Earnings Call: Q2 2021

Jul 16, 2021

Okay. Hi, everyone, and welcome to the presentation of Q2 report for 2021. And I'm here today with, as usual, as Ursa Nivink, who will support me in this presentation and guide you through the financials. So I think this has been a really good quarter. If you remember, Last Q2 the Q2 last year was actually a really good impressive strong quarter with 4% organic growth. So we have quite tough comps. But still, we managed to beat Q2 last year on both sales as well as earnings. So I'm really pleased to see the development in this quarter. And this is something we will go deeper into on the coming slides and the coming 40 minutes. The agenda today is that we start with our position in the Nordics. Then we take you through the Q2 results. And Asa will tell you about the performance in each country. And then in the end, we have a summary and a Q and A session, very much as a normal presentation. So starting with our position in the Nordic market. Many of you know this, but I think it's important to repeat and talk about BRAVADA on a high level basis. As you know, we are the leading Nordic provider of Sustainable Technical Solutions. We are doing both installation as well as service. And having both is, of course, very important because they feed each other. And also in the new market with a higher focus on sustainable trends, etcetera, it's important to do the right installation and then get the bridge to service that continue to help our clients to increase or improve their sustainable work as well. We are one of the few who can act like a one stop shop in the market regarding all installations we have in a building. Our largest part is, of course, electrical, but we are very big in plumbing, ventilation, but also areas like security, cooling, sprinkler, power, etcetera, etcetera. So we have all disciplines that you might need in a building. And it's getting more and more important also to have all these from one supplier to be able to optimize the energy consumption, etcetera. 12,000 employees in around 300 branches, 65,000 customers. We have now again broken the trend and improved the LTM sales, which is SEK 21,200,000,000, we have a 94% recurring customers and 89 projects is below 89% of the project has a contract size below SEK 50,000,000. So we have very low risk in our business model, low customer concentration, diversified end markets and small average contracts. And I think this is one of the reasons why we have been able to be this resilient the last 12 to 15 months. I said a year ago that my ambition was to make BRAVITA even stronger through the pandemic. I didn't know that time that it will vary for this long. But I think we have been showing that our business model is resilient and that is very much depending on Many customers in many places with certain different needs. But on the same At the same time, we have the scale advantage of actually supporting or giving the clients the same type of services, and that's a scale advantage, of course. So the market is changing, and it's the focus is more and more and more on sustainable solution and a new time needs a new vision. So our new vision is that Pravida helps customers develop the full potential of their buildings. Through service and installation, we bring buildings to life, leading the way to sustainable and Silient Society and this becoming more and more important. Nowadays, we're not just providing our services. It's more and more important for the customers what we are doing, but also in what way we are doing it, how we are doing it, what kind of vehicles we are using, what kind of material we are using, etcetera, etcetera. And this has just started, but it's increasing the speed with that the speed that this develops is high. So this is something we need to get used to, and we want to be the Nordic we are the Nordic leader regarding sustainable technical solution. And we want to be the one who is leading the development in this industry as well. So On top of the different disciplines I mentioned before, we also have a high focus on car chargers, solar panels, but also a high focus on helping our customers to take down the energy consumptions. So every customers have the access to All our offers, all our disciplines, we have life cycle perspective for every buildings and we want to stay as the leading company in the sustainability development in this industry. Therefore, we are launching the Brevida Green Hub. And this is a service for customers in the city centers, on the large cities in the Nordic countries. So we started this last year in Oslo. It was a test to see if the market was ready. It is a hub with sustainable services delivered in a sustainable way. In the city centers, we don't need to spend time on finding parking spaces for our cars. We don't even need cars. And this is an efficiency improvement to our customers, to ourselves. We are saving time, we are saving the environment and we actually increase the services the service to the customers as well. So a complete offering in the service and city centers for our customers located in the city centers. And we are giving the opportunity for customers in the city center to take down their carbon dioxide footprint to help them reach their sustainable targets. And now we have decided from the 1st September to launch this in 9 cities. And that is on top of Oslo. We have Bergen, Trondheim and Kristiansand in Norway, Stockholm and Gothenburg in Sweden, Helsinki in Finland and Copenhagen and Oros in Denmark. And this concept not only means service delivered in a very sustainable way. It also means that we have a high focus on delivery of material, but also to try to recycle material even more than we have done before. So reuse of material is part of this initiative as well. So what about the Q2 numbers? The market outlook, it finally looks a bit better. We have seen an increased demand in all our markets, I would say. Even if we still had some increased lock down measures in Norway in the beginning of Q2, we can see that the market is improving. We have organic growth in Sweden, Finland and Denmark, negative organic growth in Norway still. But we can see in the end of the quarter that the service demand from the customers in Norway is picking up as well. So we have a positive outlook for all our countries, I would say, the coming quarters. We see an increased demand, as I said a couple of times, for sustainable solutions. The obstacles we might see is rising raw material prices or shortage of material. We are handling that in 2 ways, of course. We have a very professional central team who is handling the agreement with the suppliers, and we very much know the prices for the coming 12 months. On the other side, we are, of course, The prices to the market because there has been some increases on material. We know that the market has got increases on the materials. And that's why we also increased our prices to our customers. The building confidence indicator is improved and is higher than it has been for the last previous quarters. So the market outlook, if nothing special happens during due to the pandemic, looks positive as we see it. And highlights in the quarter. We see a positive trend for service in all our countries, organic growth in Sweden, Denmark and Finland Good order intake, up 12% year on year, which is good. And we see a continued strong order backlog improved SEK 510,000,000 compared to the previous quarter. And we have an unchanged EBITA margin at 5.9%. Cash conversion, close to 90% and net sales, up 3%. And we actually had an organic growth. We are rounding our numbers, And that means that we are presenting 0 to that, but it was actually close to 0.5%, not enough to write number 1, but we can see an organic growth again and that is on group level and that is, of course, very encouraging. Net sales is up from SEK 5,400,000,000 to SEK 5 point close to SEK 5,600,000,000 And the organic growth, as I said, slightly positive, but we are presenting 0. We have acquisition contributing 3% and the FX effect is 0. Organic growth in all countries except for Norway, but I see the trend is positive in Norway in the Norwegian market as well. EBITA in the quarter, The margin is unchanged at 5.9%, improved margin in Sweden and Finland. Very glad to see that Finland continued the strong journey they have had for I think this is a 4th quarter in a row. We are improving the margin. And I think that our position in the Finnish market is getting stronger and stronger for every quarter, every month, every week. So really happy to see that, that trend continues. The margin is unchanged in Denmark and Norway, very Strong to have the same margin in Norway as we had last year when we see a society that has been close to close down to not 100%, but there have been a lot of measures that have being an obstacle for our Norwegian business. So really strong to be able to present that margin. The group wide EBITDA is negative due to the investments we are doing in the future initiatives. And we also see on this slide that we have spent SEK 7,000,000 in the quarter due to the digitalization we are working within the group today. And actually, if we adjust, we normally don't adjust our EBITDA in the presentation. But if we should have been adjusted for that investment, we actually had improved the margin to 6%. So a strong quarter profit wise. And I think the market outlook combined with what you have done so far this year, it looks really positive for the second half of twenty twenty one. The order intake and the order backlog, we have a growing order backlog in all countries except for Norway. I think the trend is Similar in all our markets. And of course, when we had the measures in Norway, it's actually hard to In combination with our focus on margin before margin over volume, it's actually tough or actually impossible to grow the order backlog in Norway. But we see that the demand is strong, and we are positive for the future in Norway as well. The order backlog, Slightly lower or on same level as last year. But as you know, I've said in many quarters, we have really strong order backlog. We have been able because of that to be quite peaky about what kind of projects we try or contracts we try to win. Still very happy with order backlog, and it has increased since the last quarter but are on the same level as last year. And happy to say that the order intake is up 12% year on year, which is, of course, a result of the positive trend in the service business. And service growth in all countries, which is, of course, important when we have close to 50% of our sales in that segment. Health and Safety, one of our sustainability targets is improving. We are improving our numbers in all countries except for Sweden actually on group level, we are improving from SEK 9.6 billion down to SEK 8.7 billion on when we are measuring the LTIR. So that is a journey that is improved by changing behavior of 12,000 people. So this will take sometime before we meet our target, which is a quite tough target if you think about what kind of a starting point we had. But it is so important that our employees can work in a safe way. If they're going on a service job or an installation project, it doesn't matter. They should be able to work safe. So acquisitions, We still see a strong pipeline going ahead. Acquisition is possible to do still at attractive multiples. I read a lot. You probably read a lot on many who want to do acquisition in our industry. We haven't seen We have seen a slight increase of the competitive landscape regarding that, but it's Still not that tough as you can imagine when you read all the papers. And I think that is the reason behind that is that because we try to be proactive to buy a company that is good for us, not only because they are for sale. We're not going into all types of competition depending on what kind of it depends on what kind of a company it is. It's important for us to buy the right company and those company is some company we try to find ourselves. So still quite positive about the pipeline and the prices we are paying as well. So we think I think that we can continue to do M and A the coming quarters as well. And we are staying in the same market as we have been so far. 10 acquisitions so far this year, adding close to EUR 600,000,000 in sales. So now I'm handing over to Orsa and the different countries, markets. Thank you, Matthias. Let's look into our different markets and starting with a quick glance of the markets. If you look at starting with Sweden, we have a growth in both service and installation now in the quarter. And if you look at the confidence indicator that the building industry releases, then that is on above normal levels. So it's a positive signs there. We also if you're looking at Norway, we have a growth in service this quarter. We're very happy to have that. We also see that the demand is picking up in the installation business. So that is a positive outlook going forward. In Denmark, there is a growth in service. There is also a good demand on renovation projects. We also there see that the demand And the volumes were picking up on the installation side during the quarter. And the confidence indicator is above normal level. In Finland, we have a stable demand both for service and installation. The confidence indicator is below normal level, but it is picking up. So starting with Sweden then, our largest country. We have a net sales growing net sales grew by 5% during the quarter, and we had a growth in both service and installation. The year to date growth was 3%. And we're also happy to have organic growth in Sweden by 2%. We had a high production, especially in the northern part of Sweden and also in the Stockholm area during the quarter. And we're also glad to say that our largest division, the South in the southern part of Sweden, has they've had struggling with lower volumes during a couple of quarters but are now picking up again, and we see that the volumes are coming back even there. So that's good signs. Looking at EBITA, it's improved to EUR 203,000,000 from EUR 119,000,000,000 and we have a very stable performance in all our divisions. So the EBITDA margin is improving to 6.5% from 6 0.4% in the quarter, and it's on the same level as last year on year to date. The order intake was plus 14%. It's mainly driven by service. We had one large order In the quarter, that was SEK 270,000,000 and that was a new bus terminal that we Do in the Slussen area of Stockholm. And for those of you who doesn't know what Slussen is, it's a big public transportation hub in Stockholm in the city center. The order backlog was almost on the same level year on year and increased in the quarter by SEK 521,000,000. So moving to Norway. In Norway, there was we had a negative growth of minus 6%. We still have a negative impact from the pandemic even though we see that It is Norway was still pretty close down in the beginning of the quarter, but now we see that it's opening up. And service is coming back strongly. We had a growth in service of 10%. Installation projects or the volume from installation was Still low in the quarter, but we see that also the demand is picking up in the end of the quarter. So also there are positive signs. The organic growth was negative, minus 10%. We had an EBITA margin that was unchanged on 6.4%, and that is very strong due to the fact that we lost much volume compared to last year. And the reason for that is that we have had a strong service volume picking up at the especially end of the quarter and we have very high margin on service. The order intake was negative, minus 14%. But if you look at the order intake from the installation, then the installation project, the volume was higher than the turnover from installation in the quarter. So that's also a positive sign for the future. Order backlog was plus 2% year on year. Denmark. In Denmark, we had a growth in sales of 3%. We had a it was driven by growth in service. Installation was also lower in Denmark, but picking up. So volume was picking up in the end of quarter, so in June basically. The organic growth was 4% in Denmark for the quarter. We had an EBITDA almost on the same level as last year, EUR 54,000,000 versus EUR 53,000,000 and an unchanged EBITDA margin of 5%. If you look at the year to date margin, the margin improved to 5.1% from 4.9%. Order intake, high, plus 24%, mainly driven by service and also our order backlog That increased by 3% year on year and also increased during the quarter. So Finland. Finland is continuing to growing. It's growing it grew by 22% In the quarter, and this comes from both service and installation, highest growth in service, but also a strong growth in installation. This is mainly due to a large project that we have with Wartsila that is in a high production phase. And that also led to an organic growth of 12 We had an EBITDA improving from 16% from 10% to 16%, And that means an EBITDA margin of 4% compared to 3% last year. Order intake, strong plus 47%. And in Finland, that was actually mainly driven by installation. And the order backlog was decreasing minus 15% year on year. But this is due to the fact that last year, we got in this large Wartsila order in Q1. And now we have actually been producing on this order. So it's not that much left in the order backlog. So that is the explanation for that. So all our countries show positive trends and positive deliveries. Moving on to our financials And the net debt and cash flow. Starting with the net debt, we still have a low net debt. The net debt EBITDA ratio is 0.9. It was SEK 0.7 billion last year for the same quarter. This year, we also paid out dividend in the quarter that we didn't do last year. So that's another SEK 500,000,000 that we paid out this year. The only thing that is sticking out a little bit in this report, as I see it, is the cash flow. That is a lot lower than last year. So if you look at the quarter, it is SEK317,000,000 compared to SEK 728,000,000 last year. Looking at the year to date figures, it's SEK 461,000,000 compared to SEK 1,300,000,000. And this is due to a working capital That has decreased or normalized, you can say. And this also have an effect then on a cash conversion is a bit lower on 89%. I will guide you through why this cash flow is So much lower than last year and why I don't think this is a big problem. This is a bit of a busy slide, But I'll guide you through it. If you look at the blue bars, it's the cash flow For each quarter, starting with the last quarter in 2019. And the green bars is the working capital. And then the line is the working capital in percentage of the LTM sales. And what is affecting now the cash flow is the change in working capital in the first half year of 2020 compared with the change in working capital in the first half year in 2021. And as you can see, the cash flow or the working capital has done quite a journey during this time period. We can start in the last quarter 2019. Then we started with a working capital of 3% of the turnover Of the LTM sales, negative 3%. And then we took down In the last quarter 2019, we took down a lot of risk in the portfolio. We were resolving a lot of old projects In Stockholm, that you may remember, that improved the working capital. And we also had some large projects coming in with good payment plans that also improved the working capital. Then the working capital continued to improve in The first half of twenty twenty. So we had a good activity in the installation business with A lot of start up and start ups. And then also when projects starting up, we also we all most always have good payments in the beginning. We also had large projects with good prepayments. And Then we also had an effect of COVID-nineteen actually, a positive effect. We got to postpone Social costs and VATs in Norway and Denmark. So we didn't pay out any of those or we got these payments postponed during this half year. And this led to a very Low working capital end of June last year. So we were down on minus 8 as a percentage of LTM sales. And then what has happened now in this half of the year, it has normalized a bit. So we now have seen a slower a bit slower activity in the installation business, meaning that we don't get so many Prepayments, also these large projects that we took earlier, they have gotten further in the percentage of Completion, so we have there's less prepayments left. And We have also paid out these postponed taxes. And then the last thing is that we have higher Receivables, this is due to high invoicing, but also to a couple of outstanding invoices that we have with 2 customers in Denmark. And these are overdue invoices with 2 public customers in Denmark, but they are affecting the working capital negative. So But as you can see, the working capital level is still very good and it's on a very stable level. So we don't see a lot of Duations in the working capital these last quarters. But the fact that we had such a good improvement in the working capital last year now hits the cash flow in a negative direction. But the working capital as such is very good on almost Minus 7%. So this will and we believe that it will stabilize in this level and not have this. And then it means that we will not have this big effect going forward. So I hope that was An explanation on the cash flow development. Then moving on to my last slide, the financial targets. We have A EBITA margin target of more than 7%. We are on LTM 6.4% now. And then due to what I just said, the cash conversion is a bit lower on €89,000,000 We believe that will improve going forward. We have a low net debt to EBITDA ratio. Our target is to be below 2.5. We are on 0.9. Sales growth, the target is to be have a growth of more than 5%. We are flat year to date, but we had a negative growth last quarter, so positive growth this quarter. So we have a positive outlook And the dividend payout should be more than 50%, and we paid out more than 50% this quarter, so SEK 507 million. By that, I will hand over back to you, Matthias. But it's a strong performance for more countries this quarter. Thank you, Asa. And a special thanks to for you guiding us through the working capital slide. Yes, that's a bit Tricky, not always so easy to read. But negative working capital at close to I think it was 6.8% is a really strong numbers. Yes, it's really strong. So we should remember that even though it changed negatively, but that's It's a very good level to be on. So maybe we can expect some questions on that slide even if you did your best to explain it. Okay. Try to summarize this presentation, the Q2 of 2021. Service sales increased In all countries, and the service increased actually with 13%, which is a very strong performance and is, of course, driven very much by the society opening up again. Still lagging a bit in Norway, but the trend is positive there as well. Organic growth in all countries except for Norway, but the trend, as I said, positive increased order backlog Compared to the Q1, it's SEK 510,000,000 quite flattish year on year, but an order backlog that we are really confident to have, A strong level, high level. Norway was again heavily impacted by the COVID-nineteen measures. And actually, The measures increased in the beginning of the quarter, and it's quite easy to forget that when we see the rest of the society opening up. In the beginning of Q2, the government actually strengthened the measures in Norway. But now we see a positive shift in how the Norwegian society is actually opening up again. And that's, of course, very good. Improved production volumes in the end of the quarter. Sales, stable EBITA margin at 5.9%. And the last bullet is about our investment on the digitalizations. And again, if we should have been adjusted the margin, we actually had been able to present 6% margin if we adjusted for that investment. But it's needed to invest in the future, and I think that will, of course, payback many times later on. This slide is, of course, very a slide I am happy to present. You see the trend for many, many years. We had a little drop in the beginning of this year. Now again, we have an LTM sales that is Higher than 2020. And I expect both the sales and the profitability to develop in a positive way in the end of the year. And Cash conversion, slightly lower, normalized maybe. We have had a really strong cash conversion the last quarters, years. So sometimes we need to be under 100% again, but I think Asa explained that in a very good manner. So said that saying that, I think we can open up for some Q and A. Thank you. Thank And our first question is from the line of Karl Ragnorstom from Nordea. Please go ahead. Your line is now open. Good morning. It's Karl from Nordea. A couple of questions from my side. First on the service side of your business. And I wonder if you could give some flavor on the end customer group that is driving the growth in the quarter. I mean, is It's the pent up demand that you are working through, I mean, with schools, maybe not hospitals, but public buildings? Or is it more broad based recovery on the service side? Good morning, Karl. I think it's all over Actually, we can't see any special customers, any special services to special customers. I think It's more that people coming back, opening up. They are actually willing to have a technician going into the buildings, etcetera, etcetera. So I think this is just a result of what we have seen and tried to explain earlier. When The society opening up again, the demand will be there. And of course, some is pent up demand. But I think mostly, it's actually that they start to use our services again. Okay, perfect. And on the installation Delusion, sorry. I mean, we saw similar characteristics to Q1, I think. And as we discussed before, maybe it Was there sort of a vacuum in the order backlog in the quarter temporarily impacting the installation volumes? So I wonder if it's Is it the case that you see improvements in the installation market already in Q3? Or should we still expect somewhat a Slow development, of course, offset by the service side, but still No. But I think what we have seen is Actually, what we have said before, we see that we have had a strong order backlog. We have produced some. Some of the projects are finalized. And then the confidence Some customers haven't been there to 100%. So they haven't signed the new deals they are planning for. So I think we have a gap, a period of time where we are affected will be affected by the fact that Customers have taken late decisions or actually contracts that we have signed waiting to start up the project before they see the right timing? Because if a customer start a project in some countries, for example, and then the message from the government actually says tells them that you need to send home the construction workers, the plumbers, etcetera. They need to pay the bill. So they have waited to start some projects. And I think that is the effect what we are seeing. On the other hand, when the society is opening up, we see the demand for our services, both on service and as well as installation. So I think it can take some time before we have those contracts in production, And you can see it on the sales in the sales. But the demand is there. We have strong order backlog. And maybe we won't see a very huge Growth on the installation in Q3, maybe it will take until Q4 before we see that, but it's I'm just guessing now. The demand is good. We have a period of time where we have a slightly lower production because of different factors. Okay. Brilliant. And also a bit curious to know more about the I mean, we have seen continuous Price increases on the raw material side. Have you seen an impact on margins in the quarter? And also, Did you expect Q3 to be more impacted as, I guess, it takes some time for the prices to sort of run through the system? Yes. I think that could be a minor effect, but we don't know that. We haven't seen it yet. But I think it's important to Understand how we are working with our suppliers. We have 1 year contracts with fixed price, except for some products which have a lot of steel, copper, etcetera, which is excluded from the fixed price clause. But that also means that we know very much in detail what price increases we have got, where the uncertainties are. So we have a quite good idea about what type of material we face see some risk in get higher prices on. And that is something, of course, we take into consideration when we are during the pricing. And that's why we are saying in the report that we are increasing the prices to the customer as well. Then we know that these increases that most of the market have already get, we will get in the beginning of next year. And we have plenty of time to actually adjust our prices due to that fact. So I think a minor impact on the margin shortly maybe. But in the longer term perspective, we should have no impact on the margin because we are pricing very often a cost plus to our customers. But We have increased the prices to our customers in the market just to be try to be sure that we will cover the increases we get from the supply side. Okay, perfect. And one more, if I may. Also, if you could Please update us on the Minelle acquisition. You announced it, I think, 6 months ago, but we haven't heard anything. And Is it what's the likelihood of you closing it? Or how should we look at it? As I know that in many is reporting today. And I guess when you're asking the question, you haven't seen the report. But we are writing in the report that Both ourselves and Menil don't think it's possible to do that deal for different reasons. But We announced that we have had a letter of intent 6 months ago. And that the reason behind that was that we had to do a proper due diligence in a very decentralized group of companies on the MENA side. And what we have seen in the due diligence is not what we expected. So we don't think it's a Good idea for us to continue. And I think the seller side thinks the same. Maybe it's a timing question. Let's see. But We have said in the report that, that deal won't happen. Okay, perfect. Okay, all from my side. Thank you. Thank you, Karl. And next question is from the line of Karl Johan Abunavir from TMB Markets. Please go ahead. Your line is now open. Yes, good morning. Just to come back to Your answer to the, say, the momentum getting back installation to growth again, looking at the comment of improved production volumes Towards the end of the quarter, you still think that it's even though seeing that, you still think it's too early to expect installations To be back to showing growth again from Q3. Yes. I think when we do our own internal estimates, it's Probably around late Q3, beginning of Q4 where we expect a pickup on the installation side. But it's not an Exact science to do that. So we won't expect At least a huge pickup in Q3. I would be surprised if we get a pickup already in Q3. On the other hand, I would be probably a bit surprised if we don't get any positive pickup during late this year. So it's somewhere in Q4, we think that installation will yes, the installation volumes will pick up again. Excellent. Good for that. Thanks for that extra color. And then looking at you're still now once again building backlogs since 2 quarters For partly related to installation, I guess, partly related to service coming back. Is that also a sign that you see, say, The worrying trend you had talked about a couple of quarters ago of negative pricing trends in contracts and these kind of things That has normalized and we are back to a more normal market again. Yes. I think it's a combination of a more normal market as well as that some Competitors in the market, not a special competitor, I can say that right away. But I think Some players in the market actually try to sell enough projects to have in the order backlog so they can actually keep the resources busy. And that is not our strategy. And I think the market going back to more a normal market At the same time as those players had maybe filled up their order books enough is I think it's a combination of that. And I've seen it before. I've been in this industry for 20 years. So I think if you just are patient enough, Have confidence with your existing order backlog, focus on the margin instead of order instead of the volume. You can find enough projects to the right price. And I think that is what we have done now. It's a timing question, and I think it's a better market as well. Excellent. And also, obviously, I need to ask one question on the working capital slide as well. When you look forward And getting back to some sort of more normality looking at the installation business coming back and then services coming back, Where would you see where would you expect to see the working capital to sales normalizing? Because I guess still being around 7% is, as you pointed out, quite a good level. Is it the old 3% level that we should be aiming for During, say, the next 12, 18 months or That is difficult to say. But no, I don't think it's the 3% level. I think it is around The level that we are on now actually. I think we are on a pretty stable level here. We will get When the installation business starts, we will get some good payments plan again from that and that will balance off something else. But I think this is A level that we are yes, that we could stay on. And just to add something And is there any deferrals or Tax or social costs we should be thinking about that we feel that they are still going out? Yes. There are still DKK 70,000,000 roughly. That is going out half second half year or maybe January next year, even January 2022. But so there is a little bit left? A little but nothing that will keep the boat so No. And I think also to as I say in the CEO statement, I think that the working capital is on a good level. And I think To have a negative working capital is good. And be around free is, of course, also more than good actually. So I Try to keep the working capital negative. And I also think this depends on what kind of phase we are in regarding large project service business, etcetera, etcetera. So A negative working capital is good. If it's 2, 1, 5, minus 6, I don't think that is the most important. But a negative working capital is, of course, good. That's very good. Well, thank you very much and good luck out there. Thank you. Thanks. And there are currently no further questions registered. So I'll hand the call back to the speakers. Please go ahead. Okay. Thank you very much. It's a very nice weather in Stockholm. So I wish you all a very pleasant and Great summer. I think both me and Asa is looking forward to have a couple of weeks off as well. So thank you very much and enjoy the summer, and stay safe. Bye. Thank you. Bye bye.