So hello, this is Torbjornander and we have Matt Franzen on the line as well. Welcome to the Q2 report or 6 months report from SACCO. And I will tell you when to change slide and I suggest we do that now. For you who do not know us before, the way we create value for customers, etcetera, is both by Imaging IT, by far our largest operation and also we're all kind of the profit generation right now originates from or the substantial at least. Imaging IT, where we provide management system images for healthcare.
And that means that we take care of the images. We start in radiology, but we do more ologies today. I can say this is image handling in parallel to the electronical medical record systems hospitals typically have. Then we have business innovation, which is more or less a greenhouse, obviously smaller businesses. And we have these are, as I said, they are greenhouse products.
Some of them are over the history, we have had some of them have been included into other business units like we moved digital pathology into Imaging IT about 5, 6 years back. We have sometimes shut down operations. We have an osteoporosis operation that we had there before. We have some of us partnered off. We spun off a whole division of mammography devices a couple of years back.
So these are things that should something should happen. Another kind of trajectory they can go into is actually becoming a business unit like the big ones are. But all of these are open. It's things that we experiment with for the future. The 2 we have there right now is Orthopaedics, which is a fast growing operation or fast growing market, where orthopedics is replacing joints and repairing the human body in different ways.
In order to plan that, they need software and planning software. We are very, very good at that, probably the best in the world. And the second one is medical education, where we facilitate training of medical doctors. We started off with the sections of real people. But we are doing that in virtual mode as that and then you have a lot of advantages from that.
Business innovation has been hit by and benefited from COVID-nineteen. Orthopedics has been hit because elective surgery has been more or less shut down in most of the world, while the education has increased because training medical students remote has become a very important task and we're very good at that. And then finally, we have secure communications. That's the roots of sector from the beginning. We established secure transmission.
And it's that we will do very high level encryption system, especially mobile device for defense and national security level encryption, which has been impacted by COVID-nineteen in different ways as well. I'll come back to that later. Next slide. The value we create for society. We do medical imaging is an area where part of medical and medical will have a demographic problem in too many old people or too many.
We have many old people in comparison to the working for pay is going to pay for it all. And that means productivity and quality needs to go up. And we have that as a business ID for the medical side of things. We are also working with increased cybersecurity. We have had tremendous attacks on society during the COVID-nineteen.
When everyone sits home, there's high risk of cyber threats and ransomware, etcetera. We are doing a very good job in protecting this, both in Europe, Sweden and the Netherlands, which are 3 main markets. And then we are also do a lot of research in within Business Unit Innovation. We have Business Innovation. We also have a research division.
And we have today, we also provide a lot of workplaces. We have more than 800 people in Fortune Campus currently. Next slide. Q2 highlights. The 6 month period, we have increased in order bookings and profit.
We are up or more than double up the order bookings. Now a lot of that is from a very large order we got in Greater Manchester and U. K. So as our some of our orders are very large, this order bookings goes up and down between the quarters. Our profit per share went up as well.
It's currently 2.33 percent, so it's up 51% compared to the previous year. But we do see deliveries limited micro COVID-nineteen restrictions. And we also see that the Q1 was down and then the lockdowns eased a little bit. We could deliver more in Q2 and then now the lockdown is hitting us again. So we are affected a lot by COVID-nineteen in that we cannot deliver all things when there is a lockdown.
Next slide. The financial targets for the group are fulfilled. Our equity to assets ratio, which is our top priority, we need to be a stable and trustworthy company, should be above 30%. We are 55% despite actually having a redemption program for shares that we use instead of it's more or less equivalent to dividends and that was paid out during the quarter. And then we have a profitability target of 15% or better.
That has gone up to above 20. That is not something we want to have above 20. We have a huge opportunity of growth and we want to still be profitable, but we want that to Right now though, a lot of those extra margins is because Right now though, a lot of those extra margins is because we cannot travel and the large exhibitions are shut down or closed or turned into virtual ones. And then that reduction of cost and travel has increased in a larger profitability. So we're well above that as well.
And then we have our main goal when the first two are fulfilled, we want the growth of profit in EBIT per share of 5 years to be above 50%. We are currently ways above that at 140.5. So we are growing in a nice and steady pace. Next slide. Seasonal effects.
We want to point out that the variation between quarters have increased in COVID-nineteen. We had larger variations before as well. But now we are affected when countries lock down and open up, that has a huge impact for us. And the variation will continue to be large. And as I said, with COVID-nineteen, it will increase even further until COVID-nineteen is behind us.
Next slide. The COVID-nineteen impact on the healthcare side of the business, exhibition travels are canceled. That, of course, will have a negative impact on long term sales. We meet a lot of our future customers of these large exhibitions. Now they are turned into virtual exhibitions, but that is not really the same thing.
In the short term, it means less cost. Delays in deliveries due to restrictions, visits and financials training hospitals, we have the double effect of that we are not allowed to go there with our installation personnel. In some parts of security, everything needs to be installed by couriers. We're not allowed to ship them. And that, of course, we can deliver if couriers are not allowed to travel.
And also, we see a financial strain on hospitals that affect us mainly on the in the U. S. Market where hospitals actually are now is a little short of financial means. That will go over, but right now that is the case. We also see that elective procedures are on hold.
Elective procedures is the kind of medicine that is planned like replacing your hip or something like that. That is now most of those hospitals are turning into COVID-nineteen hospitals and they do much less elective procedures. The largest impact of that is in our small business unit of orthopedics where the main business is elective procedures. We also see on the upside that tele diagnosis has taken a leap. Also, radiologists and pathologists want to work from home.
And if they're going to work from home in pathology, for instance, there's no other way then to digitize. You can ship large wooden box with glass home to pathologists. But they can sit with a monitor computer at home during clinical diagnosis. We see an increase in interest, especially pathology there. And we also see that post COVID-nineteen patient volumes may overwhelm hospitals because all these people who didn't get the hip now, they will still need it.
And that will drive demand for efficiency and improved IT solutions with this over demand is coming after the COVID-nineteen is over. And that means you have to replace old IP systems that are not deemed to be affected. Next slide. On the cybersecurity market, we see that exhibitions have commenced ads for medical. And then of course, we also see our customers on exhibitions in that area.
Delays in deliveries, as I said before, some of our products are so sensitive. They have to be delivered by courier. If the courier are not allowed to travel, we can't deliver. And then we cannot invoice either. Upside increased demand for cyber security products and mobile Clifton solutions.
There are some been some very serious attacks or break ins. For instance, there was a couple of weeks ago a break in in 1 European country's internal defense video conference where hacker broke in and luckily he told everyone about it. But it was a really bad thing happen. Of course, that increased demand for our approved products that are made for mobile applications. And then long and short term increase in demand for secure mobile workplaces as a follow-up.
Next slide. In secure communications, the Q2 highlights, increased order bookings. Yes, we did grow the order bookings there as well. Mobile VPN, we have a mobile workplace with a VPN, which is quite different from the VPNs you all have in your laptops. It's a level 4 VPN, which has a huge benefit if you do deliver things that have to move all the time.
And we got a approval for national restricted level in Netherlands. And of course, that's very good because now we can use it for things that are classified in the Netherlands for communications. However, we see inadequate margins in Secure Communications and we need to improve those. Next slide. So growth initiatives in secure communications is these mobile secure workplaces, where we are very, very good.
We have good products. We have good collaboration with especially Samsung for their pads and we have a lot of demand for that side. Then we have a part in critical infrastructure, the most sensitive part of all society today is, of course, infrastructure, electricity, Internet, things like that, where an attacker of a country can attack that, that no military invasion is then needed. And this has to be protected as everyone is connected to the Internet today. And we have a growing operation doing that.
We also see a first consultancy work done in Critical Infrastructure from other Scandinavian countries. So far, we've been mainly working in Sweden. And then we have for a secret level, the highest approval level you can get is high speed encryption for networks. That is very high speed encryption between, for instance, bases or our offices at the government level with secret approval is needed. These we build entirely ourselves.
It can be and cannot be built on off the shelf components. Next slide. Business Innovation highlights. We have remote and interactive medical training in our medical education area. It was very interesting because in general, we demonstrated with La Sapienza, one of Italy's most famous renowned universities, who had all the 1st year medical students at home.
And they asked us if we can provide training at home over computers or over Ipass of different kinds. And we said we can. And they trained all of those students remote using our equipment and that became very widespread. And we did some webinars that were very well attended. And we have now follow-up orders on that.
And one of them that is very interesting, one of the world's largest universities in the whole which is in Mexico City. It's New Guinea. And they have about 13,000 medical students and 3 and a half 1,000 of them are now using our medical training software for training students remote. We have other orders as well coming in. So this is where we sold our virtual section table before, but now we're selling content to this area.
A very nice area. And then on the other side is that the table the vertical section table sales are down because of co bathing line at same time. So a very big impact on the type of business we do. And then Orthopaedics, we see a strong negative impact from COVID-nineteen because you don't need to plan operations that when you're not doing them. So there's a negative impact for orthopedics.
Next slide. The trend in business innovation. We have new areas as well in Orthopedics, which means that we're going post operation for analysis for even a prestigious move. If a prestigious move and there is motion between the human skeleton and the prosthesis, it should be replaced. But it's very, very difficult to see that.
We have an image analysis based system where actually can measure that movement analysis. We can save a lot of operations from at all being done. And the revision, a second operation of a prosthesis implant is dangerous and very expensive. The first one is not very expensive, but the second one, we need to take out the old one and replace it, is both high mortality and also very costly. And if we can reduce these, that's a huge medical advantage going forward.
And we have a very good software doing that. We can use a variation of that software for measuring also for clinical research for the optides companies, if they actually can use this or they can use it for evaluating aproplasthesis works or not. Then you do it for directly after the implementation or operation and then you measure a few months later by the basic technology, it's the same. Is it stuck in or glued to the skillet appropriately or does it move? Medical education, as I said, we are transitioning from a device delivery to service.
We can use a table, but you can also use normal computers of teaching students both remote and in the facility. And we're more selling subscriptions based on a very large database we have now for content of interesting pathology and cases. And in research, which is the 3rd area, we are not doing any revenue, but we do have a large focus on AI for medical applications there. Next slide. The Q2 highlights the Imaging IT Solutions, which is our biggest area.
We have a large increased order bookings with huge regional contracts as for Greater Manchester, which is about 3,200,000 people served by an order medical imaging will done by handled by us in the future. Long time a long range contract, National and many years forward. It will not be a onetime revenue increase, but more annual revenue per year it works or as long as we have it. And then we have an expanded customer base in the U. S.
We have reported 2 new customers are top rated. We are not allowed to tell who they are yet, but they are on the top ranked hospitals in the U. S. And we see also a very positive market for our new business model, which is actually pay as a service for our systems instead of the licensing. This will affect cash flow very much because the cash will come to year.
It will become recurring revenue instead. But all over, we believe a lot in this model and we were very good in timing of it because COVID-nineteen has reduced liquidity with the customers. But of course, if you pay for usage, that will be possible to handle. So we have a large increase in interest for second one and that type of operations. We're also delivering more and more over the cloud.
And we got we just finished the install in one county in Sweden, where everything is done over the cloud, a cloud that is hosted by ourselves. Next slide. That's the order from Greater Manchester. That is one of the largest region wide imaging initiatives in Europe. And there are a few more that is about the same time, but there are very few of them.
It's operations that is covering 3,200,000 people and about 4,000,000 exams per year. Next slide, growth initiatives in Imaging IT Solutions. We see new markets coming up. We have delivered pathology to Korea. We have orders from Digital Pathology Israel, for instance, which is the first we've done of pathology in there and the first ever in Korea.
We also see more enterprise imaging opportunity. We are the only vendor in the world right now who can deliver pathology, cardiology, radiology and other imaging ologies in the very same system. You don't have to buy 2. And of course, that's a huge efficiency increase in hospitals if you don't have many systems to work with, but fewer. Consolidation of the IT systems you have is a strong trend all over the world.
We are focusing in the U. S, that's the largest market in the world. We topped customers at satisfaction with best in class, which is a research firm doing customer surveys in medical IT systems. So we have been top ranked for 7 years in a row. We are small market share still in the U.
S, but we are growing based on our customer satisfaction. And of course, it's a large possibility to grow if you are small in the market as opposed to some other markets like Sweden, where we have something like 85%, 90% of the market and growth opportunity is limited therefore. Next slide. I will leave the word to Max.
Thank you, Torbjorn, and please go to the next slide. We will go through some of the generics in terms of the numbers and have some highlighting comments on that. As you have seen, Torben commented, the order intake for the 1st 6 months was strong. Again, there's big variations between the quarters. And as for the Q2, we had about 77% compared with last corresponding quarter last year.
And I would like to emphasize that the order intake shouldn't be taken as an indication that is fueled by COVID-nineteen because the sales cycles in terms of what materializes its order intake is way longer than that in most cases. And again, the order in Manchester obviously significantly contributed to the nice numbers we see now. As for net sales nominally, it hasn't been all that strong compared with the order intake. Factoring in Net Linnau, for the first time in quite some time, had a stronger Swedish krona means that the currency neutral performance was in 6% for the 6 month period and close to 19 percent actually currency neutral for the Q2. But then once you bear in mind that the Q2 last year was a fairly weak quarter in concern.
And as you can see for the currency comparisons, the Swedish krona has grown stronger over the last couple of months in this financial year actually. Still on fairly high levels compared with a couple of years back. So it's anybody's guess where that's going. But obviously, a stronger Swedish kroner is adverse to our business since around 70 percent of our trading is in foreign currencies. Next slide, please.
So where do we see traction in terms of sales? Well, basically, it's in the bigger markets, obviously, the U. K, Sweden and most of all in the U. S, and it's primarily driven by deployments in the short run here because that doesn't mean, on the other hand, that it's single with the deployment side. We do have had some good traction in terms of extension of service agreements and upgrades as well as adding new functionalities andologies in the existing customer base.
So it's a pretty different view on that. Rest of Europe has had a bit of a sluggish trend in the short run, but I wouldn't make too much of that. Next slide, please. So looking at the different segments, especially Imaging IT Solutions, we cooperated following a fairly sluggish Q1. And that has helped us in getting back on track, if you will, although we weren't that worried about that.
Each quarter has its different characteristics, and volatility is high as we have seen. We have also seen we come to that later on in the fact that we have a good performance in the short run-in terms of the cost. But we see that major deployments was Vanderbilt, Marshfield Clinics and Memorial Hospital in the U. S. And as other parts you can mention, Legion, Holland in Sweden and continued rollout on deployments in New South Wales in Australia.
Customer sorry, secure communication infrastructure had similar sales increases in Imaging IT in terms of absolute Swedish kroner brought to the table growth. It is, however, in this Q2, mainly in the form of the commission developments being having a lower margin in the short term. And the idea is that the margins in that type of business will increase when it comes goes into the phase of being deliverables following approval by regulatory authorities. And as for the business in relation side, as Torbjorn has mentioned previously, we see, first of all, it's a small unit, which makes volatility, everything has been the same, being bigger. And we have, especially in the orthopedics side of business, seen this COVID effect.
The picture in educational side is more heterogeneous because there are some markets that we have seen, as Torbjorn mentioned, increase in interest and demand where it's in other parts of the business regionally like in Asia and South America where it has been an adverse pattern. So that's a
bit of a
we don't have taken in this part of the business due to COVID right now, that's for sure. Okay. Let's go to the next slide, please. Then we come to the let's see, I have to see my own slides. In terms of earnings, operating earnings, while the strong trend in sales in the 2nd quarter especially, combined with the fact that we have, I would say, COVID related restrictions in how much we can travel in the short term materializes in very nice margins.
But again, that's, I would say, will not be sustainable in the long run. And of course, we are constantly monitoring how we can mitigate this in the long run because the mid- and longer term perspective in terms of pipeline management and being able to get elective procedures up and running again, we no one really knows, I would say. It's a significant uncertainty in that sense. So but as you can see on this slide, it's primarily when it comes to profit generation. It's an Imaging IT Solutions driven increase.
And again, compared with last year, we had we didn't have a very, very good start of last year, which we communicated earlier on that, that was going to be the case, and the second part of last year was going to be the stronger one. Now as for the coming 6 months, the jury is still out, obviously, considering the fundamental uncertainties in that respect. So can please go to the next slide, which is the last one I will be presenting to you, and that goes for cash flow. When you see the bars, once you see this slide, you will see that, again, we have significant shifts between quarters. We had a good 1st 6 months this year compared to last year, although the Q2 wasn't that strong.
We had a strong finish of the Q2 this year, which means a lot of the revenue is still tied up in receivables. I'm not too worried about this one in the long run, I would say. We had strong underlying cash flow. And the ending balance of cash is from SEK 249,000,000, which is close to SEK 60,000,000 more than last year. And that is following after the dividend of about SEK 173,000,000 that has just been dispersed during the fall.
So that was pretty much my side of the story. So Torbjorn, back to you.
All right. Thank you very much. I would like to point out as a follow-up on the debt that cash flow here will be impacted by SEK1. It will be delayed not that it will not happen, but it will be delayed, but we'll go over to paper usage instead of paper license. But long term, it will be better both for us and the customers.
So next slide, Tekturn's way forward. Our focus forward next slide again. Our focus forward is again high customer satisfaction. That is how we compete. And if we compete the Giants, we need to have a special edge to it and that comes in keeping customers happy.
And you cannot have happy customers without happy employees. It doesn't work. So we need to be very careful and good also at having good culture and good employees satisfaction.
We want to grow. We want to
grow as much as we can, but we don't want to go below those 15% growing. We do not want to take the margins up to 20%, 25% because that you can only do once, but growth you can continue with forever. So the intent is to continue growing, investing all profits above the 15% on growth. And we also want to see what we say escape to where the puck is going to be. That means we need to be doing things that's ahead of the market, and we've been good at that.
We did digital pathology. We saw the need. We developed system before anyone else was on the market and we now are benefiting from that early mover advantage. Next slide. As I said, we've been the Tesla's top choice 7 years in a row in the U.
S. And our target there is for U. S. Large packs. And we want to do these large packages kind of our core business.
And then we also won the U. S. Small pack, which is not our core, but still we want to keep customers happy. And we also won the Canada award this year, so we have the happiest customers in Canada as well. Next slide.
And productivity of healthcare, the core society's needs, that is the situation now that will continue to be. We need to consolidate all medical imaging because customers want less IT systems in their hospitals. It might be 300 or 400 IT systems and that's very difficult to And in order to And in order to increase efficiency, we need to improve workflows. We spend a lot of effort there in interaction and user interfaces. We also want to use AI to gain efficiencies.
We don't believe in that AI with any overseeable future will replace radiology pathology, it will happen. But it can make radiology and pathology much more effective. And I can quote a customer of ours, Professor Lang, not in Stanford University, who said that AI will not replace radiologists, but the radiologists who use AI will replace the radiologists who don't. And that kind of is a very good quote, and it shows exactly the thing we see going on in the market. Then we see the demand for secure mobile workplaces.
People want to move around and they still want to be as secure as if they were on their home network. And we are very good at that. We have a thing that is very good on roaming and moving around. We see the high speed communication channels a few years back. The need between different departments of the government, for instance, was perhaps a couple of tens of megabits per second.
But we now have needs of tens of gigabits per second, which is quite an increase in demand. We are good at that and especially top security levels like secret and top secret levels. We're also trying out a few completely new areas, implant moment analysis, orthopedics, 1 and digitized pathology images, which is now maturing. Now I would like to add remote teaching students there as well. Next slide.
We were during the last quarter recognized with the Top Innovator Award 2020 by a Swiss innovation investment firm, Alpura, who is also runs funds to only invest in the top innovators companies in Europe. And we were deemed to be 1 of the 10% most innovative companies in Europe. And that, of course, is a very good pat on the back for us going forward. Next slide. We also see increasing recurring revenue.
We pay per usage is taking over all the software world, software service, improved value for both customers and vendors. We most likely all of you have changed over to Microsoft 365 instead of buying Microsoft applications in a box in a shop. And so does hospitals want to have it. And our new business model, Seco 1, we introduced in May in the U. S.
Will play a very important role in Cetra's future when we actually can take customers on in one allergy and then we simply can add the other ologies after a while instead of selling a system for older radio differences. The transition to radio differences. The transition to this increasing recurring revenue model will be over several years, but it's accelerated surprisingly much by COVID-nineteen. Next slide. How we handle the pandemic.
1st, we make sure our customer are okay, so they can do good to society and when society needs it the most. Critical infrastructure, cyber threat is increasing. It seems like the cyber criminals are now utilizing that everyone sits remote and they're trying to get anywhere. We've seen some remarkable attacks over the last year. And that, of course, increases, increase in cybersecurity.
And we need to make customers happy so they can trust us and work hard with them so they can continue to be safe. And also doing a very good job in medical, so the medical community can actually treat patients as well as treating COVID-nineteen people. Health and well-being of our employees, of course, that's very important. We follow the laws or regulations in various companies as these vary a lot per market. We don't have any main company approach.
We just want to say, are pleased to be healthy, so they can do a good job for our customers. And then our financial stability is important. We want that. It's important for our customers. They can trust that we'll be around for a long time coming because they trust us in providing these long contracts with us.
Next slide. As our philosophy for shareholders, we have a strong idea that shareholders will be happy if we have happy customers, happy employees, a good position in growing markets, perseverance and reasonable cost control. Now you need to do it in this order. You can start with the shareholders. The shareholders benefit will be a consequence of what the other points are listed up here.
And that's important and that we have proved, I think, over the last year that this works. Next slide. Our upcoming financial reports. March 12, 2021, we have a 9 month report and presentation. And the June 2 is a year end report and presentation.
And then somewhere in September, we will have AGM, but it's not exactly decided what date yet. Next slide. We again urge you to give us feedback on these presentations. We are very grateful Ifik can provide that so we can improve these presentations in the future. Questions, please?
You can either send the questions by e mail or you can actually ask us online here.
Thank Our first question comes from the line of Christophe Lilleberg from Carnegie. Please go ahead. Your line is open.
Yes. Thank you very much and good morning. First one, I appreciate you want to focus on growing the business, of course. But at the same time, wouldn't you say that this quarter is an indication or the potential to maybe have a sustainable lower cost from working more efficient with remote installations, etcetera? That's the first question.
2nd, the comment you made about lockdowns here in the second wave of COVID in both U. S. And Europe, how do you see access to customers now relative to the first quarter when it was obviously really bad? 2nd question regarding the cash flow. You mentioned that the weakness here in the Q2 was a buildup of receivables due to a large part of sales in late in the quarter.
But have you also started to see the impact from the new revenue model in medical imaging?
Okay. So as for margins, the main reason why the margins went up is actually reduced cost for travel and exhibitions, as I said. And now we are learning also to be more effective and especially the market is learning that you actually can go live without a lot of people, a set of people on-site. So we think there will be somewhere in between. It will not go back to the levels we had, but it will not say in this cost saving levels because these exhibitions are very important for us.
Long term, we need them. And we need to go there. And if we can't see customers, it will be very hard selling in the future. So a combination of these 2. We intend to bring the margins down and use the extra money to growing more and faster because we don't lack IDs.
But right now, that is what we ended up with a reduced cost.
So could I ask you that, so let's say there is a structural difference here that it's possible to run operations as good with lower cost than what we thought 9 months ago. Would you use all of that to invest in growth? Is that what you're saying?
We long term we don't want to use that right now because we don't know what the lasting effect will be. But we must also understand that the hospital special needs are very pressed on money right now. Some hospitals very large, very prominent customers lost 80% of the revenue for 6 months, 80% of the revenue, not 80% of the profit. Now that has put a tremendous stress on the financials of these hospitals. And that might result in that we see lower prices because they can't we don't know what the impact on pricing on the market will be.
So it's too many unknowns that really give a good reply. So your second question was access to customers that went down in the 1st lockdown wave. We see that effect now as well in the new lockdowns, but perhaps not as pronounced. We don't know how much it will lock down, but we do see that we are again not allowed to come to hospitals in many, many countries. Again, being completely honest, we don't know yet how much that will impact us for Q3, Q4, for instance.
So it's unusually uncertain situation. We have a lot of orders. We have a huge order intake. How much we can recognize of that and when is unusually unclear for us. And the third one was receivables and cash flow and if sector 1 is already making an impact, it's not.
We have received a few first orders for it, but it has not been installed and taken into usage. So we haven't seen that effect yet. But it will be seen over the next few years to come.
Could I ask you there about sector 1? For example, the 2 unnamed U. S. Hospitals, are that in sector 1 or more traditional? And how are you going to book orders for are you going to book orders as you have always done monthly when you have
There is a lot of perhaps Mats you can take that question.
Yes. Well, I would say that the discussions are ongoing. My experience in many of these cases is that we may go with a hypothesis for a contract structure for some time, and that isn't really settled until it's settled. So I wouldn't put my neck on this and say this will be sector 1, both of them yet, because I think it's the jury is still out on that one. As for cash flow, too, I agree with I agree.
I confirm what you said, Torbjorn, that we haven't seen any significant impact from Sector 1 contracts since they are still to be emphasized. We would have had somewhat more of a hike in cash flow in Australia if that would have been a onetime deployment. That has been over time. But since that has been over several quarters for quite some time now, it hasn't really impacted the bigger picture, I
would say. I can add that great demand there will, of course, be an investment in the beginning before we begin to take it into take it live because that's a in between where they pay a certain amount per year for many years forward. And but we cannot recognize that until we take the first ones alive.
Okay. If you take the launch contract in New South Wales in Australia, that's now starting to go live. If I remember correctly, I've had some revenues already before in that contract. Is it possible to quantify the proportion of revenues Jeb has so far and relative to the full potential when it will be up and running?
I think this is things we have not published. So we've been very difficult to tell that on this mean. But we're gradually increasing the revenues coming in from
We have a question from the line of Daniel Aldeen from Danske Bank. Please go ahead. Your line is open.
Yes. Thank you for taking my questions. I have 3 of them. I think just to just go back, can you provide us a more color really in the transition from a license to sector 1 and remind us why this is a preferable platform from a margin and also from a growth perspective other than just more predictable revenues and awards? That's my first question.
The second question is on order bookings this quarter. If you exclude the Manchester positive effect, is it possible to say anything about the underlying order booking growth this quarter? And thirdly, on digital pathology, is it possible to break out how much revenues in Medical IT is being related to digital pathology as of today? Thank you.
All right. As for sector 1, I recommend you to go back on our webpage, and we had a quite long description of SECRE-one in our final report for last year in that presentation that's available in the net. I will recommend you see that because it's too little time for me to go through the entire effect here. Your second question was order intake except Greater Manchester. Now Greater Manchester was very large.
And as we operate some of these questions some of these trucks are extremely large. And we haven't seen we see them coming in. It's part of the ordinary order intake, but they need to be kind of leveled out over many years. So if you can kind of take a 12 month average instead, you see more of a trend. And that can include the credit margins.
That's no problem because these big ones do come in now and then. But so smear it out a little bit and you see the trend. So just a poly part of the business, that's something we don't publish, we don't make public. So unfortunately, I cannot reply to that. I can only say it's an increasing business, but it's not as large as radio holding.
Okay. Okay. Thank you.
Thank you.
We have a follow-up question from the line of Christophe Lilleberg from Carnegie. Please go ahead.
Yes, thank you. Also related to the pathology here. And if you take an existing customer, what's the relative value for you add the pathology solution? And also, what I find interesting is you mentioned you had a order from, I think it was from Korea for pathology. Do you see this being a door opener for you?
Because now being the only provider that have this? And does this also mean then that it could potentially or
be a
potential for you to sell complete systems in those markets where you haven't really been so active before?
Yes. It's definitely a door opener because if we can get in with Secla-one, the kind of threshold to also do regioli is extremely small. You just do a regioli exam in the same system and the same contract. So the combination of Secra 1 and having the polo regioli and caveoli in the same system is very much one of them will spearhead and then, of course, it's very easy to just extend with the other ones. So it is a spearhead and or opener in that area.
And if you take that, has this been through a distributor you have there or
something? In South Korea, it's been through a distributor that we work with. Same thing in Israel, for instance. But of course, now with Teams, we participate very much in the sales over the net. So this COVID-nineteen has some very interesting effects.
We can participate with experts in the sales process in a way we could never do before because everyone is now so used to Teams. So it becomes like the distributor actually signs the deal, but we participate much more from our expertise in the headquarters than we did before. Okay, interesting. Thank you. Thank you.
There are no further questions registered. So I hand back to the speakers.
Okay. And do we have any e mail questions?
No questions for you, mate.
Okay. So then we have no further questions. I thank you very much for your time. I remind you again, give us feedback so this presentation has become effective for you as well because you are the most important thing of these presentations. Thank you very much and happy Christmas.
It's coming up in front of us and goodbye. Bye.