Ladies and gentlemen, welcome to the Trelleborg Audioc ast, Q1 2022. Today, joined by Peter Nilsson, CEO, and Fredrik Nilsson, CFO. For the first part of this call, all participants will be in a listen-only mode, and afterwards, there will be a question and answer session. Speakers, please begin. Thank you. Peter Nilsson speaking, CEO, and also joined here on the call by Fredrik Nilsson, our Group CFO, here to discuss and present our interim report for the first quarter of 2022. As usual, we are using a deck of slides which has been on our homepage for some time, and we'll follow that, of course, throughout the call. Starting there quickly, on page number 2, agenda. Our usual agenda for our calls, starting with some highlights and the business area, some comments on the business areas, commented by me. Then, Fredrik will support by giving some further guidance on our financials, and then summary at the end, and then finishing off with an outlook and some comments on the outlook for the running quarter. Also, of course, ending the call as usual with a Q&A session. Quickly moving to page number 3. Headlines for the quarter, strong growth and profitability. All in all, a very good quarter for us when we look at the figures delivered in the quarter. Sales ending up a little bit north of SEK 7 billion, which is an increase of 22%. Also maybe before, sorry, just to clarify this is of course, so this is of course figures related to continuing operations, which we're gonna comment a little bit further on. As we know, I mean, following this agreement that is signed on Wheel Systems, it's this quarter is a new set of figures, a new set of comps here as well. I'll get back to that, and I trust all of you is aware of this, just to clarify and to avoid any kind of early misunderstandings. Once again, the sales in the quarter a little bit north of SEK 7 billion, an increase of 22%. Organic sales up by 30%, the currency supporting by 7%, and a smaller M&A impact as well, providing a support of +2%. EBIT is up by 25% to a little bit north of SEK 1.2 billion, corresponding to a margin of 17.3%. All in all, this is then the best quarter in terms of sales as well as EBIT as well as EBIT margin. Items affecting comparability ending up at SEK -25, which is a mix of some pluses and minuses, which is further elaborated on in the report. Cash flow a little bit weak in the quarter, but nevertheless, let's say firmly positive, impacted by the substantially higher sales of course, but also on top of that, we have also, let's say, on purpose, building inventory in order to address this increasing uncertainty throughout the quarter. Also, as I already commented on, I mean, we also during the quarter, we signed an agreement to divest Wheel Systems, Yokohama Rubber Company, and therefore it's reported in this set of figures as asset held for sale. Nevertheless, of course, I'll get back and comment on it. Also to note, yesterday we signed an acquisition, a smaller acquisition, but nevertheless strategically very interesting for us and then adding some new capabilities and of course, new sales into Sealing Solutions, medical and healthcare segments, this company, EirMed. Once again, a press release on that one was sent yesterday. Looking, moving to page 4, commenting on organic sales. As already stated, strong organic sales, basically everywhere. Europe strong at +12%. Americas, very strong as +21%, supported by very strong sales primarily in North America. Asia and other markets also a solid +8%. Although, we have Asia impacted by the clear softening in China linked to these new restrictions and measures connected to these continued outbreaks of COVID-19. Nevertheless, all in all, a very solid quarter where organic sales in total for continuing operations is up by 13%. Maybe also commenting on this slide, I know Fredrik get back to it, but a few comments on the organic sales, which is the question we already received there in between our report and the presentation, is roughly 2/3 of the organic sales coming from volume and 1/3 coming from pricing. Of course, with some differences between different segments, but that is kind of the overall split that we see from the organic sales. Turning to page 5 and the next agenda point, business areas. Moving then quickly to page 6 to comment on industry solutions. Very strong growth and record profitability in the quarter. Organic sales are up by 21%. Very strong organic growth on the backing of this solid order book that we've been building at the end of 2021. Sales up significantly in all geographical areas, fairly evenly split. I mean, we must say sales to all market segments increased, which then includes automotive actually for us, where we have been building or improving our market share since in this business area due to that we have a good representation on new platforms being launched in the quarter or growing in the quarter. Well, all of the segments growing, all of geographical areas growing. Then also we have, as everybody else, we've been hit with, let's say, fairly strong cost increases coming both from raw materials and freight and energy. Overall, we have shown that we have a very good pricing power, and we've been able to offset more or less everything in the quarter, isolated. As a result of all of this, EBIT and EBIT margin increased to new records for Trelleborg Industrial Solutions. Moving to page 7 and commenting on Trelleborg Sealing Solutions, organic sales 8%, where we have good growth in the Americas and Europe, but a little bit lower sales in Asia, as already commented on in this area, due to new restrictions and measures in China, linked to COVID-19. A little bit of a mix here between geographies. We see sales in general industry, healthcare, and medical and aerospace increase significantly, and supporting this good growth figure. Deliveries to automotive also in this area actually grown a little bit more, but there, this is due to the fact that we have more exposure here to the aftermarket for certain products, and we've been able to offset lower sales OE with higher sales to the aftermarket, and thereby actually overall been able to grow with automotive even due this segment being somewhat challenged in the quarter. EBIT and margin improved to higher volumes and price adjustments, generally well managed and also showing that we are having a good pricing power, and we are able in a quick way to manage these, let's say inflationary pressures hitting us, more or less all over. All in all, a very good quarter for Sealing Solutions and delivering a very solid 24% on the back of a solid organic growth. Moving to page 8, now just to clarify, I mean, this has been not any news, of course, for those of you following us, but nevertheless, it's the first report where we comment, let's say, where we're reporting Wheel Systems as assets held for sale. Turning to page 9, just a quick refresh here. I mean, we are doing this divestment since we feel that the divestment of Wheel Systems will, let's say, deliver a more profitable, less cyclical, and also with a substantially improved sustainability profile for the remaining of Trelleborg. We're also getting more coherency in the portfolio, market exposure and drivers for the remaining Trelleborg, and of course, also providing us quite a lot of strength to continue to accelerate growth in selected segments. Of course, on top of this also, we wouldn't have done this deal unless we believed it was an attractive valuation for Trelleborg. Turning to page 10, just also on the same topic, buyer Yokohama. It's a good add-on for Yokohama, so I understand their interest fully in Wheel Systems in supplementing their offering and also creating a more balanced profile for Trelleborg. Good for Yokohama, a good fit for Yokohama. We feel also that this valuation that we're getting here is showing that this is a good asset which is then good for us and good for Yokohama. Purchase price SEK 2.1 billion, with a smaller part of that linked to the performance in 2022. That is when this is kind of concluded at the end of 2022, that is our best guess today, then that will also result in a capital gain of some SEK 6 billion for Trelleborg. This is about the deal. Then moving over to page 11 to comment on the performance in Wheel Systems. Very strong growth in the quarter. Organic sales up by 33%. I mean, just a quick comment on that. I mean, as I said, for the other part of Trelleborg, for kind of the continuing operations in Trelleborg, we say that 2/3 is linked to volume and 1/3 linked to pricing. Here is roughly the opposite, where 2/3 is linked to pricing and 1/3 is linked to volume. That is what we see. Strong demand basically for all segments and for all geographies actually, especially Americas. We've seen now that the increasing demand for especially agricultural tires in Americas is supporting us strongly. Cost has been increasing a lot for raw materials, energy and transportation, but we believe also that this figure shows that we actually have also in this segment a good pricing power and good models in place to compensate ourselves for this increasing input costs. Of course, on top of this, but besides the pricing, we have also been running the factories within Wheel Systems at high efficiency and thereby also making some positives coming also from these higher volumes, of course. That was kind of my comments on the business areas and Trelleborg Wheel Systems on page 12. The agenda point, moving to financials and leaving to Fredrik to start on page 13 then. Thank you, Peter. Let's then move to page 13 to talk about the sales development. Organic sales increased in the quarter by 13%, and total sales grow by 22%. We have 2% impact from acquisitions, and we have 7% impact from currency translation. Let's move on to page 14. As you can see on the page, this was another good solid quarter with strong organic growth in historical context. As you also can see on the graph, this was the fifth quarter in a row where we were on par or above our growth target. Moving on to page 15, showing the sales development on a rolling 12-month basis for the continuing operations. As you can see here, we are also on the highest level, so a new all-time high. Moving on to page 16, looking at the EBIT that increased by 25% in the quarter from SEK 982 million- SEK 1,230 million. Also margin went up from 16.9%- 17.3%. We have a positive translation impact from foreign subsidiaries by SEK 55 million in the quarter comparing to the corresponding quarter last year. Looking, as Peter mentioned, in the business areas, we saw a solid margin improvement in both Industrial Solutions and in Trelleborg Sealing Solutions. Moving on to page 17. As you can see, the positive trend continues with increased EBIT and higher margins. Moving on to page 18, some further details in the profit and loss statement. Peter mentioned that we have items affecting comparability of SEK -25 million in the quarter. It comprises of restructuring costs of SEK 75 million in the quarter. We have made some capital gains of sales, some assets of SEK 140 million. We have also made a provision of SEK 90 million attributed to the group's capital employed exposure in the Russian market. That sums up to the SEK -25 million. You can also see that we have a slightly higher financial net in the quarter. We are seeing increased interest rates, but we also have some impact from preparing capital structure because we are now selling, as you know, the printing blanket business and Trelleborg Wheel Systems. The tax rate in the quarter was just below 26%, which is in line with our earlier communicated guidance. You can also see on this profit and loss statement that the net profit from discontinued operations show a strong improvement due to the profit growth in Wheel Systems. Moving on to page 19, earnings per share for continued operations, exclude items of comparability. It went up with 21% from 2.68- 3.25. If we look at the group as total, we were up 18% in the quarter. Moving on to page 20, looking at the operating cash flow amounted to SEK 328 million in the quarter, SEK 484 million last year. As you can see here, we have a positive impact from the higher earnings generations in the quarter. Then we have a little bit of a higher working capital in the quarter linked to the increased sales, which takes up more accounts receivables. As Peter earlier mentioned, we also have built a little bit of strategic inventory to secure a stable supply to our customers. We are also back to a more normal CapEx level in 2022. Cash flow conversion, 76% on a rolling 12-month basis on page 21. Moving on to page 22, looking at the gearing and leverage development. As you can see, the net debt equity ratio, 23%, in the quarter, so very low, very solid balance sheet. Also looking at the net debt to EBITDA, we are now down to 1.1. Moving on to the next page, looking at return on capital employed, up to 15.7%, which is the highest here for a long time. That is of course linked to the strong profit generation. Moving on to page 24, I will finish off with some financial guidelines for the full- year of 2022. This is for the total group, including assets held for sale. CapEx unchanged to SEK 1.4 billion. Restructuring costs also unchanged to SEK 300 million. Amortization in tangible assets is reduced from SEK 375 million- SEK 300 million. That is because we are, according to IFRS, obliged to stop amortization of assets when you put them as assets held for sale. Underlying tax rate, 25% for the group. As earlier communicated, it will be 26% for continuing operations. By that, I would like to hand back the microphone to you, Peter. Thank you, Fredrik. Page 25, the next agenda point summary, and some comments on the outlook for the running quarter. Page 26, as already commented, a strong quarter for us in most comparisons. Sales up by 22%, supported by strong organic sales. Organic sales, once again on this level, roughly 2/3 of volume and 1/3 of price. Currency supporting by 7% and a smaller portion of M&A as well. Both for which is then supporting both Sealing Solutions and Industrial Solutions with a small percentage. EBIT up by 25% and a margin 7.3%. Record high sales, record high EBIT and record high margin in the quarter. Items affecting comparability of SEK -25, where Fredrik also commented and shared a little bit further information on how that is different items getting to this SEK -25. Cash flow is slightly lower than last year, impacted by higher working capital linked to the higher sales and also let's say by higher CapEx activity in the quarter compared to a year ago. In the quarter, of course, very important and a new kind of Trelleborg Wheel Systems being developed as we have signed an agreement to divest Trelleborg Wheel Systems to Yokohama. Also, let's say, of course, a lot smaller but nevertheless also important, an acquisition of EirMed with base in US outside of Minneapolis, which is then adding some capabilities to our medical and healthcare segment within Sealing Solutions. This is the quarter. Once again, strong quarter with good growth and good profitability. Looking then at the running quarter, we estimate, we believe that demand is to remain on the same high level, slightly less pricing impact in this quarter compared to the previous quarter, but nevertheless, on a volume impact, we expect it to stay on the same high level as we've seen in Q1, and then supported by very strong order books and also continued very high demand from our customers. Although, of course, this very sad development that we've seen in Ukraine is, of course, creating new uncertainties for us. And we don't know exactly what that will if that will create some further impact. Of course, it's created some higher degree of uncertainty, and we have to note that. Once again, even including that, we believe and firmly believe that with, let's say, the demand in the running quarter will remain on the same high level as in Q1 for us. With that, I think we are moving to the next agenda point again on page 28, the Q&A, and then quickly turning to page 29 and opening it up for questions. Please go ahead. Thank you. Ladies and gentlemen, if you would like to ask a question, it's zero one on your telephone keypad to register. Once again, it's zero one on your telephone keypad to register for a question. Our first question comes from the line of Hampus Engellau from Handelsbanken. Please go ahead, your line is open. Hi, Hampus. If your phone is on mute. Oh, I was- Could you just unmute your line? Yes, I am. Do you hear me now? Yeah, now we hear you. Okay, sorry. Yes, yes. Uh, uh- No. I'll start off where you ended, Peter, on the outlook. If you maybe with orders being on record level for Q1, to me, the outlook sounds a bit soft for Q2, if you look at the underlying demand. Maybe you could add what kind of worries you have for that. Second question is more relating to pricing. With Wheel Systems now being out of the box and you're focusing on industrial and sealing, I guess the pricing power has improved. If maybe you could elaborate a bit on the time lag versus cost increase and how if there's a faster pace here in increasing pricing when you see material costs moving. Some of the two questions. Thanks. Yeah, no, I mean, they're relating. I mean, if it would kind of been a normal quarter in that way, and looking at the order book and looking at the sales, I mean, the normal we talk about order book conversion in the let's say coming quarter. I mean, our let's say normal estimate would be in a growth in sales growth in demand. We need to take an insight. We mentioned here Ukraine, but we have also commented on the China situation, which is also a little bit troubling and what we need to look at. All in all, we end up with this kind of overall assumption. Very good order book. Yeah, all-time high order book. Still, we need to consider also these uncertainties coming from China, Ukraine, and also of course, also the growing inflation will have an impact. Overall, we feel that the order book is supporting us into Q1, into Q2, let's say, in a very good way. To start to speculate about the second part of the year, that is something we kind of delay a little bit. Of course, we're looking on all kind of signals, all kind of KPIs on potential changes in the second part of the year. Honestly, we don't see anything at the moment. We need to be open, keep our eyes open, and be aware of this growing uncertainty in a multiple dimensions. That is kind of why we end up with this, if you say careful estimate, but we don't feel it in that way. I mean, considering all the uncertainties, which is hitting us from all directions. About the pricing power, I mean, we have always felt that we have a good pricing power also including Wheel Systems. It's simply that the delay in Wheel Systems is likely longer since you have to push that pricing through a distributor level and also with this pre-selling of tractors. That is more the pricing model in Wheel Systems, while it's a more direct pricing on the other businesses. I mean, in most of the businesses that are outside of Wheel Systems, we are kind of single sourced. As long as we are fair with our customers, which of course we always are, and we have open conversation with them, support them in various ways, we believe they are also, let's say, open to us and supportive to us. We feel that this is the way it's gonna be going forward. There will be less of a pricing impact in Q2, of course, since there will be continued inflationary pressure kicking in. We believe, let's say year-on-year comparison, the biggest pricing impact, as it looks today, will be in Q1 when we talk about kind of organic sales development. In the quarter, are you compensated fully for the cost and the pricing increase, or is there also maybe some bit margin in the pricing increase? No, we are fully compensated, I should say. I mean, there is always some mix and so some overcompensation in certain areas, but we also have some undercompensation, especially like energy. I think we are more or less. I don't know, Fredrik, fully compensated in all aspects for raw materials, but there still is some delay in the energy cost increases. I mean, overall, we feel that we are fully compensated. I mean, we don't. It's not kind of any meaningful difference on that one, even though we may be some overcompensation on some raw materials and some small undercompensation in some of the energy related cost areas. Overall, we feel we don't have any kind of remaining price increases to be implemented. Of course, always working on it, always adjusting, but we don't feel that we are kind of behind in any way at the moment. All right. Thank you. Thank you. Our next question comes from line of Erik Golrang from SEB. Please go ahead. Your line is open. Thank you. I have three questions. The first one returning to pricing and hear what you're saying on price impact year- on- year being lower ahead compared to Q1. If we think of the balance between cost and pricing ahead, was there a larger increase at the start of the year on prices to sort of cover for cost coming up a bit further out on the curve, meaning that the balance between cost and pricing is particularly favorable here in Q1? That's the first question. The second on M&A. I mean, you've been a bit put off the past few years by high valuation levels. Are you already now seeing perhaps some more deals that are within reach, or is it too soon? Third one on the strategic buildup of inventories. Could you put a number on that? How much are you increasing inventories to sales for strategic reason? Thank you. Yeah. Pricing is always a little bit stronger in Q1 since I mean, even though you shouldn't have it, but you still have this calendar year pricing. Of course, it's a higher impact generally in Q1. I mean, if I understood you correct, Erik, we don't see any kind of their price increases have been kicking in throughout Q1. As we see it today, we're not gonna be hit by kind of higher cost increases. We still believe, let's say if we look at the gross profit, which of course we're following, we believe that we're gonna continue with the same gross profit going into Q2 as we had in Q1. We don't see really any pricing. Once again, I mean, we don't see overall. Of course, there is always individual differences between the different businesses, but we don't really feel that we have any pricing. We of course keep doing pricing actions, but we feel that we are well, let's say, aligned with also cost increases going forward. Of course, we need to monitor, and there is still quite a lot of volatility. We are, of course, still standing on our toes to be ready to do further adjustments. At the moment, we feel we are well balanced. M&A, I mean, early signs of a little bit more carefulness for some of the sellers. I mean, I shouldn't say the big sellers. They are a little bit waiting. I mean, we also have a fairly large number of smaller deals, kind of family selling, private owner selling. They are, of course, getting a little bit concerned about this uncertainty related to Ukraine, Russia, or not, call it uncertainty, disaster in Ukraine and Russia, and also this China situation. We do feel there is a little bit softening on a few of the smaller deals, even though the bigger deals is still kind of waiting to see what is happening. We do expect that we will be able to conclude a few more deals here in the next quarters, but in kind of the smaller dimension. That is something also we monitor, of course. We have daily. I mean, I trust you're aware. Since we announced this divestiture of Wheel Systems, we've been approached. We have plenty of discussions ongoing, and we have to do the best of them and make sure that the deals we do are actually creating value for Trelleborg. Of course, we're not gonna use this money to overpay. That is for sure, this development we've seen lately has not increased valuations. If any, it has decreased the valuations. That is the clear direction. I don't know, on the inventory, what do you want to say? What would you say on that, Fredrik? I mean, it's difficult to say give an exact number. Of course, there's also, if you look from an inventory point of view, there is also a quite significant value increase in inventor. If I should give you some kind of indication, I would say around maybe 1/3 or something like that is linked to this strategic inventory built up. The big part of it is linked to higher costs for buying in raw materials. It's not a lot on that one. There is, I don't know if we can give some figures, Fredrik. I don't know what you can say. I mean, what you talk about millions of SEK. I mean, we are talking about a total outflow from inventory from a cash flow point of view of SEK 289 million in the quarter. Yeah. Maybe SEK 100 or something is that the strategic inventory, something like that. I don't know, I don't have the detailed figures in front of me, but that is the kind of our estimate. Yeah. Okay. Thank you. Thank you. Our next question comes from the line of Agnieszka Vilela from Nordea. Please go ahead. Your line is open. Thank you. I also have three questions, and I will ask them one by one. Starting with the lockdowns in China, you said that it affected the growth in Sealing Solutions. I wonder if you could quantify what the impact was, and also if you could just tell us what happened with your operations in China, with your factory in Shanghai. That's my first question. I don't know if you can say. I'm looking at Fredrik. I don't have the figures here, Agnieszka, on in front of me. I mean, it's not really any big figures we're talking about there. I know, I'm looking at Christofer as well sitting here. No, but what we can say is that we had growth in all other countries, but China in Asia, basically. Also for Industrial Solutions, it was actually growing in China as well. Yeah. That is linked to project sales and linked to other things. On total for us. Once again, I mean, we will dig through the papers here, and then we'll give you a figure later on, Agnieszka. Yeah. I mean, it's not really any meaningful impact. We, of course, have one factory based in Minhang District in Shanghai, and that has been closed for a few weeks. And we also have one factory actually in non-continuing in the printing blanket business, which is now, let's say, also we are concluding that, which has also been closed in the Pudong area. But our Wuxi factory has been up and running, our Qingdao factory has been up and running. It's been mixed, and it's been a little bit up and down. I mean, we are monitoring this, and we don't really see. It will continue to hurt us, but I mean, all in the total scheme of things, it is not really a big thing. Okay. Understood. On the bottlenecks, Peter, you write in the report that you see some bottlenecks stemming from raw materials and workforce. I just wonder if you could tell us if the situation is getting worse, is it improving? What are your expectations there? For raw materials, it's improving. I mean, this is a little bit Russia situation, we're finding new sources and new volumes coming into the market. That is kind of in that respect is softening. There's still certain, let's say, raw materials we're using like PTFE, EPDM, some silicones, but the steel is very tight. We don't really see losing any orders on that one because I mean, if anything, I think, no, not to be bragging, but I think we're doing better than others. I mean, in the quarter, we have actually been gaining some sales, linked to the fact that some of our competitors have even had higher, let's say, bigger challenges than we had. We feel we are managing in a good way, and we're not losing any sales, even though we probably would've been able to sell 1 or 2% more if we would have had, let's say, access to everything. With labor, it's the same thing. We are managing it, but we are short in certain areas in U.S., we are short in Czech Republic, we are short in certain areas in Sweden, actually. We are running a little bit short on labor. There as well, we shouldn't exaggerate this kind of impact. We'll be talking in total about this, that, I don't know, Fredrik, we say 1 or 2% of sales or something like that. Something like that. It's not that we're losing the sales. If anything, actually, we've been gaining sales. I mean, to take the automotive sales in Sealing Solutions especially, we've been doing a lot better than our competitors. We've been gaining market share due to the fact that we've been able to supply and our competitors have not been able to supply. Therefore, it's a mixed bag when you look at it. Nevertheless, we want to highlight there is still bottlenecks in certain raw materials, certain supply. Freight has also been an issue in certain areas that we've not been able to find trucks to deliver goods. The risk running very tight in the multitude of dimensions. Perfect. Thank you. Lastly from me, I wonder if you could quantify in any way the order book that you have, in terms of, you know, sales, how much does it cover or timing to deliver, these kind of things. Let's put it like that. It's tens of% higher than last year. I mean, because also if you get into that, Agnieszka, then it gets very complicated to explain because it's also the length of the order book and all of that. We're talking about a substantially higher order book, but it's not that much longer. The order safety, if you put it like that, for the next quarter looks very solid. I mean, sorry, I cannot really give you because if I give you a figure, then I also have to explain exactly what quarters and what segments, and then it gets fairly complicated. We have decided not to comment on it for time being. I mean, of course, we noticed other industrial companies keeping order books. I mean, if you look at the order book, you need also to look at the length of the order book. You cannot simply look at the size of it. Therefore, we, for at least for the time being, we decided not to elaborate on that further than this. The order book is the strongest as ever, and it's creating a great comfort for our sales in the running quarter, and in a way also for the Q3, if you look at that and have a kind of a normal sales development out of the order book is also, but also with that said, I already highlighted there is a kind of growing number of uncertainties that could potentially impact this. Good point. Thank you. Thank you. Our next question comes from the line of Douglas Lindahl from DNB Markets. Please go ahead. Your line is open. Yes. Hello, gentlemen. Thanks for taking my question. I have one. I was wondering a bit on the industrial solutions organic growth, if it's possible. I realize it's difficult, but to give any sort of clarification on how much of the strong organic growth we saw in the quarter that's coming from more sort of a project driven business and how much it's more sort of bread-and-butter business, just to try to understand the strength that's coming from the underlying market and how much is driven by sort of legacy projects. That's my question. I'm going to say we have a strong growth from project business, but we also have a strong growth from the kind of the standard business. It's fairly spread. We have, of course, a substantially lower. I mean, it is automotive part. How much is automotive sealing? 8%. 8%. That is a slower growth. That is, let's say, very shy into positive territory, but which we are kind of happy with. Otherwise, the other business is fairly good performing. It's evenly spread. Mm-hmm. There is impact from good order, let's say, project orders, but there's also, let's say, good construction business in general. I mean, if we highlight something, construction is running very well, both normal kind of house construction, if I may say, where we have the seals for windows and stuff like that running very well, but also seals for infrastructure has been very well. We have good sales for harbor construction, but we also have good sales in things like distributor levels for industrial houses. So it's been a very evenly spread sales growth. The only thing which is kind of sticks out a little bit is the lower sales growth for automotive. But once again, that is less than 10% of sales. That is not really, but that is kind of the only thing which sticks out as a negative compared to the others. Mm. highlight as well that there's also pricing as an impact. We still have some- Yeah. 1/3 of it for pricing and 2/3 coming roughly from volume. I guess maybe not a question from my side, but maybe just a remark is obviously now you have 90% or almost 90% of your industrial exposure within industrial solutions coming from what you call general industry. I realize you comment on the construction industry and the marine industry. It would be super useful in future maybe to get a further breakdown of your industrial exposure, if possible. Yeah. There is a reason for not giving that because we get into a lot of detail. I think you could get some further on that in another forum. Absolutely. Okay. Thanks. Yeah. Thank you. Our next question comes from the line of Karl Bokvist from ABG Sundal Collier. Please go ahead. Your line is open. Yes. Thank you and good afternoon. More of a follow-up to Douglas question on industrial solutions. Not only the growth was very strong, but also margin development. I'm just a bit curious here if there were any things in particular that sort of aligned in a good way in this particular quarter that might not repeat itself for the rest of the year. Otherwise, you know, the second follow-up question then, do you feel comfortable with the divestments made, focus on more profitable areas that this kind of 13-plus level is something we might be now seeing going forward? I mean, we have said that, I mean, within Industrial Solutions, we're focusing on improving the margin. Now, of course, in this quarter is both impact from earlier restructurings kicking in and improving. Then, of course, the volumes is assisting also creating efficiency. If the volume keeps up, I mean, this should be, let's say, kind of the margin level. Then there is still some positives coming from some projects and deliveries, kicking in end of the quarter or beginning of next or something like that. I mean, this is the level. If we should, let's say, increase the margin from where we were before, then of course, we need to go in this direction. Whether it exactly ends up at 13.3% or what was it, 13.3% that we had in this quarter, in next quarter, I don't know. Honestly, I don't know. Of course, we feel that we're moving in the right direction. Once again, if the volumes continues, we should keep ourselves at least on this level. All right. Thank you. Most of my questions have been answered. Just two technical ones. You highlighted the amortization of SEK 300. Maybe I misheard you there or didn't fully catch your comment, but SEK 300 for this year, and then this number should come down quite a bit for the next few years, or given that the parts of amortization is related to wheels, or how should we think about it? Yeah, you should think about that the reduction from SEK 375- SEK 300 is linked to the Wheel Systems. You have the new underlying run rate with the SEK 300. Okay. Perfect. Finally, the share buyback mandate and program that we, you know, will likely be renewed after the annual general meeting. Do you expect this just to keep on going, or will there be any kind of temporary pause or just, you know, this is the buyback rate we should work as now? There is actually a press release sent out now, Karl, an hour ago, something like that. We're continuing. That is something which came out after the AGM this morning. You probably missed it because I know that you were busy with other stuff. We will continue, and there's been a press release on that one an hour ago or whatever it was. Yeah. We can continue from tomorrow. Mm-hmm. All right. Thank you for that. Thank you. As we have no more questions registered, I'll hand back to our speakers. Okay, great. Thanks to all of you for your interest in our Q1 2022. A very strong quarter for us. Good sales growth and generally good drop-through and good management of this fairly sizable inflationary pressure that we've been, let's say, hit with. We feel confident going forward. We have a strong order book. We know that uncertainty is increasing, both linked to this disaster happening in Ukraine, but also linked to further measures and restrictions related to COVID in China. Nevertheless, we feel with this backing of the strong order book, we can continue in a good way, and we continue kind of sideways here in terms of volume growth into a coming quarter. Of course, we also feel confident that we will be able also to manage the continued inflationary pressure. On top of that, also, of course, we're working hard also to conclude the Wheel Systems deal. Also on that, just as highlighted before, we still estimate that it's gonna take the remainder of this year to get this closed. Working hard on merger filing in a lot of territories, but it's a kind of administrative process that takes time. Our best estimate today that we're gonna hopefully conclude it within this calendar year. Also a smaller comment which we don't really talk a lot about on this one is also Printing Solutions, where we have a deal with Continental to sell. That filing is also in the final stages, if I may say. We don't have all the approvals, and our best estimate at the moment is that that's gonna be closed here by the end of this quarter or beginning of quarter three. I mean, that is the best estimate. It could change, depending on feedback that we're getting from different countries, basically. We're managing in a good way, and we feel that that's getting concluded, but then it's still we have to wait for the formal approval before that can close. Best estimate on that one, end of Q2 or beginning of Q3. That is what we see at the moment which relates to Printing Solutions. With that, thanks a lot. I mean, if any follow-ups, then of course, Christofer is the first point of contact. Of course, Fredrik and myself will also be available for follow-up questions and discussions if you want. Do take care and have a nice evening. Thank you. Bye. This now concludes our conference. Thank you all for attending. You may now disconnect your lines.