Hello, and welcome to Semcon Audiocast with Teleconference Q4 2021. Throughout the call, all participants will be in listen only mode, and afterwards there will be a question and answer session. Just to remind you, this conference call is being recorded. Today, I am pleased to present CEO Markus Granlund. Please go ahead with your meeting. Thank you so much, operator, and welcome everyone to this year-end report call for 2021. With me today, I also have CFO Björn Strömberg, and also we have Investor Relations Manager Kristina Ekeblad in the room as well. Moving to the first slide, please, operator. It's with great pleasure that I can present the very strong end to the year and a solid performance by the Semcon team, where we have a total sales growth of 19%. This is the third consecutive quarter with sales growth above 10%. The organic growth is driven by, for example, growth in life science and in the public sector. We also have, of course, added Squeed, which is consolidated from May, and also the acquisition of Tedsys, which is consolidated from October. At the end of the year, we also finalized the acquisition of Walkgrove, a digital learning company in the U.K. You see here also on the EBIT margin that we are now on historically high levels of 10.2%, and that's more than two percentage points improvement year-over-year. The board proposes a dividend of SEK 4 per share, and as a dividend. This is 53% of the earnings per share after dilution. So a really good performance at the end of the year, both in Q4 and also for the full year of 2021. I now hand over to the CFO, Björn Strömberg, to comment on the net cash position, please. Yes. Hello. We had a very good cash flow in Q4. The free cash flow was SEK 61 million compared to SEK 24 million the previous year. We ended up for the whole year with SEK 181 million in free cash flow. That gave us a cash conversion ratio over 100%, 136%. I think it's good. Anything over 100%, we believe it's very good. That's partly due to we had a record low working capital ratio of 3.1%, which relation to net sales. We had ended up with net cash of more than SEK 200 million, SEK 240 million. We believe we have significant room to grow further now. Yeah. We still have a very solid financial position going forward. Going to the next slide, please. If we look into and remind ourselves of the financial objectives that were set at the beginning of the year by the board of directors, we aim for a total annual revenue growth of at least 10% and operating margin on EBITDA level of at least 10%. The dividend policy, as I just explained, 50% of profit after tax over time, which we are also in line with this dividend proposal. The net debt to EBITDA ratio should not exceed approximately 1.5x. Already in the first year, we reached the financial target on the operating margin, which I would say is a very, very strong performance by the Semcon team. Moving to the next slide, please. We look at the net sales distribution, which is really important for us to have a good distribution in many sectors. We do see a good demand for our services, both when it comes to sustainability and digitalization. We see that we now have towards the automotive and mobility sector 31%, and the industry sector 30%, life science 13%, telecom and IT 10%, and energy 7%. The public sector has increased to 9%. We do have an increased industry diversification, which is of course part of our strategy to move into many sectors and many customers and really provide value broadly. There is significant know-how in many sectors, which is of course a great demand from our customers to receive the help that they need in both product development and production optimization, but also when it comes to digital Product Information, both from a sustainability perspective and from a digitalization perspective. Moving to the next slide, please. We have sustainability in focus, and I've said it before, I can say it again, that sustainability will be one of our main growth drivers going forward. We see an increase in focus in society in general and specifically at our customers. As you know, our industry customers looking into any industry vertical, everyone needs to make this journey. A lot of companies are now setting new ambitious sustainability targets to half the greenhouse gas emissions by 2030 and reach net zero emissions in the foreseeable future. Of course, it's always easy to set the targets, but then you need to decide on the roadmap, how to get there and define those activities. With the experience that we have in so many different sectors and industry verticals, Semcon is a natural partner in these discussions. Our experience of product and production development and digital services and aftermarket solutions is really the great potential to support with sustainable innovation. Going to the next slide, please. Just to give you some examples of customer projects where we are involved, I would say that we've been working with this transfer of our customers into more sustainable solutions for the entire existence of Semcon, but obviously, this has accelerated in recent years and during the COVID pandemic. One of the examples is that we're developing new technology for green hydrogen production with Hystar, and we do see a broad demand in this climate industry where we have green tech being really in the focus. We're helping them with automation in the production of these green hydrogen. So that's a very interesting project that we have with that customer. Another interesting project that we have on the theme of digitalization and software development is that we're supporting Ortoma, another customer of ours, in the development of new AI tools for efficient healthcare, among others, when it comes to hip surgeries and knee surgeries and so on. Very interesting use of our knowledge and strong know-how in when it comes to the green tech sector, but also when it comes to digitalization and artificial intelligence. It is really important for us to attract talented employees, and we are an attractive employer. In the wake of the COVID-19 pandemic, we see a general mobility of employees in society. When society is opening up, especially as is happening now in Sweden from today, when restrictions are lifted, we do see a movement of employees. This could of course be a challenge, but it's also an opportunity. We have further strengthened our recruitment focus to grow further, to utilize that mobility to our advantage, and we do have very exciting projects that attract talents. We have welcomed many great new colleagues to Semcon recently. It is, I believe, very attractive to work with the projects that we have towards sustainability and digitalization and that's the higher and more important why you go to work every morning. That's very clear here at Semcon. We've also implemented a really attractive work flexibility policy in 2021, also in the wake of the pandemic, where we make sure that we have flexibility for our employees to perform the work wherever they want to be. We, of course, want to have them in the office to make sure that we can continue to have our great culture and develop that. We realize that there is a demand from our employees to be able to also take care of their own other lives outside of work, and that this flexibility work policy is really aiming at that, and that has been very well received. That is also then seen in the Employee Net Promoter Score, where we measure how likely it is for our employees to recommend Semcon as a workplace for their friends, families, and others. This is now at record levels, which is great to see. That's a very important KPI for us. If we look into the business areas, going to the next slide, please. Starting with engineering and digital services, which is the largest business area here at Semcon. Just to remind you that this is where we develop sustainable technology for our customers and together with our customers. We provide strategic design and innovation at very early stages with our customers and also provide advanced engineering, production optimization and digital services connected to this, which really runs across all these parts of our operations. We also provide advisory services and project and quality management. Looking at the performance of this business area for the fourth quarter, going to the next slide, please. We see a strong growth in life science with 22% in 2021, and in the public sector as well. As you can see, the sales growth was very, very strong in the fourth quarter, reaching above the 24%. We had a quite good organic growth as well of 7.8%. But this is of course fueled by the acquisitions that was made earlier in the year and the total sales growth. The operating margin is on a really good level there of 13.3%, compared to the previous year of 10.2%. We can see the momentum that we have in the business area driven by the macro trends of digitalization and sustainability. It's really great to have been able to welcome the colleagues that we now have from Squeed and Tedsys, which also perform excellent during the year and is really a good complement to the rest of our operations here at Semcon and within EDS. We've also divested Yeti Move to Husqvarna, which was also press released early in the quarter. The positive margin trend really continued here in the fourth quarter. Looking into the industry diversification that we have here, we do see that automotive mobility, where there is a large change going on, is on 34% industry, 27% life science, 18% energy, 10% telecom, and IT 2%, and the rest of that is other. Going to the next slide, please. As I mentioned, the acquisitions of Squeed and Tepsys has really strengthened our capabilities within the digital offering. We have the expertise here in software development, application development, and embedded systems development. This is not only adding new competencies to our current business and proposals to our customer, but also adding new customers and industries to Semcon, not least within finance and retail, especially within Squeed. This is approximately 150 new colleagues during the year, and we add with that SEK 160 million on the revenue side to this business area. This is really a part of the growth journey, and as you heard earlier from our CFO, we have good room and a good financial position to also address new acquisitions during 2022. Going to the next slide, please. In engineering and digital services, we really unite the physical and digital worlds. We combine digital excellence and advanced engineering skills. There are a lot of companies out there that can do this separately, but very few can combine these two. That's where our strength is, and that's where we have so much credibility when having the project discussions with our customers. Going to the next slide, please. Looking into the other business area, which is Product Information, which has also had a great year in 2021 with a strong finish. Just to remind ourselves of what we do within Product Information, where we make complex products and systems easy to operate and maintain. Here we create user and operator information, diagnostics and service repair information, part and accessories information, digital learning solutions and systems and tools related to this. We of course offer strategic support and operational excellence. This is something that all large industry customers really require to make this digital journey within Product Information. That's also why we've seen such a great journey for this business area over the past few years. Going to the next slide, please. Looking into the figures of Product Information in Q4 and the financial development, we can see a very strong organic growth of 10.5%. Even more impressive, I would say, is the operating margin where the team performs the highest ever operating margin within the business area of 16.5% compared to the 15.3%. We were at 15.3% for the full year. Looking at that margin journey, it's very impressive. Well done. We do see from a trend perspective really high demand for digital aftermarket solutions. We have positive contributions from completed projects as well in the fourth quarter. We have a continued high level of profitability and successful multi-site operations, which is really a good edge that we have in this business area. We have a bit of a lower cost, partly due to the remote working situation, so we will have a bit higher cost, when the society opens up, but not going back to the levels that we had in 2019. Functional sourcing and solution-based deliveries account for more than 75% of the sales. This is really important because this is where we have the long-term contracts with our customers, the outsourcing, which really provides for the predictability in the operations, which also allows for us to deliver even more efficient as we provide these projects to the customers. We are growing really well with high profitability in this business area. Really exciting times ahead. Industry accounts for 35% of the total sales in this business area. Automotive and mobility, 26%, telecom 24%, life science 3%, energy 2%, and the rest within the public sector and other. Going to the next slide, please. It was very exciting and great to be able to finish off the year by the acquisition of the U.K. company, Walkgrove, which really helps us put the foot in the door into the U.K. market when it comes to digital learning and adding that to the rest of the offerings that we have in the U.K. market. This is a firm that has 20 employees, so it's a fairly small acquisition, but very, very important for our growth in the U.K. market and with net sales of GBP 1.4 million in 2020, 2021. This is a really important, not very big, but small but sweet acquisition for us, and we're very happy to welcome these colleagues as well to provide these services to our U.K. customers and other customers around the globe. Going to the next slide, please. We are in the internal separation, which was announced during 2021 by the Board of Directors, and also the potential public listing of Product Information. I want to give you a brief update of the process and how that is moving along. Going to the next slide, please. The progress of internal separation is in line with plan, so everything is going according to plan, and everyone's working on to complete the separation and the spin-off of the Product Information. As I mentioned, the decision by the board to proceed is really to proceed now with preparation for a potential stock exchange listing. That was something that was going to be investigated when it was press released last time, but now the decision is made to proceed with the preparations for a potential stock exchange listing, and that's moving on as well. The timetable, the ambition is to complete the internal separation during 2022. First, we need to complete the separation of the business area, and then, of course, the ambition is to propose an extraction dividend and subsequent stock exchange listing to a general meeting in the fourth quarter of 2022. That's the ambition for us, so we're trying to keep a high pace in this project, and do everything we can to be able to finalize this at the end of the year. I want to just give that remark as well, that there is a lot of work, of course, for everyone involved in this project, and we're doing everything we can to keep a high pace. This is really the ambition, and we'll do everything we can to be able to meet that time. This also is, of course, to aim to maximize growth and value creation to complete the separation and also proceed with a successful listing of the business area of Product Information. Going to the next slide, please. If we look at Q4 in summary. Next slide again, please. Looking at the Q4 highlights. I'm so pleased that we are able to deliver a sales growth and the team here performing a sales growth of more than 10%, for the third quarter in a row. That is very important and that also shows us that our customers are willing to buy our services even more and that the macro trends are with us. We do see an increased demand with regard to sustainability and digitalization. We have a positive margin trend, which we've had for quite some time now, and we are now on historically high levels, which is really, really great. Strong cash flow and net cash position of more than SEK 200 million as you receive the information from Björn Strömberg earlier. Separation and potential listing, as I mentioned just recently, of Product Information. Ambition is Q4 2022. The proposed dividend to our shareholders of SEK 6. Really exciting times ahead. If we just look at the next slide on the financial calendar for 2021 or 2022, 2023, we do have an interim report in April 29 and at 8:00 A.M. Then we have the annual general meeting at April 29. Then we have the report there, as you can see, for the coming quarters. I think that concludes my presentation. Operator, we now move on to Q&A, please. Next slide, please. Thank you. If you do wish to ask a question, please press 0 and 1 on your telephone keypad. If you wish to withdraw your question, you may do so by pressing 0 and 2 to cancel. You can ask how many questions you wish, but please ask one at a time. There will be a brief pause while questions are being registered. The first question is from Stefan Knutsson. Our video line is now open. Please go ahead. Good morning, Markus and Björn, and thank you for taking my question. I have a question regarding the organic growth outlook for 2022. I mean, you accelerated your organic growth this year throughout the year, but it was partly driven by easier comps. If we look going into Q1, that is sort of the case. How do you view the latter parts of 2022 in conjunction with the loss of or the decreased contract in Product Information and also your demand situation in EDS? Yeah. Thank you. Morning, Stefan. As I mentioned in Q4, the organic growth was partly fueled by some that we ended some projects there as well, and we do see you know good possibilities for good organic growth going forward, and there is a good demand. As you're mentioning, we had the termination from one customer, which will have an effect on us going forward. However, we do see that we have good possibilities to grow, and the demand is on high levels. One limiting factor is that we see in general in the industry that there is an increased movement of staff in the industry, and that is also, of course, something that could have an effect on our organic growth, which we are keeping a very close eye to. Yes, as we say in the report, we do see good possibilities for good growth going forward. That is, of course, partly fueled by the acquisitions that we made last year and that we hope to make during the year. When it comes to the organic growth, there are some limiting factors, but in general, the demand is high. Okay, perfect. A follow-up there, if we look at in Q4, because you said that you see an increased movement in the industry of staff. In Q3, you had some problems with employee turnover, but now you're back in business, sort of. Was it due to higher hiring or lower staff turnover here in Q4? Or was it a mixture of those two? No, it's a mixture of those two. We have had an increased focus, as I mentioned, on accelerating the hiring pace as we do see the increased movement in the industry. We have a very strong employer brand, which we want to capitalize on. We are taking investments into accelerating our hiring pace. Of course, there is a general movement in the industry, and we need to keep a close eye on that. Okay, perfect. Thank you. Thank you. The next question is from Florent Bouteiller, Amiral Gestion. Your line is now open. Please go ahead. Good morning, Markus, Björn, and Kristina. I've got a question on central costs, which are SEK 12.9 million in Q4, which is substantially higher than the first three quarters. I wanted to understand why are they so high and what are the different, let's say, contributions to that cost? Was it the group items you asked for? Yeah. Sorry. Sorry, yeah. It's the central costs. Yeah. We said in the report, it's the extra costs for incentive schemes and investment in sustainability and the separation of the Product Information business. Why are they so high in Q4 compared to Q3? Also, you mentioned in the report that there is still no material costs charged for the preparatory work on the separation. No material, but it's part of the Okay. Extra cost. Yeah. Okay, it's mainly incentive schemes and then, and sustainable, investments? Yes. That's right. Yeah. Is that exceptional or should we expect in 2022 to have a higher base than what you have? I think that's higher than normal for a quarter. That's why we had a comment on it. Yeah. Okay. Okay. Mm-hmm. Okay. Also on the engineering and digital services margin, I wanted to understand what is the contribution from the sale of Yeti Move to the margin? Yeah. The sale of the Yeti Move, as we comment in the press release and also in the report, is not significant. It's not a significant contribution. Mm-hmm. The purchase price for the Yeti Move is confidential. Mm-hmm. An agreement between us and Husqvarna. In general, it's not a significant effect on the results, not in EDS and not in the group in total. Okay. Okay. Understood. It's the total agreement between Husqvarna and Semcon regarding the sale of Yeti Move. I mean, it includes a lot of different aspects as we continue to also work with Yeti Move going forward and being, you know, a prioritized supplier in that field. That's going to be an important customer for us going forward as well. Okay. The last question on the industry split. What is the share of? I know you have quite some business in the rail industry. What is the split for your industry segment? I suppose it's in the industry segment, but can you communicate on maybe an approximate share of your industry reporting that is in rail? Yeah. We have not split that out yet, but it is very interesting. Now, we released, as you might have seen, Florent, yesterday, the business that we have with Talgo, as well. This is an increasing industry for us. We have not split that out yet. Just to give everyone in the call some background on that, the Talgo deal is the new exciting project, really a global train manufacturing Talgo, which designs, manufactures, maintains trains. They operate in 44 countries across the world. This is something that we do mainly in Germany within the business area Product Information, where we have most of our train revenue coming into Semcon. This is a field where we do see that we can accelerate also in the other markets. We have not split that out as a specific industry just yet. We hope, of course, that we can grow the sales in this industry going forward, so we also can show what share of the sales it is in a total. But right now, on group level, especially, it's too small for that. How material is the new contract with Talgo? For example, will it compensate, or more than compensate the loss of the contract in the U.K.? No. It's now, initially, it's fairly small. As many of these managed services start and when we start working with large customers, they start off fairly small, and then they grow as we do more and more work. That's why I wanted to give you some background on Talgo, because they're operating in 44 countries across the world, so it's a very large customer. Now initially, it's a small project where we start out helping them with specialists and within this field. We expect and hope that this will of course grow over time, but no, it will not compensate for the other outsourcing customer that we have communicated earlier. Although we do see a good demand in all markets for Product Information, so we are quite hopeful that we'll have a positive development during the year, even though we have the situation with the customer in the U.K. Okay. Thank you very much. Thank you, Florent. Before we go to the next question, just a brief reminder. If you would like to ask a question, please press zero and one on your telephone keypad now. The next question is from Martin Arnell, Simi Capital. Your line is now open. Please go ahead. Yeah. Hello. Good morning. I have several question about Product Information segment. The first one is about the demerger process and the distribution. It seems you've now chosen to go for a straight distribution to existing shareholders, not raising capital. Do the current market impact this choice? And as you said, it's a potential stock exchange listing. Do you still have some discussions, private discussions or for an acquisition of this segment? Thank you. I just want to clarify that when it comes to raising capital, that topic has not been communicated externally. It might well be that there is a combination of raising capital as well in combination with the public listing. As you know, the mandate that the board of directors has with regard to this is to prepare for a public listing, and then the actual decision is made in a shareholders meeting. When it comes to any other discussions regarding acquisitions of that business area or any part of the Semcon Group, obviously that's nothing that I can comment on in this call. Just about additional costs. You commented it was non-meaningful in Q4. What's the envelope for the extraordinary cost you expect to incur due to this process? We of course now have done the full review of the project, and the project is on the way, and we have of course consultants helping us from our advisors, and the cost for this project which will of course rise going forward. We have not communicated any estimates just yet, but we will of course very clearly report the extraordinary costs that are related to this project, and we will do that in the coming quarterly report. Okay. Maybe 2 last questions. The first one is about the growth for the Product Information segment in 2022. You expect, you said you expect positive development, if I heard correctly. You expect that the acquisition plus, let's say, organic development should compensate fully for the contract loss. Is that the idea? No, what I'm saying is that we do see a positive demand and a positive development in general in these markets. Of course you need to take into account the decision made by this customer in the U.K. that will have an effect on our sales growth, of course, in Product Information. We do see in general, otherwise, with new customers, new potential customers, and current customers, we do see a positive development. In general for the group in total, we do see positive developments when it comes to the total growth of the Semcon Group. The last question is for the group. So you will have the loss of this contract. Are you confident you can grow the EBIT in absolute for 2022 compared to 2021? Especially, I mean, you had a very good margin at engineering and digital services. Do you expect to keep such a high margin despite inflation for instance, wage inflation? If you could comment a bit on this front. Absolutely. I mean, the aim of the whole team at Semcon is of course to constantly improve. That's what we do in our operations, and we do that with engineering and digital services and Product Information. Obviously, there is a lack of competence in the market, which really plays in our hands and is favorable to us. It's also, as I mentioned, a bit of a challenge when we do see the increased movement of employees. In general, I would say yes, there might be a bit of salary inflation when we have this lack of competence in general in the market. A lot of both customers and competitors, of course, want to hire really competent people, which we have here at Semcon. There might be a slight increase, of course, in salary costs, compared to what we've seen before. At the same time, the other part of seeing a lack of competence in the market is that we do have really good opportunities now to raise our prices, and that's the focus across the whole organization. We've been very active in that area to ensure that we can balance that out. The ambition is, of course, to constantly improve, both when it comes to our offerings and the value that we deliver to our customers. If we do that right, that also is reflected in our growth when it comes to sales and also the growth of the profit. That's the intention and that's the aim and I can't give you any more guidance than that. You can be assured that we're doing everything we can to constantly improve. You're confident, I mean, the margin in at EDS, you're confident you can keep this 10% in the near future? Or would you say it was especially as in Q4, it was really high, and it will hard to match again. I mean, first of all, you just need to consider that, and you probably already know this, but Q4 is of course, and should be a very good quarter with a lot of working days, and that affects the profitability in that quarter. If we look at specific quarters, of course, Q4 should be a good quarter. Q1 should also be a good quarter. We have more vacation times and less working days in Q2 and Q3. In general, we look at improving our margins and really performing on the financial objectives that have been set by the Board of Directors. You remember the restructurings that we made during 2020 when COVID hit. We accelerated our strategic transformation during that time and really took the opportunity to take some extra costs to raise the profitability, especially in the Engineering & Digital Services business area. That is paying off right now, and we see that. Okay, thanks. Thank you. The next question is from Mr. Gaskier, private investor. Your line is now open. Please go ahead. Yes, thank you. Great to see the progress you are making. Could you maybe talk a bit about when I look at how many ads you have out for looking for new employees, it seems to have gone up quite significantly. I'm not sure I've ever seen you having this many and also so well spread. How do you see that? One second. Right now, you know, I guess, do you have the demand to ramp up getting in those employees? Or are you seeing that, you know, as you know, have a good utilization right now, you haven't grown so much on the employee side. Are you losing business to competitors if you're not able to, you know, get a net growth in new employees? Hi, Peter. I think that my comment on that is that we do see a high demand in the areas of digitalization and sustainability-related assignments. That's why we have also a lot of ads, as you have noted, across the board. We do see that, you know, we are not hiring if we don't have that demand and the rise in demand. We do see a high demand and good possibilities for growth. We should also remember that some of the business is also carried out by using subcontractors and partners. If we're not able to hire the right competence quickly enough, we will bridge that with subcontractors and partners to ensure that we can deliver on that growth together with our customers. We will do everything we can not to give that business to any competitors. That's basically how we run the business. Would that also, how to say? If it—like, it's difficult to, I guess, see fully how, you know, the percentage of or how dependent you are on subcontractors. I guess it should be better for your profitability, too, if you know, you need less share of subcontractors. Yeah. I think it's better. You know the industry very well, and it is good for us from a profitability perspective to have our own employees, and that's also really important for us from a culture perspective to have our own employees. That's what we prefer. At the same time, we have strategically reviewed also to work with subcontractors in sectors where we could see really quick drops in demand, and that we have seen historically. In those areas, we've been building up the resilience by increasing the number of subcontractors deliberately to ensure that we can also increase the resilience in the group if we do see a less favorable economic situation going forward. I read into that your historical dependence on automotive. Maybe just taking a few more words on Product Information. You know, how would you see your key focus in growing that operation during this year? I guess U.K. will face some, you know, will see some difficulties during the year, but how are you looking at possibilities to continue expanding that business in Sweden and maybe Germany? Yeah. I think that we have the main markets of Sweden, Germany, and the U.K. As always in growing the business, we invest in business development and sales efforts in those markets specifically. There is clearly a demand of the customers, but in general, with these outsourcing decisions, no matter which industry you're in, they take a bit of time. It's ensuring that we have a good sales funnel, making sure that we can continue to get new business in. That's something that we see now. I mean, historically, we've been working a lot on getting the profitability up in general in Semcon. Profitability is not the main topic now. Now the topic is growth, and that's where we invest in these key markets, both in business development. We also look at possible acquisitions within Product Information, where we do see really interesting companies out there that can complement and grow that business area further. Those two focus areas to continue the growth. Maybe I can just change my question a little bit. Seeing that you are performing on really strong margins, have you had a lack of or taken in too few new clients? Because, like, historically, especially when you're taking in a bigger order, it has been margin diluting initially, and then you have worked off your margins. Due to the, like, COVID situation, you're locked two years. Have you simply just been growing with existing customers or you know, how is the mix new versus old customers during last year? I think that we have a Is that the main- Yeah, yeah, I understand the question. It's not that it has a big margin effect, negatively, when we get new customers in. I think that we are fairly good at pricing the services right and making sure that the value that we provide to the customers is high, which means that they are also willing to pay for that initial work that is being done when we have an outsourcing and a managed service business. I would say that it's been quite normal when it comes to acquiring new customers. These are, as you know, in the outsourcing business. That's why it's so interesting with Talgo, is even though this is a fairly small business and we don't press release every small deal that we make, but with these kind of customers, with this sizable business that they have across many countries, we see good opportunities, of course, to grow this business. There are many of these kind of customers, but we, of course, have the intention to accelerate this even more and improve and constantly improve when it comes to business development and sales efforts in these key markets for us. Thank you. Thank you. There are no further questions at this point, so I hand back to the speakers. Okay, thank you very much. We also have a question online. Does the mandate for PI separation only include a potential public listing, or might it include a trade sale of the division, for instance? I hand back to you, Markus. As always, this is the Board of Directors having full mandate, of course. When it comes to the distribution of the business area to the shareholders, like this is proposed in Lex Asea, then of course, it demands a decision from the shareholders meeting, the general assembly. Otherwise, the board of directors, of course, have the mandate to make divestments and have these kind of discussions, of course. This is included in the mandate, but right now, as I was very clear to say, the main strategic direction now is to prepare for a public listing of the business area. Okay. Thank you. By that, we have no further questions. I think we're ready to conclude the call. I hand back to operator. Ladies and gentlemen, thank you for your attendance. This call is soon concluded. You may disconnect now.