Welcome to the Nimbus Q4 presentation. During the questions and answer session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to the CEO, Jan-Erik Lindström, CFO, Rasmus Alvemyr, and Head of Investor Relations, Gunilla Öhman. Please go ahead.
Thank you for that. Let's stick a little bit to the very first picture, the beautiful picture of the archipelago in, actually, I think it's Oslo. What you see there is the Project Pascal. It's actually even if it looks exactly as a boat and it behaves more or less like a normal boat, it's a hovercraft, and this is a really exciting project we are running. We actually launched the project at the Düsseldorf Boat Show, the biggest indoor boat show in the world, just two weeks ago. And it has a lot of attention, especially from the media. I think they said that it was above 20 reporters there from different publications.
Which is interesting because this is, as we think, it's a part of the future, it's a part of the solution from an environmental perspective. This is a 100% electric boat. It, since it's aluminum, the aluminum is 100% recyclable. So, and it really looks promising. The target is to reduce the energy consumption with 50%. And so far we have reached a high level, a high level. We're not there yet, but with some fine-tuning and some other things, it will be good, and it looks really promising. So it's good fun. I will come back to that later on. Next page, please. Nice pictures of me and Rasmus, of course, we will present today.
Then, this picture, the key takeaways from 2023. And we start then, of course, with the expansion in North America. As you will see later on, the current order book actually consists of 55% of orders from the U.S. And the organic growth for the moment in the U.S. is actually 94%. And then please, it's the organic growth, so it's not the acquisition then of the EdgeWater that is on top of that. We have worked then with the dealer network to expand that in key boating districts. This will, of course, continue. We have a lot of white spots still to cover in the U.S. But so far, good work, good work done.
We did this, we acquired an EdgeWater, and again, then, the important thing for us with that acquisition was then the organization that we actually then achieved. The brand, as we say, it was a bonus. We love the brand, it's a premium brand, but the thing for us was to get them a full organization on the U.S. side of the Atlantic. And so far, we are very pleased, and a lot of work is actually then already done and is continuing then for the next year to develop our U.S. the our part of the U.S. market.
We also, at the same time, consolidated the North American sales organization, meaning that all our brands now are sold through our American sales company. Of course, it gives more efficiency, but it also gives us a broader portfolio, and it is the same as in Europe, that we want to be a big part of our dealers' business. By doing this, we can immediately, so to say, take advantage of the fact that we are a house of brands. We have also started the preparation for local U.S. production, and that was what I was referring to with the Edgewater of Nimbus brand boats.
Actually, then during the end of this quarter, we are in quarter one, and into the start of quarter two, the first boats will then be actually in production. We have also launched the Aquador brand, where, as you know, we started with Nimbus, but with this Aquador brand, we now are in total then four brands in the US, and that's including then the American brand, EdgeWater. Besides that, we have continued to increase our focus then on premium boats. This is then, of course, where we come from, and that's our heritage. But it's also, I think it's important to know that it's also an initiative that started years before, but since the pandemic hit us, that was put on hold.
So this is actually then the initiative that we already had, but now start to work with again, and has worked for a while now. We have also entered a new segment, and that is, of course, then with the Nimbus 465 Coupé. That's the biggest Nimbus ever. And it's actually like that, that the first boat is now built. And that is important for us. We have a lot of sea trials booked, since it's a quite big boat. Of course, the buyer wants to look at it, feel it, and of course, then also try it on water. So that will be really great. We will actually have a picture on it later on in the presentation.
Also, the expansion of the Lugnås factory is finalized, and it's then enable us higher volumes, as we say. We can build larger boats, and it's actually also improves the flow in the factory, which is also important. The output of the factory will actually increase then. We have, during this 2023, we have seen a softer market situation then, and especially for us, then it's the small boats in the Nordics. And we can also say that the market is a little bit less predictable, than we maybe wish to, but at the same time, as we also point out in this presentation, the premium boats are doing well, and extremely well in some parts of the world.
We have also expanded our footprint in new markets, and that is what we call other markets then. Please remember that U.S. was a part of the other markets, as I think it was in the beginning of last year, actually, was the last time we had them in the other markets. Let's see what can happen there. We are developing very nicely, and we have progress in these other markets then. Well spread over the world. Next page, please. We could then look at the highlights of the fourth quarter. We had the sales increase by 7%, up to SEK 361 million. We have an EBITDA that amounted to SEK -4.4 million, compared to SEK 10.3 million the year before.
Including then, so please observe, non-recurrent costs of SEK 10 million, and this is then, of course, related then to the restructuring that we talk about that burdens us. But since quarter four is a small quarter, the effect is then actually bigger for the result then, so please, take that with you. The EBITDA margin, -1.2%, compared to 3.1%, and the negative effects then, as we say here, by currency, as reported already in quarter three. It's way waning, but it's still a part of the order book that is affected by this, and we will also then can foresee that it's a smaller part. It's waning, as I said, but it will also affect then partly the quarter one order book.
As I mentioned in the beginning, we had a sea trial then of the Alukin Ocean Air 8, and as I said, very promising and exciting, of course. We had the Flipper 900 DC and the Aquador 300 HT nominated for the Motor Boat Award, and that was a great accomplishment of Aquador, since then they competed against much bigger boats. It was up to 45 feet, so the winner was actually a 44 footer, and it's a big difference between a 30 footer and a 44 footer. Good work, good work.
As we then said, the first 465 CP is built, and we have also done a legal merger of our own Swedish dealer, and here is just a sentence, but of course, it's a lot of effort from both the sales and the financial department during the last months to make this happen. This will, of course, then also improve our efficiency, the same way as in U.S., as I explained before. Next page, please. An old page, in a way, and a reminder, but this is a Swedish group, founded 1968, so we have a lot of years in the business. We have a long history of international sales, which I think is important to mention.
This is a normal way for us to work globally, and already around the early seventies, the export of our boats was ongoing as a normal part of the business. We have a true house of well-known brands, and again, then we do it for the dealer. We want to be a big part of the dealer's big business, and then, of course, create the win-win, because that's the way to go forward. I will not read everything here on this slide, but I can mention the last one there is in May 2023, where we did the acquisition on the EdgeWater Power Boats then.
Really important buy for us, we get some capacity, but again, we also get the complete organization on the U.S. side to support the U.S. market, which is, of course, very important. And as a bonus, a very nice premium brand. If we then switch the page again, then we come to the, as we say here, the productivity improvements and increased focus on the premium segment. Then, worth mentioning here, I usually say here that we produce complete boats in eight locations around the world, or in Europe and U.S., but here is, then actually one of them, has been closed. And we have a press release that, and that is the aluminum production in Norrtälje, that is now, has come to an end.
These boats are now produced in another already existing, outsourced production. They already did 80% roughly of the production of this Alukin boats before then. So, that is a bit more efficient, and the factory itself was too small to bear the volumes, so to say. So that was needed to happen, so to say. Besides that, there has happened a couple of things on all of these places, of course, but we have done on the Lugnås site, we have outsourced the Nimbus C11, so now it's actually produced in Poland, and that was made to make room then, of course, for the 465, but also to be able to make this other flow through the factory then.
In Finland, we had the, or have had, and still have, temporary layoffs then in the small boat production, and this is done according to the Finnish rules, and roughly 80% of the workforce is affected somehow then. And this is, of course, then, for the course of the week, in part, the small boat, of, of the industry. We have also then moved the Nimbus T8 to Edgewater. This will actually be the first Nimbus boat produced in Edgewater or in the U.S., and also then in Poland. And Poland will then, of course, provide Europe and other markets with this T8 boats. If we then switch to page again. This is also a picture we would like to come back to.
Here we talk about the drivers as we see them, and I think the whole industry look upon these drivers in the same way. And this is, of course, then the overall wealth is increasing. We have tough times now, inflation. I should not say high rates, so and you can maybe say that, okay, they are not low either, but they are not high, and that is, I think it's important to bring with us. But nevertheless, we have some pressure, but still this wealth is increasing. So today it's more than 2.5x more money in our pockets than we had actually year 2000.
As I used to say, as we work a lot, then when we have our leisure time, we are prepared to, to actually then invest to get some quality time, which is important. We have the money. We have also the increased popularity of staycation that was popular to talk about during the pandemic, but this trend then actually started well before the pandemic, and this has continued, and we tend to spend our money in the neighborhood, so to say, buying summer houses, caravans, and things like that. If we look at the industry itself, we have an aging boat fleet. 45% of U.S. fleet is older than 25 years, and actually, these figures are more or less the same in rest of the world.
It differs somehow, but in the boat, the fleet, the average age is high. And then, of course, you lose a lot of the next thing, the technical development, but it's also that you don't have a fresh boat. You have to invest quite a lot of money to keep that boat fresh. And also from an environmental perspective, the engines are not as efficient as they are today and as clean as they are today, et cetera, et cetera. So that is an important factor, of course. But then also the technical development that has been done inside in industry itself, and mainly pointing at the in-water handling and easy boating and things like that. And it's all about to ease the stress then, to drive and to stay on a boat.
It's all, it's for the captain, but it's also for the passenger. This is important because the mental part of this to be an owner of the boat, that is actually the thing that makes people hesitate. Can I actually, can I do it? Can I really handle this? Can I cope with the situation, et cetera. That is an important part, and of course, it makes us happy that we are working with this, and we have so far done a tremendous job to develop that situation. If we then take the next slide. A little bit about the order book development then. The order book is then down 18% year-over-year, and this is then driven by the small boats, roughly SEK 100 million .
But also the order book is geographically well balanced in relation to the world market, and this is then worth mentioning because the world market, 50% of the world market is North America, and then it's divided by roughly a third to Europe and then and the rest for the other world other markets, as you say. And here, our order book is actually representing then 54%. So it's well balanced then with the global picture of the market, which is important for us.
If we take some time to look at the Q4 2020 in this picture, this is what you will make, and you can call them maybe the last normal years, before the pandemic hit us, and compare it with, with the, the one for Q4 2023. The difference between them then, from our perspective, is that 96% of the, current order book is for premium boats, that was maybe roughly 80% on, on the picture from Q4 2020. But also this geographical balance then, 54%, as we say here, of this from the Q4 2023 is from the US market. On, on the other one, from Q4 2020, a huge part of that is actually from the Nordic countries.
So, so that is a picture to show how we have taken the steps to actually end up where we are today and where we actually have aimed to be, which is then, of course, good. It is good for us. And exactly as I said, higher share of premium boats in the order book, 96%. And, of course, then only confirmed orders in the order book, nothing else. And that this is then, of course, an important group to follow. And with that, I will actually then leave it to you, Rasmus.
Thank you, Jan-Erik. Then we move on with the sales development per market. In the fourth quarter, the sales in North America continued to develop well. The sales increased by SEK 130 million to SEK 159 million, and out of this, Edgewater contributed with SEK 90 million. And as we talked about before, North America has now become our single largest, largest market on a 12-month basis. But keep in mind here also that the Edgewater has only been consolidated since May 31st. The Nordic countries continues to be soft, and the sales dropped by 39% to SEK 27 million. And as Jan-Erik said, the drop is driven by the smaller boat business.
In the quarter, Europe dropped by 41% compared with last year, and the reason for this is that 2022 was very strong, strongly positively affected by late deliveries from earliest quarters. The figures are therefore not fully comparable. But we continue to see positive sales development in the Southern Europe, and but in the northern part, the pattern is more similar to the Nordic market. Other markets increased from SEK 31 million to SEK 45 million, which is positive, and means that other markets now has become the substantial geographic market with more potential going forward. On full-year basis, North America increased from SEK 152 million to SEK 563 million, corresponding to an increase of +272% year-over-year.
As Jan-Erik said before, the organic growth, when excluding EdgeWater, summed up at +94%. The Nordics dropped by 29% and amounted to SEK 745 million, and as we talked about, this drop is driven on the small boat business. In total, small boats dropped by 40% year-over-year, and this hit mainly the Nordics and also our own dealers. Europe came out 4% better than last year, and mostly then driven by the southern parts. Other markets increased in total by 34%. Net sales in the fourth quarter amounted to SEK 361 million, compared with SEK 338 million last year, and this is an increase by 7%.
Sales by larger boats increased by 40% than including EdgeWater, while sales of smaller boats and traded boats, which we distribute at our dealers, decreased by 38%. The organic growth in the fourth quarter came out 20% down, and this is entirely explained by less sales of smaller boats in the quarter. And this also means then that we have taken market shares on the premium boats since the total market has went down a bit since 2022. Sales to external dealers and direct sales, including spare parts, increased by 24% to SEK 310 million, while sales through own dealers went down by 42% to SEK 50 million, and this is in the quarter now.
On full-year basis, net sales ended up at SEK 1,018.98 million, which is an increase by 8% year-over-year and by 105% since the IPO in 2020. The organic growth on the full year was -5%. Then we move on to the EBITDA. The EBITDA in the fourth quarter amounted to -SEK 4 million, corresponding to an EBITDA margin of -1.2%. In relation to last year, this is a drop by SEK 14 million. The drop is driven by a weaker SEK currency towards złoty and euro. That has affected our gross margin negatively by SEK 14 million, and this corresponds to nearly four percentage points on the EBITDA.
And as we talked about already in the third quarter, the reason for this is that the cost base for many of our premium boats are in złoty, and we are not able to push forward the currency effects on the revenue side. On the revenue side, the currency hedging is made on the dealer side, which means that we take the currency exposure on the cost side. And, but what we see is that the situation will improve gradually during 2024, when our updated price list in the order book will have the intended effect. On top of this, the quarter was also affected by non-recurring costs of SEK 10 million related to restructuring and reservations.
Most of the costs is attributable both to production adjustments related to smaller boats, and this is what Jan-Erik talked about earlier. EBITDA, adjusted for both the currency and non-restructuring cost, would have been in the area of +SEK 20 million in the quarter compared with last year's SEK 10 million. So this has had a significant impact in this quarter, which is for us a quite small quarter. On full-year basis, the EBITDA amounted to SEK 100 million, and the EBITDA margin ended up at 5.2%. Adjusted EBITDA for currency and non-restructuring recurring costs would have been in the area of SEK 157 million, and the EBITDA margin then 8.3%. So the impact here is big for 2023. Working capital then.
The net working capital decreased in the fourth quarter and ended up at SEK 543 million, including EdgeWater. Stock levels increased by SEK 56 million, driven by higher levels of finished goods, but also lower levels of work in progress and the raw materials. The fourth quarter normally contains increased stock levels of finished goods due to those seasonality effects that we have. The same refers to the first quarter, but in relation to both 2021 and 2022, this effect was a bit less in 2023. Regarding demo boats in our showrooms, we see that we are well-balanced, both in terms of volumes in and mix in front of the season 2024. Floor planning of own demo boats has been introduced, reducing the net working capital by SEK 53 million.
Net working capital in relation to LTM sales amounted to 25%, having made a pro forma assumption of EdgeWater based on this net sales full year 2022 of SEK 525 million. In 2023, we have done some strategic CapEx investments in product development amounting to SEK 44 million, and the majority of this amount refers to the development of this new 465 Coupé, which can be seen on the picture here. It's the left boat. And to be able to produce this boat, we have also done a quite big investments in the Lugnås factory, which in 2023 only amounted to SEK 17 million. Regarding our financial targets, we still believe that those are relevant, even if we are a bit behind today.
We see that our ongoing initiatives will have a positive impact on the business going forward and will enable us to strengthen the EBITDA margin. The dividend policy that we have states that we should pay out up to 30% of net earnings, taking into account the financial position, cash flow, and growth opportunities of the company. For 2023, the board proposes that no dividend should be paid out as a precaution due to the market situation. The decision might be changed going forward when the market situation has become more visible. With that, I leave the word to you, Jan-Erik.
Yes, so let's then jump over to the questions.
If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Henrik Christiansson from Carnegie. Please go ahead.
Yeah, good morning. A few questions here on my side. First of all, on the margin development going into 2024, you're talking about them being gradually restored. Could you talk us through the drivers of that and also the trajectory through the quarters? Let's start with that.
Should I start, Jan-Erik, or-
Yes, yes, please, go ahead.
First, as we said, the impact from the currency is big for us at the moment, and has been also in the third quarter. A big portion of the order book in the fourth quarter was related to old prices. And this will, since the order book will be converted into new prices, then we will. At that time, we have already adjusted for this effect. So the currency part should be better. But what we also see is that, a bit depending on how the market develops, of course, but we have had a quite low level of sales through own dealers this year, which has caused us to get a low share of double margin sales.
This is a possibility that we see also in the future. Since the volumes of smaller boats will be less, this also gives us a possibility to increase the margins, because in general, the margins are more profitable for us on bigger boats. So those are the biggest reasons I would say. Please add, Jan-Erik, if you, if you-
No, no, I think you captured it well there, so I don't have anything. Of course, we work, as always, with, with the efficiency, with the cost reduction projects inside the production units, but that is an ongoing process, and we will definitely have some progress there too, but this is the main factors as Rasmus talked about here.
Great. And then the second question related to that. On that restructuring charge, it takes a SEK 10 million one-off there in the quarter. Could you provide some indication of the cost saves year-over-year related to that, with the measures you've done so far?
If I start, Jan-Erik, then?
Yeah. Yeah.
Out of those 10, what we have done with those is that we have taken this biggest—the big part of that should have been referred to 2024, actually, but we took it already in 2023. So that is a reduction for 2024. So that is that is one aspect, aspect, of course. But then you also have more soft aspects like, Jan-Erik said, that we will the production efficiencies that we are working on, those will also kick in gradually since we have moved production to optimize optimize the production on different spots, and also come a bit closer to the market by moving, for instance, the T8 production to the U.S. This will reduce, for instance, transportation costs, et cetera, to the U.S. So there are lots of factors affecting this. I don't know if you wish to add, Jan-Erik?
No, no. It's just that, this investment, you can call it from that perspective, then, will pay off, and it will be a short payoff, but it's difficult to... Because it depends on how many we will sell of that model on that market, things like that. But you also have, as we mentioned before, the C11 that moves to Poland. That is actually good for that model, because for us, it will increase the margin with a couple of percentage. But then again, how many will we sell? We know what we have in the order book, of course, but that will also affect. So, it will be a short payoff of that investment. I think that's the best answer I can, we can give now.
Yes. You can't say, like, you know, certain amount of, you know, fixed costs will disappear related to that restructuring today, but it's more related to the volumes that you get, so it's more a gross margin discussion, really?
Yeah, it's actually both then. But the cost, the fixed cost that will disappear, that is several million SEK, of course.
Mm-hmm.
And we have this project, the cost out project ongoing, and we are roughly looking at them, not at the same time, it will come gradually, but altogether, it's roughly SEK 20 million we're talking about.
Great. And then-
Just to fill in there, we talked about, for instance, the legal merger that we did. Of course, it's not that big money, but each such initiative will save us a couple of million SEK. That is from an administrative perspective. So many things are ongoing, but we have not really mentioned it in the presentation here.
Great. And then a question on CapEx. I mean, you highlight the investment you've done in the new big boat, the coupe, SEK 44 million in product development and SEK 17 million in the factory. How should we think about that CapEx going into 2024? Is that now falling off, or will there be more of that to come, or any sort of delta there from 2023, which was quite CapEx heavy?
Mm-hmm. It was to begin with. So, as I said, it will, the level will decrease absolutely. But at the same time, the product development is important, and this is one of our keystones, so to say. And we will, for sure, continue the product development also next year, of course, and then the years after that. But the level will be lower, and that's for sure, yes.
I can fill in there. In general, we normally spend around 2.5% of our revenues in CapEx, and that is then referring to product development. So this Lugnås investment, that was a one-off investment. That will not, of course, be recurring in that way. But the normal product development will continue. But of course, it differs a bit from year to year depending on what is in our on our-
The drawing table.
Yeah, drawing table at the moment.
Great, and then a final question for me. On the order book, if you could say anything about the FX impact on the order book value, because there was quite a lot of currency moves in the quarter.
Mm-hmm, and that is absolutely affected by currency, and then negatively affected them, particularly down from US. So here we have, I don't have the exact figure, but we are talking about in the area, I would say, SEK 30 million something. Maybe you don't... Do you have the exact figure on, Erik, but in that area, I would say?
No, but you're in the right, right area, definitely.
Mm-hmm.
I don't have the exact figure.
Mm-hmm. Perfect. Thanks a lot.
Okay.
Thank you. Thank you.
So we have a couple of questions from written questions that have come in. So, the first one is about electric boats. Do you have any plans to manufacture electric boats in the future? One could assume that they would become more popular at some point, following the trend in electric cars. I could see Nimbus taking leadership position in that niche, as the engineering and quality of the group's boats is already so good.
Mm-hmm. Should I take that one, Rasmus?
Please.
We're already producing 100% electric boats, and have done that actually since year 2015, model year 2016. And a couple of these models are already or still actually in production. So you can order a 100% electric boat from Nimbus. So we took an early step there, maybe too early, actually. It was not the tipping point, as we say, but it was not there yet. And from that point, we have continued to develop. So we will sure, we will for sure take a leading position. That is our ambition. And we have, for example, invested in electric outboards.
The reason for that was actually that the price point from our perspective was wrong on the market. So we wanted to find a better price point with the same quality or even better quality. So we do some investments, and I also mentioned the Pascal, which it's important for the electric engines, especially because we are talking about range. And if you can decrease the energy consumption with 40%-50%, then, of course, you will double the range, simple as that. And then it's achievable for most boaters. It will fill their tasks, so to say. And it will also make, of course, the batteries, the focus on the battery, that it will continue, and it must continue. But, with today's technology, most of the boaters can handle their boating, most of them.
So yes, that's interesting. And the second and last written question was about our financial targets. When do you estimate to achieve your financial targets?
If I start, we have talked about that in the reports, and we see that it is in a way a journey, of course, but we will take a big step already during 2024. And as we have also mentioned a couple of times during this call, different parameters, of course, but we will take a big step in that direction, no doubt. It's hard to say when we will reach the target again. We feel confident, so to say, but it's a lot of different things that could affect the speed of this journey then. I don't know if you want to fill in with something there, Rasmus.
No, I think that's a good answer. It's a journey, and it will
Gradually, we will improve.
Yeah.
Yeah.
Exactly. Exactly, so.
Thank you. There are no more written questions. Do we have any more questions on the line?
The next question comes from Henrik Christiansson from Carnegie. Please go ahead.
... Yes, hello again. So, another question then. You speak about the on the EdgeWater side that there's high inventory levels in the dealer channels. Can you expand a bit on that? How soon you expect that to be washed out, and if you could talk a little bit about the seasonality in EdgeWater as well, given that's, you know, a fairly new acquisition for you? Thanks.
Absolutely. Absolutely. To begin with, it's a normal thing. We bought it in May, yeah, and what did the seller did do? Well, they did exactly what I would have done. They tried to sell as much boats as possible before we took over. And by doing that, they filled up the inventory levels in the dealerships. At the same time, we knew that we should do a layout change in Edgewater, and that was actually planned before we took over, but we accepted that because it made sense, so to say.
So when we did that, in late last year, then you can say in December, partly, and in the beginning also of January, we actually stopped the production of the boats. We were able to do this, and at the same time, we cleaned up the factory and did stuff that we wanted to do. And the stock levels at that time, on the biggest dealership, it's a big dealership we're talking about now, the second biggest in the world. Then they had 77 boats when we started, and today they are down to roughly 45. I don't have the absolute current figure. So that work is more or less already done, but that is the mechanism behind it. Then you asked, it was three things. Please,
Seasonality,
Yeah, the seasonality. Well, of course, we have a seasonality. As long as you sell in Florida and Edgewater is located in Florida, then it's not a problem, it's not really a seasonality. It's more when people are in Florida, so to say, not all living there is spending all of the time there. They can be back home, so to say, because most of the... In Florida, it's still a lot of people moving into Florida. But since we are selling on the whole East Coast, more or less, the Edgewater boats, of course, you have winter up in the Boston area, for example, and up there where we normally sell quite a lot of boats, and we are selling quite a lot of Edgewater boats.
So there you more or less have the same seasonality as you have than in the Nordic countries, actually. Maybe a shorter period, yes, but, the same pattern, in that way. And now is the big ordering take period in the U.S., if you then look on the picture of where we the Edgewater dealership is located.
So if I compare Q4 to, say, a normal Q1, is that up or down or flat, or?
If you come back in Q4 and look at the Q1, was that correct?
Yeah, yeah. So the SEK 90 million you had in sales in Q4, is that seasonally depressed, or is that seasonally strong, or just to gauge the trend of that sales number in a typical quarter?
Yeah, yeah. For the reason I mentioned, it's a bit lower than normal. So we have that effect from the adjustment that we did of the inventory levels, which is healthy, of course, but that effect is there. So it's slightly lower. We should have a higher level.
Perfect. Thank you.
Okay, thank you. Okay.
I guess we have no more questions. So, I thank you very much for listening in, and we hope for spring and summer now, and our first quarter report will be on April twenty-sixth. Thank you very much.
Thank you.