Thank you very much. This is Andreas Göth, CEO of QleanAir Scandinavia. A warm welcome to all of you. I'm happy to present the first quarter result of QleanAir for 2020. If we go to slide three, I would like to start with giving you a snapshot of QleanAir for those of you who are new investors or not too familiar with QleanAir. QleanAir Holding is a global provider of indoor air cleaning solutions. We have more than 2,500 customers around our markets, 8,600 installations. We work within three product categories, Facility Solutions, Cabin Solutions, and Room Solutions. Our key markets are Germany, Sweden, Japan, and the U.S. We also operate in 10 other European countries. We are a premium full-service provider of indoor air cleaning, and we went public in December last year.
If we look at our future, our financial targets in the midterm is to continue our growth, the target is to have organic growth of approximately 10% going forward, with a healthy EBIT margin 15%-20%. Our policy is also to pay dividends to our shareholders, the target is to pay 30%-50% of our net profit going forward. If we go to the business update and go directly to slide five. Let me give you a start here. We are very happy to launch our best quarter result ever, both in terms of sales, in order intake, and in profit. We have established a very strong market position during the last couple of years, that's a combination of the high quality and the comprehensive solution that we provide our customers with.
We believe that that is the right way to deliver customer value. We focus on certain niches, so we are a niche leader rather than a one-stop shop. We continue to invest both in our markets, but also in product development and solution development. Again, very happy to release our best quarter ever. We have a sales increase of 38% compared to first quarter 2019. Organically, that was 29%, so still very strong. We reached SEK 145 million in total revenue for the quarter. We saw strong performance from all our product categories, Facility Solutions, Cabin Solutions, and Room Solutions, and also all our markets, meaning EMEA, APAC, and Americas. We also had a very strong EBITDA margin with 26.5% and an EBIT margin of just short of 22%.
It's also, I think, important to state that the COVID-19 has, of course, affected us as for most other companies in the world. We believe that in the longer term, we will see an increased interest in indoor air cleaning solutions due to this corona pandemic. That's a very positive thing for us in the longer term. In the short term, of course, we also are impacted by the quite strict lockdowns that we have seen especially in the Q2, April and May. If we go to next slide six, let me give you some more details about our product category, Facility Solutions. Facility Solutions is all about helping our customers to create a more healthy indoor environment in industrial context, more or less.
We help our customers in the food segments, in automotive, in logistics, but also more and more now in the healthcare sector, where we see an increased demand, especially now since the start of the corona pandemic. We have a strong European focus on this product category. Our strongest markets are Sweden and Germany. We saw sales growth here in the quarter of 7%, and we will continue to invest in this product category, both in terms of sales efforts and in terms of product and solution development. Very important here to continue to grow this product category going forward.
Again, we have seen the last couple of months here and also in Q1 and start of Q2, we have seen increased demand coming from the healthcare sector, where we have also done some product adjustments to be able to help the healthcare to create a more healthy indoor environment for patients and for staff. If we go to next slide seven, Room Solutions. Room Solutions is mainly about our modular clean rooms. We focus here on the U.S. market, but also more and more on the Swedish market. Our segments here are mostly hospital pharmacies in the U.S. market, and in Sweden we have a broader market approach, so we focus here also on medtech companies, laboratories, hospital environments, and electronic producing companies.
We saw a very strong sales development in the first quarter, 125% up from last year. That is mainly coming from the U.S. market. The revenue comes from installations that we have performed during the quarter from orders that we basically received in 2019. In 2020, in addition to the U.S. market, we will continue to increase our sales efforts also in the Swedish and Nordic market. Very strong performance in Q1 from Room Solutions. If we go to next slide eight, Cabin Solutions. This is the biggest product category. This is where we come from. This is about us protecting people from secondhand smoke. We are eliminating secondhand smoke in workplaces, in public areas, in institutions. Our main markets here are the European markets and Japan. Very strong performance also from Cabin Solutions in the quarter.
We have an increase in sales of 34%, and this is mainly driven by the very strong performance in Japan. We have had a long period of very stable and strong growth in Japan, and the last half a year, we have seen an extra boost in the market due to the legislation that has come into effect 1st of April this year. Very strong performance. We also have a stable situation in the more mature European markets in the quarter. If we go to next slide, and that's slide nine, just to give you a little bit of a big picture of our business model and how we operate. As I said, we are a premium supplier of indoor air cleaning solutions.
We are offering our customers long-term contracts where the offer is based on a clean air as a service concept, meaning that we provide our customers with the hardware, with installation, with preventive service, and we give all our customers a performance guarantee. The customer, they kind of outsource a problem, whether specific problems with indoor air quality or contamination to us, and we take care of that and give them a function guarantee over time. We believe that that is the right model to deliver customer value over time. It's also a way for us to keep control over the quality. We can make sure that we deliver the same high quality, not only day one, but every day as long as we have the customer in our books. Good. If we go to next slide 10.
Again, as I started with, we are extremely happy with our customers. We have more than 2,500 customers, 8,600 installations around our markets, and we are servicing them every month or every quarter around our markets. We are also very happy to see that we have a very stable and quite high level of recurring revenue. For the quarter, we had 44% of our revenues coming from recurring revenue, and that, of course, gives us a solid platform also in these challenging times as we are in. We are operating in 20 countries, including some distributor markets. As you can also see from the graphs here, the pie charts, is that we have seen now the strong performance in Japan is of course increasing the split in terms of geography. Japan is becoming even more important for us going forward.
We are keeping a very high level of investment in all our markets, also in the U.S. and in our European markets. If we go to slide 11, I think it's fair to give some comment of the COVID-19 situation. For a company like QleanAir Scandinavia, I think we are, of course, as many other companies, or it's not all affected by this. We have seen lower activity since late March in 2020 in most of our markets. We are monitoring the situation very carefully, and we are taking actions as the situation develops, of course. We are tightening our cost and cash discipline, and we are identifying and addressing certain cost-saving projects. Of course, the fact that currently a large part of the world has come to a lockdown in different ways, that will affect us, especially in the EMEA and Americas market, in the short-term perspective.
At the same time, I think it's important to address the opportunities also that this situation gives us. In the long term, we see already that there will be an increased awareness about air pollution problems and an increased interest in high-quality air cleaning solutions. We believe that it will be a very strong driver for a company like QleanAir going forward. We also believe that our business model with a rental concept, with a high degree of recurring revenue in our P&L, that gives us a very resilient model, especially in this challenging time. Finally, what we have seen also in the short term is that we have seen an increased demand coming from the healthcare sector, and we have solutions that can help them provide a more healthy indoor environment.
With that, I hand over to our CFO, Henrik Resmark, to give you some financial details.
Thank you, Andreas. Henrik Resmark, CFO. Moving into financial information, page 13. As mentioned, the best quarter in QleanAir history. We have an order intake +44% and sales growth of 38%. On sales growth, we have contributions from all product categories and all markets. Moving to page 14. Still more than 75% of customer agreements are either renewed or extended. It is clear that QleanAir has a satisfied customer base, and that customer base is growing with an increase in installed units globally. First quarter 2020, we had recurring revenue 44% of total revenues, up from 41%. QleanAir recurring revenues have so far proven to be valid also in corona times. We have paying customers. EBITDA is up to SEK 38 million, a margin of 26.5%, and EBIT increased up to SEK 31 million, a margin of 22%.
Moving to page 15, I would like to highlight two things here. As end of March 2020, we had a net debt of SEK 242 million. That is down from SEK 266 in March 2019. We have a clear strategy to reduce the net debt over time. Also on page 15, you can see that we have a negative cash flow in the first quarter. That is explained by around SEK 30 million in change in working capital, increase in trade receivables due to strong sales in Japan, we also settled some trade payables in January from the IPO. If adjusted for those items, we have a positive cash flow for the first quarter. Page 16. In summary, we had a growth of 38%. If we reduce for the currency effects, we had a growth of 29%, 30%.
We have a target of approximately 10. We reached an EBIT margin of 22%, and here we have a target of 15%-20%. The dividend is proposed to be zero, and that suggested dividend from the beginning was withdrawn due to Corona. Over to you again.
Great. Thank you very much, Henrik. If we go to next slide, some final remarks. To sum it up, I think, again, we are very happy to see the strong performance in Q2. We see strong performance from all product categories and all our markets. We see also that the investment that we have made, we continue to make in our markets, in our product categories, especially Facility and Room, they are paying off, and we will do whatever we can to continue the growth for these product categories and markets going forward. We also believe that the business model that we operate with Clean air as a service is not only creating customer value, but also gives us a very resilient model in a time which is more challenging than the normal times.
Of course, we think we are geared up for the future and continue to focus on profitable growth going forward. With that, I think we can open up for any questions that there may be.
Thank you. Ladies and gentlemen, if you do wish to ask a question, please press zero one on your telephone keypad now. That is zero one to register for a question. Our first question comes from the line of Anders Roslund from Pareto Securities. Please go ahead.
Yes, good morning. I would like to start off with Japan. That was a fantastic sales and order development. How much do you think the legislation is responsible for that strong development? What will happen now from the second quarter when you formally have already introduced that legislation from April 1st?
Hello, Anders. Thank you for your question. I think it's a very good question. If we look at Japan, the development in Japan, we've had a long period of very solid and strong growth. The last half a year, of course, as I said, we have seen an extra boost due to the legislation. We believe that the growth story in Japan will continue. That's our belief and also that's what we focus on, even though it may be on a slightly lower level than what we've seen in the last half year. That's the ambition that we have and also the potential we see in the market to continue the growth in Japan. That's a long-term perspective.
In general, of course, Japan, as many other countries in the world, is of course in the short term affected by certain lockdowns, et cetera, but we see growth coming from Japan going forward as well.
Okay. You also mentioned that you had opened up new areas outside Tokyo and also with new client groups there, transportation.
Correct. What we have seen in the last half a year, maybe a year, is that we have not only done business in the regular office market, but also in the HORECA segments, meaning a little bit more from high-end restaurants and hotels. Also from, as you said, certain companies in the transportation sector, which also have taken us a little bit more outside of Tokyo in terms of installations. We have increased a little bit the number of installations outside of the greater Tokyo area. We also have recruited an extra salesperson in Osaka, so we now have two salespersons in Osaka. That's also what we will see going forward, that we will increase and not only focus in Tokyo but also in Osaka and especially in, I would say, northeastern Japan.
Okay. Looking at the clean rooms, Room Solutions, it seems that you're growing stronger for the area than you're growing in the Americas. Have you increased sales to Sweden and the Nordic area?
Yes. As you know, and as I mentioned, in the clean room or Room Solutions product category, we are focusing on the U.S. market mostly, but also we are now focusing more and more on the Swedish and Nordic market. We have seen revenue coming from Sweden this first quarter. Our ambition here is to increase that percentage from Sweden going forward. Sweden and the U.S. are our prime markets here for our Room Solution efforts.
How will the U.S. be impacted by the COVID-19 in the second quarter, especially in the healthcare area?
Well of course, the U.S. market is, as you probably know, in lockdown in many or if not all states, and of course that is affecting our opportunities in the shorter term. We see that in the longer term, again, we believe that the need for high-efficiency air cleaning solutions such as our clean rooms will increase. In the shorter term, yes, it will probably impact our sales. It's a little bit too early to tell exactly how and so, because as we all know, it's very hard to predict when the lockdown will be opened up again, how that will affect the economy and the companies and for us, the hospitals.
Okay. Your overall comment about that COVID-19 is positive for the demand, could you explain a little bit more in detail why the demand for your products is supported by COVID-19?
Yes, of course. Well, there are certain general reasons to that. I believe that there are many good reasons to invest in indoor air cleaning as we see it. Sorry to say, there are a lot of different contaminations and air pollution problems out there. This Corona situation puts just another focus on that. Viruses could also be a threat to health. That in general, we see already that will increase the interest for not only air cleaning solutions in general, but high quality air cleaning solutions, because as you probably know, the viruses and bacterias and these kind of pollution, they are very small in particle size, so you need to have very high efficiency filtration units to be able to handle it. We believe that we have that in hand.
We have always been focused on delivering premium solutions and also reducing even the smallest particles in the air. That's the general kind of sentiment that we see. Of course, also we see as we have mentioned also in the report, we have seen an increased demand in the healthcare sector, also affecting our Facility Solutions positively. This is a little bit early days for us. We have been working with this segment before. We will have more focus on it and we will see how it will develop now in the coming quarters, in the coming years.
Sorry to come back with the same question here, but to be more specific, is it in Facility Solutions you see this supportive growth, or is it in clean room?
Both. I would say yeah, correct. Especially Facility Solutions, absolutely. Also in clean rooms, because it also put a demand on having high quality clean rooms for the companies that need that. I would say mostly facility, but also clean rooms.
Okay. Coming back to Europe and the second quarter here. Are you afraid of that you see some long-term negative effect from the downturn in the second quarter in Europe that clients sort of leaving the Cabin Solutions area longer term as well, not only short term? How do you see the short- and long-term development for Cabin Solutions in Europe?
In the longer term, we don't see any changes in our previous view. Cabin Solutions in the European markets, we are in a mature phase, and that continues. In the short term, we haven't seen any major effect coming from the Corona until today. Of course, we are monitoring the situation very carefully. Of course, as we have a quite broad approach in terms of different segments in European markets, we work with different companies in many different industries. Some of these industries are affecting quite a lot and some not so much. I think we just have to wait and see, and we are monitoring, and we take actions as we go forward. Also keeping close to your customers, I think that's more important than ever.
Since we are close to our customers, we have a Clean air as a service concept, I think that makes us come into a strong position here to understand how customers are thinking and how we can help them going forward as well.
Yeah. What I mean is that the short-term development may sort of be also long-term hit that clients just don't renew their contracts and say, "We shouldn't have any smoking cabins in the future." You are not afraid of such a development?
Of course, we need to be ready for any development going forward. It's very hard to see where this whole situation, how it will develop, how long it will take to get over this. I wouldn't say for certain anything right now in any way. Until today, we haven't seen a big negative effect from that or canceling contracts. Again, the best way we can do is to continue to serve our customers as we always have done and will do, and keep close to our customers to understand how we can be there and support them.
Now back to more overall question regarding rental payments. Have you seen any sort of problems from your clients not paying their rents in time? Or how does it look?
Good question, Anders. This is of course 100% focus for us in these circumstances. As Andreas Göth, we keep very tight contact with our customers. What we have seen so far and the experience so far is that we have good paying customers. I would like to say that our business model with the recurring revenues and the customers, they are paying. Of course, we have some customers that-
Due to that specific country, et cetera, they have closed down certain facilities, et cetera. Of course it's more difficult to do service there. There are some discussions. The big picture is that so far it looks okay.
Okay, excellent. Also more forward-looking questions. The Facility Solutions you mentioned here that you have introduced new models, and that then you're investing in new models.
What do you expect in that respect?
Yeah. Exactly. Again, Facility is one of our newer product categories as Room Solutions, we continue to invest in the market, in sales, in marketing activities, and also in product development. We have launched at the start of Q2, we are launching a food-graded version of the FS 70. We have already an increasing presence in the food-producing and distributing sector. We see a high demand going forward, we believe that the demand from that sector is a little bit higher than maybe other sectors, which we like. The food-producing and distributing sector, we have a very strong belief in the future. We have actually launched already an adjustment of the existing product to fit the healthcare sector. We will continue to develop more products for that sector as well going forward.
We're also looking into other new models to be launched later in the year. We will come back to you about that when we have a more certain plan for that. You will see more product launches from us in 2020 in Facility Solutions.
Is that something that will put pressure on your margins or you will invest more?
Not really. We have a plan in R&D, and we follow that. Of course, we are making some priorities there as well in these times. More or less when it comes to the product launches, we are following our plan for the year, and it's nothing that we in the short term will affect the margin in general. No.
Okay. Talking about new markets, no news about the Chinese market and Cabin Solutions?
No. We have no news there. We've been not very active in the Chinese market in the first quarter or until now. We are, again, in these times where we're focusing on our existing markets, our core markets, and our core product categories. We have to come back at you about that later in the year maybe.
You described finally the question about the cash flow here. You said excluding those extraordinary effects here you had in the first quarter, but will you restore that quickly or is it more over the year?
Yeah. Two comments on that. Of course, the balance sheet can differ from quarter to quarter, long term, we are very confident that we will have the strong cash flow generating profile that we have had. Also, the build-up in accounts receivables in Japan, those customers, they have paid. I foresee that we will have positive cash flow going forward as the main plan. Again, from quarter to quarter, the balance sheet can go up and down, so to speak.
Okay. I guess your tax paid will be a little bit higher than you estimated before because you get more of the earnings in Japan.
That's true. That's correct. That's also why we had high taxes now in the first quarter, primarily from Japan. Yes. We are also having a strategic work on the total tax position situation for the total group. That is work in progress to be more efficient on that.
Okay. Yeah, I think that's all questions for my part.
Okay. Thank you very much, Anders.
Thank you.
I remind you that if you would like to ask a question, please press zero one on your telephone keypad now. We have a question from Jon Hyltner from Enter Fonder. Please go ahead.
Thank you. I wonder about the order intake, and if you could perhaps say anything about the schedule for delivery of the pretty strong order intake in the quarter?
Yes. Hello, Jon. When it comes to the order, when you look at the order intake, in terms of Europe and Facility Solutions and Cabin Solutions, and also in terms of Japan and cabins, in general, we have a quite short period of time between order intake and installation, and thereby revenue recognition. That's typically a period of maybe four weeks or five weeks maximum. When it comes to clean rooms, especially then in the U.S., we have a longer period between order intake until we have finalized or we're starting to recognize revenue because we are constructing and building clean rooms, and that's a longer project time. That probably could be three months sometimes, could be even longer, sometimes shorter.
I would say generally, we see the order intake that we have a certain quarter, of course, it could slide over to the next, but not very much in general, I would say, except from the U.S. then, and clean rooms. You could look at the order intake from clean rooms, going into basically the next quarter or the coming quarters.
Okay. Hearing what you're saying, the orders taken in January and February, most of them have already been delivered.
Yeah
Taken in March would probably end up in Q2.
Exactly.
Okay. Can you say anything about the backlog for Q2 delivery?
Well, we have orders coming from Japan a little bit that slide over. Again, we have a very strong sales or order intake from Japan in the quarter, and some of that has come in in March and will slide over in Q2. Absolutely. It's too early to say how Q2 will end for us. There are many factors to consider here. I wouldn't go into the details there at this point in time.
Okay. Get it. Then just more hypothetical. If you take the whole installed base that you have and just assume that everyone will renew and business will continue and everyone will pay, all your customers, but you will get no new sales, what type of revenues will you get?
If we have no new sales, you say?
The ones that you're selling to, the contracts mature, they just renew. All the installed base you have will continue to generate revenue, but you can't sell anything else.
I understand that, the question. We are not guiding that into detail. As you can see, close to 50% of our total revenues are from the installed base, from the current agreements we have that are rental contracts in QleanAir's own book. I will not go into any number there, specific number, but close to half of our revenues are locked in, you can say, for a long time or period.
Okay. Maybe I'm mistaken here, I thought you have sold a lot of the installation rental agreements to financing companies. When they run out, you have the opportunity for new sales or am I mistaken here?
No, you're right. When I say 44% recurring, that is not including the finance company agreements. The 44% is only contracts.
That's my point. If you include that as well.
If you include that as well, and then if we assume that those customers are to sign a new three-year contract, yes, then the revenue will go up.
If one would include that, wouldn't almost all of your revenues be secured?
Correct.
Good. On margins, had a good growth, but the margin stayed. If you could probably just say something about the reason for why margins don't increase in spite of strong growth.
There are primarily two reasons for that in the first quarter. We had a larger clean room in Sweden that we recognized the revenue, the gross margin for that specific project was well below average. We contributed on top line, we didn't get what we expected on the bottom line, so to speak. Secondly, we have added some more costs, primarily related to the IPO and the new environment that the company now is in, so to speak. Yeah. I think also to add to that, I think even though, yes, we saw a slightly lower profit margin compared to last year's first quarter, still it's on a high level. If you compare to full year last year, it is still very good margin.
In general, I think we are on a level for Q1, which we are quite happy with, even though we have certain items which we can improve. Having an EBITDA margin of 26.5% and an EBIT margin of close to 22%, I think that's well above our midterm targets as well. Yeah.
I also would like to say that the margin can jump up a bit or down a bit, depending on if we have a larger contract that is up for renewal and we can sell that to a finance company, that will, of course, affect that quarter's margin. It will not be the same number each quarter, so to speak. There will be a reason for why it goes up or down a bit.
Okay. Great. Just the last one on how lockdowns affect you. A lot of your products are installed, they pay rental fee. In one sense, you could believe that it doesn't affect you at all, but perhaps apart from new sales. Is there an impact? Is there anything in the contract that you need to be out and change some filters?
Sure
Something similar for you to be able to get that rental fee?
We have obligations in our contracts because we are servicing them, we're doing preventive service, we're giving a customer a performance guarantee. We continue to serve. I'm extremely proud of our staff also all around the markets, both in sales and in service. We have a fantastic number of staff here in all our markets that we continue to serve. We keep healthy, we keep safe. We have introduced a lot of instructions to protect our own people and our customers and other people from the COVID-19 spreading. We continue to serve and fulfill our obligations at our customers, absolutely. In terms of sales, absolutely, as I said, we have seen lower activity in terms of new sales.
It's harder to get out there to meet customers in these times, especially in European markets and in the U.S. where they have a very strict lockdown. It's a little bit early for us to say exactly how that will affect us going forward. It depends very much on what happens next, how they will open up their economies and how companies will react. Yeah.
Okay. There's nothing in the contracts, for example, if you have your equipment in a factory to clean the air in the factory and the factory is closed, there's nothing in the contract that says that if we don't use the factory, we don't need to pay for the rental.
In general, no. No, there is not because we are giving our customers a solution for air cleaning, and our obligation is to service them, and we continue to do that. Of course, it can happen that we don't get access to do the service right now in certain parts where they have closed down factories. Then we have a very close dialogue with our customers about that in these specific cases. There is nothing in our contract that says that they could be terminated just in a situation like this, no.
So far in the areas where there's been complete lockdown and no personnel have been in the buildings where you have your equipment, have you gone into any problem with customers not wanting to pay because they don't use it or have all of them paid if they have the cash flow?
As I mentioned, most customers have paid. Of course, we have a tight dialogue with the customers, and it depends on what country, the national legislation, so to speak, and what kind of facility, and for what reason that is closed. Of course, we have the dialogue, and one way is that we just postpone the payment or postpone the agreement. There are very few cases like that. Of course, the customers, they are flexible in these times, and of course, we as a supplier, we have to be flexible towards the customers. We handle some cases more diligently.
Okay, got it. Thank you very much.
Thank you.
Sure.
The next question is a follow-up question from Anders Roslund from Pareto Securities. Please go ahead.
Yes, hello again. I just wanted to elaborate a little bit or ask a little bit about your split between the sales to finance companies, recurring revenues on our balance sheet and product sales. Part of this structural change is due to that you acquired SFS in December, but the very strong increase in product sales to end customer, could you explain a little bit that development?
Yes. You're totally right, Anders. The reason is that we have now acquired SFS Finance, so that's one part of it. The product sale increase are due to two reasons. Primarily Japan. We have a larger customer in Japan, they have actually acquired the units.
Okay.
Also in the U.S., it's more common that the customers in the U.S. are acquiring the units. I would say the increase in the first quarter 2020 is primarily due to Japan.
Is that a long-term effect that you think the clients will gradually start to purchase your equipment instead of renting?
In general, no. For QleanSpace, we have seen that earlier, and there again, it's more common that the customers would like to buy QleanSpace. For Japan, et cetera, no, we don't foresee any change in that. That was just a decision by that specific customer.
Okay. Normally, how is that affecting that equipment that should have been sold to finance companies that you install have as a sale instead?
Yes. We recognize the revenue when we deliver it. That's a straight sale.
Yes.
Also we have a separate service agreement on that. There are additional revenues coming also from product sale agreements.
It should mean that you could have had a higher sales recognition if you had sold the whole contract as a 36-month contract instead of having it as a sale, the purchase. Then you only report the revenue from the quarter.
Yes. I would say that a three-year contract value is more or less equal to a product sale value.
Okay.
Simplified. If we have an RPG contract three years that we sell to a finance company or we have a PPG, similar value we're talking about.
Yes. The sales recognition, you are not selling the 36-month contract.
If we sell it to a finance company, that will be like a sale, right?
Yes, exactly. Otherwise, if you have a sales agreement, you report, I assume, the monthly or.
No, if we sell a unit, we recognize the full value.
Okay. You add on the service agreement.
Exactly. We add on the service agreement, and of course, the service component, that is recognized month by month.
Exactly. Okay, then I understand. The margins on those specific is not really any major difference?
No. There we have the average gross margins that we have disclosed earlier.
Okay. Excellent. That's all the questions from my part.
Okay. Thank you very much, Anders.
There are no further questions registered, so I hand back to the speakers for any closing remarks.
Okay. Again, thank you very much. I hope you are all as happy as we are with the strong result in Q1, and looking forward to come back to you with Q2 later in the year. Thank you very much from us.