Warm welcome to this quarter three presentation from AFRY. My name is Jonas Gustavsson. I'm the CEO of AFRY, and I will also shortly be joined here from our CFO, Juuso Pynnönen. Let's start then with a summary of the third quarter. One of the big highlights for us is, of course, the strong growth. We see a continued demand, and all divisions are delivering strong organic growth in the quarter. Total growth ended up at close to 20%, and net sales SEK 5.3 billion, and the organic growth was 10.4% adjusted for the calendar effects. I would say this is really a strong number from our view, and again, all divisions have delivered solid growth. The order stock is actually on historical high level.
EBITDA SEK 384 million, and the margin ended up at 7.3%. Juuso will, of course, take us through the bridge compared to last year. Also want to highlight that the announced cost-saving program that we started up beginning of the year, we have now completed that, and it has delivered according to plan. We have seen, for example, that in Infrastructure, we're exactly improving the margin in the quarter that it also have give us effect in the quarter. But with that said, we are continuing the focus on driving cost efficiency across the whole company and also pricing as an important component, of course. We also would like to highlight that we have reached a very important milestone in the rollout of our new ERP system.
We are now live with some 6,000 users using our new system, and with that, we are now continuing the rollout. Of course, this is a big project. It goes through the whole company. Again, we reach this very important milestone during the fall. We have also highlighted during the quarter that we have now reached an agreement to divest our Russia business to local management. Now, looking on the market, I would say we are living in interesting times, of course. For sure, we have the increased geopolitical uncertainty, but also increasing inflation and interest rates. We have seen some projects, not that many, but some projects being delayed or decision-making taking some longer time, obviously affected from the uncertainty. On the other hand, we still see a very strong market.
Of course, because we are growing on a really high level organically across all divisions. There is still a lot of investment ongoing for sure driven from the big industrial transformation. We see a strong demand, especially on our industrial segments like Pulp & Paper, Mining & Metals. We are entering in a very good way in South America. The whole energy transformation and electrification, just to highlight a few sectors that drives the demand in the industry side. Infrastructure, in general, continue to be stable, so the only segment that we have highlighted is the private real estate, private housing, which is a smaller part of AFRY's business, but still. Other than that, we also see stable demand in the whole infrastructure segment.
Of course, we are bringing home a lot of interesting orders and I'm really happy to see that, I mean, in the core of AFRY, even if you go back to when ÅF was founded or our company was founded 120 years ago, the roots is in energy and process industry. We see a lot of demand in those sectors. This is 3 projects. One is engineering service for Ardagh Group's new recyclable metal and glass packaging in Brazil. Again, I will get back to that because South America is a very strong market for us.
We had also an assignment for the Cargo Sous Terrain. It's in the Swiss part or in the French part of Switzerland, a logistics systems, and then an advisory service to Keppel Infrastructure Trust, their investment in offshore wind energy assets. Of course, energy processing industry is in the core of AFRY, and we see really strong demand and more and more projects in those sectors. Just to highlight divisions, and again, Juuso will go more into depth. Infrastructure, solid growth, 8.5% organic growth, and we are really happy infrastructure improves margin compared to a year ago. Of course, 6.1% is not the end of it. We want more, but we are happy that the cost program, the work we do with efficiency is giving effect in the infrastructure.
We continue to work to improve our result in and the performance in the Infrastructure division. Industrial & Digital, I would say solid organic growth and also a solid margin. Process Industries, to highlight the top line close to 20% organic growth. Here again, the South American market supported a lot in that number. Margin slightly lower, but that was also due to that we had a really favorable project mix last year. In general, this segment is really good, and this is in the core of AFRY, and we will continue to push to improve and drive our business in Process Industries. Energy also growth strong and solid. 8% EBITDA margin, lower than last year.
Last year we had one big energy project that was closed that gave us a really strong boost in the margin last year, and that explains the delta from last year. In general, good demand and solid result. AFRY X, we are still in adjusting, I would say the product portfolio in AFRY X. Solid growth also because the demand for digital service is for sure there. Of course, we will bring that division up to solid profits, so that work is ongoing. In the next quarters, we absolutely have an ambition that step by step we will have a solid profit and margin in the AFRY X business. Management Consulting, I'll stand on that. Also solid organic growth, stable result 50%.
Last year we had one success fee that also boosted Management Consulting last year. In general, we see a really strong demand in our Management Consulting business driven from bio industry and energy where we are actually focusing on that. Of course we want more, but as a third quarter with Infrastructure stepping up, it is a stable quarter, but we will for sure push for more. With that said, I will invite Juuso Pynnöonen to take us through the financials. Please, Juuso.
Thank you, Jonas. Good. Let's talk about numbers slightly. I'm extremely happy to read you the number SEK 5.3 billion on Q3. It's almost a 20% growth. If we then take 6% of FX and 3.7% of the acquisition growth, there remains still more than half of that one on the organic growth and 10.4% in adjusted organic growth. Even better on that one, when we look a bit under the hood, like Jonas explained on the divisional slides, all divisions reported strong organic growth, also including energy, who has had some struggles early on that path. We are growing in all segments. If we think about what has been supporting that growth and how it has been coming, we have a continued high demand. We have been able to increase our number of FTE significantly.
We have some 2,000 employees more, but we have also been able to push up our prices. Our active work in the price increases has also contributed to the adjusted organic growth. If we look a bit further, we have also more sub-consulting than we had in the previous quarters. To reiterate the foreign exchange currencies, which, of course, when the Swedish krona is at the levels of 11 boosts our revenues. If we then look at the order stock, it continues to grow. I am happy that we are at this point in time in probably a record high order stock in comparison to revenues and in absolute terms in adjusted base currencies or not adjusted base currencies. We are at a strong point with the order stock for the future quarters to come also.
If we then look a bit further into the EBITDA development. Well, apparently now the slide started to move. Apologies for a small delay. We have delivered SEK 384 million of EBITDA. That's an improvement compared to SEK 369 million compared to previous year. We have had strong growth that supports that improvement. We have implemented and completed our cost saving program in Infra and in Group Common, and we get benefit from the pricing. In absolute terms, we are improving our profitability. At the same time, like you saw with record high revenues and organic growth, the margin was negatively impacted by high employee turnover. We have an increased use of sub-consultants who have a lower overhead coverage compared to own employees.
Then we have some somewhat less favorable project mix in some segments, but especially in Process Industries, where we generate solid profits, but it's slightly less favorable than previous year. Then if we look further, I will come a bit more into the details of the previous year, quarter three and differences within the divisions, but we had several positive items impacting the quarter on previous year. Still if we look the 7.3 in a historical context, it is good to note that despite making 8.3% previous year, if we go to 2020, yes, burdened by COVID, I think it was 6.7. 2019 without any COVID was 6.8, and 2018 standalone ÅF was 7.4. This 7.3% in that context is quite an acceptable number.
It is not up to our ambition, but it is quite okay. It is a good place to start continuing the improvement. If we go to the following slide on the EBITDA bridge, we can look a bit further within the divisions. Infrastructure has completed the cost savings program, is working heavily on price increases and efficiency, and we can see that one in the numbers. Margin improved to 6.1%, and that's a SEK 32 million absolute improvement in the profitability. At the same time, Industrial & Digital Solutions continue to grow, but they have a large amount of sub-consultants in their revenues, and especially the IT related segments that we see also in AFRY have been impacted by the high employee turnover. If we look into the Process Industries, we have a slightly less favorable project and sales mix.
There is normal seasonality, which is typical, when you have projects, compared to services. You tend to have based on absences and vacations a bit of normal seasonality. Looking then to energy, previous year was impacted by a closure of a major EPC project in Asia that provided additional profits. Also, that one is typical to project business. Now it happened to bring positives in Q3 2021. If we then exclude that one, I am happy to see that all of our segments are improving. The operational improvement is there, and the performance is on the solid level. If we then look into the Management Consulting, this one you already know by heart.
They are having transaction-related success fees that time every now and then. Previous year, they had a big success fee on the quarter three. Now, this quarter three, they didn't have.
Despite that one, they are delivering benchmark profits, high growth, both in absolute levels and in relative levels. I'm very happy with the performance of Management Consulting. Finally, AFRY X, they are having a high employee turnover that is characteristic of, especially of, IT segments. We have also reduced the development of own software that has impacted positively the results, but it has been eaten up by the ramp-up of the new employees and subsequent lower utilization in the division. Group common is slightly spending more than previous year Q3, but we see clearly the impact of the completed restructuring or cost program, and I'm quite happy where we are on the cost levels there. Having said that one, this is a work that never ends. We continue to optimize and work on our cost structure.
We have not yet reached our margin targets. If we look at the financial position, we continue to have strong liquidity. We reported net debt to EBITDA at 2.5 when adjusted for items affecting comparability and excluding the IFRS 16 impacts. We have a good position on that one, and as you know the seasonality of our cash flows, Q4 normally is a strong cash quarter. During Q3 and during year to date, the net debt has been increased by the acquisitions. It has been reduced by the cash flow from operations. Our cash flow from operations was slightly better than previous year in the same quarter, but not reaching fully the ambition. I think this is also a topic that we continue to working on.
At the same time, we have seen that some of the client behavior has pushed from last week of September payouts of the invoices to first week of October, which is also typical in certain circumstances. Room to improve in cash flow, but we are in a fairly good position. It is good to note that our net debt, we have parts of our debt structure is in euros. With the volatility in FX rates, we are seeing that the euro-denominated debt is higher. And at the same time, some pension liabilities increase. FX creates some volatility in our net debt, but we do hedge it, and we are in a good position from that perspective. Then finally, earnings per share SEK 1.59, but adjusted with the write-down divestment of Russian entities, it would have been SEK 2.18.
It is good to note that the Russian divestment management has signed, but the closure is subject for final approvals. Until that closure happens, it is a ruble-based deal. It may create some volatility in the FX or via the FX changes in our figures. With these ones, I would like to hand over back to Jonas.
Thank you so much, Juuso. Thank you for that. Just to close before we go to questions, just highlight a few things, positive things, starting with the number one. We are happy that we are once again ranked in the big Universum ranking in Sweden as one of the top 10 employers in Sweden. Juuso mentioned it, we have more than 2,000 more colleagues in AFRY now compared to a year ago. We are getting close to 19,000 fantastic employees in AFRY. We are very proud of that. Also, the EcoVadis that we are ranked the highest award in sustainability, global sustainability and social responsibility rating.
This is something that we take extremely serious, and it goes very much hand in hand with our mission, of course, at AFRY. Then also one thing on the left side is the in South America, our operation in Brazil. We have a long and really good history in South America, and we are now growing in both bio industry, Pulp & Paper, but also in mining. We were receiving a very good award in Brazil for one of the highest-ranked engineering companies. These are three awards that we are proud of. Despite we have a lot of uncertainty in the market, we see a lot of opportunities. I would say the spirit in AFRY is very, very good.
Closing then before questions, this one we have used before, and it is actually what we are working on: three major areas. One is of course to continue to work with cost efficiency. The cost program that Juuso said we have closed, but we are continuing the whole work in group, but also in divisions to optimize and pricing. We are getting prepared depending on where the market is going to act if the market is getting weaker. Right now, we see solid demand, but we have plans if we would see demand going down. The second one is more that we are taking all opportunities we can see. Looking at the energy sector, process industry sector, the electrification sector, there is still core sector at AFRY. I mean, we are a company that's grown from into.
Right now we see the industrial transformation with a lot of opportunity but also, for example, in America. The third one is we continue to do those investments we think are absolutely important. The ERP system that has been is a long-term project for us. We will continue now to roll out that step by step and start to get the benefit from those. These are the three boxes that we drive in all divisions, but also from group. I will let you also again here and open up for any questions.
Yes. As Jonas said, we open up for questions, and as usual, you should use the function Raise your Hand if you have a question. I see we take the first question from Johan Dahl at Danske Bank. Please go ahead.
Yes. Thanks. Good morning, everyone. Very interesting. That's just in line with the music. I don't know.
Now, you can go ahead again, Johan.
You came with music, Johan.
You can see the question, of course.
Always do, heading into the weekend, right? No, no. On the, can you just address and frame the more cyclical parts in AFRY? You talked about the real estate, commercial properties, et cetera. But also adding to that, if you look on the industrial R&D that you're doing, for example, can you just sort of frame it as part of your total portfolio, what you're seeing in those areas now and potential contingency plans here heading into 2023? Would just be interesting to hear your view on that.
Yes. Thank you, Johan. Yeah, one thing. What we see, you talk about automotive. I think we continue to see really strong demand, Johan. I think the whole electrification and the investment ongoing into our automotive clients, more software, more styling, and the whole electrification drives our demand. I think during the pandemic, we also repositioned our offerings. I think we are in a good place. Right now we don't see any signs that demand will go down. On the real estate that we have highlighted, the portion that we have to the private housing sector is really small. That's the sector that we would like highlight as the one that is in risk. It's a small sector, Juuso.
Absolutely correct. It is very insignificant in our total portfolio.
It's more, Johan, that we of course follow all the indicators. We can see that housing projects are postponed. Right now I wouldn't say that we really feel it, but it's one area that we are following closely. At the same time, on the real estate side, we see the increasing demand on industrial buildings. When all these big industrial investments are done, they require a new factory building. We see partly that is compensating, and of course we are then steering a lot of our real estate building technology teams towards that segment. I think we are more highlighting that we see a potential weakness on that.
Yeah, I'm just trying to get a feel for, in your view, how much of the portfolio is exposed to this type of cyclical variations. I mean, you have all these megatrend-driven projects in AFRY.
Yeah.
Is it a quarter? Is it 40% of the total in your minds, how you look at it?
No, I would say that to the private real estate segment is below 5%, 4%.
Yes, it's around 4%, including residential, commercial buildings, so shopping malls, offices, and such. Now talking about the total AFRY revenues.
To the automotive, Johan, we were up to 10% before the pandemic, and then we were shrinking because we actually restructured. I would say now maybe we are roughly 7% or something to the automotive sector.
Yes, slightly above 7.
Slightly above 7. The beauty with automotive is that we are growing our business in other segments to the R&D process to automotive than we did before. That's roughly the numbers, Johan.
All right. Just a quick one before getting back in line again.
Yeah.
Can you just address the less favorable project mix that you're talking about? What's your visibility on that point going forward? What sort of impact are we talking about in that sense?
You want to take it?
I can take it. Basically the biggest impact on the less favorable project mix comes from the Process Industries. We have been growing heavily in Brazil. We are number one and actually just elected as the best engineering company in Brazil, in the industrial segments. We are growing heavily in there. There we have traditionally done a lot of Pulp & Paper projects and some metals and mining projects. Now in the active implementation phase is more of the metal and mining projects. They come with an inherently lower but still a lucrative and strong margin. Compared to Pulp & Paper, where we are the world leader, they are on a lower level. That is at the moment impacting the Process Industries' relative profitability, especially.
Just not drag on too long, Johan, but I was actually in Brazil a couple of weeks ago, and we are entering the Mining & Metals sector. Just in a couple of years, we have now more than 500 employees, and a slightly lower margin, what Juuso said, but a super interesting segment, more helping the clients in sustainable mining. We said we want to grow, but the margin is slightly lower than a top-end Pulp & Paper plant, for example.
Thanks.
Thanks, Johan.
Okay, we take the next question from Raimo Kej at Nordea.
Yes, hi. Question, a couple from me. Volume and price, could you give a sort of mix between those that contribute to the organic growth?
Yes. Thank you. If I take this one. Basically, as you saw, the organic growth was 10.4%. We have some 7% of that one is coming from the FTE increases. Then the rest is more or less coming from pricing with some positive impacts, and then there are some negative down pulling factors. If I take our core countries and basically on local currencies, we have rounded 5% price increases visible in there that are then slightly diluted by some other impacts. Then we go back into that 10.4% organic growth. That give or take the range we are talking about.
Okay, great. Secondly, you talked about project delays. Are these material enough to have had an impact in the Q3 report, would you say?
I would say not really. It's more a market sign. I wouldn't say that it's material. It's more kind of a indicator that for example, in the real estate building segment in Sweden, we are doing a lot of small projects and some of them have been delayed. Nothing really material, I would say.
Perfect. One final question, if I may. The increased use of sub-consultants, could you perhaps put it into context and say how much higher the current level is compared to, say, a normal level? Is the elevated use of sub-consultants something that is expected to remain in the medium term?
First of all, our operation is based on using a sub-consultant structure. We have a good actually structure on using them, especially when we have some experts that we. In the quarter with the high attrition we have seen in some areas, we have used that a bit more. Juuso said it earlier, we get a bit margin dilution for using sub-consultant. I think we are not disclosing the number, but moving forward, I don't see it as a risk. We will always have some quarters, more or less, but just in quarter three, in some areas, we mentioned Industrial & Digital Solutions division, we used a bit more, and we could see that impacting a bit on the margin. I wouldn't say it's anything critical, anything like that.
We of course need to work on the decision making AFRY the most effective employer, and having an even better onboarding of new employees. Because as we mentioned, we have actually increased with 2,000 employees in a year. We are building up our employee base. You know, using sub-consultant is a way also to take on bigger projects and in some areas when we have higher attrition.
Okay, perfect. Thank you for answering my questions. I'll get going.
Thank you.
Okay, we take the next question from Johan Sundén at Carnegie.
Hi, Johan.
Good morning, and thank you for taking my question. My question is related to nuclear power. There's been a lot of talk in Sweden over the last month or so regarding a restart and a focus on nuclear power. My view, or it seems like it will be quick and the new government are in a hurry to kind of get things in place. What's your view on the nuclear market and now, when can we expect all this to enter in your order books?
Yeah, it's a good question. First of all, AFRY, we have a very deep nuclear competence, and we have kept that because we were very much involved in the build-out of the nuclear plants in the seventies, for example. Of course, we are following it super closely now, and we have been involved in some of the big ones in Finland, for example, and so on. Your question, how fast it will be, I think I'm not maybe the guy to say how quickly it will be there, but I want to say that we are very actively involved with our experts in those projects. For sure, these small modular reactors are very interesting, and it's not only here in Sweden or the Nordics that that is on discussion.
We see a lot of pre-study discussion about small modular reactors, not only in Sweden, but in other countries, too. We are very actively with our experts involved in those projects. Of course, as we, as I said, we have a strong international nuclear competence, not only Sweden, that we will use for this project when they arrive. My view is that it probably will take a bit longer than that many hope. As we have said, we have also released a lot of energy reports at AFRY where we absolutely believe that nuclear can be an important part, but there are other things that needs to be done, like you know, wind and the way you optimize the total energy system, including energy savings. All that you know.
Nuclear for sure will be one part, but maybe it will take a bit longer than some people hopes.
Thanks for clarifying that point. Back to Johan's question on the visibility ahead. You talked about that you have good order books as of now and the strength and the record high levels.
Yeah.
How long visibility of turnover do you have in your current order book?
Yeah. I think on the kind of project order book, we have quite good visibility since it is a project business, and Juuso mentioned it. We have all-time high, actually, in all our project business, both infrastructure and but also in our process industry. Of course, we have a business that is more service driven, where we have shorter order books. It is the fact that we have a longer visibility on the projects and less in the service business. That's why we follow very closely the signs in the service business. What I think is again then that a lot of our service business is also kind of into that industrial transformation. We talked about automotive as one. I don't know if you want to comment on that, Juuso.
No, I think that is quite a comprehensive answer, and then I can try to reiterate it compared to revenues. We have a higher order stock than earlier, so it's easy for you to check the annual report order stock number and extrapolate it from there also. Unfortunately, I don't recall it by heart.
Excellent. Thanks a lot. I get back in line.
Yeah, thank you.
Hey, Johan, we take the next question from Dan Johansson for DNB. Please go ahead.
Hi, Jonas, Juuso. Thank you. Thanks for taking my questions. First on a bit on staff turnover, I suppose. The high staff turnover has been a big thing. Are you seeing any signs of that easing now? Some recovery, people are getting more scared of their jobs, perhaps?
Yeah. Good question. I think if you look at the turnover, it's a bit larger. It's not significantly higher than last year, I have to say, but it is on a high level. If anything, it's stabilizing, and you know, my belief is like yours with a bit more worrying on the market. There is maybe a belief that it will maybe at least not go up again. At the same time, I would say that we have you know, we are working quite a lot on doing what we can to both attract but retain our people at AFRY. It goes two sides.
It is something that for a company like us is very crucial that we can reduce the employee turnover, and we are doing what we can, but if anything, I believe that it will continue to increase, but rather hopefully we will decrease it.
Yeah. Thank you for that.
Thank you.
Perhaps, going to your cost savings in Infrastructure, have you reached the full run rate now, the SEK 100 million you initially targeted? Is there any plans to increase that scope given what we see in the private real estate market right now compared to when you set that target? Are you planning on increasing that effort more now? Or is that?
Yeah.
SEK 100 million the relevant number to look at?
I would say that we have reached that. With that said, for sure, looking at all the signs that we can enter a more difficult market, we are working with cost and efficiency across without launching a cost program. Yes, and as I said, we are improving our Infrastructure business. At the same time, we are not on absolute level where we want to be. We want to see this more as a continuous systematic work on the functions. We talk about the real estate structure, the whole IT operation, which is a big thing, but also then in the divisions, management layer, how we optimize.
There's and we are doing it more systematically now than we have maybe done if you go back two, three years without having a new cost program at this stage.
Maybe to clarify, Dan, it's SEK 100 million, 80 in infra and 20 in Group Common.
Yeah.
To avoid having mislabels in people's heads.
Yeah.
Thanks for that clarification. On the topic of costs in AFRY X, you're onboarding some new people there, and those take SEK 20 million charge for the software part of that business. How should we think about that cost development going forward now? Should we expect the investments to remain at these levels or increase, decrease going forward the next few quarters?
I mean, as you also said, we have done reduce the kind of product program in AFRY X step-by-step, and now we are stabilizing it. Of course, that kind of reduction of cost, if you want to put it like that, have been eaten up a bit on the high attrition and what we had in the third quarter. Moving forward, we should expect an improvement in AFRY X when you look on the total number. Because it's clear for us that we can't carry a division that makes break even on the margin when we are in a market which is, in general, good. Getting our attrition and onboarding stabilized, and then we are getting where we want to be.
We have a couple of two or three software products that we really believe in, but we have scaled it down over the quarter. Step-by-step, you should expect an improvement on the profit in AFRY X.
Sounds good. Thank you for that. That was all for me for now.
Thank you.
Okay. I think we have a follow-up question from Johan Dahl at Danske Bank. Please go ahead if you have another question.
Yes, thanks. Now I heard your comments regarding the ERP milestones here. Could you just repeat to us the anticipated effect of this implementation, updated as of today?
Yeah.
Why this is such a milestone for the company?
Yeah. I will leave it to you, but I also want to comment on that. So far it is an investment you want. I would love to say that it is a positive effect still, but so that will come. The point is that the whole implementation product have reached a very important milestone, and you have been, of course, very much involved in that. I will leave it.
Yeah.
With warm hands to you so.
Thank you, Johan. Johan, as you know, ERP projects always come with some obstacles, and they always require iteration until you are happy. Now with reaching this milestone, we start to be in a place where we see a functional tool that starts to fulfill our needs and allows us to go to the next phases of implementation in larger units in other countries and so on. Now we have reached another stepping stone further that allows us to take the next steps in that direction, and then in the end, allows us to start to gain some benefits also on those ones.
Maybe put it like that. Now we are actually prepared to accelerate the rollout of the ERP system and start to grasp the benefit from the system after a couple of years of getting the system where we want to be, to be. Right now, I feel we are in a stable and good place with the ERP rollout. We are still operating in a very fragmented system landscape and very not modern. This one will be a big thing for AFRY when we start to get to take the effects of it. Still a bit ahead, Johan. I believe that we are now over the hill, and we start to do this rollout.
Okay. Can you possibly commit to any type of timeframe with regards to profitability in AFRY next?
We have a time plan that we are continuing to follow, Juuso. We just wanted to highlight that again that we reach this important milestone. Now we have our system that actually fits the needs of AFRY. On one hand, support our big projects and getting better control. On the other hand, also supporting our service business. In general, we have a plan to be done in a couple of years, Juuso.
Yeah. Basically, material, we will continue on the rollout in 2023. We will exit Nordics then and start to have material part of the portfolio implemented in 2024. That has not changed anywhere, so that continues to be there. I can only reiterate that exiting Sweden covers more than 50% of our portfolio at that point of time, where we have had also most of the legacy systems used. The benefits will then roll out slightly afterwards when we have exited Sweden in a timely manner. Also always difficult to put fully quarter by quarter onto the table, especially when we talk about future.
And I would-
A better point.
Yeah. Sorry, Johan. Go ahead.
No, just, I just wanted a final clarification. You talked about positive price effects on your reported EBITDA. I presume that's net of wages you're talking, positive effect on EBITDA, or just to clarify that.
On the year-to-date basis, yes, we have higher price increases compared to salary increases. That is absolutely correct.
Thanks.
Thank you.
Okay, and yeah, we don't have any more questions, so Jonas, please.
All right. Thank you all for good questions. Just before closing for today, I just want to highlight that as of November 7, we will have a new CFO at AFRY, Bo Sandström, and we will welcome him, and that will be very good. With that said, I also would like to take the opportunity to thank you, Juuso. We started to work together, and Juuso joined as CFO in conjunction with the acquisition of Pöyry and the merger between ÅF and Pöyry. As I said, we would not have been able to do what we have done then, first of all, bringing the two companies together, but also meeting a quite difficult time with the pandemic without Juuso's fantastic work. Also, Juuso have been very instrumental in the ERP rollout.
I would like to thank you, Juuso, for the fantastic work you have done, and it's been really cool to work with you. Wish you all the best for the future. There's still a few more weeks to go. At the same time, we will welcome you then, so Bo then. To the finance community, we'll of course meet Bo then next quarterly report, but we will also introduce Bo to you guys in the next coming weeks then. Thank you, Juuso.
Thank you, Jonas. It's been thrilling years. It's been absolutely a pleasure to work with AFRY and all the entities on, backwards until 2004. At the same time, I'd like to thank you all in the investor community and especially the analysts. I have had magnificent time, and you have taught me a lot about the Swedish market, the capital markets, and of course a bit about AFRY too. Thank you, all. It's been a pleasure, and I wish both AFRY and the whole community all the best.
Thanks a lot, Juuso. With that said, we wish all of you a fantastic weekend, and thank you so much for listening, and see you soon again. Thank you so much.