Thank you. Welcome all of you. Peter Nilsson speaking. As already told, Fredrik Nilsson, our CFO, will join me also on this call. Very welcome to all of you to the presentation of our Q2 results of 2021. As usual, we gonna use the framework for this call going to be the presentation which is displayed on our homepage, and that is what I'm going to refer to. Starting on page two in this presentation agenda, as usual, some general highlights on the overall performance, then some comments on the business areas, and then Fredrik will guide you through the financials. We are finishing up with a summary and some comments on the outlook for the running quarter, and then finishing off with a Q&A session. Turning to page number three, overall summary or highlights. Continued strong performance is the headline we have chosen.
Most of the businesses of Trelleborg has been doing very well. More or less all of the businesses have been doing well in this running quarter. Sales is ending up at a little bit north of SEK 8.6 billion, which is an increase on 23% in Swedish krona. Organic sales up by 31%, and then we have a substantial negative foreign exchange of some 8%. This growth as the drop-through has been good, and we are reporting an EBIT of SEK 1,387 million, which is then corresponding to a margin of 16.1%, which is then as a result, turning out the best quarterly EBIT to date for Trelleborg, and also from a margin perspective, the best ever Q2 margin, and the second-best margin quarter ever for Trelleborg.
Items affecting comparability on a relatively low level, SEK 43. It's related to ongoing restructuring already communicated and within the guidance, even though Fredrik will get back to you later and provide a some different guidance compared to what he said on the last quarter. Cash flow very strong at almost SEK 1.3 billion, which is in a way too high, actually. We are still running a fairly low CapEx. It will be catching up here in the second half of the year. We are actually too low inventory in a few levels, which is then also good paying customers. Overall, of course, we prefer to keep the cash in our house instead of somebody else's house. We are happy then to report also very strong cash conversion for the last 12 months of 112%. Very good quarter in more or less all aspects.
Turning to page four, look at organic sales. Here, very strong organic sales everywhere, maybe particular happy with the organic development in Asia, which didn't really see this dramatic downturn that we saw in the rest of the world last year. Good performance in Asia, but basically good everywhere. You are noticing that, of course, that North America a little bit lower than the others, even though last year the drop was bigger. That is also where we see, once again, a little bit North America behind the development compared to the rest of the world. Overall, very good development. Of course, extremely high figure for South and other Americas, but there also we have to notice that this is a very small part of Trelleborg, and this is also individual sales here is creating a lot of positive development if you look at the percentage.
Overall, good development all over the world, kind of as expected, even though, once again, with a somewhat less good development, although 18% also is very big numbers also for North America. Once again, there we see that we are still a little bit behind the curve. Page five, back to the agenda. Turning over to individual comments for the business areas. Looking at Industrial Solutions, strong organic sales, 23%. Here, basically all businesses developing nice, growing in all geographies and basically in all segments. We're noting that automotive and construction related businesses doing particularly well. We also quarter-on-quarter here also see a slight growth in aerospace, and where we see also improving from this low base, improving going forward. Comment a little bit more on that when talking about Sealing Solutions.
All of this resulting in then in a very good margin, 12.8%, which is kind of above our long-term target for Industrial Solutions on the basis of good volumes and continued very good cost control. Very satisfied with the development of Industrial Solutions. Sealing Solutions, basically similar story, similar exposure as Industrial Solutions. Everything is growing. All regions, automotive, general industry growing. Healthcare and medical is the area where we see a little bit mixed. Here we had a very strong push a year ago entering into kind of the pandemic. We see it now getting back and turning from this more, call it emergency supply, and going more to these selective surgeries. We see a mix change here. We see it's improving going forward. Overall, still a good development in healthcare and medical.
Aerospace also improving sequentially, but still down year-over-year, which of course, isn't pushing down the organic growth. Here also we note our customers, I guess all of you saw the, I think it was yesterday, where Airbus communicated that they see more or less a doubling of their manufacturing output in the next four or five years. That is what they are guiding for now, and we also see for the remainder of the year that we're going to grow substantially within aerospace from this kind of low base. We see an improvement there, and we see that we are kind of now leaving the downturn a little bit and then turning actually upwards also in aerospace.
All in all, very good drop-through here as well, which is pushing it up to kind of record high margins of 24, have been above that before, but we are touching on the highest margin ever for Sealing Solutions. Based, again, on higher volumes and very good cost control as these volumes are kicking in. Turning to third business area, Wheel Systems. In the quarter, very high demand for all tire categories. For those of you following our last quarter saw that we were still in Q1, high on agriculture, but a little bit lower in material handling construction. Now we see all of these three main segments growing substantially. We are still struggling here, some freight.
This is where we are exposed a little bit for kind of deliveries from Asia into Europe and North America. We still have some challenges there to get all the capacity we need. Nevertheless, there is some negatives from this, which we have not really seen in the other business areas. We also see for EBIT here being held down. The pricing formula in this means if raw material is going up, the price increases kicks in a little bit later, especially in the original equipment business. We could give you guidance here that we are, let's say, lacking some SEK 100 million in the difference between implemented pricing and raw material impact, which means that we're going to see improvement going forward.
Pricing are being adjusted, aftermarket already very well introduced, but once again, due to the formula we have, especially on the OEs for tractors, we are a little bit behind the cycle. Which is, all in all equal, if we were, once again, comment on that, if we were kind of on par with the price increases towards the raw materials, which we will be in the next, let's say, six to nine months, then of course, we would have made another SEK 100 million in this quarter. Which is then giving a signal of the kind of overall performance, better guidance of the overall performance in Wheel Systems. Turning to the agenda again, page nine, financials, and then quickly turning to page 10, leaving for Fredrik Nilsson to comment on the figures.
Thank you, Peter. Looking at page 10, the sales development, we have an organic sales of 31% in the quarter, with organic growth for all three business areas. If you also compare with 2019, sales were organically up 6% with growth for all business areas also versus 2019. Reported sales development of 23%, there are still some negative translation effects. Looking at year to date, you will find organic growth of 17%. Turning to page 11, showing the historical organic growth. You can see in a historical context, the second quarter is a really strong quarter. Turning into page 12, showing the quarterly sales around 12 months, you can see there is an upward trend now since the first quarter. Turning to page 13, showing the EBIT and the margin development. EBIT in the quarter increased by 58% to SEK 1,387 million.
In the result, there is also negative translation effects from subsidiaries of SEK 59 million compared to the corresponding quarter last year. Looking at the margin, up from 12.5% to 16.1%, That is related to higher volumes, but also to good cost control. Turning to page 14, looking at the EBIT and EBIT margin around 12-month basis. As Peter mentioned, this is the best EBIT for its individual quarter and also with a good EBIT margin. Turning to page 15, the profit and loss statement. Looking at items affecting comparability, that was negative of SEK 43 million in the quarter, That was entirely related to restructuring. Financial net declined in the quarter from SEK 76 million to SEK 58 million in the quarter, The lower financial cost was related to reduced net debt and consequently less interest payments.
Tax rate for the quarter, 24%, which was slightly favorable due to there was less withholding taxes on internal dividends from subsidiaries. Our earlier guidance of 25% for the full year still stands. Turning to page 16, looking at earnings per share. We have a strong improvement year-over-year, up 64% to SEK 3.74, excluding items affecting comparability. Turning to page 17, cash flow. As Peter also mentioned, we have a strong cash flow for the second quarter. Cash flow was positively affected by the higher earnings generations. Of course, there was a negative working capital of SEK 424 million, which was related to the higher activity level, so we have some higher accounts receivable. We have a good development on the payables, very well offsetting the slightly increased inventory. CapEx in line with last year.
Turning to page 18, looking at the cash conversion on a rolling 12 months basis, we are continuing on good level of 112%. This is despite the high activity levels. Turning into page 19, looking at the gearing and leverage development. We have a flat development on the debt equity ratio of 43%, despite that we have paid a dividend of SEK 1,355 million during the quarter.
On the net debt over the EBITDA, we are continuing down and now down to 1.5x. I will finish off this section with the financial guidelines for 2021. CapEx, we still guide on SEK 1.4 billion, and as Peter mentioned, we will see an higher activity level during the second half of the year compared to what we have seen during the first two quarters. Restructuring costs, we have lowered with SEK 100 million, the new updated guidance is SEK 400 million for 2021.
Underlying tax rate unchanged of 25%. Amortization and intangibles also unchanged to SEK 400 million. By that, I would like to hand back the microphone to Peter.
Great. Thanks, Fredrik. Agenda 2021 summary and outlook. Turning to page 22. Good, very strong performance in the quarter for Trelleborg. Very strong order intake in the quarter going into Q3 with a record high order book, also in the quarter deliver very good sales, good organic sales, and also, as I said, highest quarterly EBIT to date and also with the kind of a record high EBIT margin. Cash flow also commenting. Very strong cash flow. Actually, for the first time since a long time, we have our, let's say, net debt below SEK 10 billion, it continue to develop well. Very happy with the quarter, as I trust you understand. As we're going forward, of course, we still have some challenges here in the supply chain, logistic challenges, and also the inflationary pressure. We feel it's manageable.
Of course, there is some concerns and some challenges, but so far in the quarter, we believe we've been able to manage it, and we don't see any kind of major obstacles going forward, even though we still be a strained organization and still be a challenge to do. I think, once again, it's manageable. We don't know really. Could be new impacts from COVID-19. That's of course, something we're going to look out for. We are ready to act again if we are exposed to closures or other issues related to COVID-19. Continue the portfolio management in this environment also with raw materials going up.
It's also offering new opportunities to work a little bit more with the pricing in order to get a better portfolio long term, and also to make sure that we kind of allocate this tight supply sometimes, that we allocate this to the areas where we want it to be. This is kind of also high on the agenda, this action point. Continue. We must not neglect this better kind of operational cost levels that have been kind of the results of this shakeup coming from the pandemic. That's, of course, also high on the agenda to make sure that we continue to watch the costs, even though we believe, of course, we see that the cost level is somewhat going up in the second part of the year. Also that is to be balanced then with somewhat better pricings.
We feel the net of this is still going to be in a decent. Continue to invest more in innovation, hopefully also going to tell you more about that in the second part of the year as we are announcing new initiatives in this area, both on innovation and the new technology. Then, of course, also we continue to scout for acquisitions, we continue to see very high valuations, and we are a little bit reluctant to overpay. We're a little bit careful at the moment. With that said, of course, still quite a lot of synergistic acquisitions we've been looking for, and we hope that we also will be able to conclude a few of those. Overall, a little bit careful to spend on these very high valuations that we see, especially in the private market at the moment. Turning to page 24.
Demand, we say it's going to be on par with the second quarter, which, of course, still going to be a sizable positive. We see here between 10% and 15% organic growth in Q3. That is kind of the guidance we can give at the moment. Of course, with that said, of course, we will still have the pandemic, which is a potential issue popping up, and we need to watch that going forward as well. That's it. I think I'll leave it to Q&A. I think we open for Q&A, and then we see what kind of questions coming. Please go ahead.
Thank you. If you wish to ask a question, please press star zero one on your telephone keypad now to enter the queue. Once your name has been announced, you can ask your question. If you find it's answered before it's your turn to speak, you can dial up zero two to cancel. Our first question comes from the line of Hampus Engellau of Handelsbanken. Please go ahead. Your line is open
Thank you very much. Three questions from me. Starting off with the Asia organic growth, as you highlighted, Peter, comps for maybe a little bit tougher here because of how the pandemic played out last year. Would it be possible for you to maybe elaborate a bit on the end markets in Asia to give us a perspective of where you're growing the most and how to think about that for the remainder of the year? Second question is on the margin. Very solid margin in the quarter, and what I'm thinking is how to model this going forward, as I would assume that part of the cost that you had in the second quarter was still on not pre-pandemic levels, talking about travel expenses and all of that.
Is that a major impact, and how do you see that if what we're seeing now in terms of vaccine being rolled out, et cetera, playing out for the remainder of the year? Last but not least, on discontinued operations. Could you talk a little bit about this area? It's still a quite major part, and maybe relate to how the operational performance is within that business and if that has changed in a material way, which means that you're even more certain to get paid what you want to have for this area, and how to think about the timeframe of divesting it? Those are my three questions. Thanks.
Yeah. About Asia, we have a, let's say, wide growth in this. The geographical areas is still a little bit muted in Japan and Korea. The rest of Asia, and also in this, we have Australia and New Zealand also, which is a sizable business for us, especially within Wheel Systems. Overall, we don't see really any differences here. It's a good performance, more or less all over each segment. Of course, we know it going forward, it might be a little bit muted since that picked up a little bit earlier than the rest of the world. We don't really see any overall changes in this direction anywhere.
Modeling quarter, of course, as you say, that we are also kind of believing in that kind of selling expenses, traveling expenses will go up and also some other kind of general inflation as the demand is very high. We don't see really that having an impact on our margin, as we also have some price increases still kicking in, which is balancing this. We feel that this is not really any kind of, as we see it today, we will continue with the same kind of margin level. Of course, adjusting for seasonality. As you know, Q3, since we are still kind of quite a lot exposure in Europe, we will be exposed to the European vacation period, and it will be a little bit pushed down on the margin in Q3 from that perspective, but not really from an overall cost perspective.
Then going into Q4, we believe it's going to continue in the same way. There on the margin, maybe also I asked you to highlight some guidance on that, especially on Wheel Systems. We do expect some kind of positive pricing impact kicking in in Q3 and then continuing Q4 and also going into next year that we will see a positive impact on the pricing. We have to be aware also the Q3 margin last year was a record high margin in Wheel Systems. Q3 in 2020 was the best ever margin for us in Wheel Systems. If we can reach similar level as last year, I think we will be very satisfied. This is kind of the level not to give any guide, because a year ago, we had a positive raw material in Wheel Systems.
Raw materials going down and demand in the agriculture was still on a relatively high level. Overall, we feel confident that the existing kind of margins not to be impacted, but for the seasonality. Discontinued operations is there also, of course, benefiting from these improvements, but we are still keeping the guidance that we believe that we are going to divest this within the year at kind of book value. That is what we feel, and we feel that the overall package is going to be delivered. Of course, you can say that we feel more confident on that, not that we have not been under-confident before, but we feel, of course, the confidence in this has improved somewhat.
The overall guidance is still that it's going to be divested in line with the capital employed, and that we're going to conclude it well before year-end.
Thank you very much.
Is that okay, Hampus? Anything else?
Yeah.
Thank you. Our next question comes from the line of Klas Bergelind of Citi. Please go ahead, your line is open.
Thank you. Hi, Peter and Fredrik. It's Klas Bergelind at Citi. First on price costing in Wheels. Just to confirm the commentary, Peter. The net effect of not matching the cost inflation was SEK 100 million in the quarter, and this was a comment for Wheels, not for the group. If that's the case, then the margin in Wheels would have been 17% in the quarter if you would have been fully compensated. I just want to clarify that first.
That is correct. We feel within Industrial Solutions and within TSS, Sealing Solutions, we feel that we are fairly well-balanced, while in the Wheel Systems, we are lacking SEK 100 million. The calculation is correct. The explanation on this is, of course, when we sell into a tractor OE manufacturer, they sell the tractor and delivering it three to six months later. Of course, they want to know the pricing on the tire. There is a delayed impact, but we're going to get that back when or if the raw material, let's say, start to turn down, of course, we're going to get the positive impact from that. That is kind of the way we have agreed pricing on the OE, especially on the tractor manufacturers. The gap in this quarter is some SEK 100 million.
We should say on top of this. Also in the quarter, we also had a slight negative mix. There is actually even higher potential if we can get even better balance, which had more aftermarket than OE. Everybody has been screaming for tires in this quarter, and we have for long-term benefit, maybe put a little bit higher priority on the OE than on the aftermarket. Short term, of course, we would have benefited from selling to the aftermarket, but long term, we are firm that by supporting the OE a little bit better, we will get long-term benefits on this. You could see in a year ago, if you look on the 2020 performance, of course, Wheel Systems was doing fairly well as we look it throughout 2020.
The benefit from that was of course that we had very strong OE exposure, which is then kind of not as volatile as the aftermarket. That is the way we play it. Correct, as you said, SEK 100 million negative in the quarter, but it could have been even higher if we could have, let's say, also get a bit more normal mix in a way.
Yeah, because the interesting thing is that if you run rate the current quarter, you get to SEK 10 billion. If that is the potential then when you'd fully price compensated, that's quite encouraging into next year, all else equal.
Sure. We see also the benefit. We still expect a slight negative, because it is moving targets. That could change in a week. As we see it today, we have a slight negative pricing in Wheel Systems also in Q3, and then it's going to turn positive in Q4. That is the way we look at it at the moment. Of course, that requires that the raw material stays flattish. If it goes down, then it's going to be even higher benefit, than if it start to continue up, then there's going to be less benefit. That is the way it is.
Yeah. My very final and third question is on Aero. And I'm thinking about the cost program you launched, which was both geared to Aero being down a lot, and then you had sort of part of that program was also for Wheels. How much of those savings can you keep here? How much is structural if Aero is coming back? Because it can become quite interesting looking at the incremental margins if Aero comes back against the cost actions that you have initiated.
Yeah. We do believe that when the volumes come back in Aero, we are going to go into a more efficient structure than before. It's still, what is it, [Kristoffer, around] or ceiling some 15% of sales or [crosstalk]. Yeah. Some 15% of sales. It's [crosstalk] going to have an impact, but it's not a meaningful impact on the totality. Of course, it's going to be a positive twist to it as an inflow. Just to give you a flavor, I don't know how much or many of you are following Airbus, but the Airbus communication was this A320, which is kind of the bread and butter.
Current run rate, if I remember the figures correct, manufacturing is in the range of 40 airplanes a month. They guided that they're going to go up to 70-75, but by the end of 2024. Of course, it's going to be a substantial growth. They also said that they have firm orders for this. There is kind of substantial growth to be expected.
If you get to that, you're going to be almost doubling the manufacture of the Airbus A320, which is one of the biggest platforms, almost doubling it in three, four years. Of course, that equates to a 20%-30% growth a year. That is, of course, what we are guiding and we have. They are getting concerned because they know as us, we have been cutting down, all the other aerospace suppliers has been cutting down. Now we are in a strange discussion that suddenly they ask us to confirm that we can grow with them. Easily kind of turning the corner very rapidly, and suddenly orders is flowing. We need to watch that. Once again, from this low base, we see a substantial growth in aerospace.
Once again, like everything else, we don't want to make it a very big story out of Trelleborg because it's still, let's say, 5%-10% of total sales. It's not really a major thing, once again, positive and also positive both from a volume perspective and positive from kind of portfolio margin mix.
Thank you.
Thank you. We have one further question left in the queue. Just as a reminder to participants, if you do wish to ask a question, please dial zero one on your telephone keypads now. That next question is from the line of Erik Golrang of SEB. Please go ahead. Your line is open.
Thank you. I have three questions. First one, trying to square everything you've said on sort of pricing and costs going forward. You have price increases coming through to a bigger extent. I guess raw mats are also coming up from the average level of the second quarter for you, and then there's a bit of activity-based cost coming up as well. Was the net of all that compared to the second quarter, is that still positive or more neutral, even if you include the raw mat headwind in Wheel Systems you want to cover?
Quarter-on-quarter on the group level is going to be a net positive because we feel that the price increases coming in on Wheel Systems is kind of substantial compared to these other cost increases. Of course, it's correct that you said we still have increasing raw materials, of course the acceleration in raw material pricing has been not as high the last few weeks as we've been in the beginning of the year. We think from quarter-on-quarter, cost increase of raw material is going to be rather limited, even though it's still going to be a cost increase, it's not at all in comparison, if you look from kind of Q4 to Q1 or Q1 to Q2, it's going to be substantially lower cost increase going into Q3.
We do not expect a substantial cost increase coming from selling expenses or administrational expenses. I think that's full. On a total net on pricing in comparison with raw material increases and other kind of inflation, we are not concerned that that's going to create a negative difference.
Okay. Thank you. Second question on Sealing Solutions, if I do the numbers right, its organic sales is 6% or 7% or so above the second quarter of 2019 here in second quarter this year, which is quite impressive given the sort of automotive and air exposure that had going into C-19 and what we've seen in the recovery. Where would you say that growth is coming from? Is it mostly a market share gain thing, or is it an expanded portfolio, increased share of wallet? What are the drivers for that very strong development in Sealing relative to its end markets?
I think we have a good supply chain in Sealing Solutions. We've been able to cope with the demand, where maybe some of our competitors have been struggling more. That is kind of a market share gain in a way. If that's going to stick or not, we have to wait and see, because we've been better geared up in our supply chain compared to some of our competitors. Maybe been holding inventory a little bit higher than some of the other guys. We've been able to treat our customers better than some others. Once again, whether that market share increase is actually a fact going forward, we have to wait and see. Hopefully, as we're supporting them now, hopefully they support us later. Automotive has been surprisingly good, to be honest, as well.
That is maybe where we see that there have to be some inventory fill-ups or something because we've been in certain areas we've been selling a lot more than the underlying car production has been up. The same is basically valid also for several industrial segments where there has to be some kind of inventory build-up in the quarter. All in all, of course, we are happy that we've been able to support our customers. At the same time, we need to be a little bit humble when we look at the overall performance. I think that once again, the major benefit for us has been that we've actually been able to supply while some of our competitors have been struggling, and hopefully that will show that we're good in supporting our customers and the customers will continue to support us.
I don't know if Fredrik wants to add something to that. Otherwise, I think that is covering the.
I think you have covered all areas, Peter.
Yeah.
Yeah. Thank you.
As the final comment, the difficulty for us is really to judge how much this is underlying demand or how much is inventory fill-ups. That is really very difficult for us to estimate.
Yeah. I think in most other industrials you listen to talk about very depressed inventory levels still, so I don't know how much inventory rebuild.
No, I think that is correct because you're coming from very low inventory levels. It might be that it's still low. For sure, to certain customers we've been selling more than they've been using, for sure.
Third question, you talked about M&A and reasoning that valuation is elevated at the moment. I guess history would tell us that it'll come down at some point, but that can take time. Is there a point when the balance sheet is just too strong and you say we need to shift out more capital to shareholders for a bit more efficiency? How long will you sit and wait for valuations to come down?
What I said, the public processes is little bit too high with all the auction processes, a lot of bidders and some newcomers in certain industries where we are questioning a little bit how they value the business. What we are doing now is we are kind of more active working on these bilateral discussions, and we're trying to pick up. It might be a little bit smaller acquisitions, but we see a big potential to execute a few of those instead. It's more on these public tenders or selling out teasers and investment bankers and stuff where we feel that in certain areas it's too high. Don't misunderstand me, we still see a great possibility for us to spend money on clever acquisitions.
If we are not able to do that, then of course we need to balance against the higher valuations against other kind of possibilities to use the capital. As part of this also, of course, we need to balance against making acquisitions and investing more in organic efforts, and that is also an area where we've been upping our efforts and also where you're going to see a few initiatives here also in the next few quarters. We're going to announce a few kind of bigger organic areas since we feel that the organic efforts is a better payoff than maybe paying north of 20x EBITDA for something. That is where we are looking. Don't misunderstand me, I think we still have plenty of possibilities to do acquisitions, but my comment was more linked to these big public processes.
We feel that some of the valuations are a little bit too elevated at the moment.
That's fair. Thank you.
Thank you. We've had one further question come through on the phone. That's from the line of Karl Bokvist of ABG Sundal Collier. Please go ahead. Your line is open.
Thank you. Good afternoon. My question is on Industrial Solutions, the update on the parts of the businesses that were included in Industrial, how they are developing. Also if we look at the core Industrial Solutions business, how the improvement efforts are progressing there would be interesting to see, if we look at continued margin potential from these levels.
To talk about the business that were included from these discontinued operations and moved back to Industry Solutions, they are performing well. Slightly as an average, probably, I don't have the figures here in front of me, slightly below the average of Industry Solutions, but there are also actions is ongoing, and they're going to integrate it, and we have some kind of structural improvements to make on that one as we integrate it into the other businesses. We feel that is not going to be a margin drain here in the next six months or something. We have some restructuring to be done and some changes to be done, but after that, they're going to perform at least in line with the overall performance of Industry Solutions. Of course, the core underlying improvements, we are happy with the development of Industrial Solutions.
We have been doing a lot of structural improvements. We still have some structural improvements ongoing, of course, we're looking at the margin. We have the margin of +12%. We've been above 12% now for a few quarters, of course, we're looking into what that is. Is this enough as an ambition, or should the ambition be higher? That is something we need to get back to you and comment when the time is right.
Understood. Thank you.
Thank you. Once again, if there are any further questions, please dial zero one on your telephone keypads now. We've had one further question come through. That's from the line of Douglas Lindahl at Kepler Cheuvreux. Please go ahead. Your line is open.
Yeah, thank you. Just one q uestion from my side on the restructuring costs, SEK 400 million. Can you give some sort of visibility on when you expect to take the residual part of that? Will it be all in Q4 or a bit in Q3?
It will be shared between Q3 and Q4, but most likely a little bit more in Q4 than Q3.
Okay. Thank you.
Once again, if there are any further questions, please dial zero one o n your telephone keypads now. Okay, there seem to be no further questions. I'll hand back to the speakers for the closing comments.
Okay, great. Thanks for the interest in our report. As usual, Trelleborg is always available to assist you with any questions, and of course you can contact Kristoffer whenever, and also Fredrik and myself is of course also fully available for any kind of follow-up questions or comments. Please contact us if you need any further information. Otherwise, I guess most of you are going into some kind of vacation mode, and I wish you a very nice vacation, and hopefully see you again, let's say early autumn. Take care, and best regards from Trelleborg.