Welcome to Nordic Semiconductor's quarterly presentation for Q4 2020. It's been a great year for 2020 for Nordic. We are accelerating our growth, and we see strong demand across all end user market. The revenue total to $127.1 million last quarter, which is a good quarter for Nordic. It's actually the best quarter we ever had. It's a growth of 52.9% year-on-year and up 6.5% from last quarter. Our margin ended at 52.7%, up 1.1% year-on-year. Our Bluetooth revenue accounted for $97.6 million. It's a growth close to 50%. Our proprietary revenue ended at $25.3 million. It's a growth above 55%. Our cellular revenue showed $2.4 million.
The gross margin of 52.7%, it really underlines the fact that our high margin, high complexity System-on-Chip ownership really contributed to this growth. I come back to why and how it's contributing. Our order backlog is at new and even higher level. We exited Q3 with $288 million in backlog. We exited Q4 with $492 million, close to half a billion dollar in backlog. It's up 361% year-on-year. The Bluetooth Low Energy and the multi-protocol solution accounted for 84% of this backlog. Why has it grown so high? It's a shift of our customer mix. We see several major tier-1 customers contributing with high volume orders. We also see that planned these orders have a longer order windows.
Really what's happening in the market is the technology shift where more customers are transforming from Bluetooth Classic to Bluetooth Low Energy. This also accounts for top tier-1 customers. As said, it was a longer order. I think it's, if you analyze the backlog, it's stretching out more or less through 2021. There's always reason for that. It's all the documentation, all the articles regarding supply shortage. It means that customer are securing their deliveries over the year. I come back to that on a later slide. We are fortifying our broad market leadership. It's always been important to Nordic to win the mass of customers and to develop new customers and new segments. We continue to do that. At the same time, we are focusing, laser-focus on our tier-1 customers also.
We're doing two things at the same time. 45% design win share last quarter. Strong numbers, we will continue to keep this focus going forward. How can I say that? We see developer kits continue to grow. Total shipment went up 9% in 2020. Don't forget, these kits are not used one time, two times. It's basically in the labs of our R&D engineers globally now, and it adds up with another 9% in 2020. Total, almost 95,000 kits were shipped last year. Cellular IoT. Our Thingy:91, our 91 products, our LTE-M Narrowband IoT accounted for 12% of this number. I don't think the market generally is 12% of the total customer base out there, but just sees the interest for cellular. Nordic now is developing the Cellular IoT market. It's exciting times ahead of us.
Every quarter, I talk a little bit about new products. Here is a few products that were launched in Q4. We see module makers now are putting Bluetooth Low Energy and Ultra-wideband into one module. That's basically what we see, lot of applications that Ultra-wideband and Bluetooth Low Energy pair up. We see another exciting thing here when you look at smartwatches. Chinese smartwatches getting more complex and to do all the calculation they need, to do all the features they need to have, they go for more complex Bluetooth Low Energy chips, more memory, more calculations. What have Nordic preached for years? Complexity. Before Nordic, I remember a company called Intel. I still know them. They always talk about this complexity growth. That's what we did, and now we get payback. Come back to why we get payback.
We also see customers, infrastructure guys that are making new ecosystems. They're making systems that support both Bluetooth Low Energy, Thread, and also sometimes proprietary protocols. When these ecosystems are offered to the general public, what you're going to see is that a lot, thousands of small, medium-sized accessory customers are going to make products that hook up to these networks. How can I hook up to this network? Being compatible to these new protocols. How are you compatible? You have to have enough memory, and you have to have enough compute power. Other parts offer that. I also put a few, actually two here, examples of nRF9160 over LTE product. I think exciting thing, if you go to the right, is the Tiptap . Here, if you're a street singer, you can have this beside your guitar, and people can go and pay for your songs.
If your local sports club have an event, you can bring this, and you can sell all the cakes and waffles you want, and you get paid. Easy access to the global net. Enabled by Nordic nRF9160. In hospitals, you want to know where people are, have healthcare and medical real-time monitoring. Get a product out there with Nordic inside. I thought about multi-protocol System-on-Chip is really enabling the smart homes you're going to see rolling out going forward. Eve Systems is just one example of a company that have made a accessory that is, that basically connect to Apple's new HomeKit functionality. Again, it uses nRF52840, and I don't need to tell you why because I've done that through earlier in the presentation. This product support Bluetooth 5, Thread, and Zigbee. We've been through a horrible year.
We still are in a new year that doesn't look too good, but it could be improved. It's important that we basically treat this coronavirus, do the testing, make it easy to get tested. Nordic now is inside the first COVID-19 home test kit. It's a 50 minutes test. It takes 50 minutes from you do the test and stop till you know your results. Automatically it connects to the net, a secure connection. Ellume expect millions of these or tens of millions of these tests throughout the year. We have a solution for them at Nordic. The nRF52810, it's a System-on-Chip with high value and relatively low cost. The nRF5340 is a new product from Nordic. It's the first dual Arm Cortex wireless System-on-Chip. Two Arm Cortex into one chip. It's a large Bluetooth chip.
It's high performance, high efficiency, we made no trade-offs. We were worried going to the market with such a complex chip. As I said very early in the presentation, I think complexity grows all the time. Adding complexity means adding features. There will be a lot of feature-rich IoT applications years to come. Segments we haven't played that good in, like audio, is now enabled. Make even more advanced wearables. I've been speaking about professional lighting previously. This is the chip. Now, it's exciting times for the 53 family. We already start getting designs, and we see pre-production coming on board. Something happened here. You have to help me.
Excuse me. There is something here with the presentation. I think the technicians are trying to fix it for us. While they're fixing it, I could talk about the Cellular IoT. I mean, what we see is that, yeah, Cellular IoT is expanding. We are now working with a partner called Arkessa, which is leader in virtual SIM. It really eliminates Nordic's need, Nordic's customers need to negotiate with individual carriers, is basically having an extensive European and global lead on LTE Narrowband IoT. Arkessa will offer technical support and access for connectivity testing and evaluation. No, there's still something wrong here. Ericsson and Sigma reference design is using the nRF9160. It's enabling rapid IoT development for our industrial customers, and that's where LTE-M is going to really grow going forward
Well, if you look at this design, it's basically having temperature, humidity and air quality, air pressure, and light sensors. Any industrial customer which want to do design which connects right to the base station could take this reference design and get started. We also see customers doing modules. Avnet Asia is integrating nRF9160 and the nRF52840 in the smallest module, combining LTE and Bluetooth and GPS. It's available to customers. Braveridge, a Japanese customer using nRF9160 for their SonicBoard. A Dutch company put nRF9160 into asset tracker. They made a couple of trackers, and one of them is actually powered by solar. Cool. It's a total green product. The sun is powering this tag. What else have we done through this quarter?
We acquired Wi-Fi. We acquired a Wi-Fi team of 80 people. It's a IP company. We have Wi-Fi IPs now, Wi-Fi 4, 5, and 6. I think this is what we missed. Now Nordic can make a complete product combo with Bluetooth, Wi-Fi, and Cellular IoT or any of the combination. This represent a significant expansion of a market. We have exciting times ahead of us. Now I will hand over to Pål, our CFO, to go through the financials, and I come back and discuss a little bit about outlook in the end of the presentation. Welcome, Pål.
Okay. Thank you, Svenn-Tore . I'll now go through the financials for Q4 2020. As Svenn-Tore mentioned, Nordic has been showing accelerating growth throughout 2020, and especially in Q4 2020. 2020 is actually the highest revenue recorded, and is 7% higher than Q3 2020, which is $8 million above last quarter. For the first time, we continue for the second year to actually show that the seasonal down in Q4 is sort of disappeared. We now see that Q4 is the strongest quarter. How has then this happened? Well, the main reason is, of course, that we do have strong pull towards the end of the year.
Then also we've been able to sort of shift a lot of our customer markets to markets that are not so depending on seasons, so less on consumer and more on industrial, healthcare, et cetera. The revenue in Q4 was slightly above our guided range. We did have in Q3 reports sort of have a cap on supplies, but we were able to fulfill that and came out for the quarter slightly above what we guided. For the quarter, Bluetooth revenue amounted to close to $98 million, more or less the same as in Q3, and up 49% compared to last year. Bluetooth share is now this quarter 76% of total, slightly down from last quarter.
This is really explained by the very strong proprietary revenue we had in the quarter. Proprietary was $25.3 million in Q4, which is actually an increase of 55% versus last year. Proprietary, it has, of course, been driven by the very strong pull for home office equipment that we've been talking about for the last few quarters. However, also in Q4, we saw some very interesting proprietary projects in both fitness related products and also in gaming. For 2021, Nordic see stable proprietary demand from PC accessories because some is still removing over to Bluetooth. We do reiterate our long-term guidance that as proprietary will have a slight decline year-over-year.
We're now gonna talk about revenue per market, as overall revenue shows a very strong growth, both compared to last year and last quarter. The underlying markets will of course also show growth. I wanna highlight a few areas. First there's two areas where we do see the normal seasonal decline. This is consumer electronics and wearables. Consumer electronics, which is the biggest market with above 40% of the total, had 60% growth compared to last year and just a small decline compared to last quarter. As I mentioned, this market is of course driven by the home office products, both proprietary but also for Bluetooth. Then there's every quarter we talk about new opportunities in consumer electronics.
Gaming is a very important player in this market. Wearable shows a stable trend compared to last year, and a 7% decline compared to last quarter. We do have very strong design activity, especially within our high-end products, as Svenn-Tore mentioned earlier in his presentation, especially in the Chinese market. To the three sort of segment markets that do show an increase both year-over-year and quarter-over-quarter, building and retail revenue increased by more than 60% year-over-year and now is actually our second-biggest market. The increase reflects continued growth both in industrial and home automation applications, such as smart lighting, alarm systems, smoke detectors, temperature controls, et cetera. City Bikes has also been very popular now in the COVID period.
An important new high volume technology is the Electronic Shelf Labeling systems. Healthcare revenue increased by 113% year-over-year to close to $11 million in Q4. In healthcare, we have the stable base that we've been discussing for several years, which is the drug delivery systems, especially related to diabetes. In Q2 2020, we for the first time saw the full effect of COVID-related products. These are a little bumpy or slower in Q3, are then high again in Q4. What's more important with the COVID products, although they do give a good revenue in this quarter, we see that the pandemic has also accelerated the adoption and design of connected healthcare devices.
That's why we believe that healthcare is gonna be very important going forward, both COVID-related but also other products in healthcare. Gross margins came in at a strong 52.7%, up from 51.6% a year ago. Compared to last quarter, we have a slight reduction. However, last quarter did have a positive effect from previous periods. Adjusted for that, we do see an increase in Q4 versus Q3. We've thereby been able to consistently execute at margins above 50%, which is our long-term target. The strong underlying gross margin comes as a result of continued high demand for high-end System-on-Chips and also a favorable customer mix.
We expect a slight decline in Q1 2021, mainly due to higher sales to larger customers and also a less favorable product mix, especially some healthcare products do have lower margins. In the long run, we do guide for a 48%-50% margin for the short range business as we have influx of more larger customers into the business. The Cellular IoT will increase revenue and thereby impact gross margins on the total level. I'm gonna jump to the operating model.
The numbers on this slide reflects reported numbers. The effects of capitalization of internally developed R&D and equity is excluded in or included in these numbers. The strength in Nordic's model can be seen in this on this slide, where the strong revenue growth of 53% results in an increased operational leverage and an EBITDA margin surpassing the 20% target. Total reported R&D is now at 21.6%, down from 23.5% a year ago. Included in these numbers are $1.7 million of capitalization. Compared to revenue, the R&D goes downwards, the underlying R&D number has increased from $19.6 million to $27.5 million in total.
A large part of this increase is in the cellular business, which goes from $7.6 million to $10.1 million, really reflecting in increased activity to commercialize the product. Although we do see the revenue compared to R&D goes down, we reiterate our target to at least be at 20%. We believe we need to be there in order to have competitive products out in the market. In earlier quarters, we did see that SG&A was very low, mainly because of less travel, less marketing, exhibitions, et cetera. We do see a pickup in the market, so SG&A costs are increasing. Overall, EBITDA at $26.9 million, up from $12.2 million a year ago. This is very slow. Bear with me. Okay. Cash operating expenses. Cash costs increased 23% year-over-year.
This mainly came as a result of more employees in the company. Totally, we've increased the number of people by 17% year-over-year, so we are now at 897 people. This does not include the 81 employees that we successfully integrated into the Wi-Fi business as of 31st of December, 2020. From January 1st, we are 81 people more. Overall, cash salary expenses increased by 27%. The reason that's higher than the number of people, it is mainly based to equity compensation and bonuses due to the strong results. Other OpEx increased by 9%, significantly less the growth in number of people. Other OpEx is slightly bulky, mainly because of when tapeouts for new products occur.
EBITDA in Q4 2020 was a strong 21.1%, up from 14.7% a year ago. A slight reduction compared to last quarter, however, adjusted for the 1.7% in adjustment in gross margins, it's more or less the same number. Especially the short-range business shows very operational strength with close to the 30% EBITDA margins both in Q3 and in Q4. If we look at the numbers over the last 12 months, reported EBITDA margin is close to 19%, and then for short range, close to 27%. A good increase quarter-over-quarter. CapEx in the quarter of $5.4 million, more or less the same as earlier quarters this year, slightly up from Q3.
As Svenn-Tore also mentioned, we are investing quite a lot in production capabilities, so test lines, et cetera. This is important in today's environment with supply constraints, that have all our own equipment to do the final back-end testing in the business. We will continue these investments going into 2021, so the CapEx intensity will be more or less the same in 2021 compared to 2020, around 4% of revenue. Okay. Finally, I'm gonna talk about our cash flow. Nordic has a continued very strong cash flow development, and what we saw in Q3 also continues into Q4. Based on this, we have a very strong cash position.
The strong cash position comes as a result of the capital raise within Q3, but also a operational cash flow of $51 million in Q4. The strong operating cash flow is a result of a very strong cash conversion, as net working capital in percentage of revenue is down to below 20%. Last quarter it was 24%, and historically, it's been closer to 30%. One of the reasons for this reduction is of course the inventory levels that are, due to the supply issues, lower than they should be. Also, we do see a very good payment from our customers. As mentioned in connection with the private placement, we're working on M&A opportunities, and in Q4, we actually had the first one.
Included in the numbers is the $13 million net of cash payment for the Wi-Fi business. The group's cash position is, at the end of the quarter, $243 million, or close to three times our 12 months' R&D spending. We have a very healthy balance sheet to deliver on our next year's programs. Finally, for the year in total, first year, first time for several years, we do have overall net positive cash flow of $40 million, adjusted for financing and business combination, which is very strong. I wanna hand over to Svenn-Tore to go to the outlook.
Thank you, Pål. The technician here working a bit on the slides set here on the PC, but I hope that you're not too affected about the hang-up on the . I just want to remind you when we do the outlook here, that Nordic is on a long-lasting growth journey. We started to pick up the first wave, or I would say the start of IoT, then we now see that we are moving into, I will call it, mass IoT adoption. More and more customers are now seeing what connected sensors, what connectivity can do. Obviously for Nordic, it's important to be in the lead of this connectivity trend.
I would like to come back to an important point here. Let's just find the right slides here. I mean, this is not working, I try to find my slides. It's important to understand that we are a strong and resilient company. The most impressive I have seen in the company the last year through this tough situation we have had, is that people are continuing to deliver. Sales force are continuing to do the sales, we are expanding our customers. If we analyze our customer base, we see that we get more than 100 new customers in volume production throughout a disaster year around us. I'm extremely proud of the effort people internally have done. I like to say that we've certainly proven resilient.
If you look at how this acceleration in revenue has arose, it's basically arose because been acceleration in Bluetooth and multi-protocol. 43% growth in 2020 on multi-protocol and Bluetooth. Proprietary revenue, driven by all the home offices, made us grow 27%, and this is leading customers that see this growth in the HID market. This, as Pål said, was better than expected, but we still see that 2021 will contribute a huge amount of revenue. Maybe we can be slightly down, but based on the forecast we get, we're going to get a good proprietary revenue in 2021. Bluetooth and multi-protocol will obviously continue to grow. Why am I so sure? We need to look at our backlog.
Our backlog is now at more than $490 million. It's going to be depleted over the coming quarters. We are extremely solid position. Now, when you look at all the design kits we've been sending to the market in Cellular IoT.
These customers will also start producing products in volume throughout this year. We had a fortunate opportunity to complement our portfolio with the Wi-Fi. Now we can, as I earlier commented, build combo products. We are in a position that we never, ever been previously, and we have grown our manpower to 1,000 people now. We have people all regions. We have them outside each customer's door. We can give the support the customer demand in this situation we are now. We have FAEs, we have application engineers globally that will help out all our customers to accelerate development, because everything's about accelerating time to market for our customers. Nordic has to be laser focused on getting customers into production, and that's our main focus now.
We also need to be even more focused on the customer now than ever, because there has been in media lot of discussion regarding global semiconductor shortage. Yes, there is shortage. It also apply to Nordic. We knew we will get lot of new customers in 2021, so we placed early orders to ensure that basically we will cover our customers' need. We have been notified of limitation of wafer supplies. I know with current allocation, we will have at least a 25% increase in production volumes for 2021. We're not guiding for the year, but we know we have a 25% minimum production volume increase. We know that Q1, we could do guide for $130 billion-$140 billion revenue. If we end up in the upper range, it's a doubling of revenue from Q1 2020.
We also see that the largest impact on wafer shortage is expected to be Q2. We will see higher volumes in second half of 2021. The good thing is that semiconductor fabs are stepping up their investment. TSMC, our partner on wafers, are telling us that they're going to spend $28 billion investment in 2021. They believe in semiconductor content growth years to come. They don't spend $28 billion to sort of level out for Q2 2021 shortage. They do it because they believe in the growth in the industry, and I believe in growth in the industry. It's going to be contributed a lot by IoT products and connectivity. If you go through the Nordic presentation, this is what we've been talking about the last hour.
Connectivity is going to take large part of this capacity extension, Nordic should be part of this. As I said, we expect a strong Q1 in a very challenging supply environment, we also see that risk and uncertainty remain regarding the pandemic. The most important thing is to see that the adoption of IoT is really happening, I think the supply capacity is a temporary issue. If you look ahead of the bump, there is a fantastic situation to be in, being Nordic at the moment. We see also for Q1, just to guide a bit, is that there will be high volumes of lower margin System-on-Chip. We guide down the margin to 50%-51%. As I earlier said, a revenue range between $130 million and $140 million.
As I repeat, because I like the number, if you meet the upper end, it's a doubling from Q1 2020. We have a Q&A session now. If you see on your screen, you have a code to. You have pin codes, and you also have different number based on where you're located. I would like Pål to come back, and we go to questions. Thank you for listening in, and now we take the questions.
Ladies and gentlemen, if you have a question for the speakers, please press five star on your telephone keypad. To withdraw your question, please press five star again. We'll have a brief pause while questions are being registered. As a reminder, please press five star on your telephone keypad to ask a question. Once again, as a reminder, please press five star to ask a question. As there are no questions at this moment, I will hand it back to the speaker.
Okay. We, we have some questions coming in from on the webcast. I start with SpareBank 1 Markets from Petter. Supply shortage. I did not fully understand the 25% wafer cap. Assuming you had zero wafer available going into 2021, you could max deliver 25% year-on-year growth then?
It says a minimum increase of 25%. That's the exact words that we used.
For the year as a total.
These 25% wafer cap, is this related only to Bluetooth, or is it Bluetooth, cellular, and proprietary wafers?
It's basically a mix. If you look at, TSMC's report to the market, it applies most nodes. Nordic are using all of those nodes that are mentioned in this press release.
Another question from Sparebank again. When were you notified about the shortage, and when will you have a second look at this?
We have a second look every day. This is a matter of having communication. We have a leading supplier. We have a supplier that invests $29 billion into new equipment this year. I mean, we are fortunate to have such a good partner, and obviously what such a partner will do is to sort out the bottleneck as the first step. When we knew it was actually very, very recently. We knew it when we heard or saw the comments in the newspaper start leaking, a week ago or less.
Continue with question from Sparebank again. Can the CapEx be changed in 2021? I guess setting up a new production line for TSMC takes a long time.
I think he's guessed right. It is. Depends where in the process the bottleneck is, as I commented on, and I'm sure that TSMC is a, is a company with high technical skill and will sort out this as soon as is possible in the industry.
The last question from Sparebank again. What do you mean by the largest impact of wafer shortage are expected in Q2 2021?
I mean that we will get more wafers i n the second half of the year. I say that we guide NOK 430 to NOK 140 in Q1, so obviously it wouldn't impact too much in Q1. I think we're going to see the impact, the maximum impact in Q2. Again, we have been secure and minimum 25% increase in volume. What I say is that we have a extreme high demand. We have to be laser focused on delivery to our customers, help our customers through this period in the best possible way for the customers and for Nordic.
Thank you. We have a question from Kepler, from Andreas. Can you give us an indication of how much top ten customers are likely to represent of your 2021 revenue?
I have not prepared to do that today, no. It will be a significant increase. Also been a significant increase in our revenue in 2021. We see that the broad base continue to grow also.
Thank you. We continue with another question from Andreas at Kepler. Can you expect foundries to increase the price of component production due to the very high utilization?
We see sign of that in the market, and I think that's really it's important to understand the relationship and the partnership we have with your customers, or also customers, but mainly with our vendors. I don't foresee that we're going to see that situation for Nordic.
Thank you. We have another question from Kepler. In the event that the foundry capacity constrains your volume growth to 25% in 2021, are you able to push the year-on-year revenue growth beyond this through inventories and better mix?
We will come back to that because we guide quarter by quarter. Obviously for Q1, we will continue to grow. It's driven by mix and combination of mix and volume, and we will guide on Q2 when we do deliver the Q1 numbers in April.
The large reduction in inventory beyond what we have today, some streamlining you can of course do, but not massive.
Thank you very much. We have a question from Christoffer, DNB. What is the product mix in the backlog, and what is the customer concentration in the backlog?
A product mix now has started to lean towards high-end SoCs multi-protocol products, which are contributing significant more than they did just two quarters ago.
Thank you. Another question from Christoffer, DNB. Are you now ahead of the schedule when it comes to reaching the $1 billion revenue target? The $1 billion target was before Wi-Fi. Now that the Wi-Fi business is acquired, what was this necessary to reach $1 billion?
Obviously, we are much better positioned to reach the 1 billion than ever. Whether we are ahead of schedule or not, I think is a point we will bring up in our next Capital Markets Day when we go through more of the strategic drivers of the company and what we have achieved through the period from last Capital Markets Day until the one we're going to hold next time.
Thank you. The last question from Christoffer DNB. While you have a minimum growth in supply of 25%, this shouldn't reflect revenue growth. Isn't it fair to assume that these wafers are converted to chipsets with significantly higher average selling prices than you sold for in 2020? In the sense growth in 2021 is in worst case scenario, 25%.
I would not object to anything that you ask about. I think it's a good sort of thinking.
Thank you. We have a question from Ketil Askildsen. How much of the order backlog is related to Cellular IoT?
It's, if you look at Cellular IoT and if you look at the backlog of NOK 1 billion, it's small portion as I said, the volume, regarding smart home and, that has significantly increased.
Thank you. The last question from Ketil. Is wafer production if, is wafer production increase of 25% limited to revenue growth of 25%? How big effect are you expecting for the second quarter?
That was 2 questions. Obviously, as we are commenting on, wafer capacity and production capacity, it's a significant delta between, revenue growth and production capacity. That's why we are not mentioning or commenting on Q2 revenue. Traditionally, and we have agreed to stick to quarterly guidance.
Thank you. We have a question from Johannes Ries. Your targets for low power wireless LAN in 2021, when this business will reach larger part of your business, WLAN, wide...
We won't have any revenue from Wi-Fi or wireless LAN in 2021. We acquired a IP. We are going to convert this IP into hardware and combo product with Bluetooth, either Bluetooth or LTE. We shouldn't expect revenue from Wi-Fi with, I would say at least 3 years.
We said two to three years in the announcement in December.
Yeah. We can have one final question.
Yes. From Christoffer. Great to see 12% of dev kits coming from Cellular IoT. Should we see this as an indicator of future share of revenue from Cellular IoT? What is the typical lead time for this to go from 12% of commercial volumes?
I would say, as we always said, it's a year to 18 months. I think with LTE, it's sometimes a little bit more complex two years conversion time from a project start until you see revenue. I totally agree with the question. It's impressive number. There's a lot of customers out there, and there are some very exciting new applications that will change the world based on the Nordic chipset. What is important is to understand the initiative of leading operators, and leading tele equipment manufacturer like Ericsson when they do their reference design for their industrial customers. I mean, we have eased the situation now for industrial customers that want to adapt to LTE-M and Narrowband IoT through these reference designs with Ericsson as one of them.
Thank you. I think we should check if there are anyone waiting in the dial-in.
Ladies and gentlemen, if you have a question for the speakers, please press five star on your telephone keypad. There are no questions at this moment. I'll hand it back to the speakers.
No, I thank you all for listening in, and also for good questions, and look forward to see you next time. Thank you.