So it's 9:00 A.M., and I'm happy to welcome you to AQ Group's investor presentation for quarter three. Hopefully, my presentation will be very quick as usual, and then we can go into the Q&A, which I guess why most of you are here. So, first slide, we have a picture of our beautiful factory in Łódź, Poland, that we have newly, we have expanded, and it is, an additional 5,000 square meters. So, if you take the AQ logo, the bottom of the AQ logo and draw a angular line there, that is the extended area. And we plan to build wire harnesses there for demanding industrial customers.
We have, as usual, a great demand for our product. We're happy that we have some more capacity there. Let's see if I can skip the slides here. Let's see. Okay. So first of all, why you should invest in AQ Group? We have earnings per share CAGR of 15% over the past 10 years. We made profit every quarter since the foundation in 1994. We have excellent exposure to industrial market segments with underlying growth, such as electrification, railway, defense. And then we have a long history of acquisitions, two to four factories per year on average. Not so many the last two years, but hopefully it will come. And then we have a strong balance sheet with a very low net debt.
So we move into the numbers for the Q3 . We, we think that we have, very good growth and, extremely good cash flow. Our net sales are 26% compared to the same period last year to SEK 2.1 billion. Our operating profit, EBT, increased by 63% to SEK 201 million. Very good, we think. Profit after financial items, EBT, increased with 61%, SEK 295 million, which is also very strong. It is, equal to quarter two. Our profit margin before tax, EBT, was 9.1%, which is very, very strong, quite way above our goal of 8%, which is nice. And profit after tax increased by 72% to SEK 172 million, because, tax is also a cost, actually.
Cash flow from operating activity was SEK 339 million, which is an improvement of SEK 336 million from the same quarter last year, which is extremely good, and we're happy to see it. Earnings per share before dilution increased with 72% to 9.34, almost double compared to the same period last year. Very nice indeed. We had cake here in the office today. First 9 months, net sales increased with 33% to SEK 6.7 billion, way above our target of 15% growth. EBT increased to 75% to almost SEK 600 million. Profit after financial items, EBT, increased to 66% to SEK 575 million, and profit margin EBT was 8.5%, which is also above our target. Great!
Profit after tax increased with 79% to SEK 500 million, and cash flow from operating activity, about an astounding SEK 742 million. Very good job by my team. Earnings per share before dilution increased with 80% to 27.25 SEK, which should make all our shareholders very, very, very happy. Equity ratio was 61%, which is really a lot above our target of 40%. Splendid. Earnings per share growth, I have now started to use this CAGR thing. And over the last 12, 10 years, if you consider the rolling 12 months after Q3 2023, we are in 15%, a little bit above, 15.4%, which is in line with our targets.
As I said, we had an AQ rocket cake this morning in the office because we are very happy that it has grown by 54% versus the same period last year, where we had margins that were not so good as they are today. Super. Net sales, we think we have good turnover in the quarter compared to the same period last year. However, it is lower than in Q2, which is a normal seasonal deviation, since there is a lot of holidays at our customer side and at our side during July and August. We still have capacity and productivity constraints currently in Finland, Bulgaria, and Poland. We are addressing those, and we see increases in almost all segments, but especially within electrification, defense, commercial vehicles, railway, and marine.
But it is across the board, really. Organic growth was 17%, and I'm a little bit disappointed because we should have delivered more in the quarter. We can maybe get back to it, but, write a little bit about it in the report. We have delays to our customers, and we're not really happy with our quality performance towards our customers, which impacted our turnover in the quarter negatively. But still, 17% is really, really high. We have increases in all our market segment, as I said, and we're way above our target, so we have to be happy with organic growth, but it should have been better. It will come in Q4, I hope. Acquired growth, we are way below our target of 5%. We are at 0.
It is a bit disappointing, to be honest. We have several interesting prospects, as I've said now for several quarters. We love to buy new factories, but we'd also like to buy them at a fair price. Our net debt is extremely low. Our cash flow is very good. I think you as shareholders should be disappointed if we have not closed any good deals before Q2 , 2024. But then again, I don't like to close any bad deals. So, yeah. But, I'm positive I think we can do something, but we don't like to overpay for what we buy, and that policy sticks.
We are not in a hurry in that sense, but we'd like to do something, and we, I think we have some nice companies that we want to acquire, but we have to agree with the owners. Our margins are on a very good level at the moment. We are above our target for three consecutive quarters, and we are even above 9%. The main reason is that our worst performance, poor performers in 2022, we have done a lot of work, me and my team, to improve those in terms of productivity, operational efficiency, purchasing, so that they are making more profit than they did, or more profit or less losses than they did in the same period last year.
Margins would have been even better if we could have everything that we should have, but that is a little bit normal as well. But still, we should have delivered more. Can you mute this? We still have opportunities to improve in India and China, which is good that we still have some improvement opportunities in terms of margin. But we are steadily within this range that we have, and I'd like to mention also that historically, we've had for the last 30 years a margin, EBT margin of 7.4%. That's 30 years. The last 10 years, we've had an EBT margin average of 7.4%. So I think our margin target of 8% is still valid.
We need to prove that we can be consistently over that in order to increase our targets. Okay. Inventory value and inventory turnover. Here we see some improvement. We have now what I have promised, that we should reach three in inventory turnover by the end of this year. I think, we can go further, and it will of course, impact our cash flow. You see also that the inventory is going down a little bit in quarter three, which is a really good thing, and we're almost now at the same inventory level as our little brother, NOTE, which is, fun, I think, because we are twice the size.
We are working a lot with this, and we will continue to reduce our inventory and increase our inventory turnover because it gives fantastic cash flow, and we want to have cash in order to invest in machines and companies and factories and in our people. So, cash is good, as you know. And of course, this gives very, very nice net cash flow from operating activities. And even our free cash flow is really good this year, of course, and you can see that also our net debt is now below SEK 200 million, which is a really nice level to be in when interest rates are high. Or high, they are normalized, and they will continue to be normalized, in my opinion.
So it's good to have a low net debt, but on the other hand, it gives us very good operational freedom to invest where we need to, together with our customers and, and maybe also to buy some company going forward. This is really the black spot in our report and our KPIs. Our result for the quarter is 90.5%, and it's really disappointed, disappointing. We have made big investments in people, in training, in increased capacity, in machines, in new factories, and so on. It is related to our organic growth, of course, but still we need to be more reliable. I mean, this is what we say.
We will work extremely hard now during quarter four and coming quarters in order to improve this result, because we cannot remain on this level. It is impacting our customers, and we don't want that. We want them to be really, really happy with us. What we can say is that in some cases, the delays are shorter, which is good, but we need to deliver according to what we promise. So here we are doing strong actions now to improve. And the main focus is to improve quality, because then we will get out the things. We catch the quality in our own factories, but if we improve the quality in our own factory, then we can deliver more on time. But we also have productivity challenges in some factories and capacity challenges also in some other factories.
But, so it's a little bit factory dependent. But, here we have a lot of work to do, and, we are using our smartest people, and most experienced ones. So, I'm sure that we will improve on this going forward. It will also actually have an impact on our ITO, because if we deliver as we have planned, then, our inventory turnover also becomes better. So this is really connected in many ways. Some projects for future growth then. I mentioned in the, in my CEO comment, especially about this business area. I think it's a little bit forgotten that we have this business area, and AQ, and it's important that you as investors understand what it is and what we have done. So, since 1994, we have been working with transformers.
Then we acquired or we it was a management buyout of ABB's transformer business, and we are working in niche segments of the transformer market. So we are not doing standard distribution oil field transformers that you would use for the grid. But we are into niche markets here that we think is very difficult to be in, but also it should be profitable and is profitable. So since 1994, we have acquired 14 factories or companies. Some have been design offices and so on. And our turnover for 2023 after September in this business area is SEK 1.7 billion. You will not see these numbers going forward. We will not follow them like that, but it is to give you how big this is in AQ.
And we have factories globally. We have factories in China, two factories, one in India, one factory in Estonia, one factory in Bulgaria, one factory in Hungary, one factory in Finland, and one factory in the US. And then we have design offices in Sweden, Finland, Germany, Italy, China, India, Bulgaria, USA, and Mexico. Why do we have these design offices? This is because in this business area, we do the product design. So customers come to us and say, "We want to have this spec. It need to be able to sink, to have the, the product underwater. It need to be cooled by the air of a moving train.
It needs to be in a ship or in a military airplane." We get a very difficult specification with difficult size requirements, difficult material requirements, and then we design this in our fantastic design office, where we have tons of experience of designing these type of products. Why is this important? Because these things, if you design them wrong, they burn. And if you have a military airplane and the product burns, our product burns, then the military airplane will crash, or if it's in a ship, then we have the same thing, then the ship cannot operate. So it's really important for our customers that we design them in the correct way and produce them in the correct way. And in the niche markets we're in, I mentioned them, several of them already.
So if on the bottom left, you see a typical railway converter, it has several filters that take away the noise or the dirt in the electrical current. You have several transformers so that you can run a lamp or whatever in a train. And then we have these PCBA Transformers. You see them on the bottom in the middle. They are very small things. They are sitting on circuit boards and so on. Then we have the most competitive alternative in Europe, at least, that is not non-dependent of China, at least, and it is really complicated products. They're really small, but it's important for the circuit boards to work.
And these things are also in machines that control motors and so on, so that they can run in an efficient level. You see them on the bottom right. If you need to have an EV charger or you need to convert energy from solar or wind power, you need these type of products. So I think in terms of electrification, this market segment and the niches we're in, they are in high growth, and they are super critical if we're not going to burn up this planet. So it is very fun, I think, market segment to be in. So we believe very much in this for the future.
And one of the future thing is that also big commercial vehicles need these type of products, and often they want to have low weight, and they want to have very high specifications, which make it very difficult to design. And then there we come in to design these products and produce them for mining, for trucks, for buses, for this type of vehicles. So that will be a growth in the future, I believe. And we believe that we are in the top five in several of these niches globally, both in terms of design and manufacturing. So we are very proud of this business area, and we believe that you as shareholder should know, and should be proud as well, that we are a transformer manufacturer. Okay. Electrification, I talked about last time.
We are growing a lot in electrification. Battery factory on the right, HVDC, control cabinets on the left. These segments are growing, you know it. I told you last quarter as well. They continue to grow. It is fun. Railway, also extremely important, I think, in the transition to a more sustainable society. We are receiving continuously new projects, and we are working closely with our railway customers, where we deliver basically to all the railway companies that are existing in the world today. Inductive components, control cabinets, electrical cabinets, drive controls, we do a lot for trains. We like trains. It is fun. I think, another guy I know who like train is Warren Buffett. He owns a lot of railroad stocks and these kind of things. But, we like trains. Trains is good business.
Defense, maybe not as fun as railways, but it's also important to be able to defend yourself. I had this picture also last quarter. We are delivering things to warships, to troop transports, to military aircraft. We're delivering wiring systems, sheet metal parts, plastic parts, and inductive components to these vehicles. It's an extremely strong market at the moment, and we are growing very fast. It's a small part of AQ, but we believe it's a very important market to be in, and this is really something, how we can sustain our society that we live in. So I think it's very important and fun as well. Very demanding customers as well. So we go into Q&A.
I will close the presentation so that I can, I can see who is asking questions. Let's see here. We have, something maybe in the chat first. So we had, one, a guest called, Olle Florin . Any churn as a consequence of late deliveries? So far, no, but of course, in the long term, there is a risk that, we will have churn if we don't, satisfy our customers. So, I have another question on the same topic. You mentioned unsatisfied credit to quality issue in the CEO comment. Has this resulted in any lost business so far? That's the same question.
No, I would say, and the thing is that normally we work together with our customers, and as I right, we have experienced quite a big growth with new customers with difficult products, and we are working together with our customers to solve those quality issues, and we're doing everything we can in order to improve on our quality. Then again, many of the quality issues that we have, we catch actually in our factories, and our customers don't see it, but they see it as late delivery since then. And I have another question, and I will get to the spoken questions from Marcus Ramström . Can you give some numbers of the size of the defense segment? I think we are moving into the--they are becoming, let's see now, I will calculate a little bit.
I would say roughly we are, our turnover is roughly SEK 200 million, then you can estimate, and, but it's growing very rapidly, so it's a moving number, so to speak. But I would say rolling twelve months, it will be roughly SEK 200 million delivered to the defense segment today. But it is growing, as I said. Okay, we have some people raising their hands as well. Let's see here. So we start with Carl then.
Yes, good morning, James. Hope all is good, and congrats on a strong report. Just a couple of questions, firstly, relating to the outlook. Maybe if you can comment that, if you go, which segment you see good growth in for 2024, and maybe where you see less growth, so to say. Just on a mix in your portfolio, where, which one, which is expected to grow and which is expected to see a slower market?
I think that if we talk about existing customer, existing products and nothing new, then I would say that MedTech is rather flat for us. Next year, I think electrification we see a strong growth, as I tried to mention in the report. I think in the vehicle segments, trucks and these kind of things, I think it will be growth next year. That is my for us at least.
We started some projects this year that for sure there will be growth next year as well for us because we are winning new products in that segment, even though pretty much this, our customers, I think they will be maybe flat or growing a little bit, but I think we can grow more than our customers because we still have things to take there. I don't know any real market segment that is going down. Marine will also grow next year for sure. See if there is anything else, and as I said, defense will also continue to grow next year.
Yeah, it is. I think we have the capability to grow in all our businesses, and it is a lot to do with our decentralized model and our entrepreneurial MDs that are winning new business all the time.
Yes. And then maybe on the, you mentioned some late deliveries. Are those expected to come in in Q4, or how should we see it?
Yeah, I expect that the deliveries will come in in Q4, and then I mean, it is also like this, that sometimes we're one day late, and sometimes we are more late. So, but I expect that they will come in in Q4, and that we will be able to deliver out what we didn't deliver out in quarter three.
Yeah, it was mostly December or the September, it looked like on the charts that was missing your targets, I guess. Or the two first months was better in terms of delivery precision, it looked like.
Yes. But it is just a percentage, so that can also be affected by delivered. So the thing is, it is more, we can also get bad delivery performance on that chart by delivering low-value items, so to speak, or low cost items. So, it's hard to measure that in money, but we have some bigger projects that have been delayed, and we're going to deliver out those now in Q4 together with our, so it is.
Cool. Yeah, and on the cost side, I mean, margins, again, again, better than expected.
Yeah
W hat can you say? What is the main driver? If you look, I mean, of course, organic growth is a key driver to this, but the cost side, material, energy, et cetera, is that continuing to come down, or what, what are you seeing there?
I think it's looking quite flat. Some things are going up, and some things are going down. I think we will not see any big increases. Then, of course, there is an inflation that will of course affect our, but we believe that we can compensate that inflation with price increase so that we will be flat. So it will not affect our margins, I think. Then of course, we are always working on our cost side in order to get better, but the margin improvement we have seen is mostly due to improvements in our low performers, where there have been low productivity, a lot of quality costs and these kind of things that we have managed to correct, which improves our margin in those companies and then improves the margin for the whole business then.
Okay. On the cash flow, very strong. Is it- are you back to kind of normal working capital levels, you would say now? Or should we expect continued, you know, release from working capital?
I think that we are back to our historical normal in terms of working capital.
Yeah.
But we think that we can be much better. So we are trying to move to four as a new normal, and that will improve our cash flow and reduce the total risk in the company, because inventory is risk, and we don't like to have it as much as we have at least. Some inventory you want to have, and you need to have, but we want to... So we believe that we see that some of our companies are really super good at this, so we are trying to share those knowledge and improve in the companies that are less good.
Yeah.
So I think there is still improvement to come, but you should notice also that since the turnover is a little bit less in Q3 , then also the working, the net cash flow from operating activities become a little bit better because we are not growing the accounts receivable at the same, we're decreasing those, so.
Yeah. And then just the last question on that. You mentioned—you focused a bit on, in the inductive component side, and I just noticed that the Trench, I think, I don't know if you pronounce it rightly, was acquired by Triton from Siemens. I'm just wondering, is that a competitor for you within this field, or are they doing similar product to you, or?
What, what was the name? Trench?
Trench, I think. They were acquired by Triton from Siemens Energy. It looked like they did some transformers, et cetera, but we can, we can discuss that offline, later.
I can have a look. I mean, we are in certain niches of this market. I mean, transformers are, they may- Hitachi is making huge transformers in Ludvika, for instance.
Yeah.
But we are not there, but so there is a different market. So maybe they are a competitor that I don't know today.
Yeah. Yeah. Good. Thanks for answering the questions.
Thank you. Should we move to Sindre then?
Yes. Hi, good morning, James. Congrats with the very good results. I think probably a few of your shareholders would have some cake today as well. Anyway, it seems from the report and your description and on the presentation that most of your segments are performing very well. And that's of course good, but I mean, listening to a few of your peers, both following Q2 , but also, I mean, you've seen profit warnings from a couple of your peers, and the perception is that the environment is, on the demand side, is much more mixed now than it was a couple of quarters ago.
I mean, electrification is singled out by a few players as quite problematic now, whereas you describe that demand is very good. But to dig a little more into it, you don't disclose the order book and your tender pipeline, so how would you say that is the order book better than it was one or two quarters ago? And how is the tender pipeline for new business now?
I mean, we are working, yeah, how should I put it? I think, yeah, order book looks strong. We have plenty of orders to deliver. I think, it is not growing by 30%, but, I believe, as I've said, that also next year, our target is to grow our net sales with 15%, and I believe we have a great chance to achieve that with the, with the customers we have and the orders we are working on and, yeah. So, I still believe that we are getting more, we are winning more business, with more products and more customers. So I think it looks good, I think. I'm positive.
Okay, that, that sounds good. Supply, even though you have some internal delivery problems, it looks at least from a macro perspective that the supply side situation is more or less normalized. That of course should be good for the operations, but at the same time, what do you think would be the consequence for new business? I mean, you can imagine that there would be increased competition because now your competitors might also be able to deliver and take new orders 'cause they're not so busy. If you can, let's say, elaborate on that aspect, the competitive situation.
No, but I think there is always competition, and there are good competitors out there, and we need to be better at them. We need to be faster in our ramp-ups. We need to be quicker and deliver better quality and so on. So I think despite what you said, still there is not that much business now being put in China, to be honest. And new products are not put there, if they are going to Western world, I would say. Maybe at least not industrial products, I would say. So I think that is. But then again, does it impact us that much? I think the products we are doing would anyway be put in Europe.
So, I think we have a very strong business model. It has been working for 30 years, and we have been through—we've been working with high competition for a very long time. We have a very broad customer base, with, I believe it's more than 4,000 customers. So I think business model works. It's proven, and we will continue to work as before. A lot of things happening in the world, but I think we are very, very, very quick to adapt to those changes, thanks to our highly decentralized business model. So no, I'm not worried, actually.
Okay. So then you said costs were on average flat, and I mean, if you deliver on increased precision and quality, you should see a, let's say, positive impact on the internal costs from that. So it means that margins should, at least in the short term, continue to stay ahead of your long-term targets. That sounds reasonable thinking, doesn't it?
Yeah, maybe quarter and so on. I think that if you're, if you're an investor, investing for quarter-based, then, then maybe that is a, it can, can be... But I think most of our, the people who like to invest in us, they're long-term investors, like yourself. And I think that our average margin of 7.4%, as I said, that is really good if you look at our peers. If you look really, if you draw it back 10 years, how many have had 7.4% EBT margin? It is very, very few. So I think if we can stay 8%, close to 8%, then we're doing a fantastic job.
Yeah, yeah, yeah. I agree. I guess the question or the reason for asking this question is that I've, let's say you clearly see at least a few clouds on the horizon, whereas it sounds like you really don't see those clouds. That's why I try to get you to see any clouds, but you think it's still blue horizon?
Yeah, I mean, there is always problems that we are working on, and believe me, we are focusing on those issues. But it is nothing new. When we have done our forecasting for the coming 12 months, and even though my team are very pessimistic in that forecast, we still see a very good growth going forward. We have done a fantastic job. I am so proud of my team in the way they have been able to ramp up the factories, get us more capacity, and find new customers that are really demanding difficult parts, difficult projects.
And sometimes it creates problem for us because they are difficult, but it also we will manage those as well. So, I think it is more down to the people we have, and that is the only difference we have between us and our competition, is that I believe that we have the best people. So, I'm very confident in my team that is closest to me and in the rest of AQ. We have super good people, and that is the difference.
Okay. Great, James. That was all from my side. Thank you.
Thank you, Sindre. Johan Dahl is the next in line, I think.
Yeah. Good morning. Good morning. Just, Johan Dahl, Danske. Just two questions. I was wondering, you talked about this turnaround of underperforming units being a sort of a big contributor to improved margins.
Yes.
How much remains to be done there? You talked about India, China still sort of underperforming slightly, but has the majority of this improvement already been made?
I would say that we've had some big improvement projects, and a lot of improvements have been made. And I think like singling out China, I mean, we are making profit in China, but we don't, we believe it's not good enough. We are struggling a bit more in India, but it's not like that will make a huge impact if we get it to normalize the AQ margin. So they are so small in terms of numbers. So I think that we have ironed out the big ones. Yes. Then again, we have still companies that are not producing margins as we like, where there are smaller improvements.
So I believe when all the stars are aligned and all our companies are delivering, which never have happened in our history, but if all of them are delivering, then we can have higher margins than we have now. But it is a really difficult job for us. But there's also. You're onto something there. Most of the improvements have been done in the low performance.
Yeah.
Yes.
Yeah. And on this new assignments that has driven growth in 2023... Is there, to what extent is there a learning curve effect there in terms of profitability? Or, or would you say that you are exactly where you should be in terms of profitability on those new major assignments?
There is absolutely a learning curve there, on those. We still have a lot of productivity to gain in these big new projects that we have taken. And we need to get, in some cases better in quality, but a lot in the productivity, I would say. So there is plenty of work for us to do there to get them to be even better.
Okay, and with the risk of being super repetitive here, but on the 15% outlook for next year, how is a major part of that, is that assignments that you've yet not signed and taken? Or is the sort of the bulk of it, you know, existing customers, what you've already have signed, et cetera, looking into next year?
I would say that the bulk of it is things that we have. For sure. Håkan, can you mute, please?
So, bulk is things that we have already signed and won. And then again, we plan to sign more. So I believe that there is a good opportunity. But, however, in my projection, I mean, normally we have, AQ have always done acquisitions as well. So I would say that there is some acquisitions and some other customer wins if we're going to win, if we're going to grow 15% next year.
Thank you. Thanks a lot.
Thanks. Okay, some more questions in the chat. But there are a lot of interesting people, and I think it's more people here than ever before. So Johan, he's a guest. He says, "You have a strong balance sheet, and the cash flow is also very strong at the moment. Over time, if you can't find companies to buy are share buybacks an option if the stock remains at a low valuation?" How should I comment that? I would say, first of all, it's more of a lesser question for the board. I think that if we cannot find enough interesting customer projects and companies to buy, and we have a lot of cash, then I think the dividend would be the first option for us. We...
I think we have never bought back shares in the history, and I think also our share liquidity is not very good. So I think we have never talked about share buybacks in my time at least, so. But thank you for that question. I hope I answered it in a good way. Then Fredrik von Proschwitz , sorry for my pronunciation: "How much of your total sales do you have quality problem with, or is it only in new factories?" I would say that we have quality issues in all our factories. That would be political answer, but there are some customer projects that we have a bigger problem with at the moment.
And normally, we always have issues, but we are currently working harder than we normally do with some typical cases, and that's why I bring it up in the report. But I wouldn't say it is not % of my sales that I have problem with. So it is lower value if I might say so. So I would cannot even say a % because it's... I would say it's, yeah, it is lower value than a %, but it is still very important that we correct those issues, and we are working extremely hard, and we are all involved in my management team. And as I said, we have our best people on the job, so I believe that we will get through it.
In some cases, you also have to work with the customer to solve the problems, because in many cases, it's a mix of design which the customer do and our production processes. So it's not so easy to say. Yeah. Hard to go into it in detail. Hope it answered the question. Anyone else that want to ask a question today? Ah, "How much tax do you calculate over time?" I got now. It is an interesting topic. I mean, the tax rate is different in different countries, and in AQ, we don't do any tax planning because it's not in our core values, we have simplicity, so it's a lot of dependent on where in AQ we make the profits.
And then again, we have had some over the years, some different projects where we have tax incentives for governments that they really like AQ to be in their particular region and put their factory in their country and invest there. So it is very different between where we are making the profit and where we're not. I think I don't know, Christina, what should we say over time?
Over time, and especially now, it's a very difficult question due to this new BEPS legislation. So, and a lot of local tax authorities are changing their legislation, we anticipate. So, kind of now it, it's a difficult question to answer, but I would say, as we see right now, we don't see any big change from the current levels. So, that is the fair answer. So more or less in line where we are today.
Yes. Any more questions? Feel free to put in the chat, or, or if you like to speak, you can also unmute. No, I hope that you are happy with, with our answers. I think, if you're an investor in AQ, you should be happy today. It's a good day, and, we will continue to deliver for, for, for you. So, yeah, more, more, I think as a final note, as I said in the TV today, I think we need more AC/DC in the world.
And as they sing, we're on a highway to hell, doesn't mean AQ is, but if we don't invest in infrastructure, electrical infrastructure now, it will be a very tough time to—we can buy as many solar panels as we want, but we need the infrastructure to transport the energy and store it. So I think, as I think Warren Buffett and Charlie Munger said on their annual general meeting, they need to come together in the U.S. and Europe and say, like they did in World War II, then they were going to defeat the three Axis powers, but now we need really to defeat the climate crisis.
Then maybe we need to do something more than just hand out subsidies to startups that are trying to build some factory somewhere. We need to say, "Okay, let's build a new infrastructure in Europe." China is way ahead of us. They have just built their infrastructure over the last 30 years. Now it's time that we do it in Western world as well. And, I think we are a small part in this, but we have a lot of factories that can support our customers delivering those things into the society. So I think, yeah, we have a good future ahead of us. And, that's that. Thanks, guys. Eat cake, listen to AC/DC.
Bye.
Bye.
Thank you. Bye.
Bye.