Goo d morning, welcome to the Nordic Semiconductor investor presentation for the fourth quarter, 2015. It's a pleasure to see you all. Couple of headlines. Our revenue was $46.5 million in the quarter, and total for the year was $193.1 million for 2015. The important thing about this year was the release of the nRF52 Series, and we see the nRF52 is progressing a little bit stronger than planned, and we have strong design wins, and we will see revenue actually in Q1. We saw some revenue in Q4, this quarter, some early adoption customers, and we will see close to $500 million already in Q1 for the nRF52 family. It's a great number for such a product that have been into the market or was introduced to the market half a year ago.
We expect to see proper volumes in Q2, Q3 this year. It's impressive. We also did this defined benefit plan. We changed to defined contribution plan, which resulted in actually a value of $7 million, which Pål will discuss later in his financial part of the presentation. We had adjustment on our inventory going all the back to 2013, which has some small impact on historical gross profits. I leave Pål to discuss this a little bit later on. Bluetooth Smart revenue was totally for the year, close to $111 million. It was a 76% growth from last year. Very few market grows with 76% a year. It's a great achievement. I leave it to Pål to do his financial presentation.
Thank you, Sven-Tore. I'll go to the financials. You've all received the financial report and presentation. We also have a detailed review of our revenue numbers. I will focus on a few key items, so that you can understand a little better. We really have four value drivers or value KPIs. It's revenue, gross margins, EBIT, and of course, net cash flow. I'm gonna go deep dive into a few of these items today. If we start with revenue, we are all working on this revenue diversification into from proprietary to Bluetooth Smart. This revenue diversification is going according to plan. It will have quarterly ups and down, when you look at underlying numbers, we are really satisfied in how that's going.
As Sven-Tore said, Bluetooth Smart has increased with 76% this year, which is a fantastic achievement. Overall, revenue is up 13% year-over-year. Gross margins, unfortunately, we had an adjustment to inventory in this quarter. I'll go more in detail into that in the common slide. However, our overall target is to keep the gross margins at around 50%. This 50% will vary a little bit related to the mix of products, proprietary Bluetooth Smart, but also the customer size, the customer diversification. I'll come more into that. However, even though we adjusted the numbers, we are around 50% over the last two years. To EBIT, we had an adjustment to our pension plan this year, resulting in a $7 million income, a non-recurring income that we recognized in Q4.
That resulted in a EBIT of NOK 13.8, no, NOK 10.8, sorry. Adjusted for this pension adjustment, our EBIT was NOK 3.8 in the quarter, down from NOK 5 last year. The reduction is, of course, a lot of more spending related to the Finnish operation. One of our important, main important drivers is the net cash flow in the business we're operating with long lead times. Of course, it's really important to have focus on the cash we generate.
We had a few slow quarters in the beginning of the year, but the last two, the second half of the year has shown positive cash flow from operations, really because we've been able to streamline our inventory levels, but also pull in receivables earlier than we did earlier in the year. Just briefly on net revenues, you've seen this before. In Q4, Bluetooth Smart consisted of 61.7% of our total revenue. For the year, $111 million, proprietary is slowly going down, as you can see. For the year, it's 76%. This is a overall 20% reduction. We see that there's, of course, ASP pressure on the proprietary.
Overall, we believe that the numbers will be relatively flat from 2015 to 2016. Order backlog is at $22 million at the end of the year, slightly up compared to 2014. As we've discussed several times before, with the introduction to the Bluetooth Smart, more diversified customers, the order backlog will reduce. The unannounced orders will increase over time. I'm gonna go through our main markets. You will see these markets linked to the markets we talked about at the Capital Markets Day. I start with consumer electronics, which is our biggest market, where we have the PC business, We also have the gaming and toys, remote controls, a lot of applications. Compared to last year, we had a nice increase of 10%. This is the reduction of proprietary.
However, it's offset by more Bluetooth Smart in the consumer electronics. We see that the Bluetooth Smart share is increasing year-over-year. This quarter, it's around 7 million in Bluetooth Smart within this industry. Half of that is maybe related to the PC peripheral business. The rest is all the applications related to game, toys, remote controls, et cetera. This will increase. This will be our main market for a good time going ahead. If we go to wearables, which is dominantly a Bluetooth Smart market, it went down 24% compared to last year, 20% compared to last quarter.
The main reason for this reduction from last year is that in Q4, in 2014, we had a few really large projects going into production, at one time. Several of our main customers came in with new products, at the same time. You know, all that 2015, there was a huge rush for wearables. In addition, although the nRF52 is the ideally suited single chip for the wearable implementations, the 52 was released in June, and there is a 12-18 months timeframe to implement the 52 into design. Consequently, one of our large customers has been forced to use a different chip in one of their new releases. We're working hard on getting our single chip application into the next generations.
As I said, it's a 12-18 months timeframe from the nRF52 is implemented till you will see the sign wins. However, the positive side, we are seeing customers that are faster than others, so that we are having the signs for the nRF52 now. As Svenn-Tore said, we're very confident that we will see large volumes or large volume products out in the market in Q2 and Q3 with the nRF52 inside. We think that's a great achievement because we're reducing the time to market for our products.
Secondly, although this is sort of impacted by, one big customer, we also see that the long tail of customers we have in the wearables, the magnitude, the market share we have within wearables, shows that we are able to keep a pretty high sales revenue, even though. The diversification I talked about on the market, is of course, to reduce the dependency on consumer electronics and wearables, so that we're less depending on a few big customers and the seasonality. That's where I'm coming into two of our really growth areas, building and retail, healthcare. Building and retail is really payment system, RFID, beacons.
You will see that there is a slight decline in this quarter, and that is because our dominant customer within the RFID is doing some changes to the products. We'll see them come back in 2016, but they were slow in Q4 2015. This area should show growth in 2016. We're confident of. Healthcare is really our new market. We were a little bit unsure if we were gonna keep that as a separate segment, but you can see that the growth is very good, and it's really the hearing aid and the glucose metering systems that's driving this business. We have a lot of the sign wins within this area. It's a very interesting market for Nordic.
Other markets, I have the ASIC and consulting part of the business. Actually, pretty good numbers in Q4 2015. ASICs will go up and down because there is limited to a handful of larger projects. What's interesting is that these projects are really within the industrial services, healthcare, surveillance, cameras, et cetera. This is a market where we are gathering knowledge because it's important for us in the Bluetooth Smart market when we go over to target the industrial space, healthcare, et cetera. We have the knowledge in working in these markets. Finally, others. Very interesting, very good drive market. It's really two businesses. It's the distributors that don't really report to us which market they're selling to, so that's the really long tail. Secondly, it's all the module makers.
Module makers is a focus area, and a lot of the releases we do on the web page is actually related to modules. You will see a lot of big names on this, in this market that we're working with, and this is a very important business. Gross margins. We have made a restatement to historical figures. The reason for this, I'm going to try to explain a little bit more. It's very detailed, explained in the quarterly report, so you'll find all the details. Nordic changed the functional currency in 2010 from NOK to US dollars. We have identified some system challenges related to this change. This has, the system challenges, has resulted in inventory build-up in US dollars that's been difficult to capture.
The reason it's small amounts per quarter, although it does have accumulating impact on the total balance of inventory. We have opened up the historical quarters and restated the numbers per quarter. You can see here, the restatement started from Q1. We had an opening impact in Q3 of $1 million related to everything that happened before 2014, but there has been an effect from all the way from 2010 to end of 2015. In the quarterly report, you will see that we've adjusted the Q 2014 numbers by $2.4 million and around $3 million in earlier quarters this year. This adjustment has no impact on... Of course, it flows down to EBIT.
It doesn't have impact on taxes, because taxes is calculated NOK, and it was a US dollar issue. Although we do have these corrections, around 1% per quarter, we are still confident that we will be able to achieve the 50% gross margin, around 50% gross margin going forward. The reason for that, we spent some time on the presentation in Frankfurt. It's both a diversification of customers. It's also cost improvements, both in wafer purchases, but also in test and yield. Finally, we see the customers are demanding more complex products, and with the more complex products, we have a better margin than the cheaper products.
Operating expenses, I'm going to start with the non-recurring income of $7 million we had in Q4. Nordic had around 70, 80 employees, the older employees, on a defined benefit plan. In connection with the law changes in Norway, we decided to transfer all of them to a defined contribution plan. We had a derecognition of the pension liability. The pension liability was around $10 million. We have taken that away from the balance sheet, since we only have to pay cash contributions going forward. The P&L impact of this was $7 million in the quarter. The rest is booked to equity OCI, other comprehensive income. The second thing that's happening or in the accounts now is that we're reducing the capitalization of R&D.
The reason for that is that the nRF52 is now sort of, it's more or less finished. We're now working more on enhancements to the project. It's commercialized from this year, from 2016. You will see the numbers go down to around $1 million in the quarter before we then get into the nRF53, which is of course, our next product. Overall, you will see that the underlying OpEx has increased from $17 million in Q3 to $18 million, $18.7 million in Q4. This increase is mainly related to more employees, but also in Q4, we have lots of activities related to the release of the 52, including the Global Tech Tour, which Svenn-Tore will talk more about later.
Compared to last year, increase of 37%, overall, mainly related to the Finland operations. From total 2014 to 2015, increase of 29%. If you exclude the Finland operation, which had the cost of $13 million in 2015, the increase is actually only $2 million. We have had a very positive impact of the Norwegian kroner. The underlying NOK OpEx increase is around $8 million, $7 million to $8 million from 2014 to 2015. That's really building up the organization, both in Norway, but also internationally, to cater for the growth that we expect in the company. Overall, in percentage of revenue, OpEx increased from 31% in 2014 to 35% in 2015. This number is, of course, too high.
It should be around 25%, and we're working on keeping it stable while the revenue is increasing. It will flow, because that's really part of the operational leverage we should have. Finally, I also mentioned at the Capital Markets Day, even if we're trying to reduce it, underlying expenses will increase 20% year-over-year, mainly because the full effect of the Finnish people will come in 2016. In 2015, we only had a half-year effect of this. Operating profit, I have two slides here. The first top one is the reported EBIT, but of course, this includes the $7 million in pension income.
I wanna focus on the bottom part of the slide here, which is the EBIT adjusted for the special items on the previous slide. Here, we see I have two columns here. The right one is the one excluding Finland. We wanna show excluding Finland, because Finland has no revenue. Finland will not have revenue for a few years, we treat that as a separate business, of course, we report the total business as one. If you look at excluding Finland, EBIT has gone from 7.4 to 6.4 this year, a reduction of 12%, 12.8% in Q4. Of course, in Q4, the revenue didn't increase much, the costs also increased.
However, if you look at the total year, we have the full effect of the increased revenue, the 13% revenue. Even if we have increased our cost base, we have a nice increase in the EBIT from EBIT margin of 14% to 17%, excluding Finland and special items. Finally, I'd like to talk briefly about cash flow. Our target is effective cash conversion. As I mentioned earlier in the presentation, when we buy from the foundries, we have very short payment terms. When we sell to the distributors, the payment terms are pretty long. For us to have full focus on this all the time is really important, and as a small slip can really impact the quarter's cash flow, so this is one of my main working areas.
If you look at this slide, it's slightly difficult to see, but these are improvements in both inventory and accounts receivable. Inventory is mainly related to the issues we talked about in Q2 and Q3, where we had expected higher proprietary sales, but we got the hit in Q3. It took some time before we were able to reduce the long lead time purchases. That's now improving, so we should see inventory at least not increase, but be stable. When the revenue increases, that's possible. Same on accounts receivable. DSO in Q3 was 91 days. We've been able to reduce that to 83 days. A normal payment term for a customer is 60 days, but of course, it goes up sometimes.
So the target is around 80 days should be good for the company. Overall, net working capital is 38%. This 38% has not improved compared to the previous quarter, and the main reason for that is this big red bar, and that's the accounts receivable, because when you stop purchasing or take a break in the purchasing, you will get a negative impact on your short-term debt. Of course, when the growth starts in Q1 and Q2 next this year, you will see this red bar become green again. Overall, for the year, we have a operating cash flow of $4 million. That's positive EBITDA, offset by a $32 million growth in net working capital over the year.
As I said, this is our main target, to keep this stable and improve it compared to the revenue over the period. Okay? I think that's all I'm gonna talk about, and Svenn-Tore, I'll hand over to you.
Thank you, Pål. I don't know how many of you watching now watched the presentation we did in Frankfurt on Capital Markets Day, but we had an analyst there from IHS, which said that the company that's going to win Internet of Things application is the one that put efforts on the long tail. Long tail means all these smaller customers today that's going to grab market share and grow in the future and time to come, and this is exactly what we are doing at Nordic. We really employ a wide engagement to the sign community. We released the 5200 family up in Trondheim this summer, and in November, we started our Global Tech Tour, where we met engineers at 30 different locations around the world. It lasted for 10 weeks. We got more than 4,000 engineers participating in the event globally.
All of these guys invested in the nRF52 development kit, which is great. We talk about kits. We continue to sell lot of kits. Second half this year, we shipped 17,452 new design kits. It's a great number, and it will eventually turn into revenue from quite a bit of these customers. What we see is also that definition we have about active large customers continue to grow. It had a seasonal weakness in Q4. What we see now in January, that is absolutely back on track and growing. This will bring the Bluetooth Smart revenue up north again. This opportunity that we are looking at now is huge. IoT is predicted by most of the large companies like Cisco Systems, Ericsson, and analyst companies like Gartner, to be somewhere between $50 billion market to maybe $20 billion market.
Some independent research says it will be more than 30 billion units by 2020. Nordic have had the starting point of this segment, is really the Bluetooth Smart, which is the personal area network coverage of Internet of Things. If you just single out Bluetooth Smart, we're going to see here that by 2019, there will be 1.2 billion units around us, and we are the absolute leader in Bluetooth Smart. According to the analyst that was with us, independent analyst, we have close to 50% market share in this segment. We're going to continue, we're going to extend our lead going forward. Because I just told you that the nRF52 family product that we released has extended the lead technology-wise between Nordic and the rest of our competitors.
This is available market, and we are not going to lose any market share. It's an incredible breadth of applications that are fueling our growth going forward. We have the established verticals, which today drives our revenue. It's wearables, it's beacons, remote controls. We start seeing a couple of remote controls now getting out in the market with Nordic Bluetooth Smart inside. If you buy a new TV now, and if you have the opportunity to have a TV which you can talk to and give commands to, it's probably, it's Nordic inside. Open those remote control and have a nice evening. I would do that. I did it when I got my new TV, even though I knew what was in. It was a nice evening. We have emerging verticals. Wireless charging.
How many of you seen any recent wireless chargers out there yet? Not many. Actually, just a few customers, but those you see use Nordic inside. We know that there will be releases of wireless charging solutions this year. It's totally abandoned in existing revenue. Medical, we see it started, as Pål said, Q1 last year. We wonder if we should put it as a separate segment, but it was around $640 K. Leaving 2015, it was $2.6 million. These are medium-size customers that are first to the market with glucose metering, and we see the larger companies now are adapting the same solutions. We expect that our medical product segment will continue to grow. Smart home.
If you looked a couple of years back, nobody talks about Bluetooth Smart in smart homes. Today, they are building ecosystems that support Bluetooth Smart in smart homes. Automotive, I told you last time we spoke that Nordic has put a lot of effort in to be qualified for automotive environment, and now in March, we completed this qualification, and we can start competing for automotive applications. Then we have this long tail of customers that we don't really know which segment we should put in. You have consumer customers there, you have industrial customers there, and we had more than 12,800 individual customers that bought a Bluetooth Smart chip from Nordic. Nobody develops and put effort to develop a product not having volume production in mind.
I don't say that all of those 12,800 individual customers will have success, but a good part of them will have, and that will, of course, implement our revenue going forwards. Why? Because there is some fundamental enablers and drivers out there. If you see in hubs, we need a hub because we are going to be the smart thing. We are going to be the one around the hubs. If you see all these new hubs coming up containing Bluetooth Smart. It enables this long tail of customers to make products to hook up to these hubs, and this is what's happening today. Then you have the acronym IoT that everybody talks about. What we are working with is internet connectivity.
If you could put your sensor straight to the Internet, basically, you can place things around everywhere as soon as it's on the sky or cloud. Nordic enables that. Enabling smarter things drives to much smarter services. For example, if you can, instead of going to your doctor every week to measure your glucose, your blood pressure, your heart rate, you can sit in your couch at home and do all these measurements and go directly to your doctor, and if your doctor thinks it's important that you come, you will come. Otherwise, you can sit in your couch for the next week and try again. This is what's happening as we speak. Why does it happen? Because the way we are wrapping our products, it's ease of use.
When I, as a designer, open the box, and the out-of-the-box experience is what decides whether I'm going to go and do a design win with this product. This is what we have been focusing on for years. When you open a box, you're always excited. When you start reading the manual, you either get extremely pissed and say, "I don't want this product. I want to return it," or you think, "Oh, great! It's easy." We try to be the one that is perceived as great and easy. Top of this, it shouldn't cost too much. Basically, if you can take reference design from Nordic, wrap it out of the box, put some power onto it, implement your software, and as I've spoken about many times, we have a standard Arm MCU in there, and most people that can write software knows Arm.
It basically, we have customers that are up there, running in less than one week, getting product that I can prototype. Because our experience out of the box is excellent, and the easier it is to achieve something, the larger probability to get someone to use it. Because if you have the right product, there is lots of ecosystems waiting for you to hook up. Our customers can now hook up to Apple HomeKit, Google Weave, Samsung Health. All this infrastructure and ecosystems are developing around them. The important thing is to have a product to hook up. I, as a developer, I, as a company, can get good revenue in the years to come. Obviously, this is the real driver for Nordic's growth in the years to come, the quarters to come.
I now talk about the ecosystem, but there is also standardization committees like AirFuel, that see the value of Bluetooth Smart. AirFuel has chosen to use Bluetooth Smart for the controlling process of multiple chargeable devices on the wireless chargers. If you're going to make a AirFuel charger, you have to use Bluetooth Smart. We have had the software that enables the communication between the device and the charger plate available for close to two years now. We've been developing this software together with some major handset manufacturer. It's just a matter of time before we're going to see these alliances' efforts out in practice and in volume, and Nordic is going to be part of this. If you just isolated, look at Bluetooth Smart, we're going to grow and have a very good time in front of us.
We want to be larger. Because this segment, Internet of Things, consists of more than one technology solution. In Finland, we are focusing on what we call the long-range, low power, 'cause low power is what I've been talking about since 2002. We've been talking about personal area network, 10-meter range. Now we're talking about low power, exactly the same as we've done for all the time, but much wider range. We've been able to attract a unique team of engineers that have been designing 2G, 3G, and 4G cellular connectivity chips for decades. When you have this technology and mix it with our ultra-low-power DNA, we are in a unique position. Close to 50%, 60% of what we've been building of the Bluetooth Smart platform has nothing to do with Bluetooth Smart.
It's a platform to be able to use the Bluetooth Smart radio on. We take this platform and add on the new technology for long range. What does that lead? It leads into the situation I'm trying to explain here. In personal area networks, we've basically been dominant with Bluetooth Smart, but we are going to move into the new segments, the really local area networks and wide area networks, where you're going to extend, you're going to do the same. You're going to collect information and sense data and send it back. Now, going forward, as soon as you are close to a base station, you can connect to a base station, you can basically get information on the cloud. We, our intention is to cover the whole footprint of Internet of Things.
If you then go back to one of my starting foils, then we're talking about accumulated devices of 20 to 50 billion units by 2023. It would be a crime, as I said, on the Capital Markets Day, not to take advantage of this opportunity, because it's a huge opportunity in low-power wireless area network. According to Machina Research, there will be more than 3 billion long-range, low-power applications in 2023. If the ASP is going to be 4 times or 5 times what we have today on our Bluetooth chip, it's difficult to say. But what's for sure to say, it's going to be significant higher ASP, average selling price, on these devices. We are going to be one of the leaders in this product. That was sort of the vision when we started off.
Since January last year, up till now, it sort of turned from vision to opportunities. We already have enough data and knowledge of the parts we're going to bring to the market, that we can start talking to potential customers in 2017, 2018, and the years to come. The feedback we got is really, really healthy. It makes us very proud, or it makes me extremely proud of the Finnish team, what they've been able to put into this space. Basically, long range, gone from a vision to, I would say, opportunity, where we are regularly in talks with relevant customers as of today. That's half a year before we're going to release the first test chips. A customer waiting for our chips. If you look further out, I will say the nRF52 family did widen the leadership to our competitors.
We have continuous strong design win. Up till now, the revenue been driven by medium-size new customers in the segments we've been describing. We're going to get more Tier 1 customers into production over this year. Takes us to a different league. We get new segments we didn't have last year. Last year, we got the medical segment up running. Going forward, we will see, for example, wireless charging segment contributing. The nature of that segment is that it's much larger than medical because that's a consumer segment. Medical is a professional segment. Going forward, we're also going to see that the three, four next years, the main driver will be Bluetooth. As I described, the long-range wireless products from Finland will also contribute pretty heavily to the revenue growth.
Remember, higher average selling price, multiplied by those numbers, you get a huge number. We're going to take a good market share in this revenue. We should also look a little bit technically. If you see today, there is Bluetooth Classic and is Bluetooth Smart, defined by Bluetooth Special Interest Group. We see with all the new standards that are, or profiles that are introduced and planned to be ratified in Bluetooth 5, we're going to see Bluetooth as a technology will be even more competitive. I think we're going to see an exciting involvement within Bluetooth SIG and Bluetooth products the next couple of years. Going for Bluetooth was a very, very right thing for Nordic, and it really helps us achieving the goals we had when we started this. We have impact and Bluetooth Smart, Bluetooth SIG is expanding its reach.
We just put on a slide here that sees a little bit of a new products that we released, which we can talk about. Importantly here is a new smart watch that can have two years of battery life using nRF51. It's great. All these new Bluetooth Smart modules that goes in for toys and home solutions, was released last quarter. Smart homes, we see a Livox monitor is using the Nordic chip, and it's basically checking that your food is proper treated through the process. All these applications are emerging and coming onto the market now. That was basically what I want to say. If you want to learn more about us, go to the website, my page, and sign in and get your personal profile. Thank you all.
I have a question from the web first.
Yeah
... about the nRF52. We said that we will start shipping volumes in Q1. What I meant is that you will start seeing products, so the tear downs you will be seeing in Q2, Q3. Of course, Nordic ships earlier than that. So we will have revenue before that. The first time you will see a Nordic chip in the product will be in Q2, Q3, right?
Very visible-
Yeah, visible
... basically, we are going to ship and get revenue in Q1.
Q1, yeah. Mm-hmm.
Yes.
Uh, we-
Just get the mic.
Hi, do you expect to grow incrementally into Q1, yes, revenues?
Q1 is basically very flavored of, Chinese New Year. What we see is that there is 2.5, 3 weeks, where very little activity. It is a 2.5, 3 weeks less production in Q1.
Mm
... than the rest of the quarters. Q1 is never a strong quarter for Nordic.
Mm.
We are not guiding, so that's the answer you get.
Okay. I'm just wondering, you've been producing the nRF52 for a couple of months now, and I'm wondering how the yields are compared to where nRF51 is today.
We doing optimization of yield.
Mm
... with every batch, and I think it takes basically half a year to reach a.
Okay
acceptable yield, and a year and a half, then you have good yield.
Mm.
We are on the same curve.
Mm
... as usually.
Last one from me: Do you expect any significant product launches at Mobile World this year?
You have to ask our customer. I'm not launching anything.
Thanks. Fredrik Thorsø with the SEB. Just to piggyback on Håvard question there. You stopped reporting new orders, 1st of January. Can you give us any indication as to order inflow so far this quarter? I'm guessing that if you expect new products to be launched in Q2, Q3, that you've seen some orders by now.
We have orders. As I said, we expect to be shipping into the market around half a million dollar value of the nRF52. Those orders are already on the book.
Any indication of what has happened after January first on with regards to orders?
We have had a steady order income. We had a very, very good January, actually. We will see that February will offset a little bit January. It's due to half a month of operation.
Okay. You also said that your customers are now waiting for the long-range chips. Can you... have you gotten any volume commitments on that yet, or are you doing any?
No, we don't have any volume commitment and the contracts on the long-range, low-power products from Finland. What we have is that we have now defined the specification of the chip, so we have gone to potential customers of ours and say, "When this chip is released, what is your view about the specifications?" It's resulted in that we got more visit to these customers and continue discussing, and that's a normal cycle when it comes to designing and getting a relationship to new customers.
Is there any co-development potential there that can impact kind of results in the shorter term?
This project was started with co-development.
Do we see any, I mean, shared resources? Is that something that will drive down your R&D costs?
There is many ways of doing co-development, for example, exchange of IP, and we have tried to employ the methodology which we believe takes us first to revenue.
Okay. Then the final one for me, just on gross margin restatement, is there any impact on cash flow there, or-
Oh-
or is this purely?
No, this is a purely financial impact, yeah.
Will we get the restated reports for the quarters that have been impacted by this?
Yes, at the end of the quarterly report, the last page, there is a table with the numbers adjustments.
Great! I wish you all a good day.
Mm-hmm.
Thank you.
Thank you.