Good morning, and welcome to Hexagon's quarterly presentation for the 2020. I'd like to welcome you, and we are doing this broadcast digitally today. So I will be presenting Jan Erik Engelset, our CEO from our Olesund office. And also here with me, we have David Bandella, our CFO, who will be taking the stage a little later. I will be controlling the slides from here.
So if there's a little delay, it might be because we're sending a signal. At the end of the presentation, I will we will be taking questions. There is an email address that you can send your questions to, and I will be moderating them with Jan, Erik and David. That address is irhexagongroup dot com. It's also on the invitation in the press release.
And I would like to just walk you quickly through the agenda. We have today Jan Erik will walk you through the company update, and then David will take you through a summary of the group highlights and financials, followed by the outlook, and then we'll open up for the Q and A. After the presentation is finished and the Q and A is finished, we are also open for you to reach out to myself or to David for any one on one interviews you would like to have. So without any further ado, I'd like to hand over to Jan Erik.
Thank you, Karen. Very good morning to all of you. Thank you for joining us this morning. So over the last week, we have had our three first cases of COVID-nineteen in our company. Fortunately, all three employees are in good health and are experiencing relatively mild symptoms.
Three cases are unrelated and we have strong reason to believe that the infection has occurred outside our premises. All procedures have been executed and we are able to maintain production with minimal disruption. Prior to this, we kept our facility in Kassel, Germany closed from March 23 to April 20 because of customer shutdowns, but we have now reopened and are running at approximately 50% utilization. All The U. S.
Plants have been kept open, so several of our customers have essential critical working status and thus also we at Hexagon. Going forward, we will reduce capacity significantly in our mobile pipeline operations over the next three months. So currently 37 team members are furloughed and will be so for the next couple of months. Fortunately, no major supplier disruptions. We see that several segments will be negatively impacted in Q2, but none of our projects have been canceled.
So we see still very high market activity, which points towards recovery from the third quarter. If you flip to the next page, thank you. We are very pleased to see that both our customers and our employees not least are very dedicated through these difficult times. The customers are not deviating from their sustainability agendas, rather on the contrary I would say. Our facilities are kept open on the strict safety guidelines.
And, also, we've kept, the team's morale up by participating in charity, supporting local schools among other things. Next slide please. So one of the effects of the health crisis is that the emissions are going down everywhere. So it's too early to say what the longer term effect of that will be, but a whole new generation is experiencing the pressure of clean air and the latest estimates point that the 8% reduction in world emissions in 2020. And so far, some rather extreme reductions in places like New York, China, India, EU and The UK.
So as far as we can observe, sustainability remains high on the agenda in a number of countries. There are discussions ongoing whether investments into renewable energy projects and technologies is part of the solution to restore the economy and we are keen to see if some of the recovery packages can accelerate the shift. In any case, we've seen through the last couple of months that the ESG stocks have proven a more or a safer haven in this period of market disruption and never has more money been invested into sustainable stocks than in the 2020. This slide is a recollection from the 2019 when we summarized Hexagon's strategy and that strategy remains very relevant and valid today. So short to medium term defined as the next five to ten years.
We believe that natural gas and we include renewable natural gas in that term represents the energy carrier with the largest potential for a positive environmental impact. So that is one very important driver. We also see clearly that the automotive industry is now shifting towards electric drivetrains. E drives are more energy efficient, some will say also more fun than mechanical drivetrains. And last but not least, we've seen over the last year or two that the center of gravity of the hydrogen development has shifted towards East Asia and towards heavier applications, heavier vehicles.
And if we go to the next page, please. And that is also the main reason for the decision of Hexagon to take a position in the Chinese market and our announcement last week. So China is by far the world's largest automotive market, more than 25,000,000 vehicles were sold in 2019 and there are a number of major Chinese OEMs that we will share for sure hear a lot about in the years to come. The transformation to battery electric vehicles started almost ten years ago and we now see a similar process initiated for fuel cell electric vehicles. The numbers are still modest in absolute terms, but still China represents by far the largest market for commercial vehicles.
So almost 6,500 vehicles sold in 2019. I need to correct that, almost 6,500 vehicles were on the roads last year, of which almost 100% were commercial vehicles and buses, the remainder being light duty vehicles. And 61 hydrogen refueling stations have been commissioned. The Chinese government, both central government and local governments are significantly subsidizing zero emission vehicles And the main drivers for the Chinese government to prioritize this is to reduce or to increase rather their energy independence and of course to reduce the greenhouse gas emissions and other pollution. So we see over the next ten years really significant growth potential in China.
So our own analysis point that 750,000 fuel cell electric vehicles on the roads in China in 02/1930. The Chinese government's target is actually higher, it's 1,000,000 vehicles and interestingly two thirds of our projection is the medium and heavy duty vehicle segments. We also see a significant potential in the buildup of the infrastructure. So already in 2022, our estimate is that there will be close to 300 fueling stations increasing to close to 3,000 by 02/1930. So in order to play a leading role in this emerging markets, We have partnered with CIMC Enric.
So CIMC Enric is a very trusted brand in China. They have they are technology leader in type one, two and three pressure vessels, strong relationships with Chinese customers. It's a public company listed in Hong Kong, approximately $2,000,000,000 of revenue and 10,000 employees and also with a lot of international business. So we have established a very good relationship and we are optimistic that this is the right partner for Hexagon. And we are complementing each other technology wise, so what CIMC ENRIC is lacking is type four.
So that is definitely the main contribution that we will provide, but also certainly our know how in systems for hydrogen vehicles and also the full integration of the vehicles will be a part of that cooperation. So CIMC ENRIC is two thirds owned by CIMC, which is a global company, the world's leading liquid tank supplier, container supplier and also active in a number of other segments. So CIMC is a $12,000,000,000 company with 50,000 employees worldwide. So we strongly believe that in CIMC ENRIC we have found the right partner for developing the Chinese market. The cooperation will also cover Southeast Asia and certainly we will explore opportunities in other geographies and potentially also in other technology areas as we develop business together.
And on that note, I would like to hand over to David. David, please.
Thank you, Jon Erik. I think we should start of course with the financial impacts of COVID-nineteen and Hexagon's response to those. So firstly, most of the real impact was started to be felt in the back end of the quarter, so last three weeks in March. So there have been limited financial impacts in quarter one, but certainly these impacts have carried over into quarter two and we're certainly feeling those now. These are by far not damaging the ongoing concern of Hexagon.
But nonetheless, there are things that we've had to respond to in a fast manner. Whilst it's difficult to assess or predict or position the future broad effects of COVID-nineteen and the actual impact will depend on many factors beyond certainly Hexagon's control and knowledge. We can though expect an overall negative impact to results in 2020. At this juncture, we do not see or expect or actually have had to adjust make any material impairments within the balance sheet. We are tracking the COVID-nineteen impacts around three basic risk factors.
The first and this is in order of importance is obviously demand side factors. How are these factors going to hit customer spending or consumer spending globally? And this is the area of the largest uncertainty as we stand obviously now. So all of us will need to see how these work through all the value chains. But nonetheless, very important to keep a forward view on that in order to counter those measures if necessary.
Of course, being able to supply to the demand, border control has been an important area. We're fortunate that we don't have a large proportion of sales for example in Asia today. Most of our sales are within The U. S. So at least it's contained within those national borders be there slight differences between the approaches to COVID-nineteen in The States.
So Europe has really been the main focus and we're very happy to say that that has been a very well managed process in relation to Hexagon's flow of goods with great cooperation between logistics companies and the various authorities in different countries in Europe. Secondly, Jean Eric mentioned the key supplier interruptions as a major risk. Of course, that is something that we manage constantly. When COVID-nineteen came in, I think one of the, hardest hit countries was, Italy, particularly the Northern region of Italy. And so, suppliers located there were probably among the key areas that we've had to manage actively, for different situations.
Finally, one area that we can manage best ourselves is obviously our COVID infection or prevention of infection and the impacts to our own operational activities. Jon Erik has covered that. But we're very pleased to say with the speed of reaction, the containment and our contingency plans by site these are coordinated globally through our Head of Operations. We have had to make temporary layoffs. The largest impacts or sites impacted were mobile pipeline in U.
S. Lincoln, Nebraska and also Castle in Germany. But we very much view this as short term disruption. So we have a longer term view and we really try to ensure that we can retain all our staff during this period. In terms of the countermeasures taken, we've taken fairly robust measures already.
One obvious area is as we exited 2019 quite an expansionist strategy on particularly Hexagon Purus. So we continue to hold to that strategy. However, we will restrict our CapEx and defer some product development during this period. Priority projects are only and one of those examples of a good priority project that we are completing is the Agility Cylinder expansion also in Lincoln, Nebraska. That is on track and over the next few months we should see that completed and beginning to ramp up.
It goes without saying we will optimize our working capital including rationalizing inventories. And the OpEx initiatives that we've taken. We've obviously suspended all non essential spend. But we will continue to assess the situation and we will take further OpEx initiatives if they are required according to the severity of disruption. So very active plans in place.
We've modeled these both bottom up from the business areas top down from corporate based on three levels of severity more or less a low, medium and high impact case. But we are confident running those plans that Hexagon can counter these negative impacts to business cash flows in the near to midterm. And some of the reasons of that confidence is our good liquidity and financial flexibility as we operate through this period. Liquidity is good. As we ended quarter one, we certainly feel we're robust and can withstand the storm for quite a period.
We have undrawn committed facilities of million that includes a NOK400 million acquisition facility. And on top of that we had a NOK115 million in cash. Our adjusted net interest bearing debt is NOK1.25 billion. I say adjusted as you'll see one big theme of the quarter is in the balance sheet and it's the real increase in foreign currency rates or you can say weakening of the NOK, strengthening of the dollar and the euro. Between the end of quarter four and the start of quarter one this year, the rates and dollars increased 20% and the euro 17%.
One of the impacts is we have a 1,100,000,000 unsecured listed bond Hex03 in the market that was raised to finance Agility or the Agility acquisition. That bond will be settled ultimately in NOK. But during the back end of last year, we did put a financial swap in it to U. S. Dollar currency.
That was in order to hedge the P and L impacts from the bond. But what that does is accounting terms then you have to recognize that as a U. S. Dollar instrument and that has created a 173,000,000 non cash impact inflating the reported level of of the interest bearing debt. So again after adjustment it's €1,250,000,000 The bond as I said is unsecured.
There's no leverage covenant. When I look at debt servicing on that bond in 2019, costs us approximately $6,500,000 Agility's cash flow if I measure simply EBITDA less CapEx was around the $20,000,000 mark. So plenty of headroom just from Agility's cash flows alone. And maturity of that bond is in 2023. So that's supplemented by a bilateral multi currency and acquisition facility with one bank and that's up to €1,000,000,000 And again our drawn loans less the cash at quarter one then if we do it that way is only €152,000,000 We have very flexible arrangements with our principal financier.
We actually have those in place at the back end of twenty nineteen again connected to the fact that we saw our strategy would be up to be continue to be bold in Hexagon Purus. And so we have arrangements in place that allow us to invest heavily in the growth phase of e mobility whilst continuing our normal business within GE mobility. So that gives us confidence to ride the storm. Also we have done and where appropriate we will do take part in government stimulus programs principally then in Norway, Germany and The U. S.
One of the most relevant areas of legislation that we've benefited from is in terms of tax deferrals or being able to offset current taxes going back in time something that was currently restricted before new legislation. So those have been very good positive benefits to liquidity. So let's look at the first quarter twenty twenty financials. Highlights from quarter one, solid revenue and EBITDA for Agility Fuel Solutions. This was the expected softer start in 2020.
We had a heated in fact a record quarter for Agility in Q4 twenty nineteen. So this was as expected. In terms of CNG Light Duty Vehicle, Purus, low volumes there again as guided perhaps slightly more accelerated by the COVID situation and some of the shutdowns of the Volkswagen production sites. But again, the major driver is the fact that our major customer Volkswagen is relocating their production of the CNG vehicles. Furious e mobility market remains dynamic.
We have more than 40 diversified hydrogen projects and we continue to get market leading feedback on our battery electric programs primarily in the medium and heavy duty sector. Mobile pipeline volumes I'll describe as decent. It's been impacted by the lower activity in onshore oil and gas particularly in North America, but however continues to grow its RNG or renewable natural gas activity. On LPG, solid sales volumes quite diversified geographically. We had very good sales into Europe, particularly The UK, also into Middle East and South America to name some continents.
So again, just to summarize the financial impacts of COVID-nineteen as they relate to quarter one twenty twenty, we did feel some of those, but they were limited and mostly or primarily contained to transit bus operations in Europe. Looking at our results, start with revenues on the left. We posted NOK825 million in revenue versus NOK822 million the same quarter last year. We did benefit from a year over year effect of plus 70,000,000 tailwind on foreign currency. So you can see the underlying revenues were lower.
Again, we weren't able to benefit in growth in our CNG light duty vehicle volumes due to the customer relocation and also COVID-nineteen impacts added to lower underlying volumes. When we look at EBITA in the middle, we posted EBITA of 37,000,000 When we look at the same period last year, the dark part to the left that was EUR150 million that of course included rather large one off net gain for our transaction when we acquired Agility that was for EUR69 million. Euros So when we adjust for that a more comparable quarter one twenty nineteen would be the €81,000,000 still shortfall of €44,000,000 year over year. We do include also that the €37,000,000 this quarter this year also included positive tailwind of foreign currency effects of €10,000,000 These are very much lower than the revenue side mainly because most of our revenues are in dollars and euro from USA and Germany. And of course, those costs are also in dollars and euros.
So it's in what they call a natural hedge. So dampened positive effects when it comes to currency in EBITDA for 2020. EMobility, the €37,000,000 does also include our investment into ramping up eMobility. That number was negative 35,000,000 this quarter. Same quarter last year the effect was minus 22,000,000.
When we go over to the right and see net profit, here we catch up quite a bit of that shortfall in EBITDA. We posted €62,000,000 in net profit versus €68,000,000 same quarter last year. Most of the catch up was really driven by quite a large year over year effect then of the foreign currency movements a plus €154,000,000 effect. So when we look at our Hexagon Group's results to the right, it really does shield the fact that we are two separate tracks here and it's important to spend time on that. Firstly at the bottom, the base, this is our core business G Mobility, low emission play.
And the constituents of G Mobility see the Agility business is there firmly rooted in the automotive applications, Mobile Pipeline in transport and distribution of natural gas and helium as well. And Regasco when it comes to LPG mainly in the recreational areas non industrial. Those combined then delivered most of the revenue, $742,000,000 for EBITDA of 82,000,000 given a solid double digit EBITDA margin. So that business is very solid and performing, obviously more mature than the e mobility business at the top, which is more a zero emission play and based around e drive as you heard from Jon Erik and hydrogen fuel cell electric as well. The businesses combined for a revenue of CHF 90,000,000 and you can see the EBITDA effect totally including all of those divisions of minus CHF 37,000,000.
So combined you see a softer margin in Hexagon Group, but again this is made up of two individual parts. So our balance sheet, this is where there was quite a lot of activity. Again, I mentioned the extreme foreign currency movements between the end of last year and the end of this quarter. If you look at the left hand side, you look at our asset base. In fixed assets, you have tangible and intangible assets.
A big portion of that, majority of it is the Agility business denominated in U. S. Dollars and also the acquisition of the Experian businesses in Germany denominated in euro. So almost just over NOK500 million expansionary impact on the assets. When we look at the headline increases in inventory in NOK, Norwegian krone, it would tell you that we've increased our inventories.
I can tell you that that is actually a wrong view when you strip out the effects of translation and underlying we actually have a reduction in inventories. Similar picture for receivables, this is inflated heavily by currency movements. And if we go to the right hand side our liabilities and equity, we see some positive impacts to equity from the foreign currency movements. The impacts in blue there affecting the interest bearing debt that I mentioned and previously and you can see similar impacts other parts of our liabilities. So for those interested in the appendix, we have more of a cash movement picture which strips out the translation effects and gives more of a real picture of our working capital and cash position generally.
Still though a strong balance sheet to carry us through the next few quarters. I will just take the outlook. Obviously, we won't be able to guide very specifically given COVID-nineteen and the impacts I mentioned earlier particularly how the demand side impacts affect the global macro picture. But I think we'll be able to give you at least a directional view. When we start with Agility, we do see continued activity in the heavy and medium duty Geomobility space which is good.
In terms of those COVID-nineteen impacts specifically in quarter two, quite a way through quarter two now, certainly U. S. And particularly the European transit bus negatively impacted by some of those customer shutdowns. Those customer shutdowns have been temporary. Most of them are up and running to a certain degree, which is good.
But overall, we would expect longer lead times to sales due to these impacts working themselves through the whole value chain. We do however expect a busier 2020 particularly in heavy duty truck different reasons, but we saw that both in 2018 and 2019 as well. And one area we see major logistics suppliers, for example, one of our customers UPS, they're seeing increasing demand and they're also designated as having that essential infrastructure status, which allows them to keep operating. On Hexagon Purus, the e mobility part, start off with the COVID impacts in quarter two. There are currently no indications of impacts to these development programs and timeline to potential serial volume opportunities, but of course delays can arise.
Continue to have this positive customer feedback. This is on the BEV or battery electric drivetrain deliveries to Daimler Trucks North America. And the fleets Penske and NFI, LA Harbor have logged many, many thousand miles with continuous good and positive reviews on the driving experience. Also in addition, that business unit is working hard on deliveries to two additional OEMs. They continue to be on schedule to date.
Look at medium and heavy duty hydrogen projects. COVID-nineteen impacts in quarter two currently as we speak. No indications of impacts to the development programs, but again delays can arise. We received our first hydrogen order for capacity, yard hauler designed to withstand extreme conditions. So again further diversification of the mobility platforms that we're getting into.
And an interesting project in Sweden, good collaboration then with PowerCell. You will know PowerCell from our collaboration with them on Haijon, which has a marine and maritime fuel cell mobility focus. There we delivered hydrogen storage behind the cab systems for zero emissions refuse garbage trucks. We do expect additional orders for hydrogen on bus programs or various bus programs in Europe. So we'll monitor those as they take shape.
This gives a snapshot of the more than 40 projects that we have. Still activity in light duty vehicles definitely I would say very heated and very, very targeted strong activity in medium and heavy duty and also the distribution side. And we continue to have quite good projects and around the ground storage, mobile refueling, maritime mentioned Hion and railway opportunities amongst others. Hexagon Purus also has the CNG light duty vehicle business unit. We mentioned Volkswagen, the assembly line relocation as reported in quarter four is in process.
That has had a definite impact in quarter one. It will continue to have a significant impact in quarter two. Ramp up is still as we speak expected to start in the third quarter. However, as we see it, there's a potential that post COVID-nineteen given the general ramp up rates of OEMs that we're seeing that potentially the run rate in the second half of the year may not be at the 2019 level. However, Volkswagen have reassured their continuous marketing of their CNG range of vehicles.
We do see though that new models beyond 2025 will be contingent on changes to EU regulation. Currently, the EU regulations in force when you measure your fleet CO2 emissions are from the tailpipe, whereas and that favors currently BEV disadvantages to CNG light duty vehicles relatively speaking. However, with the constant introduction of RNG currently at 17% of transport fuel in Europe is RNG or renewable natural gas, with a more of a well to wheel view there the benefits to the environment of the RNG are actually at the highest of all the alternative fuels. So the higher you increase the blend of RNG and if the regulations change to well to wheel, I think that would definitely shift the focus back to G mobility for light duty vehicles. Mobile pipeline, opportunities in 2020 despite project delay challenges.
Mobile pipeline not only do they need to cope with the impacts of COVID-nineteen, but also the general disturbance in the oil prices and that situation has definitely is more relevant to the mobile pipeline sector. So, we do see and will see in the second quarter significantly reduced activity in onshore oil and gas. That's to be that's not unexpected. But also we see a general risk of project delays due to capital constraints when there are these macro factors. To the extent that we've had to curtail production due to these lower volumes and we don't feel that the reductions in all the cost initiatives that we've done already at the 2019 will probably not be able to cover the shortfall of lower volumes in Q2.
However, going forward in the pipeline, very interesting things in the pipeline. We see a somewhat increased activity in the Latin American market. These build outs and openings of certain pipelines, subsea pipelines connecting Texas into Mexico for example and the onward build out of infrastructure there is definitely beginning to stimulate that market for us again. Industrial gas continues penetration. As you know or may not know, our gas portfolio now includes hauling helium with the mobile pipelines.
Renewable natural gas continues to show significant potential. We actually expect additional orders from existing RNG customers for our Workhorse Titan IV product and the ultra large Titan 53 trailer. And we actually expect new customers for leasing units under our lifetime asset management program where we try and manage the asset through its lifetime to the benefit of the customer and obviously Hexagon. One interesting area will be the wait and see is the virtual interconnect. This is really a highly seasonal business area or highly seasonal business should I say Q4 and Q1.
This is to do with the winter season and particularly the Northeastern States in The U. S. So we'll be awaiting the weather projections over the next few months. And where the projections are for a cold winter, you will see the normal rush to supply and increased prices there and activity in that sector. So wait and see.
And the other thing that we're seeing beginning to see interest in The U. S. Is for mobile refueling business using our Titan products or XTOR products and potential opportunities lay awaiting there. So some reason to smile for mobile pipeline. On Hexagon Ragasco finally, Jose for COVID-nineteen impacts, it would be mainly expecting delays in orders for certain countries who are significantly impacted by the pandemic.
Otherwise, in the second quarter you see the beautiful green revolution LPG cylinders to the right there. They're on their way to a new customer in Germany and it marks a significant further expansion into the German market. This is a very important market in Europe, very large market and a market where we haven't been able to have a lot of penetration to date. Also expect solid sales in The Middle East, particularly Saudi Arabia and Qatar. And we always like to celebrate our new countries or new geographies.
We also include shipments of cylinders to Djibouti in East Africa. So to summarize, we would say the disruptions related to COVID-nineteen will have a negative impact to earnings for quarter two twenty twenty. We expect a weak quarter for quarter two. Barring any unforeseen COVID-nineteen developments, we expect however a stronger market outlook in the second half. Hexagon has strong liquidity and business resilience certainly to weather this storm.
And as we see from the empirical evidence that we have around the cities and the globe now following the reduced activities, in these cities, we feel that the e mobility and g mobility drivers are they remain intact and actually will strengthen post recovery. Investment into green technologies, would also as we see, stimulate, job growth, stimulate these economies and certainly have a transfer of skills into that technological area. And with that, I will pause.
Great. We have, some questions from the audience. Again, I'll just remind participants that if they'd like to send a question to please address it to irhexagongroup dot com. The first question is from Miched Niehlth Smedseng from Carnegie. And I believe this would be for you, David.
Please elaborate on the top line decline and margin level for Regasco. What shall we expect onwards?
So actually, when we look year over year, Regasco increased their EBITDA despite the lower revenues. So we have a better mix in quarter one this year for example than quarter one last year. So that's positive. You see European demand increasing. But of course, some of that increase in EBITDA was also benefit of foreign currencies.
We see when we say decline, as I said, it was a year over year growth.
From Mikael again, also for you David. Inventory buildup appears high in itself and also higher than payable increase. Can you explain the main drivers of the working capital?
Yeah. So that's a good question. As I referred to in the presentation, when you look at our balance sheet because of the extreme foreign currency impacts, it actually gives the wrong picture on working capital, particularly on inventories, receivables and payables. What we've done in the appendix to the presentation, we've actually stripped out those you could say translational effects. So then you can see really the working capital picture which is actually positive without foreign currency, you know, underlying basis.
Yeah. So I will just say that, Mikkel, maybe you could definitely have a look at the appendix, and you'll see a more clearer picture of the company. I agree. The foreign currency makes a disturbed picture this quarter.
Third question from Mikkel, this time directed, I think, to Jon Erik. Please comment on the v please comment on the, quote, VW has reassured continuous marketing of its CNG range of vehicles depending on EU regulations post 2025. Given public announcements, it sounds very much as if VW is phasing out CNG.
So there have been some comments by their CEO, mister Dees, that have raised some uncertainty. But since we have had very strong reassurances from the executive level at Volkswagen that there is no intention to phase out CNG marketing for the next five years. Volkswagen to continue to prioritize CNG, there needs to be a change in emissions regulations so that instead of us today only measuring the tailpipe emissions, the regulations need to change to well to wheel. So the paradox is that if you measure the real impact, then CNG mixed with RNG is by far the most environmentally friendly solution technology available today. But since the regulations focus on tailpipe only, then that is incentivizing strongly battery electric vehicles.
So we are working together with the rest of the industry, including Volkswagen. Volkswagen is a member of NGVA Europe and we are also a member there, represented on their board. And we are now stepping up our efforts to influence the regulations in the European Union.
Excellent. That wraps it up from the Q and A that we've received. I'd like to remind people that if they'd like to arrange one on ones with David and Jan Erik to take contact with David if you're an investor analyst and contact with myself, Karen Romer, if you're in media and have an interest in interview. Other than that, I leave the to you, Jan Erik, to close out the session.
So, yeah, thank you, Karen. Thank you, everybody, for spending time with us this morning. I wish you all a very good rest of the day.