At this time, I would like to introduce Peter Lundström, CEO. Please go ahead. Thank you very much, good morning, everyone, and welcome to today's financial report release Q4 for 2022. I would like to start to say that I'm really proud, and I'm really satisfied on how Permascand has performed in 2022. I mean, it is by far the best year ever in Permascand's history as a whole. If you look into the sales, we managed to do SEK 569 million. We passed the SEK 500 million mark. That was the target long time ago. An increase to sales from last year with 41%. The order intake growth to SEK 508 million, which is an increase of 35% from last year. This is also the highest order intake in the company history. Our operating profit grew to SEK 105 million. Last year, we managed to do SEK 38 million. We have really increased our profitability, and we have managed to increase our profitability more than the sales increase. We also earnings per share is SEK 1.37. Last year, it was SEK 0.37. We have a cash flow generation of SEK 113 million. Last year, we had SEK 11 million. We are a company that is more or less debt-free. We have really good possibilities to continue to grow our business. We have a lot of flexibility, and we can grow really, really good through our own capacity for cash flow and also through our balance sheet. What we see and what we have kind of touched base, we are now on page 3. Touch base on during last year of 2022 is that we do see a very dynamic development in the market. We've had a good growth and a good kind of market for the ballast water treatment over the last year. We saw it during 2022 that it started to change and it slowed down. To be honest, when we look upon it now for the coming years before it actually starts to close for the new installations and when the ratification is supposed to be finalized, we do not foresee that this tremendous growth that we have seen over the years, that it will continue. It will be a much more slow-paced market. For us, it is, of course, very, very important that we continue to take the market shares, continue that and kind of secure our aftermarket and service business, that will kick off later in this cycle. What is good when one cycle is slowing down is that we are not dependent on our ballast water treatment business. I mean, we have two other segments, and they are moving along faster than we progressed than we saw maybe at the beginning of the year of 2022. We see a strengthening the Electrification & Renewables business. That for us is not only hydrogen. Hydrogen is of course, a very big potential and very large scale business for us. It's also the power transmission. The metal purification, through primarily the lithium, is kicking off and kind of restarted. We see many new projects. We see many good growth opportunities. We have the Industrial Solutions, which is this our core business, our base business, where it all started. We also see there a stronger demand in this sector. It is with capacity increase, and it is with capacity replacements. They are continuing doing the refurbishment and aftermarket and service business. If you move into quarter four, as such, when we grow our order intake by 43% to SEK 107 million from SEK 74 million last year, we grow our revenue by SEK 13 million and manage to deliver for SEK 147 million. That is the second highest quarter in company history. The second quarter was the highest. We had two record quarters in the company history in last year. Quarter four is definitely one of them. Our gross profit, we're recovering from what we presented in quarter three. We had some operational issues, and it was a complicated and problematic quarter four, I think quarter three. We recovered well in quarter four and got up to speed, and managed to increase our margins, back to more what we have seen, over the past years. Our operating margins are lower versus last year, on one hand. On the other hand, we are expanding, and we are increasing our investments into the organization and are picking up, more, to say investment cost for the future. It's coming back to the fact that this speed up process and that it goes faster in the new sectors where we foresee the growth is coming in the future. We really need to staff up, and we really need to make sure that we are managing the activities and the projects that we have in our pipeline in a professional way. If we look into the quarter, I mean, Industrial Solutions is strong in the fourth quarter, and also the Electrification & Renewables has picked up speed. And it is for sure many different projects that starts now to be ready to order, and we saw some of them coming into the quarter. With the touch base on the gross margin, I mean, it's ramped up from the temporary drop we had in quarter three. As I said, it is a high number of activities that are going through the company, and we do have a solid order backlog and a pipeline for the future. It's very well divided between our segments. We will see going forward a more balanced company from the perspective that Water Treatment will have a less influence on our performance in the coming periods, and Industrial Solutions and Electrification & Renewables will take a bigger share of the pie going forward. What's interesting when we are summarizing the year is that we have 2 new customers in our order intake, and 2 of them are on the top 10 list. When it comes to sales, we have 12 new customers, and 3 of them are on the top 10 list. We are for sure clearly broadening our customer base, and we get less and less dependent on our ballast water treatment business. That is exactly what we said when we were going in to be a public company that this is our kind of strategy, this is our goal, and we are not a Water Treatment company. We are an Industrial Solutions and Water Treatment and Electrification & Renewables company. It will take some time to grow the new markets in Electrification & Renewables. On the other hand, it goes faster than we thought in the beginning. If Water Treatment has a little bit weaker prediction for the future, the other sectors are compensating, and they are growing faster. There are more customers coming into the Permascand company, and which also means that we will get less dependent, and we will have more customers to serve going forward, which is the platform is growing, and that is going to be more stable in the longer term in our performance. I will now leave over to Linda, and she will go over the pie charts and key metrics, and she will go through the financials, and then I will come back with the market segments. Thank you, Peter. We will look into some of the details in the fourth quarter and comment on that. As Peter said, it is a quarter of high activities. We had high deliveries, and we can also see that the robust order intake and profitable growth show the strength of Permascand. We had high activities both on order intake and sales throughout all of the three segments. The order intake of SEK 107 million primarily is within the segments Electrification & Renewables and Industrials. If we look at the sales in quarter four, it was SEK 147 million, the second highest in company history. The sales are divided between the segments by 47% Industrial Solutions, 34% Water Treatment, and 10% Electrification and Renewables. For those of you that have followed us for some time, this means that Industrial Solutions take a much bigger part of the pie, and Water Treatment is a little bit smaller. We believe that this is a good movement to get stability and to have the three segments working together in a good way. If we look at the results, as Peter said, we are handling some of the increasing in cost base. This is due to the fact that we are building the company for the future. We are investing OpEx in sales cost, in R&D cost, and quality cost, and this is all to do with the fast movement and fast growth in the transformation for the green transition. Permascand is in this market, and we want to be there, and we want to be ready. The adjusted EBIT margin is 9.5%, and the result per share is 0.25 SEK. The result per share, if we look at the whole year, is 1.37 SEK. I also want to highlight, if we look at the whole year, the return on equity for the year 2022 is actually 25%. Yeah. The cash flow from operating activities in this quarter is minus SEK 5 million. We will look into some details around cash flow going forward. When we close the year, we have an order book of SEK 350 million. We will also look at some of those details, when we look into the segment. I think we should move to the next page 4, where we look a little more of the different segments that we have. This is really important what Peter said before. We are a company that works in three different segments. They have some different characteristic. They have the strengths. We start with Electrification and Renewables. This is our smallest segment, if we look at sales, but it is, I'd say by far the segment that we have the highest activities and the running projects. In Electrification & Renewables for this quarter, we had an order intake of SEK 47 million, compared to last year's, it was SEK 14 million. We also had sales of SEK 26 million in this segment in this quarter. And the gross margin was 4%, which is low. I'd say in the sales of SEK 26 million, there are a couple of specific orders that are in a development phase, that we also had the final settlement of an order that we did a write down in June, that we now did final deliveries in and kind of set the final business with on this order, that also had an effect on the gross margin in this quarter. If we look at Electrification & Renewables going forward, we expect gross margin to be higher. That also comes when we get the commercialization orders and get the larger volumes when we can start producing in a more optimized way and be cost efficient. Electrification & Renewables backlog when at year-end is SEK 75 million. We have a good visibility of continued business here, and we believe that that will also increase. Industrial Solutions is our segment where we have kind of our base business. We had order intake in the fourth quarter of SEK 50 million. We had sales of SEK 69 million, and we had a gross margin of 40%. We also did a press release in this quarter in Industrial Solutions that stated we had signed a new frame agreement, service and recoating of electrochemical cells. This means a business of SEK 35 million-SEK 40 million a year, in this frame agreement is two years to start with. The order backlog in Industrial Solutions is SEK 178 million. That's also visibility that we can continue to be a strong contributor in this market. And we definitely see growth in this segment. The third one was the Water Treatment order intake at SEK 10 million. We had sales of SEK 51 million and the gross margin of 32%. What we have seen for the last quarters and also this quarter is the Water Treatment market now is going into a price pressure on the global market, and that also of course affects us. But we believe that we will keep our market share and we will continue to deliver high quality products. We move to the next page 5. We like to see Permascand's development in kind of a longer period, a longer horizon than quarter by quarter. We have some volatilities in order intake and sales and also margins between the quarters. If we look at it from 2018 and forward, Permascand shows an attractive growth and high profitability. Starting off with revenue, 2022 is at a whole new level. We have grown 40% from 2021 and have a sales record. We have revenues of SEK 569 million for the year. And this is also a kind of a proof that we can grow like we said that we would. In the years 2020 and 2021, we were affected by the pandemic and some of the deliveries was set on hold, but as we can show now, we really can get the speed up again. The order backlog was at a top level 2020. This also refers to the building of order stock during the pandemic months. There were lockdowns, and we kind of built up a value. We are at 2022 at SEK 350 million. That is also affected by the fact that we did a write-down of SEK 63 million, so that should be considered looking at the historics. We also have another pattern from our customers, I think that comes from a couple of years with a global uncertainty and pandemic. They place smaller orders, but more frequently, we don't see any worries in this. It's just a new way of placing the orders. SEK 350 million, the majority of the order backlog is for deliveries in 2023. This is something we will continue with new orders to build the order book. The gross profit development is something that show that Permascand can grow not only sales, but also do it in a cost efficient way. The gross profit has moved from 25% around year 2020 up to 30% 2021, and now 32% in 2022. This follows the successful integration of optimization and the transformation in a new, in more modern way of producing electrochemical cells. Of course, we continue to work to be cost efficient and work with optimization. The adjusted EBIT development and the profitability, we also can see in 2022 that we increased it a lot. We reached 17%. Of course, the main driver is the increase in gross profit and the growth in there. When we look at the adjusted EBIT, we should also remember that we have an effect by the OpEx investments that we do. We're building for the future and take a couple of costs already now to be ready to accelerate and meet the demand on the market for this new green transitions. Okay, we move on to next page 6. Little details on the cash flow development. Permascand has a profitable business, and we deliver strong results, we have cash flow to use for our growth. In the fourth quarter, the cash flow was affected or changing in working capital. For one thing, we had an inventory that increased, and we also had a change in prepayments from customers that affected. With the positive cash flow, we have also been able to invest in tangible assets, SEK 13 million in the quarter. We continue to do investments. We have an investment plan that reaches for a couple of years forward. We build the platform for these fast-growing markets, and we are on track on that plan, although we thought we would invest or have an even bigger effect on the cash flow, but that will come since the projects are running. We also use the cash flow to pay back bank loans. We have SEK 2 million that we have lowered the bank loans and the use of the credit facilities. At the end of the quarter, we have SEK 71 million in cash, and we have a strong cash position moving forward, and we have really low bank loans. We also have the credit facility that we can use for fast movement. Next page 7. A little comments on the financial position and the balance sheet. Permascand balance sheet is the assets is primarily in tangible assets. That's the robots for automated manufacturing and also tangible assets for coating methods. We have non-current assets, which is primarily inventories, account receivables and cash, of course. Total assets is SEK 533 million. As you can see, we have grown substantially from beginning of the year where we had SEK 455 million total assets. In line with the profitability that we do and the growth, the equity has increased. We have not so many non-current liabilities. It's deferred tax, and it's bank loans. The current liabilities is account payables and prepayments from our customers. The equity to asset ratio, 68%. That also again is a strong position for our continued growth moving forward. The net debt is positive. That means that we have more cash than the loans right now. With that said, we move on to the next page 8, and I leave the word back to you, Peter. Thank you, Linda. I will now go through our three different markets just to give some flavor and some headlights of what we can expect and what we see and how we understand that we will move forward. To start with Electrification & Renewables on page 8, I mean, there is no doubt that there is a much faster pace within the Electrification & Renewables. We do see one of the strongest quarter in this segment ever. We can just confirm that the activity level and the increasing demand is continuing. I also like to highlight that for us, Electrification & Renewables is not only Hydrogen, but Hydrogen is the biggest fast-growing market for Permascand when we look into the future. It's also power transmission, and it's also the metal purification, but driven by the lithium demand. When we're going back to it's all this green transition. It is what's happening in the world that is driving this market and is, of course, to lower the CO2 emission and to have a much better footprint on the environmental side going forward. In some cases, it is legislation driving it. Some other cases. It is the branding and it is the perception of actually being a better company, having a better performance versus the environmental going forward. We see that for us, it means that we are preparing us for the future, and it's not quarterly driven. For us, this segment is long-term. We're talking about 10 years, we're talking about five years periods, and we're talking about three years periods. We are no matter what we say, we are in the beginning of this developing phase. So we are focusing a lot of creating ability in the organization for Permascand. Focus is, of course, on the technology, existing technology and new technology, and also material handling. We are going to employ a new PhD for research and development of new materials in connection to the green transition and for primarily the Electrification & Renewables markets. Of course, the findings that we will do and the development we will do, we can easily transfer into our other markets and benefit from this sector. We are in full force and full swings in building our innovation center on site in Ljungby, and we are expected it to open during the summertime. It might be after the summer due to the holidays, but it is in full swing in getting refurbished and renewed and built. This will be a state-of-the-art technology center. In conjunction to this, with press release last year that we are in a partnership and that we have a letter of intent together with RES Group, who has announced that they will build 2 hydrogen factories just next door to Permascand. One is basically next door to Permascand in Ljungby, and the other one is 25 minutes drive from Permascand. Our letter of intent is that we would like to build a commercial test lab that where we can actually do full-scale testing in a real environment. It is the Permascand standard, and it's the Permascand Development Center that will drive this. Where we can bring customers' equipment, we can bring new equipment in and test and develop those so we can bring better products to the market into the future. This is also a market and a segment for us and a focus area which drives cost at the moment. We are investing in our ability, so it is in the organization's resources and competencies, and it's facility cost to secure that we continue to have a leading position and that we are going to harvest in the future because it is around the processes, it's around the methods, it's around technology for products, but it's also around technology for manufacturing because we are going to step up the large scale manufacturing into the future. It will be driven by this segment primarily because of the demand. We also see that it's product driven. Gross margins will go up and down until we have a higher level of commercial and large scale manufacturing insight, because it is always a little bit complicated in the beginning if it's a new product, if it's a new technology to set up the process for manufacturing. Once it's set up and it starts to run, it's normally is for us a smooth operation, and it's not driving cost in particular when we're driving up the volume. We have high hopes on Electrification & Renewables in the future and we believe this is going to be the long-term growth trend for Permascand. We move on to page number nine. This is our home turf, our home base. This is where everything started in the 1970s, the Industrial Solutions. It's primarily driven by the chlorate business and the chloralkali business, which is simplified as the chemical business. We did not expect this market to be a growth trend when we went public. We thought it was going to develop as it has been developing over the past years. We do foresee there are some new capacity increases. We have a couple of greenfields that we have out on quotation, it's new capacity adding to the market. We also see that there are a replacement of capacity. They want more efficient equipment to produce the same. We always drive energy efficiency, we always drive the lifetime of our equipment, and we drive the kind of reliability and the total cost of ownership, which are the drivers. Can we lower it? It could be an opportunity for our customers to invest into this new equipment. Of course, it is service and aftermarket. We have traction, and we have grown our aftermarket or service business during this year. I also would like to highlight our partnership with Chemetry, which we announced a couple of year back, and that they are now in the phase of putting the first demonstration plant in Brazil together with Braskem. This has been press released earlier. It is their eShuttle technology. This is new technology going into the industrial space. It is looking very promising, and it's going to be tested during this year of 2023, and commercialized starting up in 2024. What it does is that it's improving the sustainability for the customer in the chemical area and it's lowering the environmental footprint through lower energy consumption and that it is less materials involved going forward. This is really something that we are very interested in, because our strategy is of course to maintain the existing technology and improvements, but it's also to invest and to add new technology and to be part of the technology shifts that is coming into the future. It is by far North America, where we have our strongest potentials and where we have our focus for growth. It's of course primarily in the chlor-alkali and then in the chlorate business. We signed this Master Supply Agreement during last year, which is kind of adding business to us and that will be good for our future growth to have more platforms to deliver from. We move to page number 10. This has been our Water Treatment, has been our growth train for a couple of years, it's primarily the ballast water treatment. There is, we are quite sure that we are ahead of the kind of installation cycle peak. We thought it was going to come little bit later in this cycle. It is a regulated market, and it needs to be kind of installed and finalized during 2025, 2026. We thought it was going to be a little bit more growth in the coming years, but we can see that it's more flattening out now and we're not expecting this to continue grow as it had done in the past. It is more volatile. We see that the order size are smaller and they are coming more frequent, and it's more closer to the installation pace. It's just that the market dynamic has changed. We need to keep in mind that it has been 2 years of COVID and 2022 has been quite volatile on pricing for materials, and it has been some issues with getting access and so on and so forth. We foresee that this will kind of be the marketplace until this cycle is over. We have launched to compensate the next generation of Water Treatment cells and to be more attractive and to really be part of this last years for order intake and for deliveries. We are expecting our customers to continue to defend their market share, and there are still many contracts to sign before it's over. It's on a new level than we maybe have been seeing in the past. Now it is the focus to continue to bring sales to the market, continue to defend the market share, and then start to prepare for the aftermarket and service business from the growth years we have had. Then it will be coming after 2026, since the cycle started in growing during the 2020, 2021 and 2022, that's where we really have the big numbers of sales that needs to be refurbished. That was it about the segment. We can wrap up on page 11. We like to kind of still highlight that this is a record-breaking year for Permascand. It is the highest and the best performance in company history. It's 65 years we are comparing to. We are glad that the kind of the short kind of hiccups we had in quarter 3 on the gross margin that they are picking up now in the fourth quarter, and that we have overcome the challenges we saw in the quarter 3 performance. It will always be, as we have stated earlier, it will always be some swings between quarters and in our margin performance. It's due to the mix we have, due to the projects that we are delivering. If it's a kind of a large-scale commercialized order that we have set up, that is kind of running through our manufacturing facility without much kind of hustle, which is important and that we have showed over the past years that we are really good in building manufacturing concepts that are modularized, they are automated, and we use a high level of robots. This is going to be really important when we're talking about serving these large-scale markets, to be efficient, to have a very repeatable process. You deliver quality, but you also need to be having a flexibility, because you need to be able to run different products in between each other. You maybe need to swing from a long series production to a short series production, then back to long series production. This also modularized concepts that we have now built for many years and investment mean there is a high level of cost efficiency in it. We can increase our production quite a lot without increasing our cost base. If you look at the performance which Linda covered before, I mean, our gross margins has grown significantly over the past years. I mean, 2020, we were really happy on the 25%. In 2021, we were really happy about the 30%. This year we are reaching the 32%. It will be swings as I said. We are having difficulties at always making sure that each quarter it is performing. We are internally looking at this as it should be growing year-over-year, there can be some swings in between the quarters, I would like the market to keep that in mind and not have too much disappointments if one quarter is up or one quarter is down. We are looking upon this to grow the company year-over-year. We are restating the targets, the financial targets we have on midterm. Midterm for us is 3-5, and it's more on the 5 range. We see that the growth targets of 25%, the earnings of 25%, and that we should be self-financing many of our investments and we are reinvesting our profitability and the cash flow into our business. Just to highlight again, I mean, Water Treatment is still a very good business. We see many new opportunities in other areas than the ballast water treatment, so that will for sure compensate the slowdown in the ballast water treatment. We are investing into the Electrification & Renewables a lot, and we also see that Industrial Solutions are much stronger than we thought in the past. We are strengthen our collaborations and it's not like we don't have an inflow on new customers. We are adding new projects, new non-disclosure agreements for development projects and for deliveries into the future every quarter. It doesn't seem to be missing projects or anything like that. As I said in the beginning, I mean, we have a larger number of customers in Permascand, and we also have a much larger number of projects that we are working on than ever. If we're looking into 2023, I mean, we do have a good backlog to work from and to grow from. We see that it's shorter than we maybe have been experienced in the past. I mean, of course, we do need to continue to work on the order intake and these projects and deliver on them and making sure it's getting into a book and that we are able to deliver them. We do have a much stronger company today than we have had last year at this point of time, and that is what we want to state to the market that we are growing as we are on a target space. We are much more mature company for handling what we see into the future and this new market, and we are continuing to building on our activities that we have said, and the strategy is clear coming forward. With that, I think we are finished with this call, and we can open up for questions. Thank you. We will now begin the question and answer session. To ask a question, you may press star, then 1 on your touchtone phone. If you are using a speaker phone, please pick up your handset before pressing the keys. To withdraw your question, please press star, then 2. Once again, it is star and then 1 to ask a question. Our first question today will come from Carl Barchaeus of ABG. Please go ahead. Thank you, and good morning. We just a couple of questions. To start off on the first one, there to more of the what's happening on the order intake side within ENR. Could you provide some more comments perhaps about, you know, what you foresee here now, order intake in ENR is improving, but is it more that you see perhaps a more gradual order placement also in this business, or will it be a bit more volatile here as well? I think it is the markets that we're serving and where we are placed and with our 50 years of history, we know it's not a straight line. It is project-driven business primarily, and it is investment cycles with our mature customers, and it's of course, also investment cycles for our new customers. We cannot promise a steady state of orders every week, every month, every quarter. We have never stated that the order intake is going to be steady. It will be some lump sums that are coming that are really, really high, and it could be periods where they are a little bit lower. For us, it is really important that we are growing year-over-year and that we are building this platform, adding customers, because the commercialization phase will come. When it comes, it is normally quite large volumes that we are serving them with. It's really important that we have these small projects building up to be bigger projects, building up to be more commercialized projects. Once you are commercialized and have the installation, you normally get a steady state on the aftermarket of business. Permascand is in the pace now where we have a lot of this new installation, new customers, new projects, and we get less out of this aftermarket and service business at the moment. Today, it is the Industrial Solutions, which is our primarily our aftermarket and service business. The Water Treatment is new installations and Electrification & Renewables is new installation. It will be coming and going. It will be bigger loss, it will be smaller loss, and it can vary us from quarter to quarter. The year should increase in accordance to our targets. Understood. The kind of comments about short lead times in order and stuff that is, you know, that is entirely related to the Water Treatment business. It is entirely related to the Water Treatment business. Yeah are more like we are used to in the industrials. It's a little bit longer cycles. There's more planning. There's more investments and that is correct. Understood. On the gross margin development here, both in Water Treatment, fairly similar to Q3 levels, also Industrial Solutions above 40%. Is this a fairly decent level just to think about going forward? I would say that. Understood. Okay. Just, if we go there into ballast, I mean, just a quarter back during the conf call, you talked about, 10 to 12 thousand vessels still remained. You intend to keep market share, orders should peak in 2024. Just, you know, balancing these comments about orders, and then correct me if I misunderstood you, but orders peaking in 2024, and then, you know, from these levels with the kind of order intake that you have in 2022 of just 160, it was about 200 a couple of years ago. Just to understand the kind of, there are vessels still out there, orders still to peak in 2024, and yet you kind of talk about the slowing market. Just could you help us understand the dynamics here? I mean, there are still around 10,000 vessels to contract. They are smaller to mid-size, which means that it's also smaller electrochemical cells. On top of that, you have a quite high price pressure in total market, because now we're going into the cycle where we're really trying to protect market share, we even increase the market share on the market. When we talk to our customers, I think they have revised a little bit their view on how fast they can grow in this new market environment. When we were in the quarter three, it was still a very positive, kind of signals coming to us that is, yeah, it looks like we will have a much better opportunity going forward. We see in quarter four and that it does not seem to be growing in the pace that were anticipated, at that point of time, and that it's more flat, kind of expectation now coming. There's still... I mean, our market share in the latest reports is around 17%. If you take 10,000 vessels to still to be contracted, I mean, there's a big chunk of vessels still to serve. That is the goal now to making sure that we support our customers in a good way, and they need to be successful because they like to gain the aftermarket or service business that we are of course looking for. If you remember what the kind of our business model is, it is to manufacture and build market share in a growing market, and then it is to protect and making sure we have a stable off the market and service business. This is the scenario that we foresee now, and we're not expecting this to be the growth crane in Permascand. We expect that to come in the industrial sector and in the energy sector in the coming years. Okay. Understood. Sorry for going back to it, do I understand you correctly, I mean, the order level in 2022, that is, you know, the lowest order level in Water Treatment it's been as far as you've reported it. Given that the peak is still to happen, there could be, you know, still upside to orders in 2023 and thereby support sales. Absolutely. Yeah. If you re-remember that, we have been spoiled over the years to have a very strong, very few and very large orders with long visibility in this market. We cannot foresee that we will have this strong order book for a long period of time from this market. It will be more short-cycled. Of course, we are expecting orders to be delivered during 2023. It's still a little bit too early to state exactly when it's coming and when it's supposed to deliver. I mean, the end date is there 2025, 2026, and that is kind of the focus we have to continue to deliver during this whole period when we're summarizing this market when the installations are finalized, we should have the same market share or higher than we have today. That's our focus. We will not be spoiled by having a long, big backlog that we can kind of eat and have a kind of a stable flow out from the company. It's not going to happen. Okay. Okay. Thank you. The final one, Did I hear you correctly in saying there towards the end that you aim to restate your financial targets and, you know, within what type of aspects of those targets could be up to change here? No, I didn't say we're going to change the targets. We are confirming our financial targets. Okay. Yeah, okay. Sorry then if I, if I misunderstood you. Just if we then talk about those targets, the 25% EBIT margin, for example, and also the 25% organic growth pace, given what we hear now with, you know, ballast and the other segments ramping up to hopefully compensate for this. I mean, how should we think about those targets? Will it be more of, you know, reaching them at the final end year or that you aim to be in line with those targets in a fairly short amount of time despite the changed market dynamics in ballast, for example? We're coming back to that short for us could be a couple of years. We're not into this quarterly, which maybe is in many cases, the short period. We're building this for the future, and we have said that we are on the midterm. For us, it is 3 to 5 years. I also said that midterm, when you have this 10 to 15-year cycle, could actually be more to the 5-year cycle. For us it is important that we are growing and that we are doing all these activities to create this platform and get our profitability up with the commercializations and the larger volumes that we would like to deliver. Exactly in the same way, as we have been doing with Water Treatment, since it got commercialized. Improving the margins, building it up, and really utilizing the efficiency and the cost efficiency when you're growing, because that's where you get the high profitability in this business, that you're really good at manufacturing, these larger scales without driving costs. I think we have proven that over the years. We have a short period of time in, in, to being a public company, but I mean, we, we invested for the BWT market before we went public. You have seen the results in how we are performing, when we're getting up the volumes and can kind of run, these modules in an efficient way. You should see this on a midterm basis. For midterm, for us, it's 3 to 5 years, as we have stated before. Okay. Given that they were announced in 2021, we should think about it in the kind of 2024-2026 window? Yes. Okay. That's all for me. Thank you. Again, it is star and then one to ask a question. Okay. We have a question from Gustav Österberg of Carnegie. Please go ahead. Thank you, operator, good morning, everyone. A couple of clarifying questions from my end. A lot has been covered already. When you say that ballast water and water treatment is not going to be a growth driver going forward, does it mean that sort of the SEK 300 million sales level that we're seeing in 2022 is expected to be around or at least very close to peak? If you ask me today with the information I have, I would answer yes. Okay. We do not see that it continue to grow. Yeah. Yeah. Okay. Got it. Is that due to the fact that the potential per ship has been lowered, as you mentioned, with the small and medium-sized ships? I mean, what is the bigger impact from the price pressure and the smaller ships, so to speak? I mean, it goes, I would say hand in hand. We get, you have smaller equipment, which means they are cheaper. Yeah. At the same time, you are facing this price pressure on top of it. What we have done trying to compensate us and the customer is to add this new generation into the market, which is a better product, more efficient, and also lowering the footprint to be more attractive in this last couple of years, when we're fighting for the last pieces of the market share. That's well understood. Thank you. Just on the new nature, sort of in the ordering behavior within ballast water, you were saying that you're no longer going to have the luxury of having a long order backlog. Is that going to impact margins negatively in any way, or do you still expect to See a good possibility to deliver a margin on those orders, nevertheless? Now, if we look upon it, we have now run this product series for quite some time now. We foresee that we can continue to deliver and perform in this sector, with the changing market dynamics and still be efficient and deliver the profitability that we are expecting from this customer segment. We do not foresee that it will have a bigger change in our internal operations. It's more that it's always a luxury if you can look into the mirror for 12 or 18 months. Now it's more short cycled over the quarters. We need them to really making sure that we are continue our processes and making this the efficient way that we have done in the past. We proved in quarter four that we are able to do it as well. I can add a comment there also, Gustav. Since we have the investments that we have made in the ballast water production, we are also much more flexible today that we can adapt to. Mm. much faster to the different orders that are coming. I don't see that as a problem. We can adapt, and we can adjust really fast now to the orders. We also have the industrial part of this business, which is growing from lower level. It's going in the same processes. So we will produce for the industrial sector, and we will produce for the ballast water treatment sector in the same process, and with kind of the same resources. It's not like it's only ballast water treatment. Today, it's also industrial solution or industrial product for water treatment applications. That is a growing demand that we are expecting to grow over the years now. Okay, perfect. Just a final one from my end. We were talking a little bit about OpEx levels, et cetera, earlier. It seems like on the gross margin you're still delivering the quarter, but for at least from my end, OpEx is significantly higher. Is this a level that you expect to sustain over the coming quarters, or is it something that is solely related to Q4 this year? I mean, it's primarily driven by that we have accelerated our investment into resources and competencies during this year. We have added basically 25% more employees to Permascand during this year. You see the biggest impact is in quarter four, and that will, of course, continue going forward. We do have a quite aggressive plan continuously to accelerate these investments if we see that we have to do it. This was in our original plans 2 years back. It was more smoothed out over a longer period, and now it's a much shorter period. We will continue to invest into the CapEx and the OpEx to handle all the new activities and the projects, and to make sure that we are delivering on time, and that we can turn this into commercialization as fast as possible. Remember, it's not only sales, it's not only technology or products and manufacturing. It's all this together that makes us successful. It is a quite complicated and complex process to grow and to do what we are doing. We have been, I say it again, quite spoiled with the ballast water treatment. Now we need to accelerate what we did before we went to the IPO with ballast water treatment. We need to do it in the other sectors and kind of bring it to commercialization as fast as possible because that's where we take the next ride for really significant growth into the future. Okay. Just to understand, I mean, there's nothing in that absolute number that from a seasonality standpoint makes Q4 this year very high. Is that because obviously employment, et cetera, are pretty sticky things that don't, you know, wouldn't go away in the near term. Just to understand, is there a big seasonality impact on the OpEx level in Q4, or is that a pretty fair level? I would say it's a pretty fair level. Also keep in mind that we broke down these orders. It is impacting our sales for quarter four as a single item. Yeah. That we see it as a good thing since we are kind of clearing our relationship and that we kind of are closing this 2017, this 2018 project, and we can kind of restart and on a fresh page and drive new business into Permascand without having too much history that we have to bear. Got it. Okay. Those were all questions from my end. Thank you very much. Thank you. Our next question is a follow-up from Carl Barchaeus of ABG. Please go ahead. Yes. Hi, thank you. One follow-up was just on the working capital development that you commented on earlier, and that the main change behind the increase is due to a lower amount of, well, advances or payables. Just to understand that, is there kind of a specific event happening in the quarter, or is there, you know, another way we should think about working capital levels going forward? I would say a specific event that took place this quarter was also what was press released in June that we had the final settlement of an order. We did a write-down in the order book, but also we had a cash flow impact with around 20 million SEK. Of course, this was a one-time happening. On the other hand, the prepayment from customers, it varies a lot with the big orders that we have. We had a really big order during this year, and with the kind of the setup, we have prepayments, and if we have a really large order, then we will get a big prepayment, and that will then be used in the following months and quarters, and in time with deliveries. Yes, we have a seasonality in prepayment from customers depending on orders. Also in this quarter, we had that specific one time payment. Yes. Mm. Okay. Understood. No, that is all for me. Thanks. Thank you. At this time, I am showing no further questions in the question queue. This will conclude the question and answer session, and I'd like to turn the conference back over to management for any closing remarks. We just like to say thank you to everyone that has listened, we're looking forward to present our first quarter in 2023 in May. We're looking forward to that. Hopefully we have a lot of good news to bring to the market, and we are continuing our hard work for delivering the strategy, the growth plans. There are no changes there. We continue to work hard on a long-term strategy. Thank you very much, and see you again in May. Thank you. Bye. The Permascand Top Holding conference call has now concluded. We thank you for attending the presentation. You may now disconnect your line