Hello, and welcome to Beijer Ref's Q3 Report 2022. Throughout the call, all participants will be on listen only mode, and afterwards, there will be an opportunity to ask questions. If you have any questions, please press zero one on your telephone keypad. Today, I am pleased to present CEO Christopher Norbye and CFO Ulf Berghult. Please go ahead.
Well, welcome, everyone. Christopher and Ulf here. I think we'll get started right away with the presentation. If we can start on slide three, where we usually move over the rolling twelve, and it's now SEK 21 billion. We continue, as you know, to grow very well, both on the organic side and on the acquisition side. Very happy on that. We continue to add companies and countries, and we're now up to 4,500 employees. All in all, in the rolling twelve months, we continue to have a very good trend in the business. If we move on to the next slide. Slide number four. Then highlights, of course, is strong sales here in Q3.
As you know, our high season for the majority of business is Q2 and Q3. Here we can see a total growth of almost 40%, organic 19%, and also very good growth in all our acquisitions, and they're growing 12% for us and even better on organic growth and acquisitions. We continue to have a positive impact, mainly Europe, to SEK +7%. Also here on the EBITDA, very good organic flow-through on our growth. We're also happy to see that we're having double-digit margins here in Q3 as well, as we did in Q2. Growing the profit almost over 70%.
Profitable growth, good drop-through, and we'll come back a little bit later on the regions and the different segments. Also very happy to see positive cash flow. Of course, we can see now the AR or the customer payments coming in, so plus SEK 307 million. We still have inventory build-up, and we'll come back to that a little bit later in the presentation. As I said, very satisfied with acquisitions we had. They also HVAC a lot in Europe had a strong Q2 and Q3 as expected. All in all growing, the EPS then over 70%. Of course, we're extremely both happy and proud of the performance here in Q3 for Beijer Ref.
If we move on to the next slide number five. We can see then that the underlying demand has continued to remain strong here to Q3. You can see both in the HVAC growing 26% and OEM 28%. If I try and break that down a little bit, the HVAC, we had a very warm summer in Europe, and we know we talk about it. It drives extra demand. A lot of our market is replacement. Of course, people really want to replace. Things break more when it's warm.
All over Europe was a warm summer, and that's also why it carried in here in, I would say, more in Q3 and driving a very strong demand in, especially in, our Southern Europe and also Eastern Europe, regions on the cooling side. Very positive development, continued strong on the HVAC growing at these levels. Also coming in here, and we'll talk about that, also adding more and more on the heat pump side for heating. What we see here in Nordics and Northern Europe is more on the air-to-air type of solution that's growing a lot. Then we'll continue to focus on air to water.
The HVAC segment continued to develop very well up to Q3, driven by both the warm summer, strong replacement market and also the heat pump side, both on air-to-air and air-to-water that's driving demand here in the quarter. On the OEM side, +28%. If you recall, we have talked about that a couple of times, that growth has been limited due to constraints in the supply chain and also the closure in China. What we saw here in Q3 was a little bit of a catch-up effect, getting more parts, could ship more products. Underlying demand continues to be strong.
I would say that Q3 caught up a little bit of the other quarters and we grew 28% plus that China is starting to come back as well in the mix as factories are open and demand are starting to pick up. Also very satisfied on the OEM side. Then you have a Ref component that is stable, commercial industrial cooling and stable, good development during the quarter. I think if you look at the regions, all regions positive. Good trend in Southern Europe, good trend in Nordics, very strong trend in Eastern Europe, both on the growth and also having drop-through on the growth. You can see that on the margin.
Also happy to see that Africa is starting to come back after a couple of tough years. APAC continues to go strongly. Of course, both APAC and Africa is now moving into their summer season and of course, in Europe, we're moving now to a lower season in Q4. We also made acquisitions in the quarter. I would say fairly strategic acquisition, just trying to summarize it. AAD, one of the leading wholesalers of HVAC in Australia, perfect complement to the geographical setup we have and the supply base. We're very happy that we could buy this company. We also moved into EID, which is a smaller company, but also strategic, based in France that do just complementary product to HVAC.
It's a product portfolio we can expand into the rest of our business. Then transport cooling in South Africa, the possibility to move into a new segment for us. Very happy with the acquisition we did here in Q3 to build on the growth for next year. Okay, next slide. We continue to see, of course, as you all do, what's happening in the world. We have inflation, macro environment. I would say that we continue to be very close to the market. We do have a strong decentralized model, but we also work together to coordinate what's happening in the market. I believe we've proven before that we have a flexible business model, as mainly being a distributor and wholesaler.
It's a concern, and it's something we keep on looking at the temperature of our business. As you of course know, we can see most of our business running on a daily basis. We have very good internal capabilities to be aware of the situation, also act when needed. As I said this morning, it continues to be an active market for us here, as we move into Q4. U.S., Kigali, we're not present in the U.S., but we follow it closely. We do talk to companies here about CO2 type of solutions. There's more interest in electrification and other things. It's a very interesting segment for us in the future. Finally, we were at Chillventa, the biggest cooling fair, I would say, in the world.
It was fantastic to show our new technologies in CO2. As you remember also, we acquired this company, Fenagy, that does industrial heat pumps. We're also looking into commercial heat pumps through our own capabilities. Very positive activities for us during the Chillventa. Finally, we signed an agreement with one of our biggest supplier, Danfoss, and I think what's cool in this agreement, we're actually aligning on sustainability, where we will have a program for picking up and repairing products through our network together with one of our biggest suppliers, because, of course, we have 450 branches. It's a common project on sustainability, which one of the keys for the agreement that we did together until 2025, I believe. Okay, next slide.
Moving a little bit to the financial, strong growth, 38%, 19% on the organic, EBITDA grew 70%. As I said, good organic growth driving a very good drop-through, plus, of course, good development in our acquisition, and also good development initiatives we have on driving margin where, you know, we get a very good drop-through and 70% growth. Of course, that translates into a strong EPS growth. Next slide. Here you see the bridge and I went over the organic. We continue to have a strong tailwind on the FX, 7%, as I said, euro to SEK.
As the M&A, we grew 12% and also our M&A companies were growing in the same pace as organic growth. We're also very, very happy with the execution over and above our plans that we had for acquisition that we've done over the past year, which gives us almost SEK 6 billion of sales in Q3. Next slide. Slide ten. Of course, it's, I would say, a very positive trend that we're in here since COVID, and when we've been able to continue in the double digits on the organic, adding good acquisitions. I mean, we're very, very proud of being able for the last six quarters having a very positive development.
Of course, Q3 came in at a strong pace, even outpacing the last couple of quarters. I would say a very, very good trend that they are referencing to. Next slide 11. I think also the positive here is that it's a strength in all our regions. We're also happy with development on both the organic side and acquisition side. Of course, Nordics, mostly organic, having a good development, driven also by CO2, but also heat pump side, and then the normal business. Central Europe also positive on HVAC and driven by good development heat pumps. South Europe, as you know, a very warm summer, very good activities in all of the countries, Spain, Italy, France, et cetera, growing very well during Q3.
East Europe continues to be a strong development for us and has over the year. As I said, also both Africa and APAC had a strong growth. I would say in all regions, we're very satisfied with both organic development and acquisition development. Moving on to next slide 12. EBITA of 622 million SEK, and a margin of 10.4%. We also like, I mean, we working hard with our margin development and also having a double-digit margin here in Q3, that I believe we never had, building on the Q2 double-digit margin. It's very good both on the sales and on the margin side. Moving on to the next slide 13.
Here you see a similar bridge as on the sales, that we can see that the margin over the year here has developed in a good trend versus last year, and then also especially good pickup here in Q2 and then even higher in Q3. We continue and believe that we're in a good position here both on the sales and on the margin side. Yeah, we're very happy with the development here. On slide 14, I mean, this is the connection between, of course, the sales and the EBIT, but you also see in all our regions, we're doing well on connecting the EBIT. We have the Nordics continuing always being a strong lead market for us, but also Central Europe is picking up.
South Europe had a good quarter and then double-digit there, and that's an ambition we had. East Europe continued to drive very well based on their volumes. Africa, step by step, improving. Then also on the APAC side, we had to continue to improve the business step by step, and especially driving margin in the acquisitions that we've done over the years. Of course, all of this adds up to a very good Q3 on both the sales and EBIT and in all our regions and areas. With that, I'll hand over to Ulf to go over the financials.
Thank you. Thank you, Christopher. Yeah, thank you. I'm on page 15, so that is then the summarized and the P&L for the group. Christopher went through down to the EBITDA. If below on the EBIT, we are 71% up. With net financial income and expense, that is slightly higher than the last year. It was -SEK 14 million, which is then impacted by, of course, a higher debt due to the acquisitions that we have done and also then the working capital buildup that we have had for the last 12 months, and also slightly an impact of negative by FX.
The tax in the quarter is -SEK 137, which is then equivalent to a tax rate of 24.2% versus then last year of 25.1%. That's in line with the overall expectation. Also then for the rolling twelve months, we have then an EBITDA improvement of 41%, and we then return on sales on EBITDA on 9.4 versus last year of 8.3. If you then turn over to page 16, you can see then on earnings per share. Christopher went through that. In the quarter, we have an improvement with 72% to come from SEK 65 to SEK 112.
On a full-year rolling twelve-month basis, we have 355, which is 39% up versus 2020 by full year 2021. If we go over to page 17, we have our cash flow. As Christopher mentioned earlier, we have a positive cash flow. We had a positive cash flow Q3 2021 with SEK 182 million. We have a better underlying operational performance of EBITDA with SEK 273 million. We still have a negative impact on working capital, even though we are slowing down. Also as we mentioned in the report that we are now starting to normalize the working capital or the inventory into a normal seasonal pattern, but it will take some time. It is one step forward.
CapEx is slightly lower than the previous quarter. Leasing is also basically online and others. We ended up with a +SEK 125 million versus Q1, Q3 2021, so in total, SEK 307 million. Next page is then you can see then the development. Page 18, you can see then that we have had three quarters with a negative cash flow and then now with a positive cash flow in Q3 2022. If I then turn over to page 19, we have our net debt situation. We have net debt of SEK 6.4 billion closing balance end of Q3 2022 versus last year of SEK 3.754 billion.
It's of course impacted by both increased M&A activity, but also then, as we mentioned a couple of times now, the deliberately increase of inventory in order to have a better service level. If you look on the net debt EBITDA, the leverage is 2.6. It's slightly down than versus Q2 2022. Of course it's higher than Q3 2021 due to higher activity. It's normalized. It looks overall good. I turn over to Christopher to conclude it on page number 20.
Thank you, Ulf. In conclusion, the same message, an extremely good quarter. As I said, very good growth in all areas and acquisition, very strong organic growth of almost 19%. We can see it flowing through to the bottom line. I think that it's a very strong proof of our business model and the initiatives that we are doing. Also good performance on the margin side of our acquisition. Everything in Q3 fell in line in a positive way for us, which I would say that fantastic results overall growing both the EBIT percentage with 200 basis points and 70% growth in EBITA altogether.
As I said, on the regions, double digits in all of them, so, we're very pleased that, everyone is performing in the company right now. Also picking up on the cash flow, you know, finally, turning it around, and as Ulf said, now we're seeing some trends where we can, be a little bit more aggressive on inventory as lead times are coming down, not everywhere, but in some areas. We expect, of course, here in Q4 that that will continue and be positive on the cash flow side. As I said, acquisition is very good and also acquisition we made in the quarter, very strategic for us to complement a product, expanding our footprint and strengthen our market position. Very good execution there in Q3.
We do manage the inflation process as we've done ever since it started. We do see less pressure right now in from our supply base on this, the more structured discussions around it. Of course, it's a very high level, and we need to manage that in our business as we've done over the last two years. As I said, we continue to monitor on a daily basis the development per country, per region, per product area, and also making sure that we have the plans if needed to adjust the business. As I said, right now, we're still in a positive business for us.
As we all know, it's an uncertain world out there, in the future, but I think we're very well positioned to manage that as well. I think with that, we're finished with the presentation and, let's move on to any, calls or questions from the audience.
Thank you. Ladies and gentlemen, if you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. Our first question comes from the line of Carl Ragnerstam from Nordea. Please go ahead, your line is now open.
Good morning, it's Carl here from Nordea. A few questions. Firstly, on sort of the HVAC, as you said, it's maybe partly driven by the warm summer. I'm a bit curious to know if you have seen any sort of signs from a weakening consumer where maybe replacing an air-to-air or air-to-water system might be a bit high CapEx bump in this inflationary environment for the consumer. Could it perhaps also be a spillover effect from the warm summer, lengthy lead times giving a sort of boost into Q4 as well? Or how should we look at that sort of demand in the short term here?
Yeah, I think the first question, I mean, I'm being very upfront, no, we don't see that. We see more that we are fairly comfortable, as we have said many times, that we still see a strong replacement market. We're still very convinced in southern part of Europe, cooling is like it is for heating for us. You do replace, you focus on replacing these type of products if they break. Of course, we had a positive trend based on a warm summer. We see it continue through Q3 and then a good start here on Q4.
We see in some countries you making a lot of shifts in countries like Sweden, if you have direct electricity today, you're trying to get air-to-air heat pumps to manage the situation, the same in countries in the Netherlands, et cetera. All in all, we see good development in these areas. You know, as I said, we'll continue to keep an eye on it, but we don't see any weakening on some consumer. I think it's a very focused area now because if you make these type of investments, even replacing your old equipment with newer one, you get 30%-50% more energy efficiency out of these systems.
You also have a very strong incentive to replace products, that's still working because with the business case today and the energy prices, it's also driving demand. I think you have a lot of structural areas driving this growth. Plus, you know, very honestly, a strong warm summer, we don't quantify it, but of course, it's also a, you know, a boost, the demand also for the product.
Okay, very clear. Also a bit on the OEM side, they clearly improved, as you said, component supply improved as well. I mean, have you seen a more stabilized sourcing situation, or is it still volatile between the months? Or, has it improved, do you think, for second half and into next year as well? Or will it still be a bit volatile, or what do you see?
No, I see it still be volatile. Seeing now that we're catching up some of the other quarters where we couldn't ship some products, we have specific products missing. I would say it's more stable on 80% of the products, and then you still have in areas 20% that still have longer lead times or uncertainty on the delivery, which of course affects this business. All in all, we talked to all our suppliers and the critical technical suppliers. They're all also adding capacity that will come online here in Q1, Q2 next year.
It will continue to be volatile, but we've seen an improvement and also working and talking to all our suppliers that we did spend a lot of time ensure them that we do see that they're moving a little bit from saying it to also doing it. All in all, it's an improved supply chain, but there's still issues in it, and it's not running on full speed yet. In Q3, we could catch up some of our late deliveries, and we're also working then to reducing our lead time to the market as it improves over the next year.
Historically, you've made some comments on the backlog for OEM. How is the backlog looking currently for OEM? I mean, obviously, you had pretty strong deliveries in the quarter. How's backlog and order intake looking currently?
It's still looking good. It continues to be positive, so it's a high activity level on the CO2-based system, which is the majority of that. We continue to be bullish on the demand moving into next year. A lot of replacement and a lot of project continues to be ongoing on the OEM side. We continue and still see a positive trending.
Have you seen any changes in your customers' behavior? I mean, with the potential tightening of the F-gas Regulation coming here, are they sort of fast-forwarding some of the decisions, or have you seen any changes in their behavior?
I'll probably answer this way. I'm not sure how aware, you know, an end customer are of these type of changes. What we do see is that because of the energy prices and the changes is that if you replace your existing system with a CO2-based system, your energy cost improves dramatically, and you're actually getting a better and better business case. We see and believe you have a high activity level based on more on that it is getting more and more affordable and payback is much faster. You get more acceptance also of the technology more and more, at least on the retail and the food chain is doing it.
I think they're more moving because of that type of direction, and then trying to understand if the tightening means more for them or less. I think when it happens, then you'll get another trigger point that people will accelerate it. I think, I don't think that's the accelerator yet in the market.
Okay, very good. The final one from me is maybe for you, Ulf. I mean, inventory is still building up inventory. I mean, you mentioned that sort of taking down inventory will take some time. Is it possible to quantify it in any way or?
No. At this stage, we don't want to do that. What we try to do is then to get into a kind of a normalized. As you know, then with that we have Q2 and Q3 is slightly higher. You will not see we are building out the season then into for the main season 2023. That's why we're trying then to connect it to the seasonality. Also the message internally is not we don't want the whiplash, so it's kind of gradually then to nice and easy then to bring it down into a normalized level because it still I mean a lost sale is more hurting than some extra inventory. We are slightly cautious on that one.
The raw message is out there that we need to normalize and getting into a normal seasonal pattern because that is what we see now that we have the best improvement from the delivery promises or delivery conditions from our suppliers.
Okay, very good. Thank you.
Thanks, Carl.
Thank you. Our next question comes from the line of Douglas Lindahl from DNB Markets. Please go ahead. Your line is now open.
Hello, Christopher and Ulf. Thanks for taking my questions. I want to start off by asking on the organic growth side. Is it possible to break out how much is pricing versus volume? If not in detail, maybe sort of relative magnitude.
Yeah. I think we continue to see what we said last couple of quarters that in the numbers here, the majority is still volume. If I will give some guidance here, I will say on the commercial industrial ref side, that's growing 9%. You have a strong price component in that, while on OEM and HVAC, the majority is clearly organic. I think the price component is higher to manage the inflation type, but also said in the past that we haven't seen these 10%, 20%, 30% price increases from our suppliers. The majority, quite a lot on OEM and HVAC is forced volume, and then on the ref component, it's a little bit more of an even mix between volume and types.
Okay. Thank you very much. Just a clarification question. In your sort of CEO comments, you mentioned that you are optimistic about HVAC growth accelerating going forward or HVAC demand accelerating going forward. Is that a general comment or is that more sort of a seasonality comment, meaning Southern Hemisphere is entering a high season, or how should we interpret that?
Yeah, I think I highlight that just to interpret both that we are still a seasonality type of business, so we don't forget that.
Yeah.
Which means that by far in Europe, Q2, and then now we had also a nice spillover into Q3 on the HX side. Of course, in Europe, Q4 goes down. It's a different activity level, especially on the cooling side. Now we try to compensate that on the heating side, but it's still lower activity levels. I would read that at, of course, now in South Africa and Australia, New Zealand, they move into summertimes. I would just more highlight that they will then-
Yeah
accelerate their growth compared to Europe. That's how I would read it.
Okay. Okay, very clear. It's more, seasonality and regional comments then.
Yeah.
On the component shortage, I appreciate your comments so far on the cash flow impact, and it will take some time for that to normalize. Is it possible to give some sort of additional comments on the pace of the normalization on the components? Meaning, has it improved significantly in the short term, or has it been a sort of gradual improvement during the quarter? Yeah, any comments on that would be useful.
Yeah. I think it'd be hard to clear, and let Ulf just go into more on the numbers side, but it's not a significant improvement. What you do see is a more stabilized flow, and you get more clearer lead times from the suppliers on when to deliver. Also, I think not forget that the whole freight situation has stabilized. Like six to nine months ago, you didn't even know when to get a container. You didn't even know how long it will take to get it over.
All those things are stabilizing in the sense that we can now, together with our companies, more step-by-step decide how we want to drive inventory versus, I would say, in the last year, it's more, "Okay, just get a hold of what you can and make sure we don't run out of product in the market." I would say it's not a stop-and-go situation, but at least it starts giving us clarity how to plan and work with inventory. Ulf, please comment further.
No, but as we say, we are still struggling, but we are seeing the light in the tunnel. Again, I just want to emphasize that, but this is something that we want to gradually then to improve and make sure that we. Because again, the cost of losing a sale is much, much more expensive, so we want to gradually then to normalize it.
Okay. That's it from my side. Thank you so much.
Thank you.
Thank you. Our next question comes from the line of Karl Bokvist from ABG Sundal Collier. Please go ahead. Your line is now open.
Thank you, and good morning. First, more technical one, just to start off with that and then the broader ones later. I noticed that you have a positive item in other operating income of SEK 100 million, and usually it's a far lower number, compared to previous quarters. Just if possible, what does that relate to? Because it seems to be entirely reversed in the cash flow as well.
Unfortunately, that is an accounting error that we discovered this morning, actually. I'm sorry about that, but it doesn't change the cash flow, change the EBIT. It's actually reclassification between fixed expenses and other income. That is one of our subsidiaries that put it wrongly. It is a reclassification. You should take away basically the SEK 100 million and then reduce the fixed expenses with SEK 100 million. Sorry for that.
All right. The other income item is ca-
It's a restatement. It is a movement between two lines within the P&L statement, but it doesn't change the EBIT, and it doesn't change the cash flows or the overall conclusions. It's only, unfortunately, a reclassification error done by one of the subsidiaries.
All right. Yeah. Thank you for that. The other one, I apologize if I missed a comment on this during the call, but the refrigerant business that you have now, I believe one comment in Q2 or when we listen to the news is that prices for these are, broadly speaking, still up quite a lot year-over-year. Is that still the case, and how large share of the business is it now?
So they've been very stable, I would say, through Q2 and Q3, so not any movement if you compare quarter-over-quarter. So it's the same trend compared to last year, and now it's at stable level, higher than last year. I would say still it's around 5%-6% of sales. It's been, you know, as you follow it in the past, it picked up there, starting over last year, Q3, Q4. Since Q1, Q2, and Q3, it's been stable on the same level.
Understood. Could you perhaps be able to, you know, share some further light on your current exposure to heat pump sales, if that is possible?
Yeah, we will. We're actually reclassifying our product to our system. It's a little bit of an exercise to backdate it and move it forward. Our ambition is that when we're going to next year, we'll be more clearer on what those segments are in the heat pump, both on the air-to-air to water and et cetera. We still, as we said before, we'll be more quantifying it as we get through the system next year, so you get a better feeling. It is, as I said, you know, it's growing and continues, and will be a bigger part of our business as we move into the future. We'll come back to that, Karl.
Okay. My final one is just on, I think last year you mentioned that you have the ambition to increase the share of what you would call eco-friendly products. That, you know, the growth in the other segment also was very, very strong. Thereby the share might not have increased as much. So far this year, do you feel that that transition is still ongoing in the right direction?
Yeah, it's picking up. We'll have. I think we'll also start showing that on a quarterly basis next year. Now the mix is better because we're having tremendous growth in the European side, and in Europe it's 95% CO2-based solution. Our mix is moving more towards that we expect to continue. We'll, I mean, next year have it on a quarterly basis. The percentage of sales with natural refrigerants is growing much faster than the other type of solution.
All right. Understood. That's all for me. Thank you.
Thanks, Karl.
Thank you. Our next question comes from the line of Andreas Brock from Coeli Global. Please go ahead. Your line is now open.
Thank you. You know, thank you everyone for a great report. It sure made my day walking into office. You know, I want to change focus a bit and just speak a bit about ESG. We come up towards the end of the year and, you know, in general, you are doing a great job in ESG with your, you know, moving products 50% eco-friendly products. We noticed that you have now Kerstin Lindvall on your board of directors, and she is a member UN Global Compact and something we would love for you to sign.
My question is, you know, going forward, you know, for next year, do you think that we will see more, you know, ESG goals from your end on how you can reduce your own greenhouse gas emissions, you know, ton CO2 per employee, et cetera? Is this something that you are working on setting up more ESG goals?
I can answer that. What we do know is that we have together with an external consultant, we are done reviewing the whole landscape of getting the base ready so we understand the base. It's been a big job during the spring during the summer and then the fall here now to collect all the data. We are ready now, and we are then analyzing it, making sure, and then the target is then to apply for the Science-Based Target. Based on a more factual base and then also setting the targets, we will then have gone. Of course, then we need to then implement actions. Also then we will improve the reporting as Christopher says next year going forward.
Wonderful. Thank you so much.
Okay. Thank you.
Thank you. Just as a reminder, if you do wish to ask a question, please press zero one on your telephone keypad. Our next question comes from the line of Aline Ghatan from Carnegie. Please go ahead. Your line is now open.
Thank you so much. I wonder if you could talk a little bit about the components of the EBITDA growth. How much is acquired growth and how much is organic? From the organic, is it price volume?
Sorry, I missed the first part of the question. Which part?
The components of the EBITDA growth. If you can elaborate a little bit about this, how much is acquired and how much is organic?
On the components?
Yes. The EBITDA growth, how much is driving that EBITDA growth if you look from acquisitions and how much is organic?
Oh, okay. Just in general. I would say that the majority is coming on the profit side, on the organic growth. I would say all of our acquisitions are having double digit EBIT as well here during Q3. I would say it's a strong development on there, but the majority of course is still running through the organic improvement in there. All the acquisitions are adding margin to the business. It's a very positive trend from the acquisitions as well.
Yep. Thank you. That's all for me.
Thank you.
Thank you. As there are no further questions at this time, I will hand the word back to the speakers for any final comments. Please go ahead.
Thank you. Thank you all for listening in. Thank you for the good questions. Of course, we are available for further clarification here. To me, nothing further. Ulf, anything more from you?
No. I'm all done here, so thank you very much.
Thank you all. Have a good day.
Okay. Thank you.
Thank you. Bye-bye.
This now concludes today's conference call. Thank you all for attending. You may now disconnect your line.