Excuse for the delay. We had some technical issues. Now we can start. Good morning, everyone, and welcome to this presentation for Scandi Standard results Q4. My name is Jonas Tunestål, and I'm the CEO and Managing Director of Scandi Standard. By my side, I have Fredrik Sylwan, our CFO, and I'm pleased to have him by my side. I'm also glad to report a strong quarter and structural growth. Moving to the next slide, please. Here we see 5% growth in net sales and increasing volumes, and that is supported by strong consumer trends. It's worth remarking that Q4 is always our seasonally weakest quarter.
But we have our strongest quarter in Q4 in Scandi Standard history, and that is even if we had the startup cost of the newly acquired ready-to-cook platform in Lithuania, and the startup costs are worth SEK 40 million in the quarter. So, that's a strong underlying improvement in EBIT. And that is due to that our country improvement programs are progressing well, and you can also see a strong performance in our ready-to-eat business. Then, after the period, we have done an acquisition of our ready-to-eat plant in Oosterwolde in the Netherlands. And that plant holds two of Europe's most efficient breaded proteins, which will provide a solid platform for the future for us. And that means a 90% increase in capacity for frozen breaded products, which will be a fantastic growth platform for us for many years.
Then, at last, we have a dividend proposal of SEK 2.50 compared to SEK 2.30 last year, and that's an increase of 9% compared to last year. That reflects the good track that we want to deliver our financial results. If we move into the next slide, please. Here's the reason why we see a strong demand. It's related to these three value drivers for chicken. It is responsible, safe, and nutritious. It is convenient, versatile, and faithful. It is affordable because it's sustainable. We move to the next slide, please. Here, you can see the strong historical and ongoing consumer trend for chicken. On top of the increased consumption for chicken, it's also benefiting from a long-term inflow from other proteins. We can move into the next slide, please.
One of the major reasons why it's benefiting from other protein is because it's sustainable and affordable. As you know, prices have always been important for consumers, and the focus has increased even more in the current environment of high food prices. Chicken is affordable in all segments, and it gives us further opportunities to drive long-term volume and value creation. We see future opportunities to drive more value out of the chicken due to its affordability. We move into the next slide. On this slide, we want to present our EBIT per kilo measure. EBIT per kilo is a good measure of our value creation in our business. As you can see on the figure to the right, momentum is positive. In the year, we have a significant increase from SEK 1.69 to SEK 1.82. Q4 is our seasonal weakest quarter.
In the different colors in the diagram, you can see the development in the different segments. So, we see a strong performance in ready-to-cook and rolling 12, and a decline in ready-to-eat rolling 12 due to the missed contract last year. But the progress since it bottomed out last December is positive, and you can see that in the quarter numbers, not least in this quarter. In spite of the startup cost in Lithuania, also Q4 EBIT per kilo was higher than last year in Q4. Our focus is to climb the value ladder, and that is progressing well. Moving to the next slide. This slide reminds you of our strong market position in all our five home markets, and the countries are highly consolidated. The markets had large hurdles for new entrants.
They can individually be regarded as semi-closed markets due to the strong consumer preference for domestic produce, and due to our strong market position, our own supply decisions have a meaningful impact on market balance, which has helped us in the recovery process from inflation, but also note that each market, however, also includes consumer segments with less sensitivity for provenance, and then can move to the next slide, please, and now the startup of our acquired low-cost ready-to-cook platform in Lithuania, and the reason is to fully utilize the potential in our existing markets and clients. It's important to include a low-cost and high-quality hub into Scandi Standard, so after this long period of searching, we have found the ideal target in Lithuania in Q4 and started ramping it up.
It is a factory, a state-of-the-art factory that can produce 20,000-25,000 tons in grill weight, and the plant is best in class when it comes to quality and cost, and the plant also is right-scaled for our current needs and the potential to scale up as needed, and it also has a good fit into the acquisition that we've done in Oosterwolde that we'll talk about later, and the intention is to build a fully integrated hub that will allow us cost control, animal welfare, food safety, and all the high standards that are needed for us to find the right customers and also provide them with the right raw material to the right market, and as an example, to sell these high-quality products is to segment in the existing markets less sensitive to provenance, but it's also a raw material provider to our ready-to-eat plants.
And we're also entering new and increasing our business with existing export clients. And on medium term, the target, EBIT per kilo target, will be well above SEK 3 per kilo. So now we're ramping it up, and I'm really proud of the first quarter ramp-up, and we will continue that ramp-up in quarter one. So, next slide, please. And here's a picture of our main ready-to-cook plants. And note in the right-side corner, there are these 11 million chickens in Lithuania, but that's just one shift. If the market has a positive momentum, we have the possibility to scale up with another shift and double the production. Next slide, please. And now we move into ready-to-eat. And this slide is a reminder of our strong historical organic growth in our ready-to-eat business, and I'm confident that it will continue the trend. And there are two main types of business.
There are these three-quarters breaded products in the European market, and one-third of this is integrated local business in Sweden, Norway, and Finland. And it has a high return on capital employed, and it also has a high EBIT margin, and the margin is around 6% for the last five years. And as you remember, we lost some continental contracts in 2023, but since last December in 2023, we have grown quarter by quarter with new better margin business, which is reflected in our ready-to-eat result in this quarter. And we can move into the next slide. And here we want to present that there are market players that are divided into different tiers. There are European players, there are regional players, and there are local players.
Scandi Standard has been a large local player with its 36,000-ton product weight in 2024, and that is about 5% European market share. The production platform, that is not competitive in the top tiers, typically a mid-tier competition. We also see and have seen a stagnated market after COVID-19 and inflation. There are some European overcapacity. This gives us the possibility to acquire this plant, and we see, and our prognosis is that it will grow, and we've also seen that it started to grow now in 2025. The market expectation is that it will grow 60,000 tons until 2029. Let's move into the next slide, please. If we look into the acquisition, that will move us into top tier in terms of production facilities.
This is a plant which holds two of the European largest and most efficient breaded product lines in this Factory C you can see up in the right corner. It is one of the few with this advanced form product capability. It was impacted by a fire in 2023. The total investment that we will do there is EUR 28 million, and that includes the acquisition price and the required investment we need to do. It is in our plan replacing a EUR 30 million investment in Denmark, and that EUR 30 million investment in Denmark has only given us a 20% increase in production capacity. As I said in the first slide, this will increase our capacity with 90% to a lower price and more efficient. It is a plant that is tailor-made to meet the criteria of the largest clients.
There's also another important thing, and it is that now we have two-site operation, and that is to satisfy the contingency criteria that is needed. The operation is planned to start in Q3 in 2025. That will, of course, come from startup costs and have low utilization in the beginning, but we will continue to fill this factory up. If we move into the next slide. Now we have talked about the acquisition in Lithuania and the acquisition in Netherlands. If we look at it in a more holistic perspective, our Lithuanian business is a low-cost and high-quality end-to-end hub in combination with the state-of-the-art breaded capability in Netherlands and Farre that will give us feed efficiency, low labor costs, efficient logistics, together with a scalable platform.
And with this together, with our strong position in our home market, it gives us very competitive combined offers to our clients. And this gives us a competitive strength to be able to grow in the market and take market share. But typically, it has long lead times in supplier switchovers, so we need to be patient to onboard the full value chain business with customers. But meanwhile, Lithuania has secured strong customers in orders in the fresh meat business. Let's move into the next slide, please. And now we're moving over to our segments, and the table shows the reconciliation of our segments. And adjusted for startup cost in Lithuania, we see a strong positive contribution in both ready-to-cook and ready-to-eat. And as always, we want to remind you of the category Other that includes the ingredients business and our corporate costs. Moving to the next slide, please.
Now we're looking into ready-to-cook, and we see strong growth, 5% increase in net sales, 1% increase in volume. That's a positive mixed effect as well. Adjusted EBIT is SEK 63 million compared to SEK 77 million last year, but that includes the startup cost in Lithuania. We do see some increased Lost Time Injury Frequency that increases from 22.9 to 25.6 last year. We are taking actions to return to the long-term positive momentum. We have a really good long-term positive momentum, but the latest quarter, it has been challenged by these high numbers of injury. We have a clear focus to get those numbers down again. We're proud of our animal welfare indicator that are well below target, and that ends on 9.8. Next slide, please.
And here you can see our historical development, and we're proud to say that we've now surpassed the historical peak with a combination of a 4% increase in volume. And there are historical track records, strong growth, and stable margins, but during this period of COVID-19 and an unsuccessful differentiation strategy in Denmark that pressed our margins for a while. But we have forceful actions and secured a successful turnaround, as you can see, and we have a clear roadmap to significant EBIT per kilo increase. Next slide, please. Now we're moving into export prices, and we see a positive trend in realized export prices. There's still continued uncertainty, but we see a more stable increase, and we're also implementing good progress there. And that is due to that we're looking into working more and more with our strategic clients.
We are better at S&OP process, the sales and operations planning. We are increasing the flexibility with increased ready-to-eat, so we can move raw material from the market into our own business and vice versa. And we're also reducing our exposure to the spot market. And then we're always working with broadening our export permits from all countries. Moving to the next slide, please. And after a long period of increase in feed prices, we now see a more normalized market. There are still uncertainties, and we need to be prepared for further volatility, but our model has most of the input cost linked to our top line. And we also want to state that we have no or limited trade with the U.S. and China in this area.
We also want to highlight that feed cost is one-third of our total cost base, so the feed cost is an important input cost for us. And the short production cycle compared to other proteins enables us to be more agile in our supply chain. When we look at other costs as packaging energy, we see the cost at a more stable level. We are hedging the majority part of our electricity exposure. Let's move into the next slide, please. And on this slide, you can see the channel development in more detail, and through this detail, you can notice an increase in all channels in the quarter. We do see a slight decrease in net sales in Ireland. But in general, we have been seeing strong demand growth in several of our home markets in the quarter. Next slide, please.
When we come to ready-to-eat, we see a strong performance, and we have talked a lot about ready-to-eat in this presentation, but we want to state that we are presenting a strong quarter within the segment. Net sales are up 7% driven by a combination of existing and new clients. EBIT is SEK 40 million compared to SEK 22 million last year, and the EBIT margin is 6.2%. The expanded capacity in Norway is now finalized in late Q4, so the contribution will come from Q1 and forward. We see a stagnated QSR market after COVID-19 and inflation, but we're expecting the market to grow and materialize during 2025. Also, our Lost Time Injury Frequency is down compared to Q4 last year. Next slide, please. Here you can see the figures, and it is, of course, very encouraging to see the continuous growth of retail in ready-to-eat.
However, the development of food service channel is declining due to the regions mentioned before, and ready-to-eat, it will be an important long-term tool to develop EBIT per kilo, and i.e., that is increasing the value of our protein, so with that, I will hand over to Fredrik to take a deep dive in the financials.
Thank you, Jonas. Good morning, everyone. As Jonas mentioned, Q4 was a strong quarter. Next slide, please. In fact, our strongest fourth quarter ever. We do see positive development, where top line was driven by both RTC and RTE, supported by strong underlying EBIT growth adjusted for Lithuania. For finance net, the quarter included exceptional costs, partly due to timing effects and one-time expenses. Additionally, higher interest rate costs were a result of increased debt levels and greater availability of liquidity from the refinancing, as well as the expiration of favorable interest rate swaps.
Regarding tax, was the increase entirely driven by Sweden, as last year's tax level was unusually low? This year's rate is more representative of what to expect going forward, so in summary, we saw exceptionally high finance net costs, while the tax level is now more in line with expectations. Next slide, please. Our return on capital employed continues its positive trajectory, showing a significant improvement compared to the previous year. Meanwhile, return on equity is slightly below last year, primarily due to higher finance net and increased tax expenses, as previously discussed. At the same time, our equity ratio remains relatively stable, despite the investment in Lithuania and the acquisition of Jæren, reflecting a balanced capital structure and continued financial resilience. Next slide, please. We delivered strong operating cash flow supported in part by lower CapEx, which should be viewed in conjunction with business combinations.
Finance cost increased, reflecting both structural factors and certain exceptional costs incurred during the quarter, as previously mentioned, and paid taxes rose primarily due to higher payments in Ireland and Sweden and Sweden's tax refund last year, which created a comparative impact. Our net interest-bearing debt increased by close to SEK 240 million in the quarter, with the acquisition in Lithuania accounting for SEK 270 million of this increase. Next slide, please. Working capital remains at a solid level. Inventory increased by 2% year- over- year, driven by higher operational inventory and live animals, partly offset by a reduced level of finished goods. Receivables remained stable. Payables and other liabilities increased marginally, primarily due to timing effects. Our target for working capital as a percentage of rolling 12 months of sales adjusted for financing is 6%. In the fourth quarter, this metric stood at 4.4%, including financing adjustments.
But as noted earlier, Q4 is our seasonally weakest quarter, which is also reflected in a lower than average working capital level. Next slide, please. For this year, total CapEx is estimated at approximately SEK 550 million , which includes the necessary investments related to the recently announced acquisition in Oosterwolde, in addition to the acquisition price. Effective tax rate expected to be approximately 20%. As Jonas mentioned earlier, the proposed dividend of SEK 2.5 per share, amounting to SEK 163 million , an increase of 9% versus last year, will be payable in two installments during the second and third quarter. Next slide, please, and back to you, Jonas.
Thank you, Fredrik. So next, I would like to talk about the cornerstone and license to play for us. And there are three areas when it comes to creating trust for what we do.
And that is responsible animal welfare, it is safety for consumers and employees, and it is nutritious products. And this is really closely linked to our sustainability scorecard. So if we move to the next slide, please. And continuous improvements in antibiotics results in Q4. So I'm proud of the progress that has been made during the year, including meaningful reduction of antibiotics use and our main animal welfare indicator, foot pad score. We have, though, seen a setback in LTI measures the latest quarters, and we have a strong focus to get back on track. So the result in 2024 was not good enough, and we're working hard by implementing routines and measures to improve our results in 2025. The next slide, please. And the ones of you that have followed us for a while have seen this pillar before.
These are the four strategic pillars that will support us in achieving our goals, and it is increasing the value of our protein that links really much into the acquisition in Oosterwolde, where we can increase our ready-to-eat business and process more and more and take more value out of our chicken, but it's also linking in to ramp up our efficiency part, where we now are investing in an efficient value chain from farm to fork, and all of this we do with sustainable means in every step we take, and we do it as one company and working better together, and that emphasizes the collective effort of shared goals and team cooperation, and that leads to improved performance and outcomes, so if we move into the next slide, and this slide, we want to remind you once again of our 2027 targets.
Here at the right-hand side, you can see the targets. We are expecting strong growth over the coming years. We set target for 2027 of 5%-7% net sales growth. We target an EBIT margin in excess of 6% by 2027. We're also measuring the progress in terms of EBIT per kilo, for which we have a supporting target of SEK 3 as presented in the former slides. Then we want the reduction of our CO2 emission, a low antibiotic use, and a really high focus on the employee welfare metrics. If we move into the next slide, please. As a reminder, on this slide, you can see that our structured effort is resulting in recognition of the former improved ESG ratings. I can proudly announce now that we have achieved an A in the CDP rating, and that is published today.
That's a few companies that have achieved A rating, but an even smaller group with an A rating. The high scores reflect our standards and the sustainable nature of our business. That's what we're really proud of. If we move into the next slide, in order to reach our EBIT margin, we need to increase our EBIT per kilo from the current SEK 1.82 to above SEK 3 per kilo. I will say some examples of actions that we are taking. It is an investment in our ERP system and roll that out in all countries so we get a scalable platform and a transparent platform where we can measure all between the different countries. We have a strong focus on hunting new business in ready-to-eat, and that has yielded surprisingly good results in retail sales so far.
It illustrates our capabilities in our convenience product that can be utilized. Now we also have acquired a new platform in Netherlands. The investment in Stokke to support the local growth in Norwegian RTE segment. The new capacity will be in production late Q4, as we said, and it will yield in Q4 and onward. Then we're investing in leg-deboning capacity in different countries. We have lately invested, as you know, as we said before, in Ireland and in Denmark, and we're looking into which countries we can debone even more legs. That's also part of what we're doing in our Lithuania business and ramp-up plan. If we move into the next slide, please. This is the summary and outlook. We have the strongest fourth quarter in Scandi Standard history, and that is supported by strong consumer trends across all segments.
We're taking material steps toward our financial targets in 2024, and we're planning for another significant step that is expected in 2025. We see large potential in our newly acquired business, and at last, we have a dividend proposal of SEK 2.50 compared to SEK 2.30 last year, and that is a 9% increase, and that summarizes the fourth quarter presentation. We move into the next slide and open up for Q&A.
Thank you. If you would like to ask a question, please press star, followed by one on your telephone keypad now. If you change your mind, please press star, followed by two to withdraw your question. When preparing to ask your question, please ensure your phone is unmuted locally. We have our first question from Erik Sandstedt from Kepler Cheuvreux.
Hi there. Thanks, Eric. Thanks to Kepler Cheuvreux . A few questions, if I may.
Firstly, on this target by 2027, the SEK 3 per kilo, just a few questions around that. I mean, we saw a pretty steep increase in 2022 and 2023, but now a somewhat slower growth rate in 2024. You still seem pretty confident about this target, but should we expect it to be back-loaded, or rather a gradual improvement every year towards 2027?
You will see a gradual improvement in terms of our improvement in the business year by year. But of course, now when we're ramping up business in Q1, Q1 in Lithuania and acquisition in Oosterwolde, that will come with some ramp-up costs that will move it and make it a little bit more back-loaded. But that is also the foundation for building this long-term growth in EBIT per kilo.
So we feel confident about EBIT per kilo, but of course, it's a little bit impacted by the ramp-up we do in the business. But the underlying business, there will be an improvement in line with year-on-year expectations.
Yeah, thanks. Also, in terms of this target, I mean, do you see other leading industry peers being at that target already, so to speak? I'm just trying to get a feel for the reachability of it, whether there already are peers being at a similar level with a similar mix.
Yeah, there are both in terms of other competitors in Europe that we can see are at that level. But it's also proven internally in our business the ability of reaching the SEK 3 per kilo. So we feel confident about that number.
Yeah, good. Thanks. Then also a few detailed more financial questions relating to the quarter here and 2025.
I'm not sure if you mentioned it, but could you say something about startup costs for the Dutch acquisition in terms of magnitude and timing?
We will get back to more exact in May, the startup costs there. But it will be we are now, as you said, SEK 28 million in total investment, so we will now get that plant up and ready. And then, of course, in the later quarters, there will be some ramp-up costs, but we will get back on that in May. But they are quite modest. It's not very material cost in that ramp-up.
Okay. And then also in terms of financial expenses, there were some pretty big non-recurring items on financial expenses in this quarter, and you alluded to it. But how should we think about that going forward? Do you have any feel for that in the coming quarter?
Yes.
And I would say that half of the increase is driven by more debt and the favorable interest rate swaps that have expired during 2024. And the other half is driven by FX and one-time items in Q4.
Okay. And then finally, on tax rates, I think you guide for 20% tax rate in 2025. Is that also what to expect for Q1, given that it was very high now in Q4?
Yes.
Perfect. Thank you very much.
Thank you.
Thank you. We have our next question from Simon Brown from ABG.
Yes. Thank you. Hi, Jonas and Fredrik. Congratulations on another year of growth. My first question is on the margins in ready-to-cook. Even when adjusting for the restructuring cost in Lithuania, the EBIT margin is down year- on- year.
I know there are some seasonality effects in Q4 specifically and so on, but more in general terms, how should we think of the timing of the next step up in margins in ready-to-cook? Do we have to wait for Lithuania to be fully up and running to see this? I know you said you're back to sort of pre-pandemic levels, but I just wondered if you can give some reflections on where you are on initiatives that you mentioned on the CMD, such as deboning and shifting volumes into higher margin countries and so on. Thank you.
Yeah. In ready-to-cook, we're on this journey by increasing the margins and, as you said, deboning more. What we're talking about, taking more value out of the protein, that journey will continue during these years.
Of course, as you said, it's reflected by the startup cost in Lithuania, but it's also in Q4. When we see these strong margins in ready-to-eat, it's typically that they're moving a little bit between ready-to-cook and ready-to-eat in one single quarter, but the underlying trend for us is to increase the margin in ready-to-cook as well, so we have a lot of initiatives there to keep that trend, so it's not only about our margin increase will come with more process. We're also focusing on getting more efficient process in our ready-to-cook business, and I think that the underlying trend is good there as well, even though, as you noted, ready-to-cook, even if we take away the SEK 40 million, is slightly lower, but on the other hand, it's a huge increase in ready-to-eat, and we see that movement from quarter- to- quarter.
But the long trend is that we take more value out of it in ready-to-cook. And we see that we have a lot of initiatives to continue that trend going forward.
Thank you. And the second question is on Lithuania. Can you say something about the volume ramp-up there? Will it be dependent on sort of the operations in Netherlands, or could that function as a standalone business fully until that is up and running? And how is demand there in 2025? You mentioned last quarter that you had demand for the small quantities in the end of 2024, but can you comment a bit on the Lithuania standalone business?
Yeah. We see a really strong market, and we're actually a little bit surprised of the timing on onboarding customers.
What we're now doing is ramping up the business, and that is taking time, but it's going a little bit faster than we planned. It is about some investment that we do and also onboarding farms to be able to ramp it up. Lithuania should be seen as a standalone business in terms of its business case. That's how we've calculated it. We see it as a SEK 3 plus EBIT per kilo business without Oosterwolde. They are not linked into each other in that sentence. On the other hand, we see it as a really good full value chain thing when we're able to actually have the growth capacity, having a slaughter business, and at the same time increase the value by doing our RTE business. The size of our Lithuanian business, full scale, together with Oosterwolde, is a good fit.
But it should not be seen as we're waiting for ramping up our ready-to-eat business. Lithuania is a good, strong, standalone case, and we are selling a lot of our products to our strategic partners, but also internally to our RTE business today.
Yeah, sounds good. The final question from me is on the Netherlands. Can you say something about the critical mass you need in the facility? Is the current sort of capacity in Lithuania sufficient to sort of supply that solely, or do you need sort of to fill up with external volumes to reach critical mass? And when do you see sort of positive, well, good profitability from the Netherlands?
Yeah, I think that it's divided into two different pieces, and we need to get back to it in May, the presentation of our ramp-up.
But in broad terms, I can say that I think that we will supply with our own raw material always as the first choice, but we'll also, even today, in our fillet business, buying in externally. And that's an S&OP optimization that we do. We can sell things to higher price externally. We do that, and then we buy in raw material from our certified partners. But we're trying to optimize our internal value chain as much as possible. When it comes to volumes or critical mass in Oosterwolde, it should be seen as we will already now, in some segments, we have grown out of capacity in Farre. So in those segments, we will start putting business into our Oosterwolde factory when it's ready and up and running. On other segments, it's about continuous things today, and we're onboarding long-term customers.
And in those segments, it will take time to onboard those types of customers. That's why we say that it's really much a long-term platform for us to grow. So I think it will take years to have full capacity, but we will start by getting it filled up with a business where we have already run out of capacity already late this year. So it should be seen as a plan integrated with Farre in that terms when it comes to balance the production capacity.
Okay. Thank you. Thank you, guys.
Thank you. As a reminder, if you ask any further questions, you can press star followed by one on your telephone keypad now. Thank you. Thank you. We have our next question from Daniel Schmidt from Danske Bank.
Thank you. Good morning, Jonas and Fredrik.
Just to follow up on the morning, on the capacity expansion in the Netherlands, which is giving you almost twice as much capacity versus the 20% that you were planning for, and I hear what you say in terms of transferring production already at the start of once you take over in the Netherlands from Farre, which seems to have reached sort of its full capacity and needs to be expanded, but given that you acquire and add so much new capacity, isn't there a risk that there will be an underabsorption of fixed costs for quite a long time coming from the Netherlands?
What we see is when we look into this acquisition, it is a really good opportunity that occurred for us because getting this type of business to the price that we're in, it will give us long-term competitiveness.
That's about the timing, and that's also about the low cost out of it. And then we have the ability to actually ramp it up. If we were building a new house to a much higher price, then it will be a much tougher business case for us to ramp it up. So I really think that now we have the ability to have the continuity. We have the ability to grow on this platform. And in some segments, we're already filled up, so we can move that to Oosterwolde. And it should be stated as two separate lines that actually can be driven separately. So it's not about manning up and having a lot of costs operating at low volume. It's different lines that we can drive in different segments. And the first line, one of the lines will be ramped up earlier than the other one.
So I think it's a good opportunity for us to actually grow organically without having this massive overhead cost.
Okay. So you're not going to come back to us in a year's time and say that you grasped for too much?
No. I think that we are.
That's good. We have your word on that.
Yeah, yeah. We will.
Okay. That's all from me.
Thank you, Daniel.
Thank you. We currently don't have any further questions. As a reminder, to ask any question, you can press star followed by one on your telephone keypad now. Thank you. As a reminder, please press star one on your telephone keypad if you would like to ask any questions. Thank you. We can confirm that there are no further questions, and I will pass over to the management team for any closing remarks.