Good afternoon, everyone, and welcome to the Mutares Earnings Call for Q1 2023. On the call today, the C IO, Johannes Laumann, and the CFO, Mark Friedrich, will present the results and most relevant events of the financial year 2022. After the presentation, they will be available to answer your questions. The presentation shown is available on the Mutares website after the call. Before we start, I would like to remind you that this presentation contains forward-looking statements, including projections, which may not develop as currently expected. I therefore kindly ask you to take note of the precautionary warning about forward-looking statements that is included in the materials on the website. Now let me hand over to Johannes Laumann.
Thank you very much, and a very warm welcome to our Q1 call 2023. I thought under the slogan, "We promised, we delivered," and this will guide us this time very much through the presentation. I will give you a quick introduction on the key highlights of Q1, deep dive again in the company and business model, and then Mark, the CFO, will take the financials and I will close the session with the outlook. Unchanged and we are with Robin, Mark and myself, we are working together and we are fully committed to continue the journey. Most probably you also have seen that after the exit announcement of Special Melted Products on Friday, there were some insider trades as well, which also shows the commitment and the way forward we wanna strive.
Let me take you to the key highlights of 2023 so far. We had a signing of BW, which is part of the Metals Group, and I will come later to that. We had three extensive closings of Peugeot Motocycles, MMT-B in Bordeaux, former Magna plant, and then Palmia in Helsinki. At the moment in 2023, we also see a very, very strong pipeline, and I'm still committed that we achieve what we always promise that we do, the number of transactions we have also done in the past years. When you look at the sell side, there we follow really our strategy to look for the best new owner principle, turn around the business, make it sustainable, and then sell it off.
We have done it with Lacroix + Kress, for example, where we sold to a strategic player in the market. We have done it with FDT, where we sold to the Holcim Group. Last but not least, last Friday, which obviously is not Q1 anymore, we sold Special Melted Products to Concia in Italy, a strategic player here. When we look at the portfolio development, and Mark will deep dive into that a little bit further in the financial sectors, but I would like to take out three in the portfolio. First, we have Peugeot Motocycles, which we just closed in Q1, and where we started the operational excellence. We are gonna launch a lot of products this year. We're gonna drive the R&D further into the electrification of t he models.
Last but not least, we need to optimize the productivity and the production output as the demand is super high. A very, very strong start in the first days of Peugeot Motocycles, and I think looking forward in the years to come, this company for sure will make a lot of fun for us. The Donges Group, there especially, Donges SteelTec showed a very, very strong ordering take in Q1 on the building structure side, but also on the bridge side. The latest order just came in last week, where the Donges SteelTec won the entire renewal of the bridges in Germany, in the Ahrtal, where there was the big flood a year ago. Last but not least, I want to catch out Frigoscandia.
Frigoscandia, cooling logistic provider in the Nordics, which we acquired. Frigoscandia, despite some, you know, turbulences in the international market, Frigoscandia maintained the position of being the number one in the market and also grow the profitability above budget. We are very happy with the development of Frigoscandia, and definitely one of the out-performers in the segment goods and services. Looking at the capital market, I think share price is there, but let me elaborate quickly on the bond we have placed for the refinancing which was done earlier this year in most probably the most turbulent week, where Silicon Valley Bank and Credit Suisse went into turbulences.
Again, this shows the strong commitment also from the capital market to us and to the future and to the crops. We added people because we grow and we continue to grow. 12 people were added in Q1, and we finally started full-fledged our Warsaw office, where we already see a very good pipeline coming in step-by-step here. Last but not least, I'm very happy to enjoy the ride of the growth path, which we have started mainly in 2019, and we continue in 2023. Numbers we'll show you later.
I guess if you see the development of the growth and the profitability, we need to maintain our seatbelts, as I said previously. When you look at the outlook, after Q1, we are still sticking to our guidance of EUR 4.8 billion-5.4 billion in turnover. We are absolutely committed for the EUR 92 million-112 million of holding net income, which then comes to an earning of share in the range of EUR 5. The year 2023 is a year where we already see in Q1 on the portfolio side a very nice development compared to prior year. We see a better market condition for the portfolio development, and we see a very strong buy and exit pipeline, where I'm absolutely sure that we will materialize in 2023.
Quick on the business model, I think which, where I want to point out two things. Acquisition I think is clear. We look for targets, we look for corporate carve-outs, where we take the company, where we take the business unit, we put it standalone, and then we start the realignment, which is the restructuring. That is where our operational forces bring the most value. This is where we create value for Mutares. This is where we turn around every stone, we question every process, and we set up the company as new. Following that, we're gonna build up the company in an optimization phase. Last but not least, the harvesting phase, where we kind of beauty the bride and then sell it off.
This phase, the harvesting phase, will be more and more relevant in the months and years to come. Now we have seen for, now the first time in 2023, we will see the harvesting of the strong growth path we started mid 2019. When you take into account the holding period of three to five years, what we want to do, adding that to mid of 2019, you come now to the harvesting of the companies we have bought in this strong start of the growth phase, 2019. There will be a lot of fun on the exit side in the months and years to come here.
When we quickly look at the portfolio and, besides the highlight, let me elaborate on three companies. On the automotive part, we have what we call here the Metals Group. We will inaugurate the branding of the group, and we will inaugurate the group in Q2. The Metals Group is a very similar approach we have like we did with Amaneos. We want to build up a group. We believe in the economy of scale. We believe in the combination of the footprints. We believe in the consolidation of the customer base of several companies.
This group should also be a group which should generate in the future close to EUR 8 billion of turnover with the global footprint, especially in the eastern part of the world, where we already have a very, very strong footprint, which we want to even extend. With the CEO, Markus Wermers, we have there in the Metals Group, I think we have also leadership in place in order to follow this buy and build strategy and the growth path. Walor, as an example, is the company where we already announced we are in exclusivity. This is a company which would be added to the Metals Group. Then if you come to Engineering Technology, on the bottom left, we have Tesim. Tesim, a company we acquired from Mitsubishi Hitachi, a company which is like a Swiss watch.
We restructured the company from -10 to +5, and they are delivering results. Very good order book, specialized in the area of expertise. Also there with Thomas Comte, a CEO who has the things absolutely under control and delivers what is promised. Last but not least, quick elaboration on Arriva. Arriva, a business we acquired from Deutsche Bahn. This business will be closed in May, or the transaction will be closed in May, not the business. The business hopefully kicks in and starts off. We are already there with Thibault in the lead with a large team on site and starting to operate and starting to kick in the first restructuring measurements to bring this business back to profitability as soon as we can.
With that, I would like to hand over to Mark Friedrich for the financials, we see each other back on the outlook.
Thanks, Johannes. Welcome everybody also from my side. Starting with the overall picture of the group, the development was quite pleasant from our end. We improved or we increased the revenues of the group by a bit more than 20% and also improved the EBITDA due to the closing of the acquisitions mentioned by Johannes, especially Peugeot and Magna Bordeaux. Moreover, and for us also quite important, we improved the adjusted EBITDA to a positive figure in the first quarter, which is, at least to my memory, the first time that I see a positive adjusted EBITDA in the group, and turned it pretty much around by more than EUR 30 million here to +EUR 5. The EBITDA in Q1 includes approximately EUR 90 million of bargain purchase income or consolidation effects from the sale of businesses.
The Mutares holding also develops quite well along with the group, and we see here that we increased revenues to EUR 27 million, so quite a big jump compared to Q1 2022, but also a slight increase again to compared to Q4 with a bit more than 6% in revenue. Also from our side, much more important the net result, the net income of the holding that almost doubled when normalizing the one-off expense that we had of a bit more than EUR 4 million for the bond that we closed in March. Looking a bit more in details into the segments, and also here in the different segments, we see that all segments improve profitability.
We see actually that this trend will continue in the next quarters, in 2023, with the biggest improvements in automotive and mobility and also goods and services. We are also quite confident that engineering and technology will pick up throughout 2023. Looking again a bit in more details into the different segments, starting with automotive and mobility. Here we almost doubled revenue due to the M&A activity that you see on the right side, the acquisition of MoldTecs, Cimos, and in Q1, Peugeot and Magna PT Bordeaux MMT-B contribute quite substantially to that increase. For us, also quite important that the adjusted EBITDA improves quite substantially. The new entities that we acquired, which are by nature loss-making, contribute approximately -EUR 5 million to the adjusted EBITDA in Q1, 2023.
On the other hand, we saw quite a promising development in parts of the Amaneos Group, but also in KICO and ISH and also Peugeot Motocycles. The team could already prepare the business plan and present it, and we approved it. That also looks quite promising, quite a sharp turnaround, foreseen here in 2023 and 2024. Next segment, engineering and technology. A segment that normally has a quite low level of activity in Q1, and that's actually what you see here. Donges Group and Balcke-Dürr are the two big companies here in the group that have normally a low level of activity in the first quarter due to the season, winter months. We are quite confident that this will pick up throughout the year.
On the other hand, a couple of entities were developing quite well, especially here, especially Native Products, La Rochette, but also Clecim. The new acquisitions, Steyr Motors, Guascor, and also NEM contribute to the increase in revenue. For Guascor and Steyr Motors, we already approved the business plan and the turnaround plan. That looks also here quite promising, and the team has done here a great job in the first 100 days. The last segment, goods and services. The segment that improved the most in terms of adjusted EBITDA, along with a slight increase in revenue. Here we have Terranor that contributed most of the organic growth here with EUR 12 million in the segment, and also has increased the profitability quite well in terms of adjusted EBITDA.
On the other hand, we have also a couple of other entities here that developed quite well, namely Ganter, that focuses on their core activities in Germany and Switzerland after the sale of France. Frigoscandia is focusing on the integration of the new two add-on acquisitions that were done in the last six months. It looks promising. Last but not least, Lapeyre also keeps costs under control, improved quite substantially compared to Q1 2022, and we are looking forward here to an improved adjusted EBITDA throughout the year. Looking at the life cycle in our business, quite important, that looks to me quite healthy and promising. By nature, the acquisition phase is having a negative adjusted EBITDA with just -4%. We have seen that also quite more worse in the past.
I mentioned here a couple of entities that you see here in the bucket, Steyr Motors, Peugeot, Guascor, that already presented their 100-days plan. That looks quite promising, we expect an increase in the profitability throughout the year in the adjusted EBITDA. On the other hand, we were able to bring the optimization bucket pretty much to zero in terms of adjusted EBITDA. Have here included the big company, Lapeyre, which moved up from realignment to optimization and have here also a couple of interesting companies for the next year, so that they can move on to the harvesting stage and then also contribute quite positively to the final stage where we have reached an adjusted EBITDA margin of 7%.
We have here a couple of entities where we target the divestment in the next 12 months, and SMP is one that we have moved up here from realignment to harvesting and communicated the exit last year. With that, I hand over back to Johannes.
Thank you, Mark. Let's start with the very nice part of the outlook. The outlook is the upcoming closing of SMP, which we signed last Friday, a sale to Conja. Let me elaborate a little bit on this further and then give you the final outlook. SMP is a company we acquired from ATI, and it's under our ownership since 2022. The company, you see on the right side, you see the development of the revenues from EUR 36 million to EUR 137 million. Especially you see the EBITDA going from -EUR 11 to this year plus EUR 19 million. An improvement of EUR 30 million in two years.
You can imagine that this is not only a fresh up, which you can do Very easily with the nail polish remover. You really, really have to work hard on it. Especially the team around Ran, who was the CEO of the business, they did and make this all happen with the local management, with the local team. The operational turnaround of the story is also driven by the cost side, which we improved significantly. It's also driven by another set up of diversification of the product portfolio and the customer base. We moved a lot away from the nuclear part more to the aerospace part. Last but not least, we also have obviously some headwinds from the market.
We especially hit the energy crisis there. We eased the COVID, which has an impact on the aerospace, obviously. Then oil and gas also came in quite strongly. Overall, we made this improvement happen on the top line, on the EBITDA, by several actions and by headwind from the market, and that led to a successful signing to Conja by last Friday, where we strongly believe that this is the best new ownership in a very competitive process we were running. Conja has a win-win situation here. They can use the capacity, they can use the material, and I think we have a very, very good future here for SMP. For us, it was a fast, very hard work exit.
To give you a little story on the war room, Ivo, who is the head of the M&A when it comes to these transactions in our U.K. office, I just had him here in Munich yesterday. Ivo and Ran, they both told me they slept almost 20 hours on from Friday to Saturday. You can see quite an exhaustive process. At the end of the day, we signed the deal, which will bring us up to EUR 150 million of proceeds. We are now in the closing steps and closing items to do. Collecting the approvals, we are optimistic that we close the transaction before the summer break here.
Again, I would like to use also the opportunity to thank the entire team who worked on this, who worked on the turnaround, not only Ran and Ivo obviously involved there, but we had an entire team on the ops side, we had an entire team on the M&A side, we had an entire support team on the legal and tech side. All together, I think we made this happen, and this will be the biggest exit in Mutares history. I'm very, very happy to be part of that team and was part of this exit. Last but not least, after Q1, again, we can confirm our guidance, which we have given.
Warsaw is in place, so we have a very nice and enlarged footprint here in Europe, and we have decided to go over the ocean, and we have decided to go to Chicago, by in the second half of 2023. Last but not least, because it's the last call before the annual general meeting, which will take place on the 10th of July, this year, right before the summer break. With that, I would like to hand over to the moderator for Q&A. Thank you very much.
Ladies and gentlemen, if you would like to ask a question, please press nine and star on your telephone keypad. In case you wish to withdraw your question, press nine and star a second time. The first question comes from Marie-Thérèse Grübner, Hauck & Aufhäuser Investment Banking. Please go ahead with your question.
Yes, good afternoon, Johannes. I do have a couple of questions. Do you mind if I ask them one by one?
No, no, just shoot.
Shoot.
As long as you don't ask it in French, it's okay, Marie-Thérèse.
Okay, wonderful. My first question is regarding the matrix that you've shown on slide... Where is it? The, you know, the different areas, the different maturity levels. There you go. Slide 15. What impressed me most is the level of adjusted EBITDA you've managed to achieve in the optimization, family. My question here is, what is actually your, cut off point or your criteria in terms of adjusted EBITDA margin for companies to move from optimization to harvesting? I'm getting the sense that, given the progress that has been made and given what Mark has been saying, that some of these companies will soon be also put on the block, for a direct future. What is your view on this?
The level of adjusted EBITDA is only one element that we consider when clustering the portfolio. The other also main element is what kind of potential do we see in the portfolio company, and what can we bring on the table to achieve this potential and to leverage on this potential so that we pretty much ask ourself what can we do for the portfolio companies with our means? If we come to the conclusion that we say that we pretty much have done everything that we can, and no matter what the level of the adjusted EBITDA is by then we move it to the harvesting stage.
Here when, we're looking also at the cluster that we have in here, I see also Ganter and Frigoscandia that are actually companies that are already quite profitable in terms of adjusted EBITDA. Nevertheless, we think that we can work with our means, can contribute with our means to the further development. Next year, we'll move on to the final stage. These are actually the two main elements that we consider when clustering the portfolio.
Okay. Okay, thanks a lot. My next question regards the SMP transaction, a brilliant transaction. You managed to get 9x EBITDA for this company, 9x current year EBITDA. What sort of multiple should we kind of look at for the rest of the harvesting portfolio? If I annualize your EUR 17 million in adjusted EBITDA into one, I mean, what kind of indications are you getting or are you prepared to sell these companies for even a range in terms of multiples would be super helpful.
I think it's difficult to say, overall because they're in different, in different industry sectors. You have Terranor, very asset light and more in the service business, and then you have like SMP in the energy and aerospace business, but asset heavy, Donges asset heavy, Clecim asset heavy Brochier business. The first thing is very different industries, very hard to put them all in one basket. The second thing is, with SMP, I think it's also how competitive a process is. It is about the market headwind or the market conditions in general and the strategic outlook of a potential buyer. With SMP, everything felt in place, and Conja is also someone who has a win-win situation and really can drive this company much, much, much, much further and better than we can do.
Because they're from the industry, they have the leverage on it, they have the customer base, they have the order book, they have the machine, the equipment, the capacity. This also goes a little bit together. In general, I would say it can lever something between 5.5x, 6x-8x, 9x, depending on the industr y, depending on the condition of the competition in the process, depending on obviously also current trading. There are a lot of influence factors driving a multiple in an exit process.
Okay.
It's quite hard to predict. I would love to have 25x. Unfortunately it's not gonna happen.
Okay. Then, any indication on how much, you know, altogether, how much debt is on all the harvesting companies?
How much what? Sorry.
How much financial debt is on all these companies included in that cluster?
I think we had the same question last quarter. We only have added here Special Melted Products to the bucket. The level of net debt remains pretty much unchanged. It's pretty much around zero.
Okay. All right, thanks. Last but not least, my question regards the use of proceeds of the EUR 150 in equity value you're getting. On the one hand, it seems that the EUR 2 dividend is in the books. More importantly, what is the use of proceeds for the rest? Can we potentially even expect more than EUR 2? Are you putting something in store for next year? I mean, if you can walk us through your thinking and also how much cash is at holding level once you've closed SMP.
Marie-Thérèse, I would like to make an agreement. Let us first close the deal, kill the animal and then share it. Okay?
Okay.
We still have to close the transaction. We have to get the approvals in from different authorities. We're working on this. We expecting, as I said, the closing prior to the summer. Once the thing is closed, we will also then steer exactly what the proceeds are for. For the time being, maybe it's my bad habit, but first kill the beer and then, you know, share the skin.
Okay. We should still go with one, you see, you from your standpoint.
I will not give any guidance on the dividend. Use your imagination.
Okay. All right.
I mean, we mentioned it a couple of times. I mean, we need to close the transaction, then we can talk about the dividends. So far, like Johannes said, let's do first the closing, then we talk about the proceeds.
Okay. The closing won't happen before the AGM, right? No.
We, it can happen. We don't have as it's pending authority approvals, we don't have it in the hand on the timeline, right?
Understood.
We don't know. It can potentially happen. Are we sure that it will happen? No. Is it in our hands? No.
No, it's not. Yeah. Well, okay, thanks a lot. Thanks a lot.
The next question comes from Zafer Rüzgar, Pareto Securities. Please go ahead with your question.
Yes, hello, gentlemen, thank you for taking my questions. I have several questions. The first one is regarding your acquisitions, and you mentioned the huge M&A pipeline you have. My question is, what would be the amount of commitment or investment you plan for your new acquisitions in 2023? Probably also taking into account the proceeds from SMP. Will that be more than in the past, and are we going to see much larger acquisitions, let's say, with the current firepower you have?
Well, to give you a guess, I think it will be in the same range like the years before, in the range to EUR 50 million-EUR 60 million commitment in transactions on the buy side we will give. If I look at the current pipeline, right? I mean, I cannot see the pipeline coming up in October, November, December, but what I see now, I feel very confident with the numbers we had the prior year. I think one thing is very important to say. We will not leave our DNA and our core business of corporate carve-outs, loss-making, underperforming assets, which we turn around with our own forces. We will not do anything else and then do crazy things now because potentially we have mega larger exit.
We stick to our core. That's where we want to maintain the number one in Europe, and we don't want to be averaged in other spaces. If we enter something and if we do something, we only do it if we firmly believe we can become or maintain the number one. We will stick to the core, we will stick to our DNA, and we will grow the business. We will not do crazy things.
Okay. Very clear. Thanks. The second question is, regarding your guidance for the net income on holding level, and I think it's very obvious that, this will change or we will see a guidance increase following the closing of the transaction. My question is, to get a feeling of the potential guidance upgrade, where do you see major changes, on your cost items? Is there anything where you expect material changes, compared to your P&L in 2022?
As to be clear, no, actually. We see that the cost items will grow a bit along with the level of income, but we don't foresee any big jumps in the cost items. I mean, we talked about it last time also that we would want to deliver much more in terms of the exit. When we look at the guidance and we didn't change it now because we want to go for the closing, but also we want to do more exits throughout the year. We need to consider when is the right time here to change the guidance. Most likely we will come back to this in the annual shareholder meeting once we have closed the transaction or latest then in the Q2 call.
Okay. Good. Coming back to the harvesting phase, can you give us the number for the revenues and also for EBITDA and the EBITDA margin for the companies here without SMP?
I mean, the numbers you have on the slides.
Yeah. Yeah.
The businesses are, except of SABO , are very non-seasonal businesses. You basically, what you can do is you can extrapolate Q1 into the entire year. The SMP numbers I have showed you, roughly EUR 140 million of turnover and EUR 20 million EBITDA. Basically half of it you need to take out for the entire year.
Okay. That's fine.
For the first half of the year we still own SMP. For the second half of the year, hopefully not.
Okay. That's helpful. Thank you very much. That's it from my side.
Thanks.
We have one more question at the moment coming from Stefan Augustin, Warburg Research. Please go ahead with your question.
Yes. Hello. Just a very, short and quick one. Is there any significant, earn-out elements in the SMP deal or should we expect all the cash right away?
There is no earn-out clause.
Okay. Thank you very much.
At the moment, there seem to be no further questions. If you would like to ask a question, please press 9 and star on your telephone keypad. We have a follow-up question from Mrs. Grübner, Hauck & Aufhäuser Investment Banking. Please go ahead with your question.
Thank you. Mark, I would have one more question regarding the revenues at the holding level, EUR 27 million. Do you give us a sense of the breakdown between consulting and dividends and can you give us a sense of, you know, how it's gonna progress quarter-on-quarter? Let's see.
I understood that I should add a bit more color for the EUR 27 million in terms of the different elements that are included there, right?
Yes. Yes, please.
Okay. Okay. No, the revenue is always just the consulting revenue and the management fee and no dividends.
The dividend is then only included in the portfolio income. You see that we have pretty much not assumed any dividend in the first quarter because the portfolio income is exactly the same number as the level of revenue.
Mm-hmm.
Also here, the different factors and the proportion that we have in the revenue is pretty much in line with the past. We have a lot of team members that are working on, in the realignment and optimization phase, so approximately 80%-85% allocated to these two buckets. The management fee accounts normally for approximately 10% of the total revenue of the holding.
Dividends, is there any? Can you give us some more color on what to expect in the levels more than last year? I mean, just maybe a ballpark of what is, what you're budgeting for this year?
Early in the year, I would stick to our normal guidance and say that we want to achieve always at least EUR 25 million in dividends across the portfolio. I think this is with the portfolio of 26 companies, and more to come, quite possible.
Okay. Thank you very much.
The next question comes from Asmita Dubrey, Berenberg. Please go ahead with your q uestion.
Hi. Hello. A more high-level question. Did you notice or observe any drop in th e valuation during this quarter? Do you expect valuation to drop furthermore?
Well, in general valuation drops and multiples, we potentially see more on the exit side than on the buy side, right? Because we typically buy loss-making companies, and if you had a multiple and a loss-making, you will get nowhere.
Mm-hmm.
We cannot answer it on the buy side, really. On the sell side, we do not see a drop in multiples. What we do see is that the quality of the bidders significantly increased. The strategic and Let's say the quantity of bidders reduced, but the quality of the ones are in a process significantly increased. That is what we see. I said it last time, I think, as well. The typical I'll write an info memo, I'll send it across to 250 potential buyers. I set the date, and then the offers come in. That's not gonna happen at the moment, and also did not happen in the last two years. It's more a qualitative approach than a quantitative approach at the moment, what I see in the market. I also don't see financial sponsors too aggressive.
Okay. How would you explain that?
Multiples maintain.
This is because of the. I mean, only the bidders with meaningful financing can afford to go on the market? Or how do, how would you explain it?
Well, this is, I can have a personal view on this.
Mm-hmm.
I think it's not, it's not analyzed really on an objective base. I think, if things are shaking in the world, and if things are not predictable or not stable and, and people feel in a change mode, that's potentially never the best time to make a decision. I would rather blame it on the decision-making appetite than the financing part of the game.
Okay, thank you.
We have a follow-up question from Zafer Rüzgar, Pareto Securities. Please go ahead with your question.
Yes. One further question from my side, if I may. Regarding the consolidation line in your adjusted EBITDA. If I'm not wrong, this consolidation line seems to be exceptionally high with slightly more than EUR 9 million. What is the driver for that high number?
Yeah, exactly. When you sum up the segments, it does not sum up by approximately EUR 10 million to the group-adjusted EBITDA. The main reason is that we always include the expenses for the Mutares team in the different EBITDAs, adjusted EBITDAs in the segments, also in the adjusted EBITDA. We do not normalize it on the level of the portfolio companies and also on the segment levels. Therefore, what you pretty much see here is that we have more expenses in the different portfolio companies than we actually have on an extra basis in the holding.
Since we on holding level have a net profit of more than EUR 8 million, that is pretty much close to the gap that you see here because that is what we don't have in cost currently in the holding. That's why you see this big gap, and it's quite good.
Okay. Thank you.
As there are no further questions from the audience, I hand the floor back to Mr. Laumann.
Yeah. Thank you very much for joining the today's call, and we look forward to welcoming you on the 10th of July for the AGM. There is more to come. Exit and buy side pipelines are filled up. Market is good. Team is motivated, and you will hear from us very soon. Thank you very much for today, and speak, and hear, and see you later on the 10th of July. Thank you very much. Bye-bye.
Bye.