Bouvet ASA

Hello everyone. Welcome to the presentation for the second quarter here in BOE. My name is Per Gunnar Tronsli, and together with me I have Trude Hole. We are going to do what we usually do here. I will tell you about what I do, and Trude will tell you about the numbers, and I will share a little about what we see in the future. We are welcome, especially to all of you who have come here. We think that is very nice. And then we have a group on stream. Welcome to you too. As we do this, we do it in the usual way again. We run the presentations, and then we take questions all the way to the end. And then we have a mix, so those who are at the home office get the questions too. Then we go to the highlights for this quarter. We are very proud of the increase we have in operating revenues. We increase them from 104 million to 833 million. It is a growth of 14.3%. We are very pleased with that. Then we have the operating result. It is in line with what we had last year. It gives an EBIT margin of 10.7. Trude will say a little more about that. I can say that when you look at the operating result, we compare it with the same period last year. It was a period with an upstart after the pandemic. So a slightly different cost profile in those two quarters. So this is the quarter with really full speed, and you can also see that in the growth in the number of employees and so on. And then I am on the growth in the number of employees, and then it is so that Q2 is normally not a very recruiting quarter. But still, we have grown with 48 employees. We need them. What is especially pleasant there is that in the last 12 months we have grown with almost 250 employees. We had high speed the last 12 months last quarter, and this is even higher, so this is an all-time high for us in relation to new employees in BOV. We are very happy about that. Then I will tell you a little about what we have been doing. But first a little about numbers. We have always had a good balance between private and public. In short, it has given us many good legs to stand on. The last four, five, six quarters, we have always seen from something that was during the pandemic with a very high public share, to growth in private sector. This growth continues this quarter as well. And since there is growth in private sector, it is especially what we see within energy, And what we see within industry, and especially where we see growth, are companies like Equinor, Aker, Boliden and Hydro. In the public sector, the relative share goes down, but we grow there as well. The growth we see there is the type of company that is the road force of the state, the Norwegian Communications Authority and so on. In our sectors, I will come back to this later, I will talk about the four largest sectors and tell you more about the customers. In short, we see growth in oil, gas and renewable energy. We see growth in electricity supply. And we see growth in industry and transport. Public is relatively stable. When you see the public number among us, it is also worth noting that in there is the defense. Defense is our third largest customer, and it accounts for 25% of the part that is in public here. Every time we tell a little about what we do, what we create, and what kind of customers and projects we work with. We have a vision. This is about our social mission, how we support our customers. with building a future society where digitalization is ongoing in all aspects. And that means that we contribute to working with socially beneficial solutions within energy, energy supply, industry, transport, health, and so on. Last quarter's presentation, I got some questions, because everyone had brought it along, and all the media was very interested in what happens with artificial intelligence. And it's no different to have a quarter's presentation these days without being involved in that topic. Then I said that we work, we have many customers who are far ahead of this, are curious about the possibilities within artificial intelligence, and we work with several of them. Today I can share what we do together with one of these customers, and that is what we do with Viking Rescue Service. First I have to say a little about Viking Rescue Service. It is a customer we have been looking forward to working with for more than 25 years. They provide rescue services, as we all know, but they provide much more in terms of medical assistance for tourists. They have a call center that is up 24-7, and they have a wide network of stations throughout the north. We have had the opportunity to work with Viking Rescue Services for more than 25 years, and what we have experienced with them is that they are a company that sees that digitalization and creating good customer experiences is all about digitalization. So they have been ahead of this all year round. Now comes artificial intelligence, and then Viking thinks that this is an interesting opportunity to see what this can do with even better solutions. So we who use Viking services experience an even better customer experience. So what we do there is ... especially directed towards the call center services that Viking uses. This is mandated 24-7, and it is subject to request from us as customers. So what we do there is introduce artificial intelligence in the applications and support systems that are used by people who sit at the call center. It is about how artificial intelligence contributes to, for example, summarizing a set of events, so that those in the call center get a better overview of what the character of the event is. Artificial intelligence also helps to suggest how they can take action with these events, and it helps to suggest further handling processes. What Viking sees is that there are quite a few possibilities for us to get a call center that meets us as users even better. Then there are potential savings in terms of replacing single manual processes with automated ones. In short, it gives some cost savings, but most of all it gives a better customer experience. And that's what we're working on with Viking. I built it. That's what we're working on with Viking. So that's exciting. Together with Viking, we're working on it, and we have Microsoft on that team. So it's a powerful trio that will continue to work on this together with Viking in the future. Last quarter's presentation we received recognition for the sectors we are strong in. We received some questions about where we see we want to develop ourselves. So I would like to highlight two sectors and share some customer stories from there. And what I answered was that we work quite hard to strengthen ourselves, especially in two sectors, in addition to where you know we are already strong, and that is health and industry. It was a very nice quarter, because we won a large framework agreement with Hospitality Income, which benefits all health companies in Norway. We won that, together with a few others. for all residential regions and all the service areas we have. So for us, that is a very good starting point to strengthen ourselves further within that sector. So this is a long-term agreement for... in the whole country, that we can use in Helleboe. We are very, very happy about that. What we deliver the most in terms of health is advisory services, process management, service design, and that kind of services. So we look forward to that. We have been a lot in health, and we are a lot in health, This is about HelseVest. HelseVest is the health company that supplies special health services to Rogaland and the Vestland region. Their mission is to provide patient treatment, education for the affected and patients, and research and development in their region. What we have been so lucky to be able to do with HelseVest, has been to build a completely new collaboration platform for all those who work at HelseVest. And then, as we have said, together with HelseVest, we have moved 30,000 users of these systems up in the sky. We are happy that it is virtual, but we have provided them with new tools for negotiation. This means that they have new tools for negotiation, document handling, project management, insight and analysis. We have worked with HelseVest on this. The big advantage of this is that it is about better work flows, better tools for future health in HelseVest. So these are two examples of what we do within health. And then I mentioned another sector that we are well-established in, and we work with incredibly exciting things. One of the customers we have worked with for more than 20 years is Hydro. Hydro is one of our flagships in Norway in the industry. What we work with for Hydro is what we call very production-technically close. So that means that we work with the systems that control production in their factories. We work with control systems for electrolysis, and we work with a lot of IoT, i.e. data collection from production processes, collection of them in data lakes. and on the sky solutions for them. And then we use the data for predictive balance in the production of hydro. Right now, these solutions that we work with in the production area, the production control, are implemented in 13 factories, mainly in Norway, but also in Qatar and Brazil. What we are facing now, in the coming years, is that this will be rolled out in 19 new factories around the world. And we are so lucky that we get to lead the technical part of that work. So a long-term customer that we get to work with a lot of exciting things on. Then we have Boliden. Boliden is an industrial corporation from northern Sweden. I hope you are from Boliden in northern Sweden. Odda Smelteverk is a bust in Norwegian industrial history. It was established in 1924. And now they are taking new steps. It is 100 years later, and there are big steps they are taking. It is one of the most energy-efficient meltdowns in the world, but they have bigger ambitions, and they are going to build the most modern process plant the world has seen before 2025. They are increasing production, and they are also getting rid of climate impact and so on. Again, we are so lucky to be able to work with the technical solutions that are in production and that are in use in the presentation and in the factory. But what is especially exciting about what we do at Boliden, and when we say digitalization, we are talking about the technical, but we are also talking about the organisational, people and competence and workflow, and take out the profits. And that's what we do at Boliden. We work with both parts, both the organization and the technical part. Interesting. I told you about this one almost two years ago. It's an exciting project. We learn a lot, and we create a lot together with Boliden. And when it comes to creating, building a future society is about what we do together with our customers in the type of solutions we have described now. But it is also about innovation and being at the forefront. This quarter, we participated in a collaboration with an innovation network called Health2Be. Everyone knows that our health system is facing big challenges in the coming years. Here, Oslo University Hospital has come to the fore and gathered a network of health care workers. And then they bring together some industry partners, like us, like Telenor, which delivers a lot of welfare technology, and others. And then we work together to see how digitization can build even better health services even further forward. So innovation is important. We have a lot to contribute to it, and it's exciting to be part of it and understand what the health system needs in the future. And then we learn a lot, and that gives us a good starting point for us to contribute in an even better way. That was health. On innovation within industry, we are also involved in what is called the Carbon Capture Project in the Grenland area. It is a project that aims to capture all the CO2 emissions, the residual emissions that are now, and by capturing them, reduce the emissions. It's a project we've been working on for a year and a half. Now we've reached the stage where we work with digitization. And when you talk about carbon capture, it's a lot about IOT. It's about pressure and temperature in all the CO2 channelization and capture of CO2. So digitization is an important element, and that's our role in it. Exciting. Learn a lot. And then we're going to work with such solutions in the future. As you can see, we work with all sorts of things. This is exciting, and these are some of the sectors that we haven't really talked so much about that we work with. You will see more of this from Bove. Then I will talk a bit more about sectors and our biggest customers. We have good growth in all sectors, and it is stable in the public sector. But within energy, i.e. oil, gas and renewable energy, we grow a lot. We have done that in the later quarters, and the biggest customers we work with there is Equinor. That's why we get to work on a lot of exciting things, and we are both proud, humble and happy about that. Other big customers we work with are Aker and Konoko Philips. Within energy supply, it is about the network in Norway. It is about what Statnet does. Building a robust network with good connections throughout the country. The ability to take in all the renewable sources that come into the network. And it is also about all the connections between countries. And then especially with Sweden, but also with the continent. And then in energy supply, there are also the customers where we also see good growth, which are Havslund, Elvia, Skagerak, which are companies that deliver power to you and me. But an exciting sector. You saw in the previous slide, when we showed the sectors, that if you sum up the entire value chain in the energy sectors, it accounts for almost 60% of our total turnover. And energy is a good place to be. We have a lot of tasks to do in the coming years. So it is actually a main, collected sector for BOV. Transport. Last quarter, our fourth largest sector was services. But we have had good growth in transport. The largest customer we work with is Bane Nord. So there we work with all train promotion in Norway. Bane Nord is the one that keeps order and has control of infrastructure. and all the systems that run the trains. And then there are the service providers that use it. But Banen Nord, it's about all train delivery. It's about when you're in Oslo S, or if you're at other stations and you get information about trains that arrive early or late, then it's made through BV solutions. So that's our biggest sectors, and where we where we grow the most and where we have the most activity. Then the so-called concentration continues. our customers, they buy more and more from us. And that also means that the growth we have, which is in the 14%, in the main, goes to existing customers. It is a function of two things. The first is that the customers we have, we are so lucky that they are in some very long-term digitalization initiatives, so their needs are constantly increasing, and they are long-term. The other dimension that drives this development is a little development in procurement thinking. Everyone has realized that digitalization competence is a matter of demand. So what customers do is to connect to their partners in long-term relationships. So that means that the customers we have become more and more important. That's good for us, it's good for the customer, it's good for us. As I said before, we get more trust from the customers, and then we take more responsibility, and then it gives even more interesting tasks for people in Bove. So that is a development that we have actually embraced. In addition, there is a dimension around legislation changes that have come into force this half year in labour environment legislation, and have brought this with them with the problem of employment. So that plays well into our model. We want to deliver more enterprises and more of the whole multidisciplinary team. and not the manpower model. So the law changes play a good role in our lives. So that is also a contributing cause. It is a delivery model that we embrace and want more of. And it's always nice, even though we can say that we don't have much capacity to deliver on it, but it's always nice to be able to welcome new customers. And in this quarter, we see that we have received some. new customers. We see again Skagrak, we get customers like Fjor1, we work for Entra, we see Riksrevisjonen, which we have shared here on the quarter presentation earlier. So we have some new customers, and in this quarter it is the customers mentioned here that we see for the first time in the numbers. We are very pleased and happy with the growth in the number of employees. We grow largely in all regions, where we have the largest growth this quarter, and we have had in the previous quarter in Rogaland. But we have had good growth in Rogaland, Bergen, Trondheim and Øst, in Oslo. But Rogaland, and in addition, I have to mention Tromsø. We presented that half a year ago, that we established ourselves there. It's going well, so we have a lot of good people there. So there's a lot going on, and we're continuing to develop nicely. But I'd like to give a little honor to, especially because I'm an inspiration to all of us in Bove, the development in relation to the number of employees who have been in Rogaland. That is absolutely fantastic. We know the Rogaland market. It is a little different from the Oslo market. So it has been a fantastic development. Our Rogaland organization has grown to become a very local player in Rogaland. So that is a great job. It's about us being a company that attracts people. In Nynorsk they usually say that this is people business. This is about people and competence. People are attracted to and seek environments where you have a culture and a community, where you are included, where you learn, where competence is shared. and where you get the opportunity to work with some of the most exciting things in society today. We are happy that Randstad Research conducted its employee branding survey in Norway this quarter. And we are humble enough to be among the top ten on a list where we find companies like NRK and good customers like Equinor, Aker and DNV. We appreciate that a lot. But this is one of the most important things we do. This is about people in BOE. It is about that we can attract and maintain, and that people get good learning experiences in BOE, so they develop and become, and create benefit for our customers. So that is the most important thing we do. It is a big step when we get such recognition. I have been talking about the number of employees. There is a lot going on in this. As I said, 250 people in the last year. You would probably think that we have a large recruitment department that sits around all day hunting people. We don't have that. It is everyone in Bovee who contributes to that recruitment. All employees. and all the leaders who are working all the time to make us one and one smart head. It's a great job, so to all Bovere, thank you very much. This is important for us now, also because the customers will have more and more. So this is important. That was the last thing I was going to say. Before I come back and say a little about what it looks like in the future, Trude will say a little about the numbers.

As Pø Gunnar says, there has been high activity, we have increased the turnover and we continue a good development. I think it's very fun to talk about that we have got so many people on the team. We thought we had a record now in the Q1 with 232 new employees over that year, but now there are 247 new colleagues over the last 12 months. It's really fun. I will look at the key figures, then I will look at the operating revenues and operating results, before I look at the impact of the changes in the revenues on the operating results and the cash flow. If I look at the key figures, Then we have had a turnover of 833 million, which has been an increase that started at 14.3% compared to last year. The turnover result has been 89 million, which is almost the same as last year, which was 89.2%. This is a turnover margin of 10.7% compared to last year, which is 12.2%. It has already been half a year since 2023, so if we look at half a year in one, we have a turnover of 1,778,1 million, which has been an increase of 15,5% in turnover. It is a result of 220,7 million, which has been a turnover of 12,4%. A little closer to the income, which has increased by 14.3%, which is 833 million, is the largest income from our own consultants. And that has increased by 15.9% to 727.6 million. It is nice that the largest income comes from our own. That is about 87.3% of our total turnover. Under consultants, we have had a turnover increase of 8.9% to 91.2 million. The overall revenue has gone down to 14.2 million. As I said, the biggest income is from our own consultants, and the biggest impact is that we have increased with 13% of employees, and that we have now become 2159 colleagues. And the most important factor, as I mentioned, is that it has been 247 in the last 12 months. And then we have also had an increase of 7.9% in hourly prices compared to last year. And there has been very good demand for BOV services in the quarter. It is the first normal quarter. Last year was the first normal quarter after the pandemic, and the factory turnover was very high, so it has now been reduced by 3.4 percent points from last year. We will deliver on the entire BOV range, we will deliver in teams, and we will deliver more than once across the regions. And we also have a lot of competence development along the way. This quarter we had one less working day than compared to last year. If we take a closer look at the changes in the operating revenues, the number of employees increased by 13% to 69.9 million. The increase in the team price by 7.9% has increased to 49.4 million. It is also good to note that we have a reduction in sick leave, which has a positive effect of 8.8 million. When it comes to the reduction in factor units at 3.4 percent points, it has a negative effect at 23.9 million. If we look at the operating results, as mentioned, it was at 89 million, which is a reduction from 89.2 million last year. That has given us a margin of 10.7 compared to the same period last year at 12.2. The total operating costs have increased by 16.3% last year, and there has been a general increase in annual wages of 0.8% over the past 12 months. This was also introduced by the government on January 1 this year, this with increased unemployment of those who have a salary or compensation of over SEK 750,000. This cost will then be paid out when the total compensation for the employee exceeds that sum, so that means that the number of our employees will have a greater impact on that payment than this. Other operating costs had an increase of 42.4% compared to last year. Last quarter was the first quarter with normal operation after the pandemic. We have had an increase in these costs we have seen to be pandemic-related, at 76.1%. This is on travel, courses, professional and social arrangements and recruitment. We see that this is beginning to have more normalized operation. Other costs have increased by 18.4%, and this is very much linked to our increase in the number of employees, such as PC's, restaurants, etc. If we look at the change in revenue on the operating results, we see that the increase in the number of employees with 13% has given a positive effect of 19.5 million. The biggest effect in the quarter is the increase in the hourly rate of 7.9%, so it has a positive effect of 37.2 million. And this reduced sick leave has had an effect of 4 million. The reduction in the turnover of 3.4 percent points has had a negative effect on 18 million. If we look at the operating profit, it was in the quarter at 118.3 million, compared to last year, at 36.7 million. The operating profit in the last 12 months was at 451.7 million. And in terms of the investment profit, it is negative at 9.1 million, compared to 11.5 million in the same quarter last year. Pugna, I will pass the floor to you.

Yeah, thanks for that. Again, rapid development. There is a lot happening in the field of artificial intelligence, a lot of interest among customers, a lot of interest among people in Bovet. But it underlines what kind of industry we are in. It is incredibly important to be at the forefront, to invest in people and competence. That is one of the most important things we do. So artificial intelligence, The focus has contributed to bringing the importance of digitalization into each of us. We see how this can really affect our lives. This sets a very clear agenda for us as a competence house. How important it is to work with competence development to be relevant and in the forefront. As I mentioned earlier, this thing about behavior among customers, we see it as a trend. There is probably an exact definition of what a trend is, but we have seen over several quarters, and perhaps in the last two years, a very clear movement that customers want to connect to actors like us, much more closely, more strategically, and more long-term. It has advantages for the customer, as I said, and it has advantages for us. But what we are in right now is a long line of customers who are out and who we compete with on long-term questions. So it is for us as a company, we live by putting together competence across the entire BOE service spectrum and delivering to customers, then this is something that is very good. So that is a very positive development in the market, and we see it just getting stronger and stronger. When it comes to the drivers for digitalization, I have been within them. If I may say something, business as usual, there is an enormous pressure within energy and energy transformation. is that all companies seek to use more data in their businesses, so the meaning of the data drives becomes more and more important. And then we have... we have the whole security situation that is in the whole world, but especially in Europe and Norway, and the role we play. So that has put security very high on the agenda for all the customers we work with. And I do not have to say, they deliver socially critical services, so it is natural that security is completely on the list. And then we have talked about what is happening in the health sector. There is a lot to be said about the market these days. And it is not everything that we experience in exactly the same way. But what is clear to us is that in the sectors we are in, and where we have our biggest commitments, there is a high demand. And as we experience the situation, there is a high and long-term demand. So it is a good place to be, and we are very happy about that. So it is a very positive development that we have faith in and will continue in the future. And then I will say something I haven't said in a few quarters. We say that there is good access to talent and competence. That is of course a statement I will qualify a little. But in general, something has happened in the market. Everyone has noticed that some companies have shorter times. In an earlier quarterly presentation, I said that we thought there would be a shortage of food, and I think there has been, and it has resulted in that more people are applying to Bove. So we experience a better access, especially in terms of experienced competence. Actually, very positive. We had a small discussion about this at an earlier quarterly presentation, and I'm glad to say that this is a development we actually looked forward to. So, very good. The last thing is that it has become narrower around the food chain. On the agreements where many have broad access, we experience tougher competition. So we also experience a starting price pressure on some competitions. So a little more fight for the contracts and a little tougher price competition is expected, and that has given rise to the previous point about our access to important competence in the future. So all in all, we are positive. We see the light of the future. And the most important thing for us is, of course, what it is about people in Bovee. That people want to be in Bovee. That we have good learning experiences. We learn and develop ourselves. And then we attract several good people. That's what we need. So that was what I was going to say, and that sums up a bit about the numbers. Then we are ready for questions and debate. Yes, Jørgen? Let's get to the high numbers. I have Trude with me in relation to the numbers, and I have Lisbeth here, who works with economics and is the director of economics. So depending on how deep you go in the numbers, I will pass the mic on.

Where is the start of our series?

It has been good. And I have to say, it has been a theme on previous quarterly presentations, that here we have become very good at planning the start early in the year, so that when we get people in, we get them quickly. So now, in August, we got a lot of new stuff in, hundreds of new projects, came in the door. A fantastic start to August, and a lot of them have gone out into the project. So we are very optimistic and happy about that. When does the course start?

The course business?

Yes, I wondered if you were on another course. We have set an all-time high for a few months now, but right now we feel that, as I said earlier about the food waste, there has probably been a little more conscious use of resources for course participants. I think we can see that. But it is a bit early to comment on, because we are right over the holidays, and it was full speed on the course business before the summer.

I was a bit surprised by the numbers, both on hourly price growth, rate of return and wage growth in different directions. Do you comment on those three any more, and is it something more normal now, and it was abnormal last year, or is it just some random swings?

It is important to think about, and I know you are aware of that. When we talk about wage growth, it is about the total amount of wages. It is about the fact that we get a lot of new graduates in other wage categories and so on. When it comes to hourly rates, if I remember correctly, we had a jump to the first quarter, and then it was relatively stable now. That comes from the fact that many of our agreements are in the state standard, which is index regulated per first to first. And then there comes something around the second, around the half-year shift. It was two of the parameters, and then it was... The rate of return. The rate of return, yes. It has been very high through the pandemic. So it may sound a bit weird to say, but we are happy that it has normalized itself. Because it's about the opportunity to invest in people, and learn, and share, and so on.

You draw a picture of a good market in Norway. We hear Swedish companies draw a more uncertain picture. Do you experience Sweden as a bit more difficult?

Definitely. is a completely different climate. It has affected all sectors in Sweden, both private and public. We have quite a lot of public, so the effect hit us a little later, but we notice it. Yes, Thomas.

The margin is back to where it was before the pandemic. Did you manage to attract any valuable learnings or cost-effectiveness through the pandemic? Or are there any extra investments now, if I can understand the dynamics there?

That's a difficult question. I think we see some valuable effects of the pandemic. I am quite confident that we will travel less. But I don't have anything... I don't know if I can give a good answer to that now. I don't know if Lisbeth and Trude...

Other questions?

What do you think?

No, I'm going to avoid commenting on the political, but what has actually hit us is that there was legislation that brought about a lot of changes in the work environment legislation, and essentially it was about reducing the possibility of hiring consultants. But here they differ on what is about manpower and what is about production companies, like us, that deliver more enterprises and multidisciplinary teams. So this hits us to a very small degree. It hits us administratively, because we have to keep an eye on how much of our business is enterprises and multidisciplinary teams, so that we can document what type of company we are. So if I were to look at a practical dimension, where it meets a company like ours, which is not a manpower company, then it is the possibility to hire a single consultant, just to hire the single consultant. That limits it to some extent, but it's a very, very small effect, and the proportion of what we do is almost irrelevant. So we have full opportunities to rent out and take sub-consultants into our enterprises, and deliver enterprises and multidisciplinary teams to the customers. So in this way, this legislation plays well into our supply and sales model. So, are you ready for the questions?

Yes, very good. And then I was wondering about the price dynamics. In an offer, there is an offer, and then you have some very large customers, where you are almost like a kind of partner. Can you talk a little about the price dynamics in these two models, and how much they affect each other, or one over the other?

What we have seen is that, just to comment on the window of time we are in, now we are talking about it becoming narrower. We should remember that just a few months ago, we talked about how it was impossible to get all of those, there was an enormous pressure in the IT market. That did something with the time prices, and now we are in a window where there is a lot of pressure. I should be careful about the future. But it is clear that the agreements we have are long agreements. They are typical agreements that run for four plus four years. And they have quite regulated mechanisms for price adjustments. So it is clear that when you compete on a contract today, then it is clear that you will experience a price pressure. How big it will be, I will avoid speculating. So there is not a very big connection between the two. Yes?

You have gone through a period now with extreme pressure. Many have been at home for longer periods. You have now come back and been together a lot and come back to a normal everyday life. But how do you see the weariness in the employees and the churn and the ability to keep them up in the future? And Yes, a little generally around that.

That is an extremely good question. I would like to answer that. After the pandemic, we saw significant wear and tear. You are talking about churn, we are talking about turnover. It is the same thing. And we experienced that wear and tear. It gave rise to several things, including increased turnover. It is so incredibly happy to be able to say that it has been evenly falling for all months since. And now we are at a level that we want to be. We always wish for better and to keep as many as possible. But now turnover is at a level that we are living very well with. And that means, as I understand the situation, that the effect of wear and tear that we experienced during the pandemic and right after, has normalized strongly. So we are back where we were in our good old days. So that is very good. We are an organization that is not fond of turnovers. It drives us crazy, so we work very hard to get rid of it when we experience it. And now we are on the way to a good place.

Can you just say something about what kind of goals you are aiming for when it comes to satisfaction and churn, and what can be the leading indicators for such a development?

No, I think that when we are below 10% turnover, we live well with it. And that is something we have historically been good at in Bove. As I said, we are very concerned about who we are going to employ, why they are going to start here, and what kind of journey they want to be on. And I am very happy to be able to work for people to experience that and become. So we have historically been good at that. So it was challenging after the pandemic, and now we are good. Flere spørsmål?

Godt. Jeg har kanskje svart på det, men etter spørsmålet som har kommet opp i den siste tiden, etter Webstedt blant annet, om at det er slakkere marked,

Yes, I have answered that quite thoroughly, but I can take that.

You also had an interview two or three weeks ago in the Finansavisen, where you talked about how you could not see where Bove's growth was going to stop, and how you worked with assignments.

And I'm glad I said that, because what I said now is that in the sectors and the customers that we have our biggest commitments to, we see long-term needs and great demand. And then there is also, as I commented, that it has become a bit, as I call it, narrowed around the food chain. In some competitions, when we compete openly and freely, there are a lot of other companies that ... Yes, there is more availability of capacity, so there is a little increased competition. But the main message from Bove is that the customers and the runners we are in, they are long-term, and we still experience a ... So you are positioned in a slightly different way than for example Webstep and some of the others? Yes, and then it probably comes down to where the companies are positioned, and then it comes down to what the forms of delivery are. And our forms of delivery are things that play well into new legislation, with teams and assignments, projects that we deliver. We are careful not to say what the future holds, so you can take this as how I see it, here and now.