Very much, good morning everyone to this quarter, Q1 Presentation of SkiStar's Result for 2022, 2023. I would like you to show next page and the agenda. We will give a short introduction. We will give a short quarter one summary, and of course, give you an outlook how it looks going forward for this upcoming season. Please next page, introduction, then we go directly into the page after that with the business concept. For you who don't know about SkiStar, we are a large operator of ski resorts within Scandinavia. We are running Sälen, Åre, and Vemdalen in Sweden, Hemsedal and Trysil in Norway, and also the city destination in Stockholm. Of course, we would like to give our guests memorable alpine experiences and also develop sustainable destinations. Please next page. We had a fabulous last year with a strong position in Scandinavia with SEK 4 billion in revenue, with 28 million visits on our digital channels, which we will talk about later on today as well. We had 6 million ski days and super happy to have many shareholders. Today we're up to 60,000 shareholders, and we're also very glad that 8 out of 10 of our guests are very satisfied. Please next page. SkiStar started a journey in 1975 and have had a great development since then. This year, we are very proud to also continue the development. Please take next page. We are in a strong transformation of SkiStar, where we are really working on four fronts. We are working to continue the digitalization of the company. We are all the time improving our sustainability, and we will also talk about some great effort this year. We are transforming the company into all year round business and also have simplified the structure and are really ready for continuous growth. Please next page. Now I will go into the summary of the quarter, and I will start up with highlights, and then I will hand over to my CFO, Anders Örnulf. The highlights of the quarter for next page. It's our smallest quarter, where we are very glad to see an increased revenue of 15%. The strong revenue increase comes from our retail side, where we are running both our skistarshop.com online business with +55%, and also our physical stores, which have an increase of 35%. Here we can really see a strong connection with SkiStar's other customers who both use to book ski holidays and also connect that with also buy clothing online with our businesses. We have high energy prices, we have managed to save SEK 8 million in this special November, but also the beginning of the quarter. We're also very glad to have all destinations open since mid-December. Personally, I have been visiting all of them, and I arrived back from Hemsedal, Norway yesterday, we have fabulous conditions, and we are really proud to open up fully for our guests now entering for the Christmas period. I'm also extra glad to visiting Åre this last week, where this new Granliften was running in an excellent conditions. Even though we had a quite windy weekend in Åre, Granliften really showed its best and running in a very strong performance. We look forward for a very strong winter, and we will go into that later on during the presentation. First, let's spend some time on the quarter. Anders, I hand over to you and the next page showing overview EBIT. Thank you, Stefan. Before commenting on the 1st quarter, we will start with an overview of the financial development. Here you will see a graph that shows historical development of EBIT and EBIT margin, and also the underlying EBIT from the operations, where in the gray area you see the capital gains from our property development. It's important to understand that in the previous years' full year results, a substantial part has come from capital gains, which is not that sustainable. More happy with the situation that we show last year and this year, the last 12 months that is. The two financial years 2019, 2020, and 2021, of course, heavily affected by the pandemic. We couldn't parry the loss of revenue. We did maintain a strong operating profit for the period which was crucial now. Last 12-month figure to the right showing an EBIT at SEK 767 million, of course, affected by last year's fantastic result. We hope that it's a new starting point for us in this historical level you see in front of you. The underlying effect last 12 months of the capital gains is around SEK 50 million. It's also important if you look at operating margin at between 19%-21%. You must also remember that the new hotel division contributes with approximately SEK 400 million on a full year, but with not the profit we want and plan for forward. Moving into page 11 with the revenue, as Stefan mentioned, it's a very quiet quarter for SkiStar, a very operational focus starting on the winter season in a safe and efficient way. Two takeaways on the revenue side is that Stefan also mentioned the retail business, really strong development, fantastic Black Week sales, and we are now looking forward to even more volumes from our physical stores in connection with the winter season at the resort, of course. We now have a hotel and lodge division that had a tough start previous year when the pandemic was well present until January, and among other things, the sales of alcohol in restaurants was prohibited in Norway. Moving into page 12 in the EBIT by segment, you can follow our changes in EBIT. Worth mentioning in the quiet quarter is that the cost increases are mainly linked to the income for the winter season. For example, we have a significantly higher pace than during the pandemic, with repairs and maintenance at our resorts, as well as consumables. We also have higher costs for advertising and marketing as part of being more aggressive in the marketplace. In profit development, we had a minor sale with capital gain previous year. Otherwise nothing to report there. Finally, our hotel and lodge business have an even higher seasonal variation than the core business SkiStar. We also have new rental costs for the SkiStar Lodge in Högfjället, Sälen and the SkiStar Lodge Skalspasset in Vemdalen, which we did not have previous year. We have some profit to make up for when the lifts open in December, but of course, we already knew that. For the summary, Q1, page 13. Summarize a small quarter with the timing effect on several cost items according to plan. We got an effect from the fact that one year ago, we were still living with restraints due to the Omicron virus and with our hotel division, we got an even bigger swing between the quarters. Our balance sheet is still strong with an equity ratio of 47%, excluding IFRS 16 debt. The net debt is well below two, and the liquidity focus is satisfying, partly due to the responsible actions in the pandemic, but also our record year when it comes to sales and profit last year. We have invested more than SEK 600 million for this coming season, this winter and following summer. We financed the high CapEx level from our own generated cash flow, which shows that our business model works and that the guests will benefit from all of the modernization and upgrades at our resorts. Stefan will talk more about our plans and outlook later on. A deep dive into energy, page 14. We would like to take a chance to update you on the issue which is high on the agenda for most people and companies, the electricity and energy crisis we live with at the moment. Operating a ski resort is of course very energy intensive, with the single largest activity is snow production. Since the issue has been important historically, we work with the portfolio management of purchases, where we have a three to four year perspective. Of course, with a strategy of having as much of next year as possible at fixed prices. We have between 1,700% of this year's forecast in fixed prices, which means that we are well equipped to cope with electricity prices in the short term. It also accounts for a limited part of our cost mass, although it will certainly rise for the coming years, just like for everyone else. What we have done is that we have launched our own energy project linked to our own consumption to reduce that part of the equation for the total cost going forward. We focus on smarter snowmaking and smarter energy consumption at our properties. As also Stefan mentioned, we had a successful start in the Q1, which is promising. Of course, we are aware that the decisions are made for and the battle is begun for the Q2 and the higher volume. It's important that December was very cold and with dry air, which means that the snow production has been very efficient. Before handing over, we should also dive into the sustainability results for Q1, an update of our efforts. Overall, satisfied with our progress in our sustainability work. You can read all about that in our annual and sustainability report. We presented more than, I think it was one month ago, yeah. We want to take the chance to tell a couple of highlights during the last quarter as part of our interim report. Starting with health and wellbeing, what is good to highlight in the quarter is that on September 7th, we opened up summer skiing for our guests in Hammarbybacken. During the quarter, we had roughly 9,000 guests in Hammarbybacken, and we sold 2,000 ski days in the summer skiing product. The total number of rides was just under 40,000, including all our activities in Hammarbybacken. We have had a long-term collaboration with the Swedish Skiing Association and Alla på snö. This is nothing new for us, when we renewed their agreement, we also included summer skiing in Hammarbybacken. We had several school classes visiting us with children that have never skied before, and just in a couple of hours, they learn how to ski down the hill. We see this as an important part of recruiting new skiers and also creating a lifelong interest in skiing and mountaineering. Moving on to ecosystem and impact. During the quarter, SkiStar was the first company to place a pre-order for 50 electric mobiles with Vidar Mobility. In addition to pre-orders, we have also started a collaboration where we support with our experience and knowledge during the development phase. Production of Vidar's pre-series is expected to start in the fall of 2023, but the construction of the prototype will already start in January. We have also launched the Pre-used product at Skistar.com, where we sell used skis. The outcome of Pre-used has been very good. Of the first 148 pair of skis, 147 have been sold already. Also show a great potential. Now we await the next release of 500 new pairs of old skis to be sold at SkiStar.com. Finally, dialogue and interaction with the community is also essential. During this quarter, we carried out our annual recruitment process. There has been a high level of interest in working with us this winter. For the coming winter season, we are hiring more than 2,000 positions spread across over 80 different positions in the Swedish and Norwegian mountain destinations. We see as being a job engine in our destinations as one of our most important tasks, where we have the opportunity to give young people their first job on the labor market. As part of SkiStar's financing together with one of our banks, DNB, we have included a sustainability link in one of our major credit facilities. We are doing this to link clear incentives, to achieving our sustainability targets, which is in the long run leads to more efficient financing and then of course SkiStar achieving our targets. Stefan, over to you and the outlook going forward, and we're moving to page 16. Thank you, Anders. I really understand from many questions we have got also from journalists this morning is very much about the outlook. How does it look for the season, and what is some consumer behavior? I would like to take you through a couple of slides. We move over to next slide, page 17, where we look into this winter upcoming season 2022-2023. First of all, I am really glad. Like I said in the beginning, I've been visiting all our destinations the last week, met fantastic condition and an extremely effective snow production. You know, when we have this cold temperature as we have had up in Scandinavia now up to minus 15, it's really helped us to produce much more efficient snow production than we do when we have the temperatures around minus 5. It's actually 50%, 5 0, better output of the production of snow when you have the cold temperatures. From 1 cubic meter water, you go out with 2 cubic meters snow when it is like minus 5. When it is like minus 15, like we have had right now, it is 1 cubic meter water, and it's actually 3 cubic meter snow. The snow is in a much higher quality, which of course have helped us to be almost 90% ready with the snow production already in December, which is of course extremely glad or extremely good now when we open up for the Christmas, New Year's period. The conditions is there. We then look into the bookings. We can see a very interesting pattern. That is that all the beds we have close to the slopes are almost fully booked and in pair with how it looks actually last year. The beds which is further away from the slopes are the one who is not booked firstly. It's very interesting to see that pattern. If we go into the booking situation, I'm also very glad to show you this graph. We normally don't show you this graph, but I really wanted to show you in a way where we can be more specific in how it looks on each period. Please move on to page 18. You can say that we split our period into different, or our season into different periods. If we look into the Christmas period between week 51 and one, sorry, we see that we have an increased booking pattern of 3%. If we then look into the smaller period between week two and six, we can still see an increase of 1%. Then we have the very important winter break period between week seven and 10, we have +1%. If we look into those isolated 3 periods, it looks extremely well, and it's also extremely good booked into the season. If we then look into the period after week 11 to 18, we are behind that period, and that is the new pattern we see that our consumers are booking much closer into when they will travel. Just as an example, we increased our booking the last week. When we made a stop in reading how much is the booking look like when we're going into this report time, we had -13% compared to last year, if I read the numbers in the report. When I look at today, this Monday morning, it's only -12%. In one week, we have gained actually 1%. That is a clearly statement of how the booking pattern moves very quickly into our favor moving on into the season. If we move on to the next page 19, I really would like to show you also some numbers around our digital activities or from the consumer's digital activities. In the yellow field, you can see the number of visitation, digital visitation in skistar.com last year. And if we then looked at the numbers, we are slightly below visitation at our webpage, skistar.com. We have the same conversion, but then we can see that the SkiStar app is moving much quicker, and it's also increasing the conversion. And the reason for that is that much more active app and also higher conversion due to much more purchasing to the SkiStar ski passes in the app. We can also see what Anders show you in the revenue growth we have in the quarter is very much related to the visitation in SkiStarshop, and we are highly driving that traffic right now, and the retail business is going extremely well. Here I would like to underline also that SkiStar owns the first-party data compared to many other companies in the e-commerce business right now. We are sitting on a very strong asset, and that will help us going forward into the future as well. I move on to page 20 because it has been a lot of dialogue and questions around what is the price on ski passes, etcetera. We are very glad to show that we are the largest player in Scandinavia, and we also have the largest number of slopes and also largest number of lifts. Of course, that relates to also the highest price per ski pass since we are the largest destinations. If you then split it into either per slope or per km we have in our piste, we are actually the three most valuable destinations in Sweden and also the most valued destination in Norway, which makes us really proud. When people ask us about price increases over the year, yeah, we're also very proud to say that if you include living, which means the house you rent, the ski pass and the ski rental and the ski school, we are up between 3% and 4% versus the inflation around 10%. We have really managed to also take out cost out of our business and to really make sure we can deliver strong result for the upcoming year. What's important is that the slow currency we have with the Swedish krona also helps us very much into the upcoming season, especially since if you look into this slide with ski pass prices in Europe. Take an example of the Mont Blanc, Chamonix a year ski pass has before costed 12,000 SEK, and now it's 22,000 SEK. You have a very high increase in Europe and in the Alps, and that will also help us to have Swedes, Norwegians and Danes stay in the Scandinavian Alps instead of going abroad, traveling abroad. This will help us and also gain for a good season. I move on to page 21. I really would like to highlight around business development and innovation. It really continues. Anders mentioned Hammarbybacken, which has been our year-round, but that's also our innovation hub. In the innovation hub, we are testing, we are trying things, and we have tried these pop-up stores, now we will move out 15 stores, smaller stores out or SkiStar shops into the slopes or very close to the slopes. We will open up special EQPE stores very close to the slopes, and we can also see that EQPE brand is growing faster also than the retail business in average. We will continue to develop, and we will continue to innovate, and we are very proud of that. We move over to page 22 and really talking about the readiness for growth. Again, Anders show you how it looks like from our financial statement, and we have a very strong balance sheet, and we have a very low net debt, and that will help us now going forward when we're coming into tougher times. We have a very strong financial situation and also very strong financial relation with our banks. That will help us now when we have presented a very clear vision and future plans about 2030. Also, it's interesting to read in media how quick they are to hang up with the -3 in booking situation. We are very glad to have a very stable and very solid business. We are not actually afraid at all of this situation. We have actually the opposite feeling. We are very proud to actually, in these slow times in consumer behaviors, see that we have these strong booking numbers. We are super satisfied with that. It also shows that having holiday in the Scandinavian Alps is something the consumers are prioritizing and that you can also stay in a cabin, you can live there together with your family, you can cook yourself, and you can also have a very good time with your family and friends. We see that that will continue. We can see it's a very strong part of Scandinavians' DNA. Again, I really would like to highlight also that we have a lot of experience now from the pandemic, how we could handle tough times. We have showed that during the pandemics, that we can handle our cost base. Since we now are down a bit in the bookings, we of course are working with our cost structure. Anders mentioned that when he showed the numbers, but of course we are handling our staff. We work on the schemes, how they have the plans. We also work hard with energy efficiency and also other costs in our operations. We are very proud of how we are gonna deal with this upcoming season. With a big smile from us here, we move over to page 23 and open up for Q&As from the audience. Thank you from us. Thanks. Thank you. If you wish to ask a question, please dial zero-one on your telephone keypads now to enter the queue. Once your name has been announced, you can ask your question. If you find your question has been answered before it's your turn to speak, you can dial zero-two to cancel. Once again, that's zero-one to ask a question or zero-two if you need to cancel. There'll be a brief pause now while we register your questions. Our first question comes from the line of Fredrik Lithell of the Handelsbanken. Please go ahead. Your line is open. Thank you very much. Thank you, Stefan and Anders, for a very good presentation, and especially, on the explicit outlook presentation where you provide us with more details. It's always very helpful. Thank you for that. On that note and on your outlook discussions, can you. I have a few questions. One is, domestic and international guests. Do you have the same kind of statistics so that you can anyhow comment on it to us and say that, you know, you have more of the bookings from international guests this year compared to last year? It would be very interesting to see how that trend is developing. Also, on the statistics, I mean, the thing you show is it's good that you show that, you know, the first part of the season is similarly booked, so we have that clear for us. The thing, you know, this is accommodations, and how is that relating to the ski pass bookings, if you like, or ski school bookings? Do you have that kind of insight as well on how that has developed so far? Would be very interesting to hear. Thank you very much. Fredrik, that was a lot of questions. I will see if I remember them. Please help me and continue. I would like to start with the international guests and so on. We can see actually very similar pattern like we did last year, that we have around 70-plus Swedes visiting us. We have around 20% Danes, and then the rest 10s is split between Norwegians, British, German and Dutch people. In general, we can say that we are in a similar guest pattern as we had last year. What we can see more is that the Swedes and Danes are now moving into Norway in a much quicker pace than they've done before. Norway is really taking off back again, you can say. Trysil in specific is coming out as our second-largest destination after Sälen, which was the pattern before the pandemic. Trysil is really back on track, which is also helpful from a profitability point of view. You asked about the ski pass prices and the booking situation there. There we could see also that we have actually very strong booking pattern, I must say, pre-booked. Okay. Both of seasonal tickets, which is much higher revenue than we had last year at the same time. We also have a similar booking of the weekly passes as we had last year. Even though that booking is below, nights booking is below, the ski pass sales is above, or in line with last year. That is a very interesting pattern. Now I remembered two of the questions, and I forgot the third one. Which one was that, Frederick? I think it was also. It was two questions. It was two questions. Yeah. Yeah. Do you feel okay with that, Fredrik? Was that helpful? Absolutely. Yeah, very much. Very much so. Thank you. I could also just help all of you on this call with the booking as well, since we now have decided to show you the different periods just to also relax the market a bit, if I say it like that, because we feel very comfortable with the situation. Since we also see that the consumer booked a little bit not in the same pre-booking as before, but you can say that the season we have booked is also 80% of the season is already there and it's booked, which I think also is very important that the end of the season, 11-18, is not so important, bear me right here, but the most important part is really there and it's continue to be booked all the time. There is more upsides than downsides actually in the booking, I would like to highlight in that period. Just on that note, I can tell you last week's booking was 80% booked between week 51, 52 and week one, actually. We can really see that consumers still book up to very late arrivals. Just as a comment on that note as well. Thank you. You're welcome. Thank you. Currently we have one further person in the queue. Just as a reminder to participants, if you do wish to ask a question, please dial 01 now. The next question comes from the line of Karl-Johan Bonnevier of DNB Markets. Please go ahead. Your line is open. Yes. Good morning, Stefan and Anders. Yes, to continue on the last thing you talked about, that 80% of the season is already booked. When you look at that period, 11-18, that seems to be the delta, so to say, compared to last season. How did that look when it came to in-season bookings earlier and being pre-booked, so to say, with this kind of long duration? Because I guess that period should be one that is more to be booked in season, or am I wrong there? No, you are completely right, KG. That's why I'm saying we are not worried about that, neither. It's from two perspective. Normally, it is booked during the season and then also in connection with this late booking pattern. That's why we are quite comfortable with the situation. I also would like to highlight, even though that we have this really bad calendar for us in the Christmas period, we are actually up compared to 1920, which is something we don't talk so much about in this call. I really would like to highlight that as well, that the Christmas period also looks in a favorable in favor for us. That's very good. When you look at the what you have to the inventory you have on your booking system, I think you in the annual report talked about around 39,000 beds across your resorts. Have that number moved up dramatically this year with property owners wanting to be in your system? Yeah, it actually started to move up. When was it? Was it? It was two months ago. Yeah, two months ago, it's actually start to increase dramatically. We have seen 2,000 more beds coming into our system lately. We see it's coming in all the time. We believe that that is a pattern of that house owners wants to get support with energy bills or also maybe the interest rate, et cetera. Before, maybe you have decided to only have this house for yourself, but now open up for us to take care of that booking as well. We believe that that could be helpful for us also going forward to get more attractive stay at our resorts because we are very careful of what beds we are taking into the system because we cleaned out some beds last year, to be frank, with beds we don't want to have in our system because we really would like to have high quality beds and also closer to the slopes, et cetera. That now number starts to increase back to in our favor again. I don't know. It was a long answer, KG. No, very good with the colors, though. Going back to Q1, obviously small quarter for you, but quite a bigger loss in this year compared to last year. If you just could give some more color about when you talk about repair cost, marketing cost, the personal cost and these kind of things, how much of those costs are, you can say, more related to phasing that you should normally have seen them in Q2, maybe Q3, and they now ended up in Q1? How much of them are, say, a recurring phenomenon also going Q2, Q3? We should expect them being a burden then as well. Thank you, KG. I would say more than 50% are linked to common winter seasons or repair, maintenance, consumables, and which are more of a periodic effect or timing effect of the cost and not should not be looked upon as a cost increase. Of course, we suffer also from the inflation at the moment, of some of our cost items, of course. More than 50%, I would say 60, 65, or 2/3, I would say maybe are linked to a different timing effect of the costs. Excellent. Then looking specifically on the hotel operation, obviously, a big number in a small quarter for you there looking at the loss as well. How do you see the hotel operation in a full year perspective with the booking situation you have for the moment? Do you still expect, say, a smaller loss this year than last year? Or with the start and the added costs you now have, should we expect a weaker performance in the hotel operation this year than compared to last year? Absolutely, we think we will improve the result bottom line when the year is over. It's more linked that two of the hotels are new and not accounted for last year's quarter one. With the booking situation and the cost projects and the synergies we run now through the seven hotel lodges, I think we're optimistic. Yeah. I can build on what Anders just saying there, because I really like your question, KG, because it is very difficult for you to follow this hotel operation because just a year ago, we didn't have. We opened up Hundfjället. That cost we bear with us now, of course, in the quarter. We also made an acquisition of Vemdalen, which has been the same. They have been empty, so to say, during this period of time. Of course, that gives us only cost in the quarter. Since we now have created this hotel division, we also really started off with an improvement of both cost, but also how to run a much more efficient year-round business in the hotel division, where we started to do more and more events to fill up the hotels. Since we are paying a fixed rent every night, we could add into the hotels out of peak season is of course, revenue into the money on the bank, so to say. That will help us, of course, as well. I just want to also build on what Anders said about the cost in the quarter. I mean, to go from only working on six, seven months business to go to year-round business also help us, of course, to create, we also want to strengthening our brand for a year-round business, and that cost us also in the marketing when you want to do that positioning movement from, you say, seasonal business to year-round business. We are really proud of that, actually. I think it is, of course, hit us hard in the quarter, but it is gives us a long-term view. I think, since you also could see on the digital visitation, that have helped us also to improve our retail business a lot going forward. When you look at the hotel operation, I guess this year, you should have a positive delta in the Norwegian operation. Maybe if you could just indicate as well the Skalfjället operation that you added. Was that a profit-making operation before you took it over? It was, yeah. It was. It should hopefully only get better when us running the show, of course. On the first part of the question, yeah, you tend to forget that one year ago, we lived with Omicron virus, so we had a really rough start for the Norwegian to the huge hotels in Trysil, Radisson Blu and Radisson Mountain Resort. Hopefully now we can sell alcohol and the restaurants are working fine. I think the restrictions we had in Norway was up until week six or week seven. Yeah, that will, of course, be a good benefit for us this year. Just to also understand the Q1 development, looking at the free cash flow or the operating cash flow, is that mainly related to the retail operation or how does that play out in the quarter? No. Some a bit of the answer is linked to retail business and our investment in that division. That you can see also top line. But of course, when it comes to stocks and warehouse management, you can see an effect of that. But it's also the lower booking situation versus last year is also an effect when it comes to since we have a lot of prepaid and the booking pattern is earlier last year than this year. It's those two explanations. Excellent. Thank you. just on that, when you look at the risk in season, so to say, when you look at cancellations, how does that work for you? If say, consumer confidence, suddenly should turn more negative again, is there a big risk for in-season cancellations? I must say I'm really proud that we have no cancellations, actually. It's, we had one conference group in Norway who canceled from one hotel, but they moved to another, actually. It was back in the books again. We haven't seen any cancellation. For all in the call who don't know our rules, it is if you have bought an insurance, it is 20 days before arrival, and if you haven't booked any insurance, it is 40 days before arrival. That means that actually we are closing to the holiday season is over, of course, the Christmas, and then also this Sportlov and the period of time when people. School holidays is called. Again, we don't see any signal of cancellation. I must really underline that. It's a good you ask that question. Thank you. One final from me. Looking at the exploration development operation, obviously with what's going on out there with uncertainties and so on, have you adjusted your own kind of pipeline in that operation? How should we see this then next year, maybe from an exploration development operation perspective? I can start, Anders maybe fill in. What I really like is that we show the picture for you of how our development has looked like the past couple of years when we have got less and less independency out of our development situation. However, though the creation of Skiab is helping us to get almost a stable development every year from a dividend perspective. Then also, we have decided to slow down production in the beginning of last year when we could see that the high prices was there for rebuild and build. Now when we see that the price has started to go down, it opened up again for start production of sales. We are confident in that situation. We have also already before said get used to a lower, number in, development, but a more stable, situation, so to say, from the core business. Anders, would you like to add more on that? Just to add that, I mean, SkiStar is not exposed to the private housing market. I mean, of course, second homes sales in the Scandinavian mountains is gonna be slower coming years, but it doesn't change our strategy. We would focus on other type of projects for the next two years. That's one good part also being a long-term perspective of the business. I guess you don't have a big pipeline that is coming into harvesting during this season either, do you, so? No, we have one in Skiab, but, that moves on according to plan this winter in Åre, so no worries there. I guess Åre is one of the resource that has really kept up the best when I look at, say, agency statistics, so. Probably you know that better than us. We're not focused on the private market. Good. Good. No, thank you very much, and good luck out there. Thanks, Daniel. Thank you. As there are currently no further questions in the queue, I'll hand back to our speakers for the closing comments. I really would like to give all of you a big thank you for listening to our call today, and also glad for the questions because that also help us to be better in our clarification and presentation. Thank you for that. By that, we would like to wish you really happy holidays, and hope to see you in the slopes. Both myself and Anders will go there in a short period of time. If you see us there, say hi, and again, happy holidays to all of you. Thank you very much. Bye-bye.