Bravida Holding AB (publ) (STO:BRAV)

CMD 2020

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Mar 4, 2020

Nice start, isn't it? Finally, rock star or something else. Welcome, everybody, to actually the 1st Capital Market Day for BRAVITA. 5 years close to 5 years since we did the IPO, and this is the 1st Capital Market Day. And I'm very delighted to see you here and all the one who is following this live on the web as well. My name is Matthias Johansson, as you probably know. And today, you will get the possibility to listen to some of my great colleagues as well. And we will try to explain all the beauties with BRAVITA today, what you're planning for tomorrow and how we see there'll be different opportunities in the market as well. I will start telling you by about Pravida on a high level. Then Asar Neewing, our CFO, is going to take you through the financial section, and they will introduce themselves slightly more when they get the opportunity as well. And then before the break, Magnus Lilje Fors, our Head of M and A, will explain our strategy around the acquisitions, how we do it, what to focus on, etcetera. And I think you will get a lot of good nice information from both of them in those sessions. After that, we will have a Q and A and then a break, some coffee. And after the break, we will come back again and listen to Mikael Sundholm, who is our Project Director for the bypass Stockholm project. And in some of the meetings with you, we get a lot of questions about what we are supposed to do in that project, and this is a nice opportunity for us to tell you about that project. And then Johnny Hay, our division head from Denmark, will take you through the service session, how we think about service, what does service means for us today and the coming years as well. So I hope this will be a really nice afternoon for all of you and that you will learn a lot from BRAVITA after the day. Okay. BRAVIDA today and tomorrow. And I will start to explain for you what we're doing today, what kind of services we are offering. And we can start looking at this room actually. We are delivering installation systems to our customers. In a normal building like this, we are doing all the systems that you're using: lighting, ventilation, heating, security systems, fire alarms, sprinkler, excess controls. That's systems that you are using throughout the whole day. We have all the technical segments. Our biggest area is electrical, followed by heating and plumbing, HVAC, but we also have power, cooling, technical facility management, project management, lifts, sprinklers, security. Half of our sales approximately is installation, and the other half is service. Another way to look at it is actually that maintenance and refurbishment is more than 60% of our sales. Very low cyclicality in the business we are providing for the service for the customers. And we usually say that we are bringing buildings to life. From the meaning you wake up in the morning, you're starting using the systems, you're using them throughout the whole day, and the last thing you're doing in the evening is actually using our system as well when you charge the phone, set the alarm clock or whatever. We have a really strong presence in the Nordics. Being close to the customers in the local market is very important for us. Our business is local. Our largest market biggest market is Sweden, followed by Norway, Denmark and then Finland. We have been growing this business from SEK 12,000,000,000 the last 5 years to above SEK 20,000,000,000, and we have done it with very stable margin and actually improved them a bit. More than 11,000 employees in close to 300 branches in 7 divisions is spread throughout the whole market and serve the customers. BRAVIDA is a people business. We need a lot of skilled personnel, of course. And that we have the right personnel is, of course, key to our continued success. First, we are working to attract new employees, of course. We have a strong brand in the industry. And if we look at the Univassum's survey in 2019, we are ranked as top 10 employer in Sweden. And of course, that is a quite strong result that we can use. And we also are a really strong brand in the industry. Being in Bravida means that you are hired by the market leader and you are hired by 1 of the most successful players in the industry. But that's the new ones. But what about the existing ones? We need, of course, to take care of the existing ones. We need to train them, educate them. And for doing that, we have the trainee program. 30 5 people completed our trainee program in 2019. 2 weeks ago, I met the new class for 2020 and there were around close to 40 new, say, students attending that program as well. And this is how we try to train, educate, find new young talents, which is actually our future leaders, project leaders, branch managers, region managers, etcetera. Actually, myself, I started the 3 knee program in BPA, which is the same company in 1998. So I started in that program as well. And I know the network you get in that education is something you have used for many, many years within the BRAVITA. We also had more than 1300 apprentices. That's also a way of sourcing new talents for the blue colors, the handcraftsmen work. But also, we have a great history of actually turn good electricians, plumbers into branch managers, project leaders as well. So we have the talents coming from outside to be the future leaders, but also the internal talents. And myself started in a branch in south of Sweden. The former CEO started as an electrician as well. We have a manager introduction for all new branch managers, project managers in the company. We have a leadership training. We do a survey within the company to make sure that everyone is developing in the right way. And we also have support for managers and, of course, the talent review. So the employees is really important for BRAVADA, to attract, retain and develop. And we combine the customer proximity with scale benefits. And you can say that we actually had the best from 2 different worlds. We are very local. The local presence is very important. We are close to customers. We had a specialist in the different branches, but we also have the possibility to combine our offer between different branches in local in the local market. This in combination with the large companies' advantages, like we have 1 brand, shared values. We have shared methods, how we do work, systems, etcetera, the same platform. And this combined with maybe the biggest scale advantage we're having in the purchasing will mean that we will be successful in the coming years as well. All this combined means that we can serve more than 55,000 customers. 12,000 people employed in 300 branches, 38 regions in 7 divisions in 4 countries. That's how spread how it looks today. And this makes us very diversified, and we have a low risk in our business model. You heard me say that before. And the reason why is that we have we are in many different geographies, 1st. We have many different end customers in different segments. We also have a lot of different types of contracts. Our largest customer group is the construction company, of course. The top five customers are the large construction companies in the Nordics, but one construction company, for example, the biggest construction company in the Nordics, that's not one customer for us. It's not 4 depending on that we are in 4 different countries. It's probably 100 different relations because our market is local, our relations is local. We are doing business with the construction company in Kalmar, in Aarhus or in Trondheim. That's the diversification we are having. And also around 40% of the contracts are below SEK1 1,000,000 in value. A lot of many small contracts, which, of course, take down the risk. But said that, with the combination of the possibility to actually deliver large projects with the customers, we are combining the local presence with a large advantage of being the big company. We can deliver large projects as well. And we have been very successful throughout the years in delivering large projects. For example, Facebook, Friends Arena, different logistics centers, hospitals, etcetera. And I think the combination of being local, small contracts, many customers, many end markets takes down the risk in our business model. 93% of the customer is recurring. So keep the good relations with the local customers is, of course, key to BRAVADA, because we know when we are doing a good job, the customers will come back again. Over 90% of the customers is recurring. They are happy with the service we provide for them, And that's, of course, a very good thing for us. We are also experts in managing small and large projects. I've already touched on this one. But we have many local assignment as our branches. We are supporting the local community to bring their society to life, because we are helping them with schools, indoor swimming pools, shopping centers, offices, small hospitals, etcetera. That's what we're doing on daily basis. On the other hand, on the scale, we have the large projects, and we have on this slide the bypass Stockholm, which Mika is going to tell you about later on today. We also have the resources, the competence and the ability to actually deliver these type of projects to the customer in a really good way. And I mentioned the reference project earlier. We have been very successful on those these of projects. And that's because, first of all, we have the competencies, we have the resources, we have done it before, But also, there is another type of competition around this project compared to the small ones. The customer buys from a part that can deliver it in a very structured way with high quality, but also we can price the risk in a different way. We can price our knowledge, our competence in a way that means that we're actually taking down the risk in these projects. And also the fact that we very often put our best resources in to these projects, projects when we are delivering them means that we see that as a really good part of our market where we can be successful. And in the between, the small projects and the large projects, it comes large service agreements. And this is an example that Jonny will tell you about later when he talks about service. But being local, being in many places, have different type of skilled resources in all technical segments means that we can supply and have a really high service level for the customers in many places at the same time. In this case, we are serving Q8 close to 300 different station throughout whole Denmark and our job is to maximize the uptime for the customer. And having this range of services, small projects, small service orders, combined with large projects and large service agreement is, of course, something that is a big advantage for a company like Brevida. That was what company we are today. And now I'm going to tell you about how why have we been so profitable and can this last for the coming years. And I am quite confident that it can. I usually say that this is one of the best companies in the world. I'm not totally objective, I know that. I started in 'ninety eight. But the reason I think that is I think it's very much because of this slide and I try to summarize it because we have a culture in Pravida where it's important to perform and it's important to perform in a good way. I think it's critical to be able to attract the best talents that it actually means something in the workplace the way you are. And doing good things, be productive, be profitable should mean something. You When you go to the work on Monday morning, you should feel I have an important job to do. And when you take off for the weekend and look back for what you have done the last week, you should be able to see your own performance and say to yourself, okay, I have done a great job this week. Or I think it's important also to say, if you haven't, and that should be seen. So we can tell the difference between a good performance and a bad performance. If we have a bad performance, we have KPIs to follow-up and make sure we improve and support that person. So they think it's a nice place to be in. In BRAVITA, margin is always important than volume, always. I think you will hear that more than this time today. Margin is always more important than volume. I learned once in this company that if you have a branch with the sales at €50,000,000 and the margin at 8%, That's a much better branch than a branch with a sale at €100,000,000 and half the margin at 4%, even if they make the same amount of money because the quality in the smaller branch with a higher margin is much, much higher. And that branch can stand a downturn in the market much, much better. So that's why margin always is more important than the volume. And I think we can see a trend in the whole industry that more and more focus on margin instead of volume. Unfortunately, it's not many enough because growing is in some way very exciting. But if you don't do it in a profitable way, I don't think it had any value. And I think if we can educate the industry that margin is more important than volume, we can see the margin will go up in the industry. And we actually have seen that because if you look back when I was a branch manager in 2000, you were a really good branch manager if you have an EBITDA around 3%. Today, you need to have an EBITDA margin well above 10% to even be close to be one of the best. And I think that's a sign of how the industry develops. We have this way, and BRAVILA way, and I really mean this is something that is core culture in BRAVILA. And we have the local entrepreneurship, control and support and continuous improvement. And we do what we have decided to do. We follow-up on what we do and we continuously improve what we do. So I will go through these different pillars, and we start with the most important person, the key role in BRAVITA, and that's the branch manager. The one who is leading the branch in the local market. The branch manager is incentivized as an owner. He is managing the branch as an owner. He has his different the different things he need to follow to make sure he is profitable in BRAVITA. But he will secure that he implements central initiatives that could be best practice, that could be what we are buying, how to buy it, from whom we are buying it. He is responsible for driving growth, but he should do it profitably. He always has a responsible to improving the profitability. And that's for all branches, no matter where on the scale you are. This in combination with that he is probably the best person in BRAVADA to find new acquisitions because he knew he knows the companies in the local market that will, in the best possible way, strengthen the BRAVEDA in that local market. Do we need to strengthen the electrical part or the plumbing branch? Or do we need ventilation because we don't have that in place. He knows what company is the best buy. He knows the people persons in the company. He knows the customers to that company, etcetera. So he, together with the region manager, has a key role in identifying new branches or acquisition targets as we see. And this entrepreneurial approach have been driven their profitability the last years. And actually, we have grown the sales with 11% since 2014 on average annually. And we have done the same with EBITDA. So we have been closely doubling the volume with the same margin. And I think that shows that our model is working and that we will continue to do the same in the coming years as well. But when you have 11,000 people or 12,000 people actually in a decentralized organization in 4 different countries, 38 regions, 300 branches, you need, of course, to follow-up, support, make sure we are doing the right things in all places. And that's why we have, as we say here, rigorous regular control and support for our branches. And what does that mean for me? That actually means that every quarter, Orsah and I, we are traveling around and we are meeting all the division heads and the region managers to discuss the different branches. So every quarter, we go to the 4 divisions in Sweden, Denmark, Norway and Finland and meet all the region managers and discuss the performance of 300 branches. We never cancel those meetings. It's very critical to follow-up and make sure that we are doing what we have decided to do and make sure they had understood what we are asking them to do. It also gives us the possibility to share lessons learned, best practice. And I remember when I was a region manager and get the opportunity to meet the CEO and actually once every quarter could tell that person what we have been doing. Sometimes I had to tell why we haven't been doing some things And then we need to present the plan to how to fix this, of course. And this is very powerful and a transparent model that creates tempo in the organization. And this also means that we can attract the right type of personalities, the one who want to perform, the one who want to improve. And sometimes, of course, people leaves maybe because of this, but I think that's a natural way to that's a natural thing in a large company like Pravida. The same meetings are held by the division head with the region manager and the branch manager. And the branch manager is regularly discussing with the service leaders and project managers, of course. And what about the continuous improvement? I want to start with the left part of this slide. We have divided all branches into 3 different groups in the existing business plan. We are now working with the next plan, and I think this has been a clarification for all in the organizations. I guess this will be part of the next plan as well. We have the one who is in some way underperforming. They should lay the groundwork, make sure they are using the systems, our framework to make sure that they get profitable as soon as possible. We have the middle ones that is okay performing, and this is somewhere EBITA margin wise, somewhere between, yes, let's say, 3% to 8%. They should continue to drive or improve the profitability. And then we have the high performers, the one who should grow profitable. This is quite clear, which gives us the tools and the branch manager the tools what they should focus on. If you are in the green box, you shouldn't be focusing on growing. You should be focusing on make sure you have quality in the business. Choose the right type of projects, the right customers and make sure you're doing good business. We have a common purchasing platform. During the quarter reviews, purchasing is something we follow-up very closely because that is, as I said, one of the biggest scale advantage we're having. We have the balanced scorecard here where we can see for all regions. You can see it for all branches, actually all cost units because we have all branches in the same ERP system. And Magnus will tell you later about the M and As. That's why we want to integrate the acquired companies so we can get them into the same platform, so we can do the internal benchmark, compare different KPIs, make sure we are using the scale advantage we have in Boveda. Purchasing is 1. Other KPIs we're following up on is trends in sales, administrative costs, ZM0 margin, the gross margin, non chargeable hours, how they are using the scale regarding purchasing, what they're buying, from whom, in what way. We're trying to source as direct as possible. We are doing direct import as well, and we move volume. We are collecting volume to fewer suppliers. In this deck of KPIs, we also have all projects above €5,000,000 and that's many in BRAVADA. But when you look at the slide, you can see turn all the projects red where you have poor cash flow, poor margin, which means that we very quickly can ask the right questions in the quarterly reviews. And we can discuss action points to the next quarter and make sure that the region branches are doing the right things. So after these quarterly reviews, it's 2 weeks where I am also traveling around, then we have the perfect picture of what challenge we're having in BRAVITA, what regions, struggle with what branches. So we know the questions we will ask and discuss the coming 3 months until the next quarterly review as well. Very powerful, very transparent. And actually someone said to me once, how do you have time to do all these meetings? And actually, I think this is the most important part of my job to make sure we are following up support, make sure that everyone is happy doing the right things and feel the support from the management in Brabida to do the right things and continue to develop. So is this working then? This is a slide I really enjoy showing for you. And I think you understand why. The sales to the left and the beat in the middle and cash conversion to the right. And since 2014, we have gone from SEK 12,000,000,000 in sales to above SEK 20,000,000,000 and we've done it with improved or at least stable margins and a cash conversion on average above 100%. And I think this is a fantastic slide. And this is the beauty of the business model in BRAVADA. We have a low risk in our business model, diversified end markets, low customer concentration. We generate a lot of cash, cash that we can use for acquisitions. We can use it for dividend, and we can use it to deleverage. And we've done it over and over again, And I'm very confident that this is something we can continue to develop in a way like this. So that is what we are, what we have done, and now we will take a look at the years coming forward and the market outlook and the strategy. If we start with the market, this is numbers from Prognore Centret. And we can see this is divided between Service and Installation. And we can see that we have a quite stable robust growth regarding Service. That's a blue bubble. It has been very stable throughout the last years as well. Installation we're really strong. The installation market really strong right after our IPO. And it has been slightly weaker than last year. And Asa will come back and talk more about this later. These numbers does not include inflation. But the difference is Service stable, positive market outlook, Installation a bit more stable. And I think even if the market is not that strong as it was right after the IPO, I still think it's quite okay or close to strong in the coming years as well. But there is a difference between service and installation, and that's why we want to capture the opportunity in service. And this in combination with the strong structural trends that will support the long term growth. I've earlier talked about urbanization, aging housing, infrastructure and energy efficiency. And I think those drivers are still valid. Some of them has not even yet started. The energy efficiencies have maybe started a bit. But remember that 40% of all energy consumed, I think it is in the world, is actually used to heating and cooling buildings. So if we should do something about the CO2 emission, the energy consumption that is in the building that should happen. And what is energy used for in buildings? Heating and cooling. What are we working with? We're working with those systems. Actually, I took a photo of our headquarter a couple of weeks ago where we are renovating. And I took a picture from the outside. You can see the lighting. We have 2 floors that we have generated. You saw the difference between the new lighting and the old lighting. The new one actually you experience it like it's daylight inside. And the old light is probably like in this building. And the new good lighting, which increase the productivity for the one who is in the building. And you have approximately 80% lower cost for the system. That's our future market. And this is really interesting. This is a driver. And 80% of the public owned buildings in Sweden or Nordics is actually non compliant with the EU regulation for 2020. That's our market, and that will contribute to our market growth as well in the coming years. Then the new 2020 trends, climate and sustainability, technical possibilities in buildings, energy optimization, digital maintenance in buildings, etcetera, that will, of course, drive the growth as well. And therefore, we have 4 different areas that we will focus slightly more on the coming years. If we start at the service, the reason why is, of course, less cyclical. We have higher margin on service than we have in our installation, and we also think that the market will grow more in a positive way, at least as we should if we should follow the Puna Center. And Janne will tell you more about the service later. Sustainability is, of course, very interesting. That's a trend that affects us all, even in BRAVEDA. We have I think you all notice it in some different ways. My children, they ask me why we have 2 cars. And when I have explained try to explain that, they ask why do you have so big cars? Why do we eat meat today again? By the way, if I ask a question inside here, how many of you are eating vegetarian food a couple of times a month nowadays? Hands up. Yeah. When I ask the question internally in Pravida, I get the same result. Then I ask how many did that a year, 1.5 years ago? Some raises their hands, but not as many. So something has happened. And then some of you have probably decided, okay, I want to do it because I want to be part of the change. This is a choice I take. I have made a decision. But the other one hasn't actually noticed that they have started to eat vegetarian because their friends are doing it. You have the possibility to do it in the restaurants. It's getting closer to you. You have the opportunity to do it. So you have followed a trend. And this is exactly what is going to happen in our market as well. Really interesting. We will continue to do the M and As that will help us to drive profitable growth. And if we start with the service, we'll, of course, continue to do what we have done the last year as well Because to get electricity to the lights in this room, you need cables to transfer the electricity. That's right. You need water on in the toilets. You need pipes to transport the water. You need new fresh air in the room. You need ducts to get new fresh air into the room. We are working with physical things, and that is something we will do the coming years as well. On top of this, we are going to work with green installations, of course. We can certify the customers installations, make them green. Renewable Energy Solutions, Energy Optimizations and digitalization and proactive maintenance. And our target is to our ambition is to make sure that service will be a bigger part of the sales in BRAVITA in the coming years, not because we are taking down the projects, but because we are increasing the service. And that's because we see a significant growth potential. We have an higher stability, also higher margins in the Service business, and we can see a stable growth in the forecast coming forward as well. Then when it comes to sustainability, we are thinking on this subject in 2 different perspective. It's the internal sustainability and the external, what can we do for the customers. Most important for us is definitely the health and safety, our own employees. That they can come home from the job every day fresh without any accidents is, of course, very important for us. That makes us to a more attractive employer. That's, of course, something that we need to focus at for our employees' sake. But if you look at the longer perspective, there will be customers that will be choosing suppliers after how good you are at health and safety because it's a builder or the owner of the facility that is actually responsible for this from the start. And this is part of the sustainability trend that I told you about, about the vegetarian food that no one wants to be the one which is not taking this seriously. So this will be a competitive advantage already in a couple of years. When it comes to the sustainable use of resources, we have our own BRAVITA assortment when it comes to products, where we had products that is actually labeled as sustainable. That's a green option for the customers when we choose to buy the right products and install in the customers' buildings. But our own footprint regarding CO2 emissions, you have probably seen the BRAVEDA cars driving around where you live. We have around 7,000 cars in Brawira. And that's, of course, because we need to transport the personnel to the customer with the material to help them get more sustainable. But of course, it matters what type of cars we are driving. We are, I guess, buying a couple of cars every day. And of course, it matters what types of cars we are driving. We have changed the car policy for white colors in the company. And myself is driving a plug in hybrid, for example. I don't have to mention the brand, but we are driving the same car. If you are project manager in Bravida or if you are CEO, you are driving the same type of car because we want to change our footprint regarding CO2 emission. And that's important. We also have decided that before 2025, more than 30% of all our vehicles should be non fossil driven. It could seem as a long period, 2025. But you need to remember, these type of costs, we don't have a good solution yet today to actually do to change the costs today. But we have cooperations where we are working together with 1 supplier to try to be first in line when a good option is actually possible for us. Business Ethics. We have been educating all employees in BRAVEDA how we want to do business, what is allowed, the rules, etcetera. And we're actually soon launching an e learning about this topic as well very soon, which gives us the possibility to educate all new employees in BRAVITA as well because we are growing. We're getting more and more people into BRAVITA. And it's very important that we, in an efficient way, can train and educate the new personnel in Bravida. And that's actually part of the Bravida school, where we have all different types of education on an e learning platform, where we can share best practice, educate them in our systems, our way of delivering the services in a good way. I want to show a short movie about sustainability in BRAVEDA. Sustainability is actually what we are helping the customers every day. Every time a plumber, electrician, ventilation guy has been at the customer's place and helped them with our services, that system is more sustainable after we have left the customer than before we came. And that's important to understand as well. We want to drive innovation through digitalization as well, and we want to do that both on the installation side and on the service side. To the left, you see a digital workplace on an installation project, where we actually today have drawings digital in the cell phone or on a template, what to say, iPad, etcetera, meaning that we can have all drawings, actual drawings. You are sure you have the right drawings, the right information in real time. It also simplify our quality checks, make sure you know who has done the quality checks, where he was and at what time he did it. You can take photo and you have the documentation in place. And this is also a great tool to improve our productivity. When it comes to the service side, we have something that we call Braebox. And of course, through the cloud, we can follow-up and monitor the customers' installations as well. And this gives us improved customer service. It's expanded service offering. We also can improve the cost efficiency, which means that we can improve our margin and we can save some money for the customers as well. We can increase the productivity and we also reduce the carbon footprint. For example, we don't have to go out with 1 of our 7,000 cars to the customers to help them with the access control system because that's something we can help them remote from our office. It's maximizing the uptime for the customer. It's saving money for all parts and gives us a closer relation to the customer as well. One practical example for I can mention is the Oslo Opera House. Normally, we are monitoring temperatures if a person are in a building. But in Oslo Opera House, for example, it's very important to have the right humidity in different rooms for the instruments. So the violinist knows that the violin is sounding the same today as it was yesterday. They probably can adjust it. But the humidity in the Opera House in Oslo is very important, and that's something we help them to make sure they have the right indoor climate in their buildings. And that's one practical example of what we can do with this, and Johnny will come back to this later. But the base in BRAVITA will always be the BRAVITA way, what we have been doing. We will continue to do the same, but we will add some things on top of this regarding our offer, broaden our offer, some digitalization. And that's a proven concept that we will continue to deliver upon. And that's important to understand. But we will, of course, change with the market. But regarding the digitalization, we are very down to earth. We do it together with the customers. The customer base, as I said, on their risk profile is very diversified, many different types of customers, which means that we don't have one single type of offer to give the customers. So we are doing this together with the customers to improve the value for them. On top of that, we'll continue to do our M and A, a disciplined M and A strategy, which will add a lot of value to you as a shareholder. And this will continue to create value for you, for us and to all of our customers. That's important. So BRAVEDA will be the same company, but we will take the next step and improve ourselves, of course. We will always be relevant. And throughout the day, you will hear Magnus, Johnny and Micha tell you more about our business. But now next up is OSA, and you are going to take us through the financial section. So please welcome and thank you very much. Thank you, Matthias. My name is Asana Ewing for those who doesn't know me. I joined Bravida a little bit less than a year ago. And if you look at Bravida from the outside, you think that, you know, Bravida looks like a pretty good company. And then if you get the opportunity to look at it from the inside, then you realize that BRAVIDA is really a great company. And the best thing with BRAVIDA is that there is still a lot of potential when we are now going forward. Today, I would like to take you through two parts. Firstly, we will look at what we have achieved in the past and then we will look forward and look and I will go through the new updated financial targets for you. But let's start with a summary of what has been done. This slide stands pretty much by itself, I would say. We have grown the company significantly. In 2014, we had a turnover of SEK 12,000,000,000. Now in 2019, we are a SEK 20,000,000,000 company. So we have almost doubled the size. And at the same time, we have grown the EBITDA as much. So this means with this significant growth that we have had, we have been able to keep the margin at the same level, more or less. So we have not compromised on profitability. And I think that is pretty amazing. And this good performance is shown also in the share price that we have. We have created significant value for our shareholders. The increase in market cap is SEK 11,700,000,000 and we have paid out SEK 1,200,000,000 in dividends. That is a total of SEK 12,900,000,000 and that leads us to a total shareholder return of 160%. And you could compare that, for instance, with the ONX Stockholm Index that is on 30%. So quite an achievement. So how did we manage to double the size of the company then? Well, we have had an annual growth of 11%, and this growth comes from both M and As and organic. The largest part is M and A with 8% and then we have a 3% growth from organic. We have had a very strong M and A throughout this period, but it is then also worth mentioning that as we getting bigger and bigger, the impact of each transaction will be smaller. If you look at the organic growth, we've had a pretty good organic growth also. We have annually, we have grown by 3%. This is not we have not reached our target of 5%. But if you consider where the market is, this is pretty good anyway. If we're looking a bit closer at the organic growth, this slide show the underlying market and the growth of that, and that is the Nordic installation market. And then it shows how brevida has grown. And you can see that the market has grown annually by 2%, and BRAVADA has outperformed this market growth by 3% during the same time period. But you also can see that there is a peak in 2017. And since then, the market is flattening out and softening a little bit. And as Mattias said, we believe that the market will be stable also in the next coming years, but that it will flatten out a little bit, and we will not have the same growth that we have had in the past. Having looked at the organic growth, we are moving on to the M and A. We have, since 2014, done 78 acquisitions. We have created a lot of value by doing these acquisitions. We buy them at a multiple of 5 pre synergies and at 3.5 post synergies. We have done these acquisitions through all geographies and also through all disciplines that we have. Most of them are small, so called bolt ons acquisitions. You can see the average size is €87,000,000 but we have also done a couple of larger platform acquisitions like the Auras in Norway and the Peko Group in Finland. We have believed that we have a very efficient M and A machine that has delivered year after year. And these small bolt ons, they are our bread and butter, and we see them as really a daily business to do these type of acquisitions. They fit very well into our local branches and our local activities. And for us, these smaller M and A transactions are very similar to organic growth. Then let's move on to margin. Margin is always more important than volume. Matthias said that. He stated that very clearly. And I will also say that margin is crucial. It's crucial to have focus on margin in this type of business. This business is, a large extent, project based and very people dependent. If you lose focus on margin and start focus too much on more volume, then you will be in trouble sooner or later. So we keep our focus on margin, and we have done that in the past, and we will do that also in the future. And what you can see on this slide is that we have been able to grow. We have grown the business. We have grown the turnover. We have and also that we have actually kept the margins stable through all these years. We have we are on about 6.3% on average each year. And I actually think this is really strong. It is if you take into consideration the way that we have grown and also the way that the M and As that we do actually have some dilution on them to the margin, this is really strong. But it's not good enough, and I am sure that we can do a lot better than this. We have a target of getting to more than 7%. And we believe that there is a big potential to reach this target. We will continue to work with continuous improvements along the BRAVIDA way that Matthias talked about. We will improve the way that we continue to improve the way that we are integrating companies so that we get more efficient. We will improve the way that we manage projects. And we will also add more service to the business as Matthias talked about. Then if we look at cash, we have an excellent cash generation. We run a CapEx light business model, and we have a very strong working capital. And we are very disciplined on how we manage our working capital. And this, together with a strong P and L, then makes us deliver a cash conversion ratio of about 100%. And we do that consistently year after year. That was 1 year where we didn't reach this, but otherwise, we are well above 100%. We have generated SEK 5,000,000,000 of cash since the IPO. This is roughly SEK 1,000,000,000 each year. This cash has been spent roughly a quarter on M and A and a quarter of paying out dividends And the rest, we have used to deleverage and to strengthen our balance sheet to get even more flexibility for the future. So having gone through this performance since the IPO where we have doubled the size, we have managed to preserve margin and we have given a total shareholder return of EUR 12,900,000,000. I am now pleased to go through our new financial targets with you. They have been updated and they were released this morning. We have changed sorry, we have changed some of them. If you start looking at the sales growth, our new target is to have a growth more than 5%. And this reflects largely the fact that we are a much larger company now than we were at the IPO. And so what we said before is that each it will be more and more difficult to grow percentage wise at the same pace that we have done in the past. And also, we believe that the market going forward will be a little bit slower. But we will continue doing M and As and at the same pace or even increase the pace going forward. And we believe that we will be able to outperform the market organically also going forward. But we will do this in a disciplined manner. We will not jeopardize the margin over volume. We have the same EBITA margin, more than 7%. We haven't reached it, but we are confident that we will. We have changed from adjusted to reported, and I believe that all your investors actually appreciate that, that we are being transparent and that you don't have to dig into all the nitty gritty details in the quarterly report to see what we actually have made. We will also keep our cash conversion rate and our dividend policy. We strongly believe and are confident in our strong cash flow also going forward. We will we have updated our leverage target so that it will include IFRS 16. I can also say that if you look at the cash conversion, we will use the definition from IAS 17, and that is the one that we have used also in the past. So there is no change if you want to compare it. So what are the key takeaways from this? Well, basically, it is what Mattias said. We will be doing the same things going forward, but we will do them even a little bit better and a little bit more of them. So we have a really strong track record of profitable growth. We have a superior organic growth. We have been outperforming the market. We have a disciplined M and A all across the geographies. We have a margin over volume fuel focus. We have a very strong cash generation, and we have now updated our targets for the next couple of years. And last but not least, we are very committed that we will continue to perform and that we will continue to deliver value creation for our shareholders. That was all for me. Thank you, Asa. And before you get the opportunity to ask questions, both Asa and myself, Magnus will take you through the M and A strategy that will be funded by the great cash flow. So please welcome, Angus. Okay. This is actually my first Capital Market Day. Of course, it is. I've been in Brabida 15 years. I started there in 2,005 as a Chief Legal Officer. My plan was to be there for 5 years in order to have an exit, an IPO. It took some bit longer, but it has been a fantastic journey for me. It's a fantastic company. As I said, I started as a Chief Legal Officer and General Counsel. And it's safe to say that the first 4, 5 years, it was a lot of cleaning up. I was more of a cleaning lady than a legal officer actually. And I'm very proud of this company. We have done a tremendous work, I think. We have seen the figures. But as both Matthias and Asa said, there's a lot of things to do going forward. This company can improve and be even better. I probably should have that picture instead when I started this. So that's me. And today, I'm not only the Chief Legal Officer, I'm also Head of M and A, as we call it. Going back, I would say today, BRAVILDA is the market consolidator. We have always been talking about how important it is to consolidate the installation market for many reasons actually. We don't have to talk about them just for the moment, but we will see what Brasil has done during those years. And approximately 78 acquisitions we have done, As you have seen before, we buy at about 5 times EBITDA. We have acquired SEK 7,000,000,000 in turnover. And even more important, I think we have very much improved our way of doing M and A. And today, it's kind of very natural for brevida to work with M and A, and we have a very well functioning M and A engine. In the coming slides, I will show you how we work with the M and A growth, how we work with systematic approach, how we work with our organization and how we look at risk in M and As and also target selection. I will start to point out what is the typical company that we buy. Why is the reason why would the company sell why would someone sell its company to BRAVEDA? And we're now talking about bolt ons. We're talking about the smaller companies in a local market. It's a good idea to buy small companies in a local market because the risk is very low. It's basically the same idea that we have in Brabida. We work with a lot of customers, rather small projects. It's the same with M and A. We buy a lot of small companies, and hence, we have a lot of low risk in general. The seller is usually either a family owned company, which has a generational transition problem. They don't have any kids that will take over, and they want their company to come to a solid owner. And of course, Pravida has a very good reputation in the market, taking care of companies, taking care of their employees. And we can also develop the business. The second one is the younger companies that are developing, and they are they have reached a certain level. And now they are thinking, okay, we want to still grow, but it's getting kind of hard for us. So we need a partner. And then BRAVIDA is the perfect match because we can add systems, organization, muscles to a young and growing business. Also, I would say that we always buy 100% or in almost all cases, we buy 100% of the shares at once. So we acquired a company 100%, and then we integrate the company almost immediately. And that is a difference from some of our competitors that buy companies and just keep them. And I explain why we do that and why we think it's better. M and A has always been a key pillar for BRAVITA. And as Matthias mentioned, BRAVILI has actually started as a merger between BRAVILI Norway and BAPJ in Sweden, and that happened in 2000. And then during the years, we have increased the business by acquisitions. So in Denmark, we acquired business in 2003. And then we have some platform acquisitions in Norway, which I'll come back to. And in 2015, we went also to Finland. And you can say that we have strengthened our presence in both geographical areas, but also in technical areas. And in Norway, Denmark and Finland, I would say that has been done mostly by platform acquisitions, kind of large acquisitions. But the strength and the position of the Swedish presence is basically all those bolt ons. As you can see, there are some areas that are not dark blue yet, so we have a lot to do. And the idea is to fill in all the boxes, so they are dark blue. Since IPO, we have done a lot of acquisitions actually. And I will just mention a few of them because I think it's kind of interesting to see what they have meant to BRAVIDA. In 2015, the year of the IPO, we also went to Finland. So the main acquisitions there are the Finnish acquisition. However, in 2015, we also did some less successful acquisitions. And they were bolt ons, and we learned a lot from them, not how to do M and A. And that we have brought on, on the future journey. In 2017, it was URS in Norway, which was the top and that took a lot of resources because we were not so well equipped on the resource area. And after that, we said to ourselves, okay, in order to make a lot of bolt ons but also to be able to do 1 or 2 platform acquisitions each year, we have to staff up. So in 2018, we organized an M and A team, the team that I am heading actually. And through this team, we have also started this even more structured process, which I will talk about later on here. I think Norway is a good example of looking at how we can expand the business through acquisitions. In Norway, we had about SEK 1,100,000,000, SEK 1,200,000,000 in turnover in 2,008, and it was kind of well, not the best performance business that we that you can see. And actually, we were thinking about what should we do in Norway. Should we stay in Norway? What should we do? And then we got opportunity to buy Siemens Installation, which was a truly platform acquisition. And from Siemens Installation, we got you can say that, that acquisition set the organization for the coming BRAVIDA Norway. And today, the CEO of BRAVIDA Norway, he is from the Siemens acquisition. And many of the leading persons in Norway are from the Siemens installation business or from that acquisitions. So that was a good start. And then we did some bolt ons. We had a downturn in the business cycle in 2,009, as you know, and 2010. And then we did some bolt ons on in the electrical side. And BRAVILDA Norway, you can say, was a very strong on the electrical side, but not really multi technical. And we want to be multi technical. And then in 2017, occasioned the we had the opportunity to buy Uras. And Uras was a kind of poor performing business, a strong brand, but kind of poor performing. But it was a plumbing business, and they were all over Norway. So it was a perfect fit, a perfect match for BRAVINA, which is which was very strong on electrical side in similar cities in Norway. So we decided even though that the company was performing quite poorly, we decided that we had a go. And it also shown, as you can see, it created a good shift in our turnover. And today, we have almost EUR 5,000,000,000 of turnover in Norway and with a better margin than we had before. ORAS also taught us how to work with a turnaround case because ORAS was really a turnaround case. And that was a very good experience that we got from that acquisition, I think. If we look at a typical bolt on case, in this case, we chosen a Krijansda IL and the acquisition of Nilsons Elektriska. That's a truly Swedish company, isn't it? Nilsons Elektriska. That's nice. And that's a family owned company, of course. And it has been there for many, many, many, many years. And in the Krijansda EL Business, what was kind of bad performing, I would say, and as you can see, low profitability and a bit too small actually. And we have been looking for this company for several years actually. And once they decided, okay, I'm getting Mr. Nielsen himself, he was getting a bit old and he wanted to do this he didn't have any kids or so on that wanted to take over the business. And so he turned himself to Bravita and said, okay, now it's the time. We want to do this business. We want to do this transaction. And of course, it's very important. He knew that we were in the market. We had met him several times before. So when he was ready, he went to Brawide. He didn't go to a broker or somebody else. He just went to Brawide because, okay, they will take care of my business. And for us, it was perfect because we really needed a stronger management. We needed more strength or more turnover in this area in the Electrical side. We want in short, we wanted to strengthen our presence. And as you can see, the figure speaks for itself. Pravida's business was kind of poor. Nielsen's Electorska was a very profitable business but not so big. And together, they it was okay. But during the years, it has developed as a success. And I think that tells the story about doing good M and A. The importance is it's kind of maybe silly example. You say 1 plus 1 is 2, but we are talking about acquisitions that 1 plus 1 should be 3, which means that the business that we buy actually should be a better business after coming into Brabida. And that's very important, I think. And that's why we want to do this integration work. We really want them to come into us and to use our systems and to use our purchase models, etcetera. Also, those two business together and the increased turnover created a much stronger company or much stronger business in the local area, which also will have easier to attract new employees and also attracted a stronger management once Mr. Nielsen wanted to retire, and he retired a couple of years ago. So this example very well explains why we want to do these small acquisitions, but we don't want to do all small acquisitions. We really want to look for the right companies to buy. Not all companies are right companies to buy. Synergies. We talk about a lot about synergies. And for me, synergies are, of course, very important. And when I talk about synergies, I talk about hard synergies. I talk about synergies that I even I as a lawyer can understand. And then we talk about synergies on the purchase side, which is kind of obvious. It is we know that RAVIDA has substantially lower purchase prices than the smaller local companies. I mean, by doing all these acquisitions, we have, of course, the possibility to compare prices. We are comparing prices during the due diligence process. So we can actually calculate the synergies before we do the transaction. But also, we have synergies on premises. We move together. And we have synergies on administrative staff usually. So that's the hard synergies. And I haven't calculated the soft synergies, which I will say is we create cross selling possibilities. We get new customers, etcetera. And the other thing which I mentioned before, by buying another company in the local market, we have larger presence. We get stronger in the local market, and we can also attract employees in a better way. We are not only the most natural partner to the customers, but we will also be the most natural partner when it comes to employment. And good technicians and good management are resources that are a bit scarce actually. So that's very important. And we have historical numbers that we have paid about 5 times the EBITDA of the company, and we gain 1.5 times in synergies. So as both Matthias and Asa mentioned, post synergies, we pay 3.5 times the EBITDA of the company. So we buy those companies very cheap, I would say. Again, I must stress on the Synagis and how important it is that we have Synagis because the synergies is not on the buying side, it's also on the selling side. If we buy a company and we can show that the business actually improves after our acquisition, after they have come to Brawita, we get a much more happy seller. And the rumors spread, of course. They think, okay, Bravida is a very good buyer. And this actually means that a good acquisition creates new acquisitions opportunities for Brawita, that's for sure. It's important not only that Boveda as a buyer is happy with acquisition, it's also extremely important that the seller is happy with the acquisition. As you know as you have seen, we have done a lot already. Last year, we bought, I think, 20 companies. Can this go on is the question. And the answer is yes. We have about you can identify about 25,000 companies in the same market as Pravida. Small companies in the local market doing electricians, plumbing, whatever. And of course, that's enormous amount. We bought 20 of those. So we can work for another couple of years actually. But we have a screening process. I will come back to it. And we have we said we would like the companies to at least have a turnover of €30,000,000 because otherwise they cost a bit too much and we have too little turnover. So if we boil down to the say that we are looking for bolt on companies that start with EUR 30,000,000 as a turnover, we still have about 1 700,000 companies to work with. And the slightly smaller companies, we have identified at least 30. So there's a huge number of companies that are actually potential targets for Brabida. I said at the beginning that we from 2015 say 2017 started to work in even more structured way with M and A. And I would like to talk about a bit about that because I think it's to understand how we work. We have an M and A team. It consists of 4 people in Brabida, and we are on group level. We have different tasks in the M and A team, and we say that you can divide the M and A work into 4 categories: targeting companies, negotiations once we have found the target and they want to sell to us, the due diligence phase and the integration phase. And all these phases basically, well, the borderline is not crystal clear. And today, we think we know that integration phase is maybe the most important of them all. And we start the integration phase already during the negotiation phase. So we want the sellers to be aware and to accept it what will happen after we actually have acquired the company. We shouldn't start discussing with the seller, okay, now we have bought your company, Now we want you to do this and this and this. No, that won't work. It's much better to have that on board already from the beginning Because for some reason, if we don't find that this will work, we can abort this the whole transaction rather than to be not friendly afterwards. And when we're talking about integration, we're talking about, of course, we want them to come into our business systems. We want them to come into our IT platform. We want them to change the names to BRAVADA. So nobody is actually allowed to have the name Nielsen Select, Ryska or Pelle, Roar or whatever afterwards. They will all be Brabida, and we will rebrand them as soon as possible. And also they have to come into our systems in order to gain the synergies. We don't get any purchase synergies if they don't use our systems. So that's one way. Internally, we work with a structured process in that sense that once a year, we from the M and A team send a list of all potential companies within each region of brevida to the regional manager. And from that list, we want the regional manager to prioritize that company I would like to buy this year. This is an interesting company, but it's not actual for the moment, say, 3 to 5 years. And this company is not of interest at all. So we want them to actually think over in what area do I have to improve and in what sense can I use M and A to improve in this area? And once we had done this prioritization, we set up an action plan for this region, working with those targets, calling them, getting into meetings, talk to them. So we will always have ongoing process with a number of targets. We have 35 regions in Bralida. Each region has its own list. And each list contains about 3 to 5 very active targets and maybe 15, 20 companies that are on hold, but that we should stop working with if we not succeed with the others. We also, once a month, have follow-up meetings with the division heads. So we keep the pressure on what's happening in your organization. And it's worth to mention because it's not obvious always that we will not buy a company from the M and A team without approval of the regional or division head. That's impossible. And in the same way, a regional manager or a division manager cannot buy a company without the approval of the M and A team. So we lock each other. But also that means that we work together. And then also once a month, the M and A team has a meeting with Matthias and OSA, where we go through all the actual acquisitions. So we kind of get the swift approval from Matthias and OSA if we have a company that we want to buy. We also have a kind of white card from the Board saying that we can do acquisitions under a certain level. So we are very fast in our actions once we get the target. We have a kind of also structured process once we have found the target. It's always should be 1 from the M and A team together with the regional manager or divisional manager that actually meets the seller. Meeting with the seller, talking with the seller, discussing with the seller is extremely important because we can feel if we have a match. And it sounds kind of stupid maybe, but it's very important because what we are looking for are companies with the right culture, companies that actually will fit into BRAVIT afterwards. And then you can only find that out by actually meeting the people, talking to the people, discussing with the people. I have basically already explained. This is very strange. I have still haven't learned the word for trat in English, and we talk always about the trat. So please, if some of you didn't understand that, maybe you can does anyone know the English word for trat? Funnel. Funnel, thank you. Yes, okay. Thank you. Anyway, that's what it is. So we started with the 25,000 companies that are actually in our geographical and technical market. We think by this process that we have evolved or developed during the years, I would say that previously, we said there is about 100 companies that had a fit with BRAVIDA. I would say it's almost 2,000 companies that have a fit with BRAVIDA. We meet about 75 companies each year, and we have a hit rate, yes, month of every 4th, somewhere like that. So about 20 companies we think we can acquire each year. And also, I think it's worth to stress that we actually actively seek those companies. We are not sitting at home waiting for a broker to call. We're actually seeking those companies. So even if they are saying, okay, thank you for your call, we are not for sale, but maybe in 2 years or 3 years. So I think by doing this, by approaching all the companies, we actually build up kind of bulk for the future. Also, I think not only the M and A team, but the regional management and division heads has improved their way of working with M and A as well. And today, M and A is definitely something that is on the agenda for all the management managers in Brasida. So I think it was also said that today, M and A is just one of the ordinary day ordinary, of course, business in Brabida. And also as we work with the same M and A team, the same persons in the M and A team, I think we gain a lot of experience. We get even better. Every day, we're working with this because we're working 100% with M and A. And that's a great opportunity, of course. So in conclusion, we are very good at M and As. We have an efficient and self going M and A machine for sure. There's a lot of companies that we can work with. So the M and A model will go on for several years for sure. We are not talking not only about consolidating our local position, which is the normal tuck in or bolt on acquisition, but we can actually expand into new regions. I mean, there are white spots in areas in all countries that we want to fill. And it's also that we can expand our technical offering. And that's, of course, a very interesting area. What do we need to acquire or to develop in order to meet the future even better. And I think which is not on the slide, but another thing I mentioned it earlier, which is also very important when talking about rationale or M and A, It's to find new leaders, to find new managers to solve succession issue in our own organization. That's of course, M and A can be very helpful. So M and A is core for Bermuda. We have always been working with M and A. I think we are now even better than we have ever been on M and As. We have a very forceful function or structure when working with it. We find the companies that we want to buy. We are not stressed by just buying companies. We would only buy the right companies. That's very important to point out. And the right companies we find together with the local managers, the regional managers, the division heads. So we are all working from bottom to top with these issues. We can we find a lot of synergies in the acquisitions, and synergies are important for driving acquisitions as well. The market is still very fragmented, and there are a lot of M and A opportunities for the future, for sure. My time is up. Thank you. Thank you, Magnus. Yes, the mic is working. Before we will get some coffee, we will let you have the opportunity to ask some questions. And it is possible to ask questions if you are following this presentation via the web as well. So we will take care of those questions. So yes, let's see if we have some questions. Do we need a microphone as well? Yes. We start in the front, yes. Hello, Robin Nuebberty from Carnegie. First question related to the growth target. Could you split that between organic ambition and then M and A ambition? No, actually, we prefer not. And the reason why is I think I've said to you before that there is only one thing I regret from the IPO and that was the differentiation between organic growth and M and A growth because if we have the quarters we have been growing 6% organically, we have been heroes, 4% is bad. So I think our business model will support growth, and we have chosen to say we will grow more than 5% going forward, a combination of organic M and A. But I think Oza said it in a very good way. So far, we haven't met the organic target, but we have outperformed the market development. We have the market has been developing 2%. We have been growing 3% organically. And I think we can continue to grow organically faster than the market, but we prefer to say more than 5%. Okay. And you kept the dividend policy unchanged. And assuming you are growing less than 10%, your gearing comes down. Why didn't you increase the payout ratio? I think, 1st of all, about the dividend, maybe the Board should answer that. But we myself as a CEO, I think it's very good to have the ammunition to do slightly larger platforms acquisition as well without risking the debt side or the balance sheet. So I think, of course, we generate a lot of cash, and we will have a really strong balance sheet. So let's see what we're doing with that. But I want to take the opportunity to improve the company with the cash first. And then, of course, we will yes, let's see about the dividend. But we have kept the target, yes. Yes. Yes. Then finally, regarding Services, many competitors are striving to grow fast in Services. Have you seen increased competition for those assignments? Actually not. But I think the opportunity we're having is that the whole industry is very reactive. I usually say that we are being bought. The customer is buying us. They are calling us, and we want to be more proactive. And to be more proactive, we need to do some changes. That's for sure to get the new type of persons into the organization to make sure we're more proactive. So the competition is not tougher. I would say we have opportunity to capture in the service business and then we can improve the installation business as well. So that's what we're focusing on. Thank you. Thank you. In the front. Stefan Schneeberg. Going back to the financial targets again. Just looking back, you've actually been above your growth targets a few years and you're close on it even on an average. Your margin target, you haven't reached. And as you said before, you value margin before growth. And now you take down the growth target. Should we interpret that as that compared to before you will put even more focus on the margins going forward? The other interpretation would be that it's a tougher market. Yes. But I don't think it's a tougher target except for the way we described the market. It will grow in a have a growth in a stable way, slightly lower growth. But margin is more important than volume or but we are not focusing more on the margin today. But I think if we should have one target that is a bit more visionary, something to stretch after, I rather have that on the margin side than on the growth side because that increased the quality in the portfolio in the business. So that's important for me as a CEO. On the other hand, I think we can meet or reach 7% margin target. Otherwise, we haven't kept it. So that's not only an ambition, that's something we think we can reach. So it's not because we think it's margin on and we are going to grow slower. I think, also said it, we will continue to grow approximately in the same way. But a larger company in relative terms, that means a lower percent. And you're not willing to put a year on when you're reaching 7%? I have learned medium term is quite okay. It's been a medium term. Yes, but to be honest, I thought before 2019, I thought 2019 were going to be the year where we actually met or even get at least get close got close to the 7%. So but it's not always sunny. It's raining some days and but we will get there someday. And then the second question, you're outgrowing the market. Instalco is outgrowing the market. I'm not sure about the assembly and the Kaverian, probably not. But if you look at the whole market then, who would you say are you don't have to say the name, but what kind of companies are losing market shares? Where do you see that? No. As you mentioned some of the companies we don't actually have the right information about. But I think the market have changed a bit. There may be all the large players actually is winning market shares because the customer side has changed a bit. The projects are a bit different, slightly larger, more complex. All the system are more integrated into each other. So I think actually the large play to some extent have a favor, but it's always important to be competitive, of course, be local and use the scale advantage you're having. So I'm not sure actually that anyone is losing. We know that one of them has focused a lot on taking down the installation side and maybe that could be a reason, but I really don't know. Thank you. Karl Johan van den, DNB Markets. You showed a good slide on the margin distribution between the branches and talking about laying the groundwork and the ones focusing on margin and the one focused on profitable growth. Could you give us an idea about the spread in revenues or the branches? How much money how money fits into the different categories if you're looking at the EUR 297,000,000? Without having all the facts, I would say that actually the most profitable branches, they are large branches and small branches in all geographies, in all technical segments. So we have the over or high performing branches in all different sizes, etcetera. But in the other end, the low performing one, I think I know that it's more smaller branches than larger ones. And of course, that's about the critical mass, local presence, as Magnus said, being attractive employer in the local market. If you're not successful enough or number 1 or number 2 in the local market, you have some difficulties to attract the right type of customers and the right type of employees. And that's where we try to improve our sell through M and A, for example, to strengthen the local position. So you have slightly more smaller branches in the bad end of the scale, if you say so. And when I listened to Magnus, how you described the M and strategy, it sounded more like you were willing to go for transaction in good units rather than bad units. So how do you play out that? I think it's 2 different options we have. Sometimes we buy because we need a new strong management. And then we allow them to buy if we have a poor branch. But we never buy another company and integrate in an underperforming branch in BRAVITA because that if you don't have a strong taker, the integration phase will not be good enough and we probably we might have the wrong culture ourselves. So if we can buy a strong company who take care of our own business, that's one solution. Or the other way, you need to have a strong management in Brabivda to take care of a new acquisition. So you don't have we can't have a poor branch buying in another one because that's not how we transfer our culture values way of doing business. And I'll try my original question again. Is it possible to get the quantity of how many branches that are in the low bracket or how much revenue they represent or something like that? No, but I can say that every year, we have a list of, let's say, 20 to 30 around 30 branches out of the 300, that's 10% that are on the observation list. And they don't necessarily have to be loss making because we try to work to avoid new recruitment to the loss making side. So we're actually working with branches below a certain percent EBITDA level. And these have a certain focus in the quarterly reviews. We're following up the plan, local action plans just to make sure that we are taking the right decisions, follow-up on if the changes we have done actually results in improvement, etcetera. So we have an observation, is that around 30 branches and those changes every year. I don't know if that wasn't close to an answer. That was very good, very good. Then coming back to the M and A strategy, you have singled out obviously service companies being an attractive acquisition proposition. It's also a sector where you already have a much higher market share than you have in installation. So how high do you think you can drive the consolidation within service? Really on the service, we don't have any numbers. But I have learned that the French market, if you compare the 5 largest players in the Nordics, we have around somewhere between 25% 30% of the market share. And the same number in the French market where you have had some players consolidate in the market for several years, the same number is above 60%. So that means that we have plenty of things to do. Another way to answer the question is that we have gone from SEK 12,000,000,000 to about SEK 20,000,000,000 in sales in the Nordic. We are number 1 in Sweden, and we have gone from 10% market share to 11%. So I think that's actually another way of telling that there are plenty of room to continue this journey for a while before we need to do the same somewhere else. So we are staying in the Nordics. We have plenty of things to do. One final from me. Looking at Auras acquisition, obviously, it's one that stands out in the historical track record of you taking over a turnaround case. And looking how you have struggled on it to some extent and then taking maybe longer than you thought of turning it around, How is your appetite for doing turnaround projects when you look at bigger transactions? Yes. But I think I myself who have probably most facts than anyone. If I had the chance to do OVAX again, I would definitely do it immediately because that will create so much value for low investment. So of course, we have appetite for doing the right type of acquisitions no matter the size actually. But I think what we're focusing on in Magnus' team every day, every week is the normal bolt ons. And I think the average was around SEK 80,000,000, and I think that's a perfect size because that's something you can plug and play, so to say. But of course, if we have the chance to do something bigger, we will do that. And we have the we know how to do it. We have done it. We have done a lot of good things regarding Urals. We did some small mistakes. But I also think doing turnaround acquisitions is actually you know that you're buying something that is not working 100%, which also means that they don't have the full control of their own business. And that's the part of why we can do it better when they come into our system platform, etcetera. So regarding OVAS, I will do it again definitely. Thanks. Niklas Antoine, Incentive. A couple of questions. First on the 5% revenue growth target, which seems reasonable to me. But the basis for that is, is it right to understand that so over the last 5 years, the market has been growing organically by 2%. You've been outperforming a bit. And now if you look at the historical pace, it's about SEK 1,000,000,000 of acquisition sales per year. So just say and then you say that at the moment it seems like the market is slowing down a bit versus the past 5 years. So maybe the market is growing 0% to 1% and then your ambition is to perhaps outgrow that by 100 basis points per year and then adding SEK 1,000,000,000 of sales per year and then you get to the sort of 5%, six percent per year. Is that sort of the basis behind it or? Yes. I think, yes, you are all good in calculation. And I'd say we will continue to do the acquisitions, yes. And we think that we can continue to grow organically slightly more than the market, yes. So I think you have done the math. So I don't think I can say no to that, no. Yes. And then on the some of the points on the M and A slides. I think there was one where it was mentioned that there is some 30 or so identified targets with sales more than SEK 500,000,000. Is that right? Yes, Hamel. Yes. And do you think it's reasonable, I mean, when you say identified targets, are these sort of discussions ongoing? So over the next few years, would you be surprised to see if not do any of those sort of 30 with more than SEK 500 a year or Yes. But I think Magnus described our process, and we always we are always in discussion with plenty of potential targets. That's from our side. On the seller side, we never know if there will be a deal. And I have said some time that doing an acquisition is like a pregnancy. You start to discuss someone is willing, then after a while, they come back and then suddenly you have a deal. And I think regarding the large ones, it can take 6 months, it can take 3 years, it can take 4. But I think being there, had the discussion, letting to know each other, meaning that you are first in the line in some way. And I think it's important for us as a buyer and the seller side that you have a match. That must be an industrial logic to do an acquisition, not just buy a company and let them be for themselves because we want to improve BRAVITA. We want to improve the seller side. So 1 plus 1 is more than 2. And 2 years is hypothetical question, but of course, we want to do slightly larger acquisitions. If that happens this year, next year or in 3 years, I don't know. But if we get the chance, we will take it. Yes. And then finally, there was also a point of, I think, 170 basis points average margin improvement over the 1st 12 months. Is it during the 1st 12 months when you get out 100% of the synergies? Or are there sort of still synergies we had after 12 months? I would say we have slightly more synergies after because we also know the 1st 6 months, 6 months approximately, is a period where we add a lot of costs. They should come into our system, a lot of training, education, which actually in reality means that they are losing a focus on their own business for a while. But it's so important for us to get them into our on to our platform. So it's that's an investment. So the 1st 6 months, they will have a low margin, then the synergies will come. And of course, they will continue to contribute after the 1st 12 months as well. That's at least my estimates. Rob Hill Smith, Moneta Asset Management. Could you talk about the limiting factor for M and A? So is it finding targets, integrating them? I mean, what actually slows it down? I think in 2018 beginning of 2019, we reinforced the M and A team. We have a couple of persons or actually a handful of person who is dedicated to the M and A part of our strategy. But then the integration is done locally. So in theory, you can do an acquisition and an integration in 38 regions at the same time. That's in theory. I think a region can hardly do more than one integration at the same time. But so I think the bottleneck is more that we are very cautious about what we are buying. We want to buy with quality. And again, margin is more important than volume. It's not only comes to the organic growth. It's also about the M and A side. We want to buy, as Magnus said, the right culture. We will see the potential to increase the margin throughout our synergies to make them a part of BRAVILIRA. So I think we can do more M and As. But again, margin is the quality is more important. And do you find there's more competition for service acquisitions or between similar? No. I think it's quite stable. There are some occasions where we meet competition on the target. But we again, we try to get in contact with the companies we want to buy. Some companies is, of course, using brokers, which means that the competition is slightly different. We have another player in the industry that is doing acquisition as well. But we have 2 different philosophies, 2 different model of doing acquisition. So if we meet each other, some of us is probably doing discussing with the wrong type of target, I could say. And finally, how much of the 170 bps improvement from the synergies comes from procurement? Is it most of it? I think procurement is a large scale benefit, of course, an advantage. But I don't have the exact number and it's different from case to case as well depending on what segment we're talking about, size of the company, etcetera. So yes. Thank you. Do we have any from the everything is very clear. All questions in the room have given the other audience the answers as well. Okay. Then we have a break for coffee and some other things. We start again at 15.20. Thank you very much. Thank you and welcome back. I hope the coffee was hot and nice. Now the second and the last section for our 1st Capital Market Day will continue. And we will start with the Bypass project, E4, the Stockholm Bypass project. And I told you earlier about one of the beauties with BRAVITA's model, the small, large local project service orders, but also the size and the ability to deliver the large projects. And now, Micha will take you through and explain how we have been working with Atender, what actually we have been doing, and I'm really looking forward to hear him telling you about this project. So welcome, Mikka. Thank you, Martin. Good afternoon, ladies and gentlemen. My name is Mikael Sonnolmann. I've been proudly working with brevida since 2020 and employed since 2007. Yes, Matija has been 2 years longer than me. I've been employed since 2007, and I've been focusing what we call the large projects within Rovira. And large projects is the definition by our terms is when we need to gather a special project team of several reasons and a bit outside of the box from the regional offices and the regional structure that we have in place. I have been working with a number of the big projects and before Bypass Stockholm, I was the manager for the Facebook project and also the Carla Tower in Gothenburg for a while. But to start up with, let me introduce the Bypass Stockholm to especially for those who are not from Stockholm. This kicked off in it has been planned in the 60s of doing something in Stockholm. Stockholm is built on islands, and all the traffic for have to go through the city. And in the 60s or in the 50s 40s, they build less in a year then and that took away some of the traffic, but still all the traffic has to pass through the city of Stockholm. This kicked off. And that was to build a ring road around Stockholm. And there were 2 capital cities in Europe that didn't have that in the beginning of 1990s, and Stockholm was one of that. The project is from point A to B. It goes from actually connects the E4 south to north or vice versa. Today, you have to go through here and by you know who has been driving by car here, this can take about 2 hours to do in a good morning traffic. From point A to B, it's about 21 kilometers and what are 18 kilometers will go in the tunnel. It's not the longest tunnel in the world, not the longest road tunnel in the world. There are longer ones. But this is definitely the longest urban tunnels in the world. It's in a highway tunnel. It's going to be about 100 kilometers per hour. We have 6 intersections below basically below ground. So we have not only a hole in two directions. We can have 3 we have 2, 3 or even 4 lines in there. And since the traffic is going in two directions in 2 different types of tubes, we have so our contract is about 55 kilometers of tunnel of road tunnel. The vehicles and the vehicles per day here is designed to be about 140,000 vehicles per day. And in comparison, we are talking in Oresundsprung and that connection between Denmark and Sweden, it's they are talking about 21,000 to 22,000 vehicles per day. So it's going to be a huge traffic in here. And the total cost is about SEK 38,000,000,000. The tender period or the schedule for this project, we started up in fall of 2017 of doing the tender. And about the year after or 15 months later, we were in we got the contract. So we're starting the preparation of works, we call it the preparation and the planning works. And our officially, we kicked off the project in August 2019. And at the current state that we are today, we are in March 2020, we are in what we call an engineering phase. So we are doing all the system descriptions and whatever goes into the tunnel and we are doing some project planning. We have to submit a lot of risk analysis and health and safety planning, environmental plans and a lot of things that goes into the project management protocols. We are in functional descriptions, and we have start the design phase. And what we mean with that, that when we do the design, it's the drawings, not the drawings, but the modeling that we will build the tunnel and we will what's going to be installed there. So we have just started that up. And we are going to do this phase, this design and engineering phase, and there has been some verification and validation also that will be included. But in we believe that in beginning of 2023, we start our production. We will design and we will do the production at the same time. I will explain how that can be done, but we will have a production period of approximately 5 years. And we are talking about partial handover in 2026 of a part of the tunnel. I'm not very precise here because of we don't know. There are we everybody's seen in newspapers here before Christmas that this project is delayed by 4 years. We are now talking with a client of what to do, how this could be finalized, if we can do something about the dates and then so on. And it will be on the sanction actually by the government saying that what these dates are, if there are 26 and if there are 2,030. But this is basically what we are working on at the moment. And after the final handover in 2,030, we will have the operation and the maintenance of the tunnel in for 2 years. It could also be that there will be more of these partial handovers. We have done this before, and we did it in several stages. So but we don't know at this moment. But what we know what we are going to do in the next 2 to 3 years anyway. So we will continue to be with the engineering and the design phase. And today, we have some 40 people working full time on the engineering and design phase. So what are we going to do? What is our scope of work here? So it's we have a device that Brawita is saying that we bring buildings to life. We are saying that we will bring a tunnel to life and make it safe to use and easy to maintain. But there were 5 different installation contracts for the whole tunnel. We were very selective on which we are going to bid for. And we wanted to have 2, but we tender it for the 3rd one. We lost that one. But what we are going to do is basically our core business. We are going to supply its electrical and mechanical installations. We are also doing sprinkler and wastewater system, a lot of pipe works and firefighting systems, sprinkler called as well. This is nothing new. No new technology, no inventions, no nothing. It's just normal average core business for brevida. The total contract value for us for these both contracts is about SEK 2,700,000,000 or SEK 2,800,000,000, and it's very, very big for us. Our works, the construction, as I said, until 2023, we are going to do the design and engineering. And we will start our installation works when the construction works are done and ready. The whole tunnel of 18 kilometers is divided into different areas. And when the construction works are done, they are out of there, then we will move in and do our thing in the tunnel. So we will not be there at the same time, And it's more or less finalized. So we do the last thing there. And as I said, it's going to take us about 4 to 5 years of works and then it's a period about 2 years of commissioning to test all the systems and things like that. And that gives us then to the 30 year period. I would say that we have also we were very uniquely positioned for this project. As I said, the famous Dennis Paquette consisted about the ring road around Stockholm. It's starting with the Sverdralenkern and it's also including the Norahlenkern and then they added on to what we call the Noruslernen. And the team that we have here, we have done all these tunnels. We have same guys who did the estimate for Solenkien. He was involved now for us during the tender period of Bypass Stockholm. So the core team of estimation and the system engineering, so we are about 5 to 6 people or guys who has done Bimna part of all of this. We also do it to a client that we have a relationship with since 20 years. So we know how he wants to have it delivered. It's a bit different to deliver a large scale project like this than to do a normal installation. There's more paperwork, there's more filing. There's a lot of more drawings. There's a lot of explanations. But this is basically what we do. And not only we have this for this client, BRAVILI has also quite a lot of tunnel experience and references from carried out in Denmark and in Norway during the past 15 20 years. And on top of this, the tunnel experience that we have, we have also very good and very good experience of doing large scale projects with a high requirement of paperwork and design and verifications and commissioning and stuff like that. So a large project like the Bypass Stockholm for Braweda is it gives us some add ons or top ons or what we can call it in what we normally also do. And it also give it gives us an opportunity to engage and develop our own people and also attract talents, new talents that will be future leaders or experts or whatever. We have them in this type of projects for a couple of years or the full project and then we give them or they will get another position in our regional office or regional organization. It also develops our skills in project procedures of controlling project, planning project and manage projects. We also drive a lot of IT to be able to do a project like this. We add on stuff. And all of this also goes, of course, to existing gravida organizations. It also is a it's a massive project. It's a lot of equipment and material that also gives us scale advantages in volume to our other procurement that are going on. We have about 80 AVAC units that goes in here and that will be happening one time and we will procure it together with other projects with so we can combine them. So it gives us some good parts of it, advantages in that scale as well. One thing that we are working on very hard that we're also focusing at the moment is the digitalization of the project industry. And it's very modern to talk about 3 d design. It's very modern to talk about BIM design. It's very technical versus but 3 d design is like a model you can walk around in there. But then we come to what we call BIM is that we also create building information in it. So it's a modeling information modeling in it. We did this on Facebook and we definitely did it even more on Karlatower, but now we're going all in. What we are trying or going to do is that we are going to design this what we call 5 d. So we also connect our scheduling, our programming and everything like that all in bits and pieces. And we build it when we do the design. And we also get in all the cost of it. So we got to get all of cost elements out of it. So we will have a model. So when we start the construction and when we come to a point where we should measure progress in the project, we can take it out of the model. We can plan the work. We can plan and schedule and we can do everything out of the model. It's to my knowledge, it's not being done to the full extent, not in Sweden. We are a couple of years behind. I'm being we have been working with some international projects with some Americans and some British in the pharmaceutical and data center business. And they are a number of years ahead of us. And this is not impossible. And we have now employed the people to be able to take this to take us there where we want to be. So the benefit of this is, if we have everything designed in the model, everything is done ready and we will just take it out. That gives us much better quality. It gives us much easier way of following it up. It supports our commissioning. It supports everything. So we will most likely have fewer changes, and we will save cost on administration, on projects, of ordering material because everything is detailed here. And we will have fewer deficiencies that we have to come back and to rebuild or to do something about. Another mission we have here is that Mattias showed that we have drawings on iPads. We try to go to build it out of the model. So we have them so they will be walking in a model. So they will see it in the three-dimensional phones and computers and tablets as well. But definitely, it's going to be interesting. And this is the technology of tomorrow. It's this will happen. Autocad or can't start it for 25, 30 years ago. 3 d starts for 10 years ago or something like that. This is the next level, and this is where we go. And I think that this will go, these skills and this experience that we gain here will be utilized with other BRAVIA projects as well and the team that we have. Key takeaways. Bypost Stockholm is one of the largest infrastructure projects in Sweden, and it's also definitely BRAVILIRA's largest project historically ever. And we try to figure out if there's any mechanical electrical project that are even bigger than ever been done in Sweden. And we find a project, it was a railway between from Gaffenburneau to Malmedan for 100 years ago. So if we convert that money to the installation version, so that was approximately of the same size. But still, even if it's big, it's what I said, we have done it 3 times before. It's the same project. This is a longer one. It's a longer period, but the technology goes in there and we have the staff of what we are done. And we know the client. We are very, very famous very agree with the client. I personally met them for the first time, 94 talk about this project, the tunnels here in Stockholm. And the scope of work, it's massive, but we have we divided it down to pieces. We have as I said, we have 34 lots. We have today, we have about we are breaking it down to, I think, we have 14,000 activities. And every activity is not longer than maybe 4 or 500 hours. So we can control and monitor it. It also gives us very unique possibilities to develop our project control and management tools and methods. And also, as I already mentioned, I'm very happy about the young, very intelligent, very bright people that we already have employed and are working on this one. And I hope that this will give BRAVIDA advantage as well as we grow, and we will implement this to other projects as well. And my vision in the end of the day here is that BRAVIDA will be recognized as the best in class partner in large projects in the Nordics. Thank you, Micha. Core business, the same things that we're doing otherwise, slightly longer project in both terms of period and length. But we see it when we discuss 44 projects that is quite normal sized. We are doing the same things 44 times, which means that we, of course, have some synergies, nice opportunities. It sounded like me talking to you. Thank you very much, Mick. I guess it will come some question on that. But I think the most important takeaways for you as an investor is that this is something we have done before. We know what to do. We have done it before. We know the client. But also what I think is really exciting is the possibility to recruit new talents. And we talk about real talents, adding new things into BRAVITA that we can use in other future projects. They are not only modeling, they are programming in BIM. So this is definitely the next step for us in BRAVIVID. I'm sure this is the next step for the whole industry, and this is something we can have a lot of use for in the future, of course. Thank you. Now it's time for our Danish friend, Johnny Hay, the Head of Division Denmark, to talk a bit about the service side. And this is actually the last block of this afternoon, and then we will have another Q and A session as well. So please, Johnny. Thank you. Yes. Thank you. My name is Johnny Hai. I'm the Division Manager from Denmark. I am, of course, also pleased to be here. In fact, I'm so pleased that I've been in the company for 12 years. And at the moment I started, in fact, we implemented what we call service base, and that is the way Pravida is working with service. That is in fact was 12 years ago. And during the last 12 years, we have been working a lot with service, and that also means that we have a very nice position to accelerate. But again, if we look at the business we have been in, we have been focusing maybe a bit more on the Insulation business. It's not to say that what Mikael is working with is very important, it is. But if we need to reach our financial ambition for 7% on the profit margin, as Oso also said, we need much more service. We cannot get it from the installation business alone. Also, we do acquisitions. That's also very important in the service market. But again, when we buy service companies, it is not solely service companies. They are also some part of the installation. But again, this is very important. And if we look at the status now where we are, the core service business in BRAVILA consists of 47%. That is the core service. That means everything we do that we call normal maintenance, planned maintenance, breakdown service, small upgrades, not larger projects, but simple projects and maintenance within up till DKK 1,000,000, DKK 300,000. So it's a quite small business, as Matthias also said. It's a very non risky business with quite a good potential for a profit. What we see in the future is that in the middle segment, we have what we call renovation and extension, and it has a share of 14%, 15% of our business. And half of this consists of renovation that we often make in our service organization. Because if you remember what Matthias said about the building mass, there is a huge potential for renovating buildings in the future, residential buildings. We have a lot of buildings that are more older than 19 80 or 1970s. So there's a huge potential for going for maintenance in this area. And many of our customers that we day to day basis are working with in the service business is the same customers that we can make this kind of renovation with. So we have a huge potential in the future. What we do is that we have the full technical portfolio, And that's very important for us because before we worked with the electrical, plumbing and the ventilation part. But what we can see in the future is that if we have the full package, we are much more interested for our customers. We can supply every technical aspect. And in fact, one of the areas that has not been solely specified here is the automation part, but this I will come into. That's also a very integrated part of these services. So it's the full package, and that's the ambition for Boveda to provide. If we look for the long term trends, on the left side, you will see what we call the industrial trends within our business. We see an increasing complexity in the buildings. Everything is getting integrated in each other. Everything is automated, and you see that the function of the billings are changing. Everything has to be modelized. It has to go for more functional possibilities and has to change. In a year or 2, you had to use the billings for another purpose. It could be in the educational sector. It could be in the office sector. So the complexity of the buildings are increasing. And that's, of course, we have to handle them somehow, but it gives us great possibilities. The other one is the digitalization. Maria Matias also told everything is digitalized, everything is IoT, Everything is connected, wireless. Everything is speaking with each other. That gives us a huge possibility. Of course, there is some weaknesses in this because some of our suppliers deliver some of the components that they also like to connect with something else. And they could go into the business we're into also. But it gives us a very good position if we take this into our business model and create value for our customers by integrating the digital information and then use it for a good manner. If we take on a more community or society issue, there is 2 megatrends that's very important for us. The energy efficiency, of course, that is also for our clients to receive and obtain cost savings. But this is more going for this green transition that we are looking at. Everything has to be green. Everything has to be sustainable. We look at the carbon dioxide reduction, CO2 reduction. That is very important for the owners of buildings, for our clients and also for the persons in the society. And there's coming a lot of demand from mandatory places in the future. Within the next 2 years, I think, especially in Denmark, Norway and Sweden, there will come a lot of regulatory initiatives concerning how a building has to use its energy consumption. And that gives us a lot of possibilities if we can integrate this in our models. The second thing that is very important for us is the urbanization. As we all know, this is happening. Every city is getting larger. The big cities is getting so concentrated in the future that it gives some possibilities for us as a supplier. What does it need? It needs more infrastructure, distribute energy, water, electricity, network. We have to get wireless all over. The 5 gs is coming. This is one part. But the other part is that you have a lot of institutions, service sectors that has to be gathered on smaller places. We have to find out how to combine this and make it possible on a technical manner. And not at least, which is I think is very important, that when you concentrate on this smaller city areas, if you go out, you will see a lot of tall buildings. Before, you didn't have tall buildings. Now you have tall buildings because you get more people on a smaller site per square meter. What we see in the Nordic countries is that the buildings are no longer 30, 40 meters high. They are 60, 70 meters. They are 100 meters, they are 140, 150 meters. And when we reach above 100 meters, in fact, it's a skyscraper in the European context. But what does this give? It gives a possibility and a problem for the owners because you have to distribute water in the building. You have to look at the water pressure. How do you get the water up so when you're in the top and a hotel or building, get your water, water for drinking, water for bathing. It's a problem. Also, you need to bring the air. Air is just to distribute. No, air has to be put up, and it costs a lot of money to put air around in the building. And at the last one, everything now is very impacted for the fire and security part. The fire department has a lot of regulations when you are in a building that is above 30, 40 meters because how will you get people out if there's a fire? So it gives a lot of possibilities for a company like Pravida to look at the smoke ventilation, the fire alarm, the sprinkling, how the automation is gathered together. This is a key issue in our future business model to go out and be the provider within these sectors and areas. When we look at the Service also, why it's so interesting? Of course, Service is very resilient to economic cycles. We know that. And as I said in the beginning, for many years, we have been focusing a lot of installations. Why have we done that? Because there has been a lot of investments for the last 10 years. But now we see a decline in investments for the construction part. And if you see it for the last 10 years, it has been very stable, within a range, fluctuation range of 3 percentage point has been the service activity. And even though think it's what Matthias told me, remember, Johnny, in 2,008, it was 1.9% in growth within Service, even though we have a big crisis. So even in the crisis sectors, we have a continuing good growth in the Service, and that's why we should focus a lot more of our service activities. What have we been doing since the IPO? The last 5 years. Someone asked about our market share. In fact, we have increased our market share from 8% to 13% during this period. That's quite amazing, I think, even though we have had so much activity within the Insulation business. We have also increased our revenue with 50%. So we are now approximately SEK 10,000,000,000. That's quite a lot, especially when there is a market share out there to gain. What have we been doing? We have been doing as we have been doing for many years. We've just been adding on what we have been good at. We have broadened our portfolio. We have entered very close with our steady customers that we are very close with and have long term relationships with. We've not been doing anything else but that. And by this, we have increased our market share quite considerably. So that's a good point. When we look at the Service business now, we know that the profitability for the Service activities is at least 100 bps over installation. Some of you ask what is the ambition for our branches. I can say that for our branches, normally, we have high expectations within Service, especially those who has only special areas like Fire and Security. But I in overall census, I would say that 20% of our branches is very, very top performing. And then we have a middle segment that can increase the profitability, and they are able to do it and they're working hard for it with our systems and the way we're approaching. But we have a lot of possibilities within this area. What we also can see, and that is why the profitability in the market sometimes is a problem. When we look at the projects, it's very difficult sometimes to take care of the uncertain risk that appears in the project. The uncertain handling from the client, the consultant, etcetera, the changes in the project, it goes in and override the costs. This will never happen within our service industry. They are more continuously working. It's the same. We can do it on a continuously way day after day. So we don't have this risk as we have in the project area. So this is something that really underline that service is very important in the future. We are working in a quite simple way, but it's functioning, and we have worked with this for many years. There are some steps we enter with our clients. We agree what they need, what creates value for the customer, how much will he pay, what should be the output from this, we signed the contract, we make the maintenance, operate it and not at least, we document what we are doing for maintenance. We give him an awareness and transparency of our checklist, our service reports. And also, what's very important, in the past and also in the future, we suggest for the customers what to do for initiatives in the future to make sure that his installations and systems has a prolonged life situation? How much can he invest to make sure that it has the same value in 5 years as it has now? How should he use his money? That's very important, and that's something our customers are asking for, that we are advising them for the best solutions, not only in technical manner, but also in financial manner and not at least in the future for the sustainability. That's been a third parameter. So if we look at the left side, this is what we have been doing for the last 12 years, at least, as I have been here. I cannot say before. And in Denmark before, it was Semco who had something called Semco Services. Now we have Bravida Service. And that's overall a pretty good way of doing it, but it has been very preventive, very planned, you can say reactive, but it's been worked. It's worked and the customer is happy. But what we're looking in the future is the digital way. There will still be a lot of work here. You still have the pipes, the tubes, the cables, the switchboards, etcetera, that you have to maintenance and physical be and make sure it's functioning. But in the future, you will react much more proactive. You will need to go on a more condition based situation, where you have the prediction from the systems by this IoT interference and interface you have to give you information what you should do. And this is a value creator for our customers and also for Pravida because we give value and of course, we have some of the value in house also. So what is this? Just to give an example. Normally, in a building like this, we're sitting here, we have the ventilation, the air cooling and it's coming air out of the fixtures. So normally, we will come every 6 months. We will have a maintenance of the ventilation system. We will change the filters that is sitting in the system. And everyone, if you know about filters, that is the main effect about the energy consumption. When the filters get stopped, you have to use a lot more energy to push the air towards the channels and tubes. So what we will do every 6 months, we come and we change the fitters. But in the future, you will have a sensor sitting down, measuring the flow of the air, the pressure. And if it says that after 3 months there's a problem, now we're increasing our energy consumption, you should do something. We will send out a man and we will have the maintenance. So we secure the quality of the air in the building. And sometimes, it will only send a message to us after 9 months and then it will come after 9 months and not 6 months. And that means that the customer can use the money for the right area for maintenance. So that is something that we're just distributing our cost on a different way. Another solution is more about malfunctioning. In the cellar, you have sitting probably a lot of circulation pumps pushing up the water in the building. What we would like to do is to put a sensor to measure either vibration or flow. Normally, a pump will last for 5 to 7 years, that we know from the supplier. And if we have the agreement with our customers in the beginning, we will come and shift it every 5 years. But why should we shift it if it can last 8 years? So if we monitor that there's nothing wrong with it, we can let it stay till it's necessary. But we can also, after 3 years, suddenly get a message that there's something wrong with the pump and maybe it will break down. And by this intelligence we receive, we can estimate that within the next 3 months, it will break down and we can plan within the next month to send out a technician, look through the system and find the right way to avoid a malfunction position. That is the future. And if we see it in a visualization that is in a building, you will have a lot of sensors working together. We also know that the manufacturers of pumps would like to steer the heating system. Why? We should steer the heating system. It's not the manufacturer that has to go out and control this market. We should do it. And we can do it with a lot of centers integrated in each other. It would be remotely monitored. We can steer it. We can diagnose it from the distance. It gives us a lot of possibilities together with our clients to make a new business model that will give them a greater value and it will give us more business. So what we have today, 47% of our group sales is within Service. We have increased it 11% each year. Fantastic. I'm very proud of that, especially in Denmark, where I'm from, but I know Norway, Sweden and Finland are also done is very nice. We know we earn more profit on the bottom from service. So what do we want to do? We want to have at least 50% or more of our activity in the future to be within the service activity. That's very important. I still want to go for big hospital projects, projects like Mika, but we just want more service also. We can build on this growth by expanding our service offerings. We can go out broad of our customer segments. And one of the main issues here is that when we look internally, we have a lot of customers, but only 20% of these customers are buying more than one service by us. If they have electrical service, they don't buy the plumbing service. If they buy the cooling, they don't buy the fire alarm. So internally, we can expand our cross selling and reach a quite high level. I don't say that we can get 80%, but you can leverage from 20% and go up at least significantly, if we work very closely towards these customers. And then you get a higher profitability on the bottom by working as we do. One of the ways we are expanding our revenue is going out for national clients or maybe Nordic clients. This is a case from Denmark, Kuwait, which in Sweden is called Okay Kuwait. We just engaged and signed a contract, 250 gas stations. We have a 3 plus 3 years agreement. We will make normal plant maintenance and repair service within electrical, cooling, heating and ventilation. And why did the customer want BRAVITA to do this? First of all, we are nationwide. We cover the whole area. Secondly, we have a full technical portfolio of all the technical disciplines. And especially the ventilation and cooling is so specialized that the customer wants some supplier that he knew for sure could solve this problem for him and make sure that it was functioning at all time and he gets suggestions how to improve it in the future. And the third one was that we have a very good system to document our services. That means our checklist, the way we have performed the service because there's a lot of mandatory demands that he has to fulfill. And the second one is that he needs in the future to report how much energy consumption he's using for all these green accounts that he has for the outside world to visualize that kind of use of environmental issues. So if we bring things down, what do we have? We have a very strong position in BRAVEDA within Service, but we have not been reaching the full potential by doing a lot more of what we are good at. We can improve quite a bit of our branches to focus even more on service and get a higher profitability. We are supported by quite a few very strong long term trends that will support our business in the future. And also, we have a market share level that I will say we surely can increase I I will not say significantly, but we can increase it quite a lot. And then the digitalized possibilities in the future will give us very good reasons to alter and change our business models to something more that we have today that can create value for the customers and can give us the profitability that we need in the future. Plus 7%, I will not say more, but plus 7%, have we said that for many years, and that will continue. And I think with an increase in our service activity, we will reach it. I think I will stop with that and give the word to you. Thank you, Johnny. The budget for next year is already You have reached you have given it to me. Thank you. Time for some questions as well. But before we take the questions, I just want to take the opportunity to summarize the day. And I think I hope you have got a clearer picture of what BRAVIDA is, what we have done and what we can achieve the coming years, both in combination of doing what we already is doing because we are doing it in a really good way and that is nothing that we're going to change. But also the M and A side, the service, the small part contracts on the business in combination with the large contracts where we can price the risk in a different way, where we can develop the company both regarding knowledge, resources, talent as well. We have set a new target for the growth. But again, I think that's quite natural. We see that we can continue to deliver a stable growth in BRAVILIRA and create value for the shareholders. And I'm really looking forward for 'twenty and 'twenty one as well. So let's see what we can achieve. Said that, I hope you have had a nice afternoon with a lot of good input from BRAVIDA team. You have met 4 persons except for myself and they are just showing what kind of standard we have in all the other resources that you haven't met yet. So this is just a part of the group. And we have so many more things we want to tell you, but I think this will be enough for today. So maybe we have to share save something for the next time as well. So we open up for questions. Thank you very much. Yes. Karl Johan Bonnier from GMB. On the service side, what kind of visibility do you have on those revenue at the start of the year? How much are, say, pre contracted where you have these kind of twice checks a year and so on? And how much is more of what you can call out spot volumes? The 47%, if we start with that, we have some of it is, of course, contracted service, but a lot of the service is actually built on the local relations I talked about earlier today. So actually, we have a lot of service that is not contract based that we have been doing for 15, 20 years. And as long as we do and deliver the services in the right way, we will be able to continue. So actually, I don't have the number here right now. So if you want to show the very interesting slide going from reactive, which is basically, I guess, the legacy of calling client calling you to go into fully proactive and that kind of model. It means that you basically need to redevelop your whole underlying client structure to some extent or at least the contract structure you have with them? Yeah, but I think both their way of how we contact the client custom, but also we need I guess, there is a difference between the analyst side and the sell side. I think you agree upon that. And I think that's the same discussion for us. We need a more proactive type of persons, and that's something we will, of course, try to attract within the BRAVITA within the combination of the existing people we're having already today. But more proactive, that's for sure, that's something we need to be. And then when you look at it, obviously, at least taking the Danish perspective, we have 1 large IFM, integrated facility management player that is talking a lot about extending their capabilities in the technical service segment. Have you seen any guys really succeeding coming from soft service into your kind of hard services? No, not really. I've heard the same. But I think as I said many times, I think if you are a good installer, you want to work in an installation company and not in another type of company because our business model is that we are working with the technique in the buildings coming from that side. I think that's easy for us than coming from the soft service side and try to do the technical things. I think we have much easier to track the right talents to do what we want to do for the first. I haven't seen it, no. And yes, I don't believe in that model actually, no. I have one example where we actually had been a supplier for 1 quite large player where we actually stopped working for them and their client actually went out because it didn't work anymore because they the most important thing in a building is to make the indoor climate working. So you need the experts to fix the indoor climate, not someone who is expert on other things doing the most important things. So I think we have a big advantage of being experts of what really matters because this is all about systems. The environment in this room, the lighting, the air climate, the humidity in the air, etcetera, that's what we are doing. That's our core business. That's actually what is really important for the landlord to satisfy his customers. And just one question on the product management side as well. You alluded a little to that there is obviously some risk that is outside your control looking at these kind of projects going on for longer than you thought. But then just to get a feel for it, how have you calculated that when you are then saying that these projects are worth a certain amount? If you have overruns or number of working hours, if you have, say, project being delayed and then suddenly the material cost becomes much higher? What kind of guarantees do you have if that kind of thing is Yes. We have index clauses in the contract. So if that will vary for years more, then we are compensated for that. And that's it's due to both seller increase and material price increases. And when you look at those 2 big contracts you now have before Stockholm, basically how much is related to material cost and how much is working to related to labor to get a feel for it? Yes. But I think the most of the hours are engineering actually. We had think you can answer that, Mikael. It's about 35%. It's about 35%, it's the management and engineering and so on, and 65% is what we call the works installation works. But I don't have the number on material versus the working hours. They're normally about fifty-fifty. Excellent. Thank you. I think Stefan in the front had Question on margins. I mean, listening to the presentation, you have a 6% margin, 6% plus, 6% roughly and apparently the service side is a little bit better. So looking at installation, maybe 5.5% then. And you get help from being big and you're basically the only one that has a big advantage on your purchasing where you get big discounts, maybe that's a percent. So comparing you guys to some others who doesn't have service and doesn't have the scale on purchasing, the margin would be like 4.5% then doing that calculation. And we saw Nielsen's Elektriska had 15%, Instalco is 8%, 9% on the installation. Could you do you know I mean to me, it's a big potential for you and I think most of it comes from efficiency, But because you have a little bit of overhead, of course, to eating out a little bit if you compare to those guys. But where do you think the difference is? I don't think price is the difference. It must be something else, efficiency or other? Yes. But I think using the scale in different branches. If we took our best third, 30% of our best branches, we could, of course, present another margin. But we are a company that is 100 years old in, yes, 98 this year. And I think that's a difference compared to the other, meaning that we had the full range of branches. We have the one who is newly started. We have the ones that had a dip. We have the best performing ones. One of the example you mentioned is 4, 5 years old, only existing of really high performing branches. And if we take the best third in difference from our high performance to the low performing branches is the ability to use the local relations and the scale advantage of being a BRAVITA purchasing, for example. And also, if you're not strong enough, you have some difficulties to actually choose customers, employees, etcetera. The stronger you are in the local market, the better position you have, the more ability you have to actually choose customers, decide what to do and attract the right talent. So of course, that's the difference. But I don't want to do it, but we have been able to present quite a nice margin as well on the top end. So I think that's the difference. We are bigger, 9 to 8 years old. We have the full scale. We are working with the throughout Brawita Way through Brawita Way to improve all the branches all the time, and I think that's what creates value and can drive the margin up to above 7%. And the efficiencies, that's definitely the point, yes. Nothing from the web either? Last chance in this room? Okay. Yes, we have one more. Sorry. No problem. I forgot. Mr. Bonheur was always almost there asking about it, but just on the Furby Fox Stockholm, there's in the clause, so that helps you out. But if you drag if it drags on, you have people already working and doing some jobs. And if there's delays, I guess, there's a risk that some of that work gets so old that permits, I don't know what it could be, but that you had to redo it. Is there any risk of cost at all? You can say that in the contract, it's only not a starting time and a stop date. We have very well definitions on what to do, when to do it in different sections as well. So we have a good customer with a quite clear contract, so we're not worried about that. Okay. I guess that was the last one. So thank you very much for attending BRAVITA's very first Capital Market Day. I hope you have enjoyed it. And yes, thank you very much. Thanks.

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