All right. Good morning. This is Lars Corneliusson here, the CEO of Ferronordic, and with me I have Erik Danemar, the CFO, and we will take you through the second quarter results this year, 2020, and if we turn to page two, we can see that it was, despite the challenges that COVID-19 put on us in the quarter, it was actually our best second quarter to date, and even though the market in Russia and CIS declined sharply with around 40%, actually our unit sales of machines grew. We saw robust aftermarket and contracting services performance, and we then had an operating profit which was up on the revenue resilience and also cost control measures that were implemented. Our sales in Germany that we started in January of this year, they declined quarter on quarter, which was in line with the overall market.
We generated strong operating cash flows and created then a lower net debt. So if we turn a little more to details on the next slide, slide three, so revenue in Russia and CIS decreased 30%. Group revenue was up 9%, and that was then thanks to consolidation of operations in Germany. So overall revenue of around SEK 1.2 billion. In Russia and CIS, as I mentioned, we have volume growth in unit sales, but as average price declined, overall sales declined 21%. Aftermarket was largely flat. In Swedish krona, it was up in rubles. And while contracting services had a good increase of 30%. Revenue in Germany, SEK 245 million, with then two-thirds coming from truck sales, 28% aftermarket, and 8% other. And we then generated an operating profit of SEK 105 million, which was an increase of 7% compared to the same quarter 2019.
In Russia and CIS, the operating profit grew 22%, and obviously the operating profit increased despite the negative contribution from Germany, and the group operating margin of 8.7% is above our financial target of 6%-8%, and then we generated lower, well, we had lower working capital, and as a result, net debt lowered. If we move on to slide four, a bit on the operations, which was clearly a challenge for us. Despite the widespread restrictions, lockdowns, quarantines around all our countries, Kazakhstan very much so in Russia, and of course also in Germany, we actually delivered a strong quarter. We didn't have any government support, and the fact that also in Russia there are quite many regions, around 80-90 regions, and every region had different laws and regulations in place during most of the quarter, but despite that, new equipment unit sales grew 6% to 296 units.
As I said, market decline of around 40%, and obviously we then gained market shares in most product groups, and I think the fact that we increased our market share, the fact that aftermarket remained resilient, and we also grew contracting services, the offering we have is really directed towards customers or customer segments that understand the benefits of a long-term ownership of premium products and receiving premium services. They look at total cost of ownership over a life cycle, and they compare that to the productivity that they get out. And obviously, their main concern is uptime, meaning that the machines should be up and running when they want to, and such customers tend to be stronger, and they tend to be leaders within their industries, within their segments.
Even in a deep economic downturn that we saw in Q2, they actually continue to work and operate the machines. They continue to gain contracts, and they continue to use our services since they have realized that that is the way for them to make money. We saw that very clearly in Q2. We saw it clearly in the previous downturn, which was in 2014-15. The same pattern actually repeats itself, and we then kept our aftermarket services at a level, as I said, like last year. We grew the contracting services, and we actually grew our unit sales of machine sales. We're very happy with that, and we're happy with that customer relation that we have, and that we can then add a lot of value to our customers, making them successful. That's basically the offer.
That's basically the way we go to market, and I think we've shown that in Q2, that it's a successful way of partnership with our customers. And notably, we gained market share in the excavator segment, obviously smaller machines predominantly, and that is then reflected in a 25% lower average sales price. As we said, aftermarket sales grew in ruble terms, and contracting services continued to deliver on the levels that we had in the second half of last year, which was in itself a result of the ramp-up activities we did around a year ago. And then we delivered a sales result which was 30% higher than Q2 in 2019. Let's move on then to Germany on the next slide. The truck registrations in Germany were hit hard. Overall sales in Germany of trucks was down 54% compared to Q2 2019 and 15% compared to Q1 2020.
We should remember here that the market in Germany in Q2 2019 was a very, very high market, but again, a big drop. Tractor segment dropped by 63% compared to 44% in the rigid segments, and our area in Germany during the quarter represented approximately 18% of the total German market, and it declined in the same manner as the overall German markets. We sold 146 new units in Q2, which was then 15% less than in Q1, which also corresponds to the market drop between Q1 and Q2. Aftermarket was also down, but much more resilient, and actually, trucks were utilized to a higher degree than we expected going into the quarter, and aftermarket was also in Germany a resilient factor for the results.
Obviously, for the whole company, for our group, the focus remains on customer and employee health and safety and continuing to deliver a great customer service. If we turn to the next slide, again, COVID response, we've shown a similar slide last quarter. What did we do? What we have done, obviously, the three main points are simply health and safety, customer service, and costs and cash. We have, throughout the pandemic, kept strict health and safety protocols. We have made sure that we have protective equipment for employees and, in some cases, also customers. Obviously, we worked from home when possible and also when, obviously, directed by authorities. We have, as much as we can, had split teams in the workshops to reduce staff overlap and reduce the risk of the spread. Still, we have been able to deliver a strong customer service.
We have had all our workshops operational. In many places, we keep 24/7 coverage. And despite the fact that we have not been able to reach out to customers, we have actually physically not been able to go to customers because of quarantine and restrictions, we have been able to support our customers remotely and virtually. In contracting services, we have applied longer rotations for the shifts for the operators that are going into these places far away, and they've stayed there for a longer period of time to reduce the risk of overlapping spread. And of course, we need to have good on-site facilities. We have been very much focused again on customer uptime and productivity. And for instance, when it comes to Germany, we had thoughts about employing Kurzarbeit, as it's called, which is a governmental support for short-term support when staff are not working full-time.
Due to the fact that we saw a higher degree of demand for our parts and services than we actually expected, we have been using that to a very limited extent. And we have found other ways that we can support our customers with full staffing and at the same time trying to reduce the risk of spread and divide shifts in our workshops. So that has been going well. I think also we have succeeded well on costs and cash. We have taken down the costs quite significantly in our Russian and CIS operations, both compared to Q2 last year, but also compared to Q1. And that has been done through reduced headcount and working hours. We've had temporary and voluntary salary cuts. And obviously, when you're not allowed to travel when you're sitting at home, the travel and marketing expenses, they do decline.
We've also had good cash collection. As you can see, we had an operating cash flow positive in the range of SEK 300 million, and that has been helped through tight credit controls. We have reduced receivables to customers. We have lowered our inventory. We have tried to keep minimum CapEx spending, and we have focused on having a strong liquidity position for our financial flexibility throughout the quarter, and going forward to next slide, it's a bit difficult to see it, seven, I think. Talking about business developments a bit further, we are into continuing our integration in Germany into our group business systems and processes. Obviously, COVID-19 has caused some delays in the implementation of these efforts, but we are continuing with, I would say, good speed. Our rebuild center in Yekaterinburg has ramped up production in the quarter. We are producing components.
We are seeing traction on the demand. We have built the first rebuilt machines that are completed and sold, and it's basically a way where we recycle machines using recycled components, so we bring in old components. We bring in old machines, and we then rebuild them and make them almost new, and then we're selling them into segments where we could not maybe compete before, and so it's a great way of increasing not only recycling of resources, but also a way for us to get into other customer segments and compete and basically giving a warranty for the machines from Volvo CEM for the components from Ferronordic, and we are getting the center to become an integral part of our business system and our total offering for customers, extending the lifetime of the machines, extending the productivity of the old machines.
And hopefully, we can get even more customer satisfaction out of that complete offering and the total cost of ownership over a life cycle. Also in contracting services, we saw robust performance despite COVID restrictions. We had a lot of restrictions. There were, of course, on these sites cases. But despite all the problems, all the obstacles that we saw, we had a good performance. And as I said, 30%. We have recently resumed a project, which is a seasonal project, which we're only working there during the summertime because in the winter, it's absolutely impossible with 10 meters of snow in far north. Also in Kazakhstan, it was a strong quarter. Despite a very tight lockdown, Kazakhstan was early into restrictions and tight restrictions, but we managed to deliver a good quarter also in Kazakhstan. And next slide then, eight. A bit on the economic development.
Obviously, as all over the place, the economy slowed down on the COVID-19 restrictions. The quarter GDP in Russia was down 9.6%. Expectations for 2020 were 6.6%. Hopefully, then we can see a growth in GDP, which most forecasts are somewhere around 4% in 2021. Inflation is coming down. It was at 3.2%. Forecasts are around 4%, which is lower than 2019. And the central bank has been active in cutting rates. And the key rate is now down to 4.25%, which is the lowest it has ever been in Russia. The ruble actually strengthened 4% again in Q2 2020. Kazakhstan, half year down at 1.8%. 3% decline expected, 2.5% growth into 2021. And obviously, as you might know, Germany, similar decline in GDP as Russia of 9.3% and a full year of around 8% expected decline, but a rebound expected then in 2021 of around 5%.
Now, if we go to the next slide, obviously, despite the uncertainties that we have short-term, we obviously see that there is a long-term upside potential. Here we take in our markets, and here we take Russia as an example. And if we index our markets and our activities back to 2011, you can see that the black line showing the markets for construction equipment in units. And you see what happened between 2013 and 2015 when the market was down 80%-83%. And it has still not come close to being where it was in 2011, 2012, and 2013. And it's now only at the level of 63% of 2011 and 56% of 2012 level. And of course, when you see such low numbers on the market, there is constantly a build-up of pent-up demand in the market. The replacement cycle has not taken place as it should be.
And the levels on the market in the last couple of years have not even been such that the capacity out in the market has sustained at the level that it was before. So we see a pent-up demand growing every year, actually, now. But despite the market being only at 63%, our revenue is actually now 54% higher than it was in 2011. And operating profit is 308% higher than 2011. So I show this. I think this slide shows well the resilience we have in our business model. The focus we have on the aftermarket gives a very good base for us to move forward. And you also see the leverage on the bottom line that happens when the market just increases slightly as it started to do again in 2013.
So despite the fact that the market was down 83% between 2013 and 2015, our bottom line hardly moved at all. And that is, again, a focus on aftermarket and making sure that and having that relationship with the best customers in their segment that continue to work also in economic downturns and buy parts and buy service from us. Okay. So I'll hand over to Erik to go through a bit more in detail on the numbers.
Thank you very much, Lars. Starting at slide 10 with the income statement. For context, starting with the currencies do impact our results when we translate from local to our presentation currency in Swedish krona. The ruble average rate, which is used for the income statement, was 9% weaker both year on year and quarter on quarter, but actually strengthened, as Lars mentioned, over the second quarter. So a slight positive effect, so to say, on the balance sheet, whereas then on the income statement, a lowering effect on both revenue and cost side. Euro rate more stable in terms of average. Again, a slight excess strengthening of the Swedish krona, so an opposite effect on the balance sheet in Germany, slightly lowering that as a result. Now, looking at the income statement, we posted a total revenue for the group of SEK 1.2 billion.
That was a 9% increase on last year, but includes, of course, the contribution of Germany consolidated into the group revenue. As of the first quarter, we report two segments, one being Russia CIS and the other one being Germany. If we look at the revenue split in the second quarter, we see that 80% came from Russia CIS and 20% from Germany. If we compare that to the first quarter, we had 75%, 25%, so an increase in the share of Russia and CIS. If we look rather at the revenue streams, we see that 64% came from equipment and truck sales. That's new and used, and about one quarter, 24% from the aftermarket and 10% from our contracting services. That leaves another 2% for other revenue, which mostly relate to rental.
It's quite similar to what we showed in the first quarter, but it is a bigger revenue weight to the aftermarket and contracting services compared to the second quarter of last year. That would tend to have a positive effect on the gross margin. As we can see in my second bullet here, gross margin did actually decline 2.9 percentage points to 7.2%. That was driven by, on the one hand, lower margins in equipment sales in Russia and CIS, but also, of course, the consolidation of Germany where the gross profit margins stood at 6.7%. Looking at SG&A expenses, they declined as a share of revenue to 9.4% in the second quarter. That compares to 10.1% in the second quarter of last year, but that was Russia standalone. So, of course, in this quarter, we also consolidate the SG&A expenses from Germany.
9.4% also compares favorably to 11.5%, which we had in the first quarter of this year, which then may be seen as more like for like, given that Germany was part of the operation then. The operating margin declined year on year to 8.7%, and that was mostly driven by a negative contribution from Germany there. Still, it leaves us above our target EBIT margin for the group, which we've set as between 6% and 8%. The operating profit for the group increased by 7% to SEK 105 million, much driven by the revenue resilience that we showed in the quarter, but also the cost control seen in the decline in our G&A expenses. And also, there was a one-off item in this quarter, which was a recovery of a customs payment made in previous years of about SEK 11 million.
We had also a better net income in the quarter despite higher financial costs. So with that, we turn to the next slide, number 11, and look at the long-term trends. And what we can see there, starting on the revenue side, is that in Russia CIS, we had a decrease. This is, again, a rolling last 12 months we're looking at. So it came down from 3.9% to 3.7%. And that was, as mentioned by Lars, mostly driven by the lower new equipment sales, which was down 21% despite higher volumes driven by the lower average ticket in the quarter. Revenue from German operations contributed SEK 520 million in the first half of this year, SEK 245 million of which were in the second quarter. Looking at gross margin, as mentioned, it came down to 7.2% for the group.
That is, while the Russia gross margin was largely flat, down 0.2% to 19.9%. So, group level there, much driven lower by consolidation of a lower gross margin from Germany. And in terms of the operating margin, down 0.2% to 8.7%. Again, due to consolidation, the Russia standalone margin was 12.5%, quite strong result. That's unadjusted for the non-recurring one-off recovery. Otherwise, it would be 11.3%. If we move on to the next slide and look at cost and return on capital employed trends over time, then we can see this is slide 12. We can see there that, again, on a rolling basis, the last 12 months, SG&A expenses as a percent of revenue was actually up 0.4%. But if we would look on a quarterly basis, it was down 0.2% to 10.5%. And I remind you there that it was 9.4% in the current quarter.
Having a reducing effect on the rolling average there. In terms of Russia, looking at Russia specifically, the SG&A expenses as a percent of revenue declined 1.7 percentage points year on year and 2.7% quarter on quarter to 8.4%. Germany stood at 13.3%. Return on capital employed was 23% in the second quarter. The decline that we have in the first half of this year is partly related to the contribution from Germany, but also a higher capital employed. Remind you that this is a, again, rolling basis. So here it takes the average capital employed over the four last quarters.
Moving on to the next slide, number 13, and looking at the cash flows, something that we're also quite happy about in this second quarter of 2020, posting cash flow from operating activities of SEK 312 million compares very favorable with last year when we had a negative similar amount. This was driven by, in Russia, a higher operating profit, but also, importantly, of course, a decline in working capital. In Germany, we had a negative operating result, but also a decline in working capital as we worked down some of the stock that we took over in the transactions in the light of a weaker demand outlook. We had lower tax payments, but higher interest payments in the quarter. The net of that had a slightly positive impact also on our overall cash flows. We had lower capital expenditures. That was driven partly by less investments in contracting services.
Last year, we ramped up the project we were working on. This year was more maintenance CapEx, but also the CapEx control that we put in place at the end of the first quarter and observed through the second quarter. The cash flows in financing activities reflect some net debt repayment both in Russia CIS and Germany. Turning to slide 14 and looking at the balance sheet, you can see that PPE decreased quarter on quarter. That was mostly due to depreciation, again, somewhat offset by a small positive effect by forex translation. Year on year, the effect of the translation would be negative, but again, quarter on quarter slightly positive.
In Russia CIS, specifically to look at the components of the balance sheet, we saw working capital come down from about SEK 525 million to SEK 400 million quarter on quarter, lower inventory and lower receivables as we had strong cash collections in the quarter from ourselves and from our customers. We did have higher payables, but again, this was offset by these two effects. In terms of net debt, if we look at Russia and CIS attribution, then we lowered net debt from SEK 193 million and moved actually into a net cash position of SEK 47 million backed by these strong cash flows that we saw from operations. In Germany, working capital also decreased, as mentioned, again, driven much by lower inventories there from SEK 135 million to SEK 75 million, and that also contributed to a lower net debt position that we attribute to the German operations.
We came down there from 340 to 280. Working capital, as a result of developments both in Russia and in Germany, Russia CIS and Germany, came down from 18% last year to 10% in this quarter and from a peak of 20% at the end of last year, so Q4 2019. Net debt overall decreased to SEK 230 million, which brought our net debt to EBITDA metric down to 0.43 times. And with that, we turn to the next slide, looking at our financial objectives, which you will be aware are focused on growth in the business. We're looking to triple our revenue in Russia CIS by 2021. We have an operating margin target that we want to stick to in achieving that growth and also a leverage target to employ, again, to achieve the growth and the margins that we aim for.
We currently stand at 2.2 times the 2016 revenue, so still on our way. In terms of operating margin, 8.7%, so slightly above our target range there specifically. And in terms of net debt to EBITDA, 0.4, as mentioned there previously, so well within our range at the moment, and with that, I pass the word back to Lars to comment on the outlook that we see at the moment.
Yeah, thank you very much. I must say that that is not an easy thing to look forward now. Obviously, we understand that the short-term future is very uncertain, and we've seen the outbreak and the measures to contain the spread of COVID have caused great uncertainty across our markets, and we believe that for the rest of 2020, at least, we may continue to face various degrees of disruption in supply, demand, and customer interfacing.
But looking ahead, we are confident that our business model, which is built on a great team and a robust aftermarket business, will remain resilient. We expect our markets to decline in 2020, but we hopefully think that we may have seen the lows in the markets. And in the longer perspective, we are positive as we believe that the underlying fundamentals and business opportunities in our markets are strong. So that's what we think. It is an uncertain future, but our business model is resilient to downturns. So if we turn to the next page and summarize again, yeah, it was our best quarter to date, second quarter, I should say, to date, despite COVID-19. Unit sales in Russia up, market total market down sharply. We saw robust aftermarket and contracting services performance. Again, we managed to get out.
We managed to service our customers even with these restrictions and lockdowns in place. Operating profits up, and we saw good effects of our cost-saving measures in the quarter. Sales in Germany declined in line with markets, and we had strong operating cash flows and a lower net debt. So by that, I hand over, I think, for questions and answers. Thank you.
And as a reminder, if you do wish to ask an audio question, please press 01 on your telephone right now. And our first question comes from the line of Kenneth Toll from Carnegie. Please go ahead. Your line is now out.
Yeah, thank you. So I was wondering a bit on the working capital side, you brought that down quite significantly in this quarter.
Last year, you had some negative effects on working capital from, well, taking over the German operations at the end of the year and also taking over imports of products to Russia and so on. Do you think that the current level will net working capital to sales at around 10%? Is that what you believe you need to drive operations going forward? Is it a normal level now?
Kenneth, thanks for the question. I think we did communicate in the past year the transition that we had when we took over importation from Volvo. That was one factor that impacted our working capital and increased a bit. We said that that would be transition. Yes, I think we are back at levels which we think are more sustainable going forward. Working capital will, in our business, vary from quarter to quarter depending on order versus sales.
But yes, I think these are more levels that we would expect to see in our business. And also on the inventory side, in the last quarter, you said that maybe there could be some supply issue in Russia since Volvo stopped production of construction machinery for a while. I mean, now they do produce again, but do you feel that you have too low inventories in Russia right now in order to drive your sales there? Can that be a problem?
Well, as you say, Kenneth, we did warn that that might happen in the last two reports. We managed to overcome that, as you've seen, and come more in balance with what we believe we need. So I wouldn't say that that would be a major factor as we see now, but we can't exclude anything, unfortunately.
But as Erik said, I think we're reasonably well in balance going out of the quarter when it comes to the working capital and inventory situation.
Okay, great. Then you took a lot of market shares on excavators in Russia. What was the reason for that? Did other competitors have a hard time delivering, or were you too generous in pricing, or?
No, I think the main reason, Kenneth, is, as we said, that our customers, the customer base that we have managed to attract and managed to keep and managed to retain and add and grow, are companies that continue to work when times get rough. And they continue to invest in the future. And I think that's the main reason, really. Our customers are simply stronger than some of our competitors' customers. And this is not something we've seen this before.
We've seen that the premium brands, and then in particular, the most premium brand and the most premium service that we represent is benefiting because we have strong customers. We didn't see really any availability issues in the market from our competitors. So it's more a customer mix thing, I think, yes.
Okay. And then the final one for me, there have been a lot of money set off for large infrastructure projects in Russia, but there is a lot of turmoil in many respects with the COVID-19 and political issues and so on. So do you think that those infrastructure projects will be delayed until you start moving dirt, so to say?
There has been a lot of talks about this recently also in Russia.
What we see is that the so-called national projects as such will most likely be that the timeframe for the national projects has been extended, which is one thing. I mean, maybe it's a more, how should I say, reasonable timeframe for them now. What we do see, however, which is positive, is that we see the projecting of the new roads to be built finalized and actually tendering processes starting. So we are, if anything, a bit more positive about the start of implementation today than we would have been when we were a quarter ago.
Yeah. So if the tender process is ongoing now, maybe the real construction work could start maybe early next year, or?
Something like that. Something like that.
I think it will not be as a massive one-off effect as the government planned before, but the plans are still there, and they are starting actually the real kind of implementation now in certain projects.
Okay, but maybe then the projects stretch for longer and can support sales for a longer period instead of a massive surge at one point.
That's what we are hoping for, yes, and it looks likely to happen. Okay, great. Thank you. Thank you.
Thank you. Our next question comes from Karl Bokvist from ABG. Please go ahead. Your line is now open.
Thank you for that, and good morning. My first question concerns the comment you made on that you believe we may have seen the lows. I just want to get some clarity on that if we're talking about units, if we're talking about sales levels and so on, for example.
Then if you could perhaps relate this to the typical seasonality that we do see in your business where the second half is usually the stronger one compared to the first one in a normal year, so to say.
Yeah. I mean, when we're looking at the activity out there, we obviously look a lot at the utilization of machines and trucks. And we saw the utilization both of trucks in Germany and machines in Russia from low levels in the early start of the quarter to increase towards the end of the quarter and through July. And that gives us hope to believe that the lows are past. We're not saying that we are sure about this. We hope and we believe that that might be the case.
Seasonality-wise, usually, actually, Q2 is usually a good quarter for our sales in Russia because of season starting and winter is over, and now you can start putting asphalt and you can build roads again. And Q4 is usually also a strong quarter in terms of volumes in Russia for different reasons. So I can't really give any forecast for how much up and down it will be, but we do believe that as for the market, at least, we hope that the lows were in Q2. Yeah. Understood. That was kind of the short-term part of my question, really, that usually Q3 is a smaller quarter than Q2. It would just be interesting your thoughts on this, given that we had a quite interesting second quarter, to say the least. Well, I mean, I'm hoping that our outlook is right and that Q2 was the low.
But I cannot say. There is a long time to go, but that would be the logical conclusion.
Understood. And then if we talk a bit about profitability here, I know that you mentioned before that apart from selling prices and mix on the gross margin side, you're, of course, taking some investments, not on the CapEx line, but on the OpEx line. So just the status, really, on where we are in terms of the investment programs, and also that you said that you might see some delays in the German strategic transformation, so to say. What's your view currently?
Well, I mean, of course, the pandemic has made it more difficult and hindered and caused delays in the implementation of certain changes and implementation of new processes that we were planning to do in Germany. We are doing it.
We are implementing changes, and it's just taking a bit more effort and a bit more time. So I don't think from a middle-term perspective that that will have much effect. I hope we will catch up what has not been done in Q2 for obvious reasons. And then, I mean, going forward, we are to invest mainly into Germany. We want to invest. We should expand our aftermarket business in Germany. That is the way we are planning to do a change in Germany and move into profitable business. We want to get closer to the customer, increase our share of our aftermarket business, and that will entail and is going to entail investments into upgrading the network and into customer relations. And we also want to continue to invest and expand our contracting services business in Russia.
And as you can see, it's growing nicely, but we want to expand that business for many reasons, both because we are getting closer to our customers, we're getting a full part of the aftermarket, so to speak. But it's also a way to show and learn about how other customers are doing, and we can apply that knowledge very well into our so-called dealer business, if you could. So we are going to invest. There is no question about that.
Understood. Two final questions for me. The first one relates to your comment on how you expect the market to decline in 2020 still. Just out of interest, are we talking about your addressable market, which means, for example, the addressable market that actually declined 40% in Q2 while your new units increased? Or are you sort of relating this to your view on your new unit sales?
No, I mean, what we're saying is that we believe about the overall market that it's going to decline in 2020 if we compare to 2019.
All right, and my final one is, please remind me here, because I think you suggested that you might reconvene later this fall with an extra general meeting or a similar kind of event to potentially distribute a dividend. So that was the first part of my question, and then the second part, do you need to seek a new mandate, or do you already have it in case you would like to start to buy back shares?
Well, thank you, Karl, for the question, but no, I mean, there's been no such communication. So I mean, it's really up to the board to decide on such matters, so I think so, and the same goes for any potential other way of distributing profits.
So, with regards to your question on potential buybacks, that would also be something that would be referred to the board for them to make a decision. So, nothing communicated on that, Karl.
Okay. Thank you.
Thank you. And as there appear to be no further questions, I'll return the conference to you.
I have one question coming in from the emails, and that is with regards, again, to our market share gains in Russia. And I hope for the one who answered that or sorry, asked that question that we have addressed that in terms of the answer that Lars provided. If not, then please elaborate on the question further on the call, and we can address it in even more detail. All right. If there are no further questions, then we thank everybody for taking time and taking interest in our company. Yeah.
Thank you very much for listening in, and I hope you do the same next quarter when we present the Q3. So thank you very much. Bye-bye.