Hello, and welcome to the ITAB Shop Concept Audio Cast for Teleconference Q2 2022. Throughout the call, all participants will be in a listen-only mode, and afterwards, there will be a question-and-answer session. I'll now hand the floor over to Mats Karlqvist. Please go ahead.
Welcome to this presentation of ITAB's Q2 report 2022. My name is Mats Karlqvist, and I'm the head of investor relations at ITAB. We will now run through a presentation of ITAB and our report, and after that, you will be able to ask questions either directly in the conference call or via the web link, which I will then ask in the call. If you have any further questions after the meeting, do not hesitate to reach out to us afterwards. With that, I will hand over to today's speakers, our President and CEO, Andréas Elgaard, and CFO Ulrika Bergmo Sköld. Slide three, please. Go ahead, Andréas.
Thank you very much, Mats. Hello, everybody. Andréas here. I will be quite quick in the beginning and give you just a short introduction to ITAB. I will then. For those who are new to us, I urge you to go online and watch more about our strategy and who we are and what we do. This will become a bit quick. Next slide, please. We like to say that we are what we create together with our customers. This slide is a great example of the variety that we have within our customer base and in our capability that we execute together with our customers.
Of course, the grocery segment is very important to us, but you can see that we are working with car showrooms, fashion retail, do it yourself, cafes and pharmacies, et cetera. We work with all aspects of retail. Next slide, please. Looking into a little bit our figures, you could say these are 2021 full year figures and a little bit rounded off to make a good slide to present. You can see that almost 60% of our sales is in the grocery segment. The grocery segment is very stable. People need to eat, regardless if it's a crisis in the world or not. It's a segment that grows steadily with the population and we have a firm grip of our business in the grocery sector.
Home improvement is another part that we have seen developing positively the last couple of years. It is an area where we are very proud to have some great customers, and this is our second-biggest area that we are working with. Fashion this year it's growing. The last couple of years has been in decline, so the growth comes mainly from that the customer mix that we have is growing. Fashion is probably one of the segments that took the most beating during the COVID period and that has the most kind of comeback potential. In the other customer segment that we report, we have things like consumer electronics, pharmacies that are very important to us. We have things like service stations, cafes, and all sorts of retail.
Basically you could say that we are a grocery do it yourself pharmacy company first, but are then also big on home electronics fashion. Next slide, please. ITAB of today is a company that when we are at our best, we are a strategic partner to retailers. We co-create their experiences, and we drive results and positive outcome that drive value and return on investment for our customers. We do all sorts of things, from creating a shopping concept to the manufacturing, installation, the maintenance and the service around that. Our services all span the entire range, from competence and insight to taking care of equipment and so on. We, as I said before, we support multiple retailing sectors.
We today have 15 production facilities, approximately 2,900 employees and permanent establishment in 24 countries. We are first and foremost a European company, but we have the ability to reach out across the world. We have activity in South America, we help customers in India, in Australia, in U.S., North America, et cetera. Just to highlight that we communicated early on that we are going to discontinue all our activity in Russia. This was communicated in March. We are in the process of doing that. It's a quite cumbersome process where you need to respect all sanctions that are being updated regularly, and we also need to respect local Russian legislation. We expect to be able to come back and communicate how we finally discontinue our activity in Russia.
A lot of work is going on there. Next slide, please. Just to kind of give an insight into ITAB's performance before the pandemic, because now we have three years of, I would say, a very special situation. Both 2020 and 2021 had their challenges, and 2022, as you know, has a different type of challenge. Already before the pandemic, ITAB had a need to change. We had seen that our performance was in steady decline and we were in a situation where we had to kind of turn around our business. This came from consumers changing their behavior.
ITAB and the whole industry was focused on delivering large-scale expansion programs to customers, and that business has kind of gone away, and it has been replaced by smaller projects, refurbishments, rebuilds, repurposing, adding functions to a retail concept, removing, adding self-checkouts, doing much more diverse jobs, but doing them, to sum up, you need to work harder for each euro that you invoice. There is a significant potential in ITAB that comes from our history of acquiring companies and not really having a history of being diligent in driving synergies out of the acquisition. That is what we have been busy doing the last couple of years. There was a clear need for change, and that's why we set our strategy the One ITAB strategy. That's next slide, please.
We call our strategy One ITAB Better Together, and it has two purposes. One is, of course, to focus on what's going on in the world around us. Why is our industry facing change? Why is retail facing challenges and change? But also, how do we get the most out of ITAB, this diverse group of entrepreneurial companies that have come together under one umbrella, and how can we become better together? It addresses both internal and external factors, I would say. Next slide, please. It is built on consumer and retail insights.
We took an outside-in view on how consumer behavior is changing, how consumers become more and more demanding, have higher and higher expectations, and depending on their mood, depending on their mission, they behave very differently when they engage in retailers' different channels, including even the physical challenge of the store. These are kind of ever-changing, rapidly evolving consumer behavior that we all know. We are all consumers. We know what type of changes we're going through. This poses a challenge and I would say both a dilemma and an opportunity for retailers because they need to invest in new experiences that live up to the expectations that consumers have. At the same time, it becomes more and more costly to operate multiple channels, including the store.
The retailers they have an increased need to invest, and they have an increased need of finding efficiency within their concepts and their channels. For us and the whole industry, it means that we need to become much more insight-driven, much more understanding the consumers, and also be focused on creating value for the retailers that sit with this dilemma, that they need to do more with less. This is what our strategy is all about, is to become more agile, more consumer-driven, more solution-driven, and to be able to adapt to the ever-changing consumer expectations that poses challenges to the retailers. Next slide, please. Our strategic priorities are seven, and they're aimed at making ITAB become the leading solution provider within our industry. Our seven strategic priorities are explained in videos that we have online on itabgroup.com.
The strategy is kind of also phased. The first phase was really about stabilizing the financial performance. That has been a lot of focus on reengineering our structure, our cost structure, removing fixed costs by changing our footprint, working on synergies in purchasing and reducing our historic high SG&A ratio that we had going into this period. Excuse me. The second phase, it's about building capabilities, both foundational capabilities that brings the company together, but also then capabilities that are differentiating, what makes us more competitive within our industry. We have already started this phase. We did that from the get-go. There's been a lot of preparations, and going forward, we're going to invest further in our internal capabilities and in our external capabilities.
The whole purpose of the first two phases is to build trust and to build capabilities and to I would say simplify ITAB so we become more scalable, so we can amplify for the future. We will lean more on our partners. We will become a much more sustainable company, both in terms of our financials, but also in the impact we have on people, the planet, and our society that we are active in. The whole purpose of all this becoming scalable is to be able to expand where we are profitable and where we're good. Next slide, please.
To sum it up our challenge, both internally and externally and together with our suppliers and partners, it's really to rethink retail and to do that together because the challenges that we see and the expectations that consumer have, they're not always set by your traditional competitors. They're set by social media. They're set by online. They're set by the fact that technology makes information so much more democratic and accessible. The only way to deal with these changes is to crowdsource good ideas, good solutions, share across geography. Here, ITAB has a big strength. We are one of the three biggest companies in our industry in Europe, and we are probably the one that covers Europe the most. Next slide, please.
During the last two years of strategy execution, we, as I said before, have really been focused on stabilizing our cost and capital. There's been a lot of work of setting up a category organization in order to drive synergies across sourcing. We have done significant changes in our sales and general administration. We have changed our go-to market model. We have worked in a value proposition, and we've been able to keep high sales at a lower cost in SG&A. We have done a lot of work in optimizing our footprint in manufacturing, warehousing, assembly. We have, as a result, also been able to reduce our debt. We have been able to reduce our fixed costs, and we have simplified ITAB.
There are still some things we can do even more, and that comes from us leveraging new capabilities. That's kind of a segue to the next part. That we have started to invest and build new capabilities that is intended to make us a more scalable solution provider. I mentioned the development of our go-to market model and the value proposition, but we are looking into expanding our services, our retail technology capability, and our solution selling skills. We are investing in becoming better in operations, being more agile and more efficient in operations because there will be more transition in production and in logistics going forward not less. There's that scenario that we're working on.
We have developed and started to implement the One ITAB operating model, where all these 40+ operational units start to work in a similar way and go to market in a similar way, but it's being supported by shared information and shared IT tools. All of this is intended to amplify the power and the insight and the capability of ITAB. Next slide, please. The whole expansion part, if I kind of dig into that what you can expect from us going forward is that we're going to continue to expansion in the markets that we are focusing on, and our main focus is on Europe. We are then acting on opportunities, I would say, in other regions right now mainly North America. We might do acquisitions if we see that there's a spot in the market where we could become stronger.
One area could be the southwest of Europe or Eastern Europe, where we see that we still have potential to grow, also in Central Europe. Mainly our expansion, we believe, will come from investing in more retail technology and in more services. A lot of services is around insight, but it's also around helping retailers to deal with this dilemma of having to invest in more capability, in more technology and in better consumer experiences. That's what we are focusing on, and that's what we believe that you will expect from Axfood in the future. The whole purpose is to grow our recurring revenues through more service and more technology. We also believe that data is going to be more and more important. If we skip to the next slide.
Today, I would say that Axfood is mainly influencing the retailers in two ways. One is through the consumer experience and the consumer journey that the retailer have in the store. It's all about creating convenience or creating inspiration in those experiences. We also influence the operation of the store or operation of the retail chain, which means that we help the retailer to become more efficient, to provide better service and to drive costs down. Those are the two main areas, I would say, the efficiency in the operations and the experience that the consumers have with the brand. That are the two main things that we influence.
In the future, we believe that is going to be, continue to be important, but we also believe that retailers will not be able to solve the dilemma of having to invest more in their different channels and at the same time reduce the cost of operations, without leveraging the full supply chain, and not just the supply chain of the retailer, but the supply chain also of the, of the retailer's customers. This means, that the grocery retailer, for instance, there is only so much cost that can be saved within your own channels. You need to find ways to drive value also for your suppliers, and by that, lowering the cost of your operations. We believe that more and more technology will enter the store, more and more interaction will enter the store. You will leverage data that comes from online.
You will start to extract data from the physical stores, and all of this will help you to optimize supply chain and optimize the consumer experience. Leading to that we influence not just the consumer experience and store operations, but also the value chain. Next slide, please. Two years ago in June, when the world was at its most shaky, I would say, we gave guidance for the future, what we thought that we would expect out of the One ITAB cost restructuring plan. We said that we believe that we were going to be able to improve EBITDA by cost reductions of between 270-330 million SEK compared to 2019, and that we will be able to release around 400-500 million SEK in capital.
That was in 2019. So far, we have been able to reduce SEK 255 million in cost. It's hard to know if we have actually done more, and that is relating to sourcing. We all know the difficulties in 2021 and 2022 now with inflation. It's very hard to know how you're performing according to your baseline. The only thing we know is that we're under a lot of pressure right now. That we are negatively impacted by the inflation that drives all costs up and supply chain disturbances that are still in place with long lead times, missing shipments and so on, that create inefficiency in production and in installation and in servicing our customers.
That is kind of compared to 2019, those things were not here, and that is kind of influencing us negatively. We still believe that we are on the path to realizing the promise and the guidance that we set in 2020. Next slide, please. This is looking at 2019 comparing to 2021. We will update this when we close 2022 as well, but we are on our way. We are well on our way, I would say. We have strengthened our position in the grocery sector. That is important for us. We have increased the amount of retail technology as a percentage of sales. We have significantly reduced our debt, and we have improved our margin before tax, and double that if you compare 2019 to 2021. We're well on our way.
We believe in the activities that we're doing. We seem to be faced with challenges, not just ITAB, but the industry and many industries by a new challenge each year, that is kind of makes us maybe a little bit too focused on reacting operational dilemmas and not enough investing in the future. That's how life is for all of us, so we just need to do the very best and continue forward like we have been doing. Next slide, please. As you know, we communicated, or maybe not all of you know that, but we communicated financial targets in the beginning of this year, and that was to kind of set expectations on ITAB after our transformation period, what to expect.
We believe that over a business cycle, you should expect ITAB to grow between 4%-8%. Of course, right now we're in inflationary economy. Things are a bit disturbed. This is kind of set on a more normal, comparable GDP growth that we should grow a little bit more than GDP. This is a mix of organic growth and acquired growth. That is a new thing for ITAB, but we have clear organic growth ambitions, which has been not so strong for ITAB in the past. It has mainly been driven by acquisitions. Our earnings, we expect to be able to deliver between 7%-9% EBIT margin over a business cycle, which is also for ITAB and for our industry, will be industry-leading profitability.
The capital efficiency and the cash conversion should be above 80%. That is what we're focusing on. We have the dividend policy that we should, unless there is any circumstances that advises us not to, we should hand out 30% of our profit after tax. That dividend policy is the same as we had before. Next slide, please. That leads us into the Q2 report. Next slide, please. I will just do the highlights from the report, and then I will hand over to Ulrika. As you have seen in the report, we have increased revenue, and that is kind of driven mainly by inflation and price increases that we do in order to counter the cost increases.
We have been able to do price increases across all our markets and our customer groups. Of course, we're struggling maybe a little bit more with some of our larger customers where we have more difficulties to quickly get our price increases valid. There's always kind of a lag in that process. We have seen so far and reported that we have a lower gross margin for first six months due to increased costs driven by inflation, but also then continued inefficiencies that comes from disturbances in supply chain. I can just let you kind of get some more kind of flavor there. Inflation is something that we're working very diligent with and fact based and then moving those costs further to our customers. There is a lag.
When it comes to supply disturbances, it's not always that it's our own production or our own installation that is being disturbed. Sometimes it's also that our customers cannot open a store because they miss building material or they miss other equipment that is critical for them to receive our goods, which means that there is delay in. That causes inefficiency with your installation teams and in your plans. You need to do things one more time or two more times than what you originally planned. You have to make a stop production and restart production when you have critical components in place, just so you are aware. We had an unfavorable, I would say, product and customer mix in the Q2 compared to the Q1 .
We are continuing to focus on margin improvements, so we are really working very actively with the price adjustments, with coordinating our purchasing and driving all other types of cost savings that we can according to our plan. We have been forced to increase our inventory due to, I would say originally due to delivery capacity, but also due to big growth of sales in 2021 continuing into 2022 in terms of both in terms of volume and in 2021, and now I would say mainly in terms of inflation. That means that it consumes more capital. The acquisition of Oy Checkmark Ltd that we did in the beginning of the year in Finland has strengthened our market position for retail tech solutions, mainly in the Nordic region. We think it might have some spillover effects also into maybe the Baltic region.
I mentioned the decision to discontinue our operations in Russia, I mentioned that before. I would say to highlight, and also what I do in my CEO report in the Q2 report, is that the uncertainties in the world continue to affect us. I would say some customers are hesitant about the future. We are also hesitant. We know that there will be big consequences if we see problems with supply of gas to Europe, especially Central Europe, that's going to be difficult, not just for us and our industry, but I would say for the whole economy in Europe, it's going to be a challenge. There's more uncertainties now than there was a year ago, which has continued to drive some hesitance into the market.
We can see that some decisions by customers are being made, but where we feel that they are waiting and hoping to get more clarity. We can also see that some customers are really appreciating our solutions that drive efficiency for them or that improves their situation with their consumers. We have kind of mixed signals from the market. It's both positive and hesitant at the same time, which is normal, I think, in this type of market condition. By that, I ask you for the next slide, and I hand over to Ulrika.
Yes. Thank you, Andréas. Looking at the overall revenue and adjusted profit development, trend, rolling 12 months at the end of June, you can see we have a revenue growth of 8%, which is mainly driven by price increases. Our adjusted profit level is in line with the full year 2021, but as you can see, our margins have decreased somewhat, and this is related to the rapid cost increases where our price increases are not yet fully in balance. We also have been negatively affected by supply chain disturbances and shortages. Our cash flow over the last year has been negative due to the increase in operating capital. This is driven by increased sales and also higher inventory levels to secure our ability to deliver to customers. Next slide, please.
Despite the fact that the start of 2022 has been characterized with uncertainty and operating challenges related to the external factors, for ITAB, we had a sound start of the year in most geographic markets. We had a currency adjusted growth of 12% in the second quarter, and whereof the acquisition of Checkmark has contributed by 2%. If we look at the customer sectors in 2022, fashion and home improvement show the strongest growth during the second quarter compared to last year. Looking back since 2019, grocery is still the biggest, most important and fastest growing sector for ITAB. Next slide, please. In the second quarter, we had an adjusted EBIT of SEK 79 million, which is in line with last year's result of SEK 81 million.
This is achieved despite the operational challenges, where we had a positive effect of our price increases. Since this is not yet fully compensated, the relatively high cost for input cost goods and rising inflation such as energy, transport costs, et cetera. We have a delay here, before we have our prices fully adapted to the new cost levels. We are also affected by long lead times. We still have some shortages of certain electronic components, and this continues to drive our inventory to secure deliveries going forward. In the second quarter, we see a temporarily unfavorable product mix and also customer mix, as Andréas mentioned.
As we previously communicated, we see that Checkmark acquisition strengthens our position further in the Nordic region and the activities related to discontinuing our operations in Russia are ongoing. Next page, please. Looking at the first half of 2022, we still have a negative cash flow due to continued increase of working capital. However, we can see that the second quarter was improved compared to the second quarter 2021. We had a strong sales growth in the second quarter with rising commodity prices and also currency effects affecting the inventory values. During both the first and second quarter, it is mainly our levels of finished products and traded goods that have increased and this is to secure service levels and delivery capacity for the coming months.
By that, I say thank you, and leave the floor for questions.
Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. Our first question comes from the line of Orion Gordon from Erik Penser Bank. Please go ahead.
Yes. Hi everyone. Thank you for the call. I have three questions. The first question relates to market shares. It seems to be a very challenging environment working in with high inflation and supply chain issues. How do you feel that you have grabbed market share in this environment, and if you feel that could you specify that. The second question relates to the trend of raw materials. We know they have been rising in extreme pace, but it seems like that is cooling off now. Is that something you are seeing in your purchasing plans or is it still kind of on the rising trend? The third question relates to One ITAB. What do you expect to see from that in 2023?
Is it more, is it kind of improved top line or do you think more of a mix shift given the environment we're in right now? Thank you.
Okay, let me see if I can answer the question. When it comes to market share, I mean, our industry is, I would say, a very diverse market. It's very fragmented. We are one of the three largest players in our industry, and we usually say that none of us have about 10% market share. We're still kind of the clearly three largest ones. What we can see is that everybody is struggling with supply and compensating for cost increases. We can see that the smaller players are struggling more than the ones who are a little bit bigger, which is natural in this type of market environment. Without having facts, I would say that my best estimate is that we're gaining market share.
At the same time, we don't see a lot of customer movements. We have seen some clear interest, and we have some potentials that we are close to realizing, and when we do, we'll communicate that. I would say in a period of crisis, there's not a lot of customer movement going on, but the smaller actors are struggling. We have seen some smaller players that have gone into severe financial problems. We believe that what we are going through now will kind of further consolidate the industry, I would say, through competition and not through acquisitions this period.
We also think that this is a market that once things start to stabilize, we will see more of the consolidation of industry because many larger retailers are reevaluating their sourcing strategy, and many of the industry players are reevaluating the type of risk that they can take in this environment. I hope that answers the first question. When it comes to the second question on cost increases due to inflation, I would say that yes, some materials have stabilized, others are not stabilized at all. I would say the ones who had very steep cost increases in 2021, like steel, they have started to stabilize. Right now we know that energy is driving everything up.
I mean, there's a lot of dependencies to that, and it's the cost of living is then driving salaries as well up. I would say that all costs are moving up, but it's more stable maybe in some of those that were increased during 2021. If I say things like steel have stabilized a little bit, but it's still on high levels. There's always a lag here to catch up. It's impossible to stay ahead of the curve, even if you're forecasting that cost increases will come. It is very, very hard to get large global or European retailers to accept cost increases in advance. That is not happening.
They need to see that all their suppliers are singing on the same tune and having factual evidence before they accept the increases. Whereas with smaller customers, it's easier, quicker to pass these costs further into our customers. I mean, I think we all hope that the economy will stabilize, and then I think we are going to see the full effect of our cost savings. That kind of leads me to the One ITAB effect. I would say that it's important for everybody that are interested in ITAB to realize that the One ITAB strategy is not about a cost restructuring program. That's one part. That is to kind of stabilize our financials. The whole purpose of this is to become the leading solution provider.
We believe that in 2023, we're going to see new steps towards us being able to drive more insights and more services, but also that we have full effect of our cost saving initiatives. Originally, we believe that we would have. We have done everything that is linked to footprint. We have pretty much concluded when it comes to some of the other efficiencies, they will be dependent on shared information, shared IT tools, so we can drive even more SG&A cost out of the company, and that will come gradually the coming years. We still believe in the guidance that we have given the market, it might be delayed or not, depending on how this market environment develops.
If things start to stabilize after summer, we are still on a trajectory to be in line with what we have said before. If it continues to be very difficult, it's going to be difficult for us to live up to some of external expectations on us because we need to navigate this market. That's what we need to do.
Okay. Thank you very much.
Ulrika, do you want to add something? Sorry.
No, I think you covered it, yeah.
Any other question?
The next question comes from the line of Gustaf von Schantz from Kepler Cheuvreux. Please go ahead.
Yes, good morning. Hello.
Morning.
My question is regarding the rental cost that will disappear 2023. You write about them on the production side. How much do you estimate is that reduction going to be? That's question number one. I take number two is, when you say it's an unfavorable customer mix, or is that to the customers or is it the products? I mean, are you selling products with lower margin or is it just more difficult customers? I would be interested in hearing about that. Thank you.
Yes, thank you. I would say when it comes to the savings, we mentioned rent, but we didn't mention how big that was. We have not mentioned that in our reporting, so I cannot give you a figure right now. I don't know if you have a figure, Ulrika. If I continue then, or do you want to say something, Ulrika, there on that?
Yeah. I think it's mainly related to our bigger production plant that we have moved into smaller. I think it will be in the size of SEK 20 million-SEK 30 million in cost reduction when we move to smaller premises.
Thank you.
Yeah. Just repeat the second question so I get that completely correct.
Yeah. You say you had an unfavorable product mix during the quarter.
I mean, we love our customers, so it's not that we. It's more some of the customers where we see growth in Q2, we have I would say are some of the customers where we have more of a lag to get our price increases through, and that makes it relative to quarter one unfavorable. Also we are maybe selling a little bit more of products with a lower gross margin than what we did in Q1. The product mix is unfavorable. It's. That's what we mean. Sales are with customers that maybe we have a little bit longer time to get full effect of our price increases because they are bigger, more professional.
The agreements we have with them are more difficult to change. I hope that answers your question.
Yeah. Thank you. I'll just follow up on the raw material prices. If you take like aluminum and copper and all, they're down 20%, more almost 30% in a 3-4 months time. What do you actually see when you buy products, for example, for your entry systems or your cashier desks, what you call them? How long will that take for to come through to you? Will there be like a gap between your that falling product and between your big customer starts talking to you about you need to decrease your prices?
Yeah, I would say that, I mean if it was in 2021 when steel prices went up like so crazy fast and they kind of doubled in just two months, I mean, of course then it took us some time before we got full effect of that. You could see that, depending on who the customer was, it took us between three to five months before we got full compensation because the market needs to settle a bit. Of course, all of our customers were talking about that as soon as the prices go down, they expect that our that to get price decreases.
Of course, we are now in a situation that is much more difficult to navigate because it's very hard for customers and us to kind of pinpoint this material is the only parameter that has changed. Now when it's going down or it's going up, then it will be adjusted. We believe that the rapid increases that we have seen, we are not going to see rapid decreases. Aluminum and copper is not part of our of the materials that we buy. I know those are just examples, but we believe that we will have the same type of mechanism, but it takes some time before the market price goes down. It depends on the inventory levels.
If you're stuck with inventory for a couple of months, then your cost base is still high for a couple of months. Even though there will be pressure from customers to decrease, we also need to make sure that we follow our agreements and so on. We believe to see the same mechanics in the other direction. We also believe it's not going to be as rapidly in decreases as there has been increases. We more believe in stabilization. That is for now. The market conditions are new to many. Many leaders have never been in this type of inflation economy, and that goes for suppliers, goes for customers, and goes for ITAB people. You need new behavior, and you need new procedures and routines to navigate this landscape.
All right. Thank you.
Thank you.
As there are no further questions, I'll hand it back to the speakers.
Yes, thank you very much. We have one question through the web from Johan Filling at SK Alpha Invest. His question is Can you say something about the pricing of the acquisition of Checkmark multiples, et cetera?
Yes. Thank you for the question. Ulrika Bergmo Sköld, can you help me here? Have we communicated? I didn't think we communicated the cost, but have we in any notes now communicated that?
No, I don't think so, actually. There is some information in the report, but I think we can maybe come back to that and, because I need to check. I think Filling has all the figures here.
Yeah. I think we just so we don't say something wrong in this call, so if it's okay, we'll come back to you on that question if we are prepared to communicate something or not. Hope that's okay. Okay, Mats.
Okay. Yeah, I don't have any further questions through the web. If there is nothing else, then we can just say a big thank you for everybody who has participated in the meeting, wish you all a nice summer. As I said, please get back to us if you have any further questions or comments going forward.
Thank you very much. We'll get back to you.
Yeah. Thank you.
with a definitive answer.
Thank you very much.
Thank you. Bye-bye.
This concludes the conference call. Thank you all for attending. You may now disconnect your lines.