermarket business that is kind of the primary goal for us in our business model, to invest into new technologies, new markets, new customers to develop market share, and then do and secure the recurring and the aftermarket and service business. We are as sure as we can be that within the electrification and renewables area, and in particular the hydrogen sector, we are expecting our first commercial order to come in 2023. I think that is what we are going to present today. I think we are thankful for listening. Now we can take the questions and answers. Thank you very much. We will now begin the question and answer session. To ask a question, you may press star and one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your questions have been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. Thank you. The first question comes from the line of Gustav Österberg with Carnegie Investment Bank. Please go ahead. Thank you, operator. Good morning, Peter and Linda. First off, I'd like to see if we can get some update on the ballast water treatment market. Last year, you received a large order in Q3 of just under SEK 200 million. I was wondering, what's the state of the retrofit market going forward? Will it mostly be smaller batches or small or medium-sized batches? Or are we still in a development phase where you may see larger orders? Well, good morning, Gustav. I can take that question. I mean, we see definitely a shift in the behavior of the market. I think we started to see it in beginning of this year that we should not expect to have this annual yearly orders that we have had in the past, that we received last year in quarter three. That has been kind of the trend the years before that. We will expect to have smaller orders monthly and quarterly. That is because the market is like it is. It is more smaller and medium-sized vessels. It's more single ship deals than big ship owner deals that are still there. It's around 10,000 to 12,000 vessels still to contract. We believe it will be a tougher market from price pressure to gain and to keep your market share that you have. We will do whatever we can to support our customers to keep market share and even expand the market share with the last years that are to come in this installation market. I mean, it's supposed to be finalized in the end of 2025, 2026, and there it will be kind of turning into an aftermarket and service business. Perfect. Thank you very much. Switching gears to the hydrogen space, it obviously seems to be going faster than what we expected if we go back two years. You know, you're right about a commercial order in 2023 years ago. I was wondering if you could remind us of how many projects you are currently running at the pre-commercial stage. Yeah, we have gained 3 new projects in quarter three, and I think in total now we are not 15, but around 13, 14 that are actively working on, and that is kind of moving forward every day to come. They are in different stages from really we are doing sample testing to very close to be commercialized and to gain scale-up on the market. Perfect. Can you talk a little bit about the change that you've seen in the last 2-3 years? Do you feel that the development times have gotten shorter or what are you seeing in terms of how fast these projects progress? I mean, we are from the industry with 50 years experience, and normally it takes 5-6 years to gain trust in a new customer or when you are presenting new components or new technology. What we have seen is that the hydrogen market space, it's gone much faster. If you remember that we were presenting our collaboration and our partnership with Verdagy, basically when we were going into the IPO process and the stock market. They are already announcing that they have reached the milestone and that they start to prepare for commercialization. That has gone really fast if you compare to the traditional markets that we are used to serve. Also from the water treatment market, which also took some time from the testing sampling until it was certified and to commercialize. This puts of course quite a lot of pressure on us that are in the field of supporting customers that will deliver the complete systems and the complete factories. We have worked a lot with the kind of platform that this technology sends the concept. That's our way to kind of make sure that we can handle all these projects and that we can meet kind of their expectations on timeline. It is a completely different business from that perspective. We have been successful so far, if you ask me. It is basically half the time from the start to when they think they're going live. Okay, perfect. Thank you. Then just a final question on the volatility in the margin here between the quarters. I was just wondering if you could clarify from a high level point of view. You mentioned certain temporary factors in the quarter with absenteeism and lack of components. Is there any business mix element in this as well, or is this purely temporary factors? I would say it's purely temporary factors, and it's a little bit. I mean, the reason is that we were running on very high speed the first half year, and we were expected to kind of start up the machinery in quarter three and continue. Then we have had issues that kind of caused some delays and some breakdowns that we have had power issues. We have some machine breakdowns that has caused us to have kind of a challenging situation from the fact that we had to reschedule and we had to replan. We had to run things on a higher cost base to be able to deliver on the times we see. At the same time, we have this price pressure on the market for water treatment. We also have significant volatility in the supplier pricing environment that we are. We saw high prices in the end of last year, beginning of this year, and from May summertime, they have dropped between 20%-40%. These are the main kind of metals that we use, the precious metals, the iridium, ruthenium, but also nickel and titanium. We have also balanced kind of our sourcing and not kind of be squeezed in between. We have also emptied out or delivered a lot of the inventory and the added value in the quarter. Now it's kind of building up again, because now we kind of get the orders and we kind of get the traction and we see that there is high activities on the market. We are kind of at the bottom now, and we think it's going to be upticking from now on. Currently it is upticking. This is like a dip in the quarter of several different circumstances. I would highlight basically the utilization of the capacity and the price pressure on water treatment. That's one of the main drivers for us. We are, as Linda said, we are also in the middle of replacing generation two of one of our products into generation three. That will help out the situation a little bit going forward because we were expecting price pressure on the market. Of course, you never exactly know when it starts and what impact it will have. When the new generation three is coming, it should give us more traction. It should give us, I mean, a better possibilities to protect and to kind of gain the margins that we are normally running our operation. I mean, it's nothing wrong with our operational process when it's working. It's very efficient, it's very scalable and it's not driving cost in particular. The key is always to fill the capacity and to not kind of overdrive or underdrive it. We have not been successful in quarter three. All right. Perfect. Thank you very much. Those were all questions from my end. Thank you, Gustav. Thank you. The next question comes from the line of Karl Bokvist with ABG. Please go ahead. Thank you, and good morning. My first one is just on the comments you made about seeing or hoping for and believing in higher order activity. Is there any particular segment where you think there will be the kind of, let's call it, the main contributor to higher orders now in towards the end of the year? We know in the industrial sector there are some projects for capacity expansions, and they also have some refurbishment contracts for renewables. I would say in the industrial sectors that is driven by these two factors. When it comes to water treatment, I mean, we are adding another customer into this field, which also will start to kind of grow and add orders into that segment. We also delivered our first order into the industrial treatment sector, which is not new to Permascand, but we haven't been involved so much in industrial water treatment. We kind of got their order in quarter two, and we delivered it in quarter three. That will also kind of add some order intake in the coming quarter and the coming months. The big thing is within the renewable side, because we see that and it was also highlighted with some of our colleagues in the business, that there is an increase of capacity within the electrowinning. Electrowinning, for us, is the metal extraction. It is, of course, driven by the battery market, but they're also driven by the fact that we need to have pure metals to do better products for what we need in the energy sector. Also power corrosion protection for power transmission. We also see some very interesting projects, and that comes from the wind parks and the solar panels that are kind of in project phases and that are also scaling up significantly. We are not talking so much about Sweden because we see ourselves as a very international company. I mean, most of what we do is outside of Sweden and it's happening a lot in Europe, and it's happening a lot in the U.S. at the moment. That also will gain traction to our clients and to our projects. You have the last, which is the hydrogen. I mean, we have a very good portfolio of clients that we have been working with and that we have started up working for. It starts to scale very fast because of the magnitude and the number of components that needs to be produced to start to deliver already at the megawatt scale. It is in all three segments, but the big bucks are for sure in the electrification and renewables and in the industrial sector. That's what we're expecting in the coming years to come. We expect water treatment to be stable and we expect them to be adding more customers into this segment for the future. By that also securing stability, and also the future potential for the aftermarket and service business that we are aiming for. Understood. The quarterly specific effects on the profitability side, let's just take one, let's take Q4 2021, for example. You had sales fairly close to the level you have this quarter, but gross margins were 35% back then. Now it's 22%. Just going forward, is it possible in any way to kind of give us some indication of what part of this delta you believe will be specifically related to Q3 and what might still be effects that we need to consider going forward as well? We believe that in the water treatment market, I mean, that will be price pressure on it. What we can do to mitigate this price pressure is this generation three that we are starting to deliver on that. That is going to be a mitigator, but I don't believe it will come back to maybe historical levels for the periods that are left in this installation cycle. We have to kind of continue to working with our internal processes to make sure that we're getting the margin that we believe we should have on these products, because the market price will probably not help us. We can help ourselves by producing these components in a more efficient way and not give that away to the customers in the end. If you take industrial solutions, I mean, that's the market that is the most stable and it's very much driven by material prices and history from framework agreements and so on and so forth. We believe it's going to recover and then to be on that level because we can see that our colleagues in the business that we are basically running the same profile on our customer sets within the markets. We can have some profitability differences between quarters depending on what we deliver and not deliver, if it's new installations or if it's recurring business and so on and so forth. When it comes to the hydrogen and to the renewable space, I mean, it will be volatile until we get the commercial orders, and we can start kind of to utilize our machinery to benefit from that because we have both more complicated projects that take some more time and that will have lower margins, and we have other projects that we are able to kind of take more margin out because of different reasons. We believe that will recover and gain over time and be more on a stable level. I mean, overall, quarter three is a hiccup in the long run for sure. I mean, this is not how we normally operate and how we normally work. There are many different factors to take into consideration why this effect, why this impact hit us in quarter three. It's definitely not the trend and the long trend for Permascand. Understood. My final question is just on the hydrogen monetary potential of components that you presented in your presentation. The kind of let's either SEK 2 billion or SEK 3 billion in component sales value. How large portion of that is addressable by your products? In total or if we deliver 1 GW of technology A, our component sales value can be up to SEK 2 billion. All right. That Much materials involved in it. There's so much materials to produce these 10,000 electrochemical cells compared to other technologies that we're serving in other markets. That this is the whole thing why we are addressing this and stating that it's already quite large component sales values already at the megawatt stage when it starts to scale. For the production plant, if we call it that way, the component value that you deliver as part of the total factory, do you have any sense of what kind of share that would be? I mean, we know what it costs to build the industrial plants and we know what it costs to build ballast water treatment systems. If you take the industry sectors, we are normally in the range of 10%-15% of the total investment cost. It depends, of course, if it's a higher or lower number, depending on the size of the business and what else they're doing. Normally we are around 10-15% of the total investment costs. Within ballast water treatment or in the water treatment sector, it can also be as high as 25%. It depend on the size, and it depends a little bit on the technology that we are delivering. That's a ballpark number for you to work on. Okay. Understood. That's all for me. Thank you. Thank you, Karl. Thank you. As there are no further questions, this concludes our question and answer session. I would like to turn the conference back to the speakers for any closing remarks. Well, we would like to say thank you for listening and thank you for the questions, and we're looking forward to present quarter four in February. We will come back with that. Remember, 2022 is a record year in Permascand's 51 years of history. We are very proud of what we have achieved so far, and we are also very well aware that things can happen that can also cause some hiccups in our performance. This time it was our margin performance, and the other performance factors were in really good shape. If we look at the trend and in the year-to-date figures, I mean, we're beating all our financial performance from the history. We are proud of that, and that's how we're looking upon the company of Permascand. We need to see the trend. That's the one we need to improve over time, because we will always have variances from our business model and from the products we're on. Thank you very much and looking forward to February. Thank you. Thank you. The conference has now concluded. Thank you all for attending today's presentation. You may now disconnect.