Bouvet ASA

Yes, here we are again. Welcome to BOV and the presentation of the results of the fourth quarter for 2023. We are running the usual routine. I will tell you a little about what we are doing, and Trude will tell you more about the numbers. Then I will come back and tell you a little about what we think, how the world looks like in the future. Welcome to all of you who have come here, we are very happy about that. And we have on stream, welcome to you too, the way we do this, we do as usual, we run the presentation and then we take questions and answers in the end. I would like to start with Trude and I. We are quite lucky, because every quarter now, in the Lord's many quarters, we have had the joy of standing here and presenting solid results. And also this quarter. Solid results. That would not have been possible without all those 2,300 plus residents who do a fantastic job every single day. So before we start, I just want to say a thousand thanks and give a hug to all those who are here, from early in the morning to late at night, to create the results that we are so lucky to share here. So thank you very much, everyone who lives here. Now we're going to take a look at how this quarter went. And as I said, it was a tough quarter. We increased our operating revenues by 118 million kroner to 970, almost a billion, but 970 million, and that is a growth in operating income of 13.9%. That is strong. Then the operating income, EBIT, was 106 million kroner, and that gives an EBIT margin of 11.0%. We are proud of that, we are very happy about that. Then we have to take into account that this is a smaller workload, which means a lot, and we also have extra employee contributions, which also means a lot in this quarter. This means that we will round 3.5 billion this year. Those of you who participated in Q4 last year, you got to know that we rounded 3 billion last year. This year we rounded 3.5 billion. That is a growth of 14.3% and a operating margin of 11.5%. We are really proud of that. A good quarter and a solid year. And we became many more. We became more in a range in BOV than we have ever been before. So this quarter we became 42 more. And you who were with us in Q3, you clearly remember that we became very many, because then we became 110 more. But the sum of this in this year means that we have brought with us 270 new colleagues in Bove this year. So that is quite fantastic. I am impressed by how an organization can take in so many people and in addition be able to invoice them and that we deliver value to our customers and create value. So that is Stas. In the background of that, the board has proposes an exchange rate of 2.60 kroner per share. That is from the same period last year, we propose 2.50, now 2.60 for payment in the first half of 2024. That was a very short quarter summary. Now I will tell you a little about what has happened here. Our balance between public and private, we have always been very happy with, gives solidity and predictability. Here we compare the same period as last year, and you don't see that much difference. But again, I could challenge those of you who were in Q3, you would have seen a significant difference, and that is that just this quarter, The proportion of private and public has increased significantly. So there is a significant increase in the number of public customers. That is quite interesting. But this is an increase in the number of our public customers. These are customers such as Statnet, NVE, Forsvaret, Banne Nord, Kystverket and similar companies. So interesting in the light of all that is said these days, but growth in the public sector. Our sectors. We see the same trend there. We have three major sectors. One is renewable oil and gas, which of course is large in this quarter, so significantly down from a relative share from the previous quarter, while growth in energy supply and in the public sector. And I mentioned some of the public ones, like NVE was mentioned, and so on. And within energy supply, there are customers like Statnet, Lyse, Elvi, and so on. Getting back to these, we'll see how these have developed through the quarter. Last quarter, had we just made a small purchase of a business abroad. What we have been working on this quarter has been to get them involved, to get them into the business, and to make them an integrated part of BoV. And that has gone just as well as we planned. So everyone is involved. And this is a group that looks, in the competence mix, very much like what we have in BoV. So they are developers at Java and Microsoft, project managers, designers, UX, and advisors. Now they are here, and as we said in the previous quarter presentation, this represents great opportunities. It represents great opportunities for people, and we have seen that. Now we see people from Bové in the country, are involved in many of our national projects, work together with other residents on large deliveries. And in addition, which is also fun, we see that people from the east are involved in delivering to customers abroad. And that's what we mean by opportunities. It gives people opportunities, and it also gives us as a company the opportunity to take a bigger mission up there and develop ourselves further. And it's nice that everyone is involved. And that is never a coincidence when you do such things. We look forward to the continuation. We have a vision. We are moving forward and building the future of society. At the same time, there is a tremendous development in artificial intelligence and AI. We have really come a long way this quarter, and there is an enormous demand for competence and insight on this. The customers come to us for advice and guidance on this. It has been an activity with customer meetings, and we are in dialogue with customers that we have hardly ever seen before. An enormous activity. And just to illustrate that. Today we write on the 16th of February. We have, in a way, Yes, we have started well in 2024, but there is not much time in 2024. Nevertheless, we have held a number of FROKO seminars and specialist seminars on artificial intelligence and generative AI. So far this year, we have had more than 1,700 participants in everything we do. So this is about will come to us, and we have to help them see the possibilities in this. Microsoft is one of our closest partners, and they are in charge of this. We have been so lucky that we have had early access to this, so it gives us a good opportunity to take a good position in this market. What we are working on now is to find them internally with us, for the knowledge staff at BOV. The productivity improvements that this gives. And that's about text, analysis, code development. And then we work with what might be even more exciting, which is what this means for our customers. And there we are in many exciting cases. I just want to briefly mention three. We work with Stavanger Municipality. There we use AI for everything they receive from customer requests, to analyze the text and remove everything that can be of a person-sensitive character. And that is what AI is excellent at. Recognize the pattern, remove it and continue to handle it. Then we have another customer case that we work with, just to illustrate the possibilities that lie here, and that is a customer who has a lot of applications, legacy as we call it in the IT language, legacy applications, old technology, and then we work to transform it into new technology. Big productivity effects. And then the last case, which is actually quite exciting, and that is within robot technology. And then it's like this, we have worked with a customer for quite a long time, with a little more traditional technology, where they are going to inspect large surfaces outside, type of roller coasters, and being able to detect objects that are there, inspect that all light systems work, see if there are cracks in the asphalt, scare birds, things like that. It has been quite demanding with older technology. It has been that we have had to train very extensively in all weather situations, and so on. And the results have been like this. And then we have implemented language models in it, And the learning has gone enormously fast. So this gives productivity improvement and gets solutions operational, easier and faster in operation. So very exciting. I would like to say a few things in summary about this. This contributes to productivity improvements, and we see that. But a lot of this is not just about technology. When you introduce technology, a whole stack of skills will follow. Change management. When you introduce AI in work processes, it means changes. That is change management. So the entire service spectrum we have to rely on will be used in this. So this is great. It requires competence. Customers ask for advice. We deliver that competence. And if anyone was wondering, will our competence with artificial intelligence be less sought-after, or will it replace our competence, then I think I'll just... I can live with that one more time. We just see an enormous opportunity in this, for us and for our customers. So this will just be exciting. Exciting future. And if you come to future quarterly presentations, we will tell you more about individual cases in this field. It will be exciting. So it's just to meet up. So I would like to tell you a little about what has happened in the quarter. And I do this by highlighting some of the contracts we have won and some of the customers we have worked with for a long, long time. Innovation Norway. It is a business that works with business development. It is a particularly Norwegian export business. It takes good ideas and transforms them into good businesses that grow and develop. Innovation Norway, as you know, is represented in the whole country, all countries, and it is also represented abroad. in an average of 28 outside offices. They work through our embassies to profile Norwegian business and Norwegian travel goals. This quarter we got a new agreement with Innovation Norway. We are happy and proud of that. Innovation Norway went from a situation where they had a lot of parallel agreements to connecting to one partner. We were so lucky that they chose us. We are very happy about that. When I say lucky, it is a little truth with modifications, because this was a contract we were assigned to competence. Top quality score, and that is something that I am most proud of to see, when we win in that way, to be assigned trust in quality, in competence. It is a great success. That's what we do at Innovation Norge. We deliver innovationnorge.no, we deliver my site functionality, and then we deliver case handling, project helpers for the advisors who work with founders. It's quite extensive and long-term case handling. We deliver these solutions and a lot of data platform and analysis. Interesting stuff. And a really meaningful customer to work with. ERES. This is a customer we have had the opportunity to work with since 2005, so it is one of our really long-term customer relations. It started back in 2005 with a collaboration with Banenord. ERES is actually a partnership with companies that run railway operations in Europe. The solution we are making is rolled out today to nine countries in Europe. And here you see Norway, Sweden, Finland, Benelux countries, Switzerland, Spain, and the tenth on the ladder right now is Portugal. Energy calculation for trains is complex matter. There are some simple concepts about how trains require a lot of energy. when they run, especially upstream. And then there are the small power plants when they run downstream. And the solution that Bovee has created, it makes that calculation, saves the train companies from a lot of, both power consumption and then economy. So large savings. This is managed by a product team that sits here in Oslo. and manages this solution on behalf of all these railway companies in Europe. We won it for a new eight years. We are very happy that we have the opportunity to continue working with ERS for such a long time. NVE is a customer we have worked with for a good number of years. They manage the water and energy resources in Norway. Much of their business is dealing with construction requests for the construction of power networks in Norway. Power installations, power plants, power lines, power masts. The entire search process and administration process is done by NVE. In addition, it is central to something that has come quite close to us today, with the weather we have in Oslo today, which is that we should be better equipped to handle flood, among other things, and drought, and what happens with climate change. So that means that they collect a lot of data and make it available. Here we provide several solutions. We provide our multidisciplinary team, which consists of a combination of the competencies we have in the entire BOVE, with project management, process management, design, development, testing and so on. So the entire BOVE stack in many different teams. We also provide solutions that deal with case treatment, but We also do the solutions that are more for the public. So I don't know if there are any in the room or on the stream that have a lot of skis. If you do that, you should have used the Varsom app. Or go to varsom.no. It gives information about the spread of exposed areas, the spread risk. So that's what NVE does, both in terms of power generation, but also in terms of the very public solutions that we use. Very proud and happy to be able to work with it. Very exciting, especially when it comes to handling large amounts of data, and analysis, and visualization, and presentation of it. So a very exciting customer to be able to work with. And the last customer I would like to mention is Lyse. Lyse is a large energy and telecom company. They have big ambitions. They are the fourth largest producer of renewable energy in Norway. Their headquarters are in Rogaland, but their ambitions are far beyond Rogaland. They deliver broadband fiber-based broadband services and mobile services. And in that umbrella for Lyse, there are companies that we know. Here in the Østland area, we know a Viken fiber, Altibox, and then they bought Ice. And that makes them the third largest mobile supplier in Norway. Again, we work with exciting things for Lyse. We work with power services. We work with systems for fast charging, which are both the systems at the back and the apps. And then we work with customer-friendly solutions and self-service solutions that you and I use as customers of Lyse. An exciting customer, great ambitions and a great development in the company. So it's very exciting to be allowed to work with. I'll go on. Our course business. It's not the largest part of our business, but it's a ... an incredibly important part of our business, and a part of our business that reaches far beyond what the customers of BoV are today. Here, and this is quite fantastic, because we who are gathered here physically, we are gathered in the third floor of Sørkedagsveien, and here we have our course business. And just through this floor, more than 7,000 people this year who have attended a course at BOV. Some of these courses, Skreddersy V, The fourth part of it is to create an internal business course. Just as we speak here today, on the other side of this wall, there is a course with design thinking, where we have two of our experienced consultants who hold courses, and then there are some who have an internal business course in design thinking. It is very good for those who come to this course. Top quality on the competence and learning content. In addition, this also gives us good learning. So these two experienced consultants must always read up and prepare to convey the latest. And that is our idea, that experienced consultants can drive that exchange of being out and learning and working, and developing with the customers, and then come in here and share all the fantastic things you have built out of competence. So it is in the heart of the sharing culture to live with. And then we have a lot of breakfast seminars, and here it says that last year we had 3,300. And it's a bit of a funny contrast to what I mentioned, that just so far this year we've had 1,700 participants, and that says a bit about the push in AI and artificial intelligence and so on, and where it's going. We have an ambition. that we will be the most trustworthy consulting company with the most satisfied employees and customers. And so they are in that order. And then it is natural to start in the employee part. This quarter we have carried out employee surveys. And we do that every year. It is important for us. It is important to constantly work to get better. We always say that the numbers we get are not the most important, but it is the content of the feedback and the agenda it sets for us to constantly work with the most important thing in Bove, and that is the people in Bove, and how the people in Bove enjoy and develop themselves. Then it's nice to get good feedback. We get a huge response. It's up to 90%, almost 90% response on this. So people are engaged. And if I'm allowed to pick out maybe one thing that I'm extra happy about, then it's the answer that a lot of residents give, that they see Bovee as a place they want to be, continue to be, and develop further. and work with what we work with, with our customers. So what goes on, as mentioned in Nynorsk as loyalty, it's about where people want to spend their time. So we really appreciate that. And then we believe that satisfied employees create the most satisfied customers. And when we get such feedback from our customers, Then we become quite humble about it, and then we also understand what kind of work is done out there every single day. Again, I am very happy that we can get the feedback that the customers experience that we have relevant competence, that we are able to offer it, that we are able to deliver on the ambitions the customers have. And then, not least, long-term customer relations. That's what we've lived on for over 20 years, that customers see us as a long-term partner. So that's nice. Some numbers and sectors again. Oil and gas is renewable. Yes, it grows. It makes up a significant part of our business. Now 40%. Last quarter, 44 plus. Where we have seen the biggest development now has been energy supply. And within energy supply, there are businesses like Statnet, which I have described. It's about building the national network. and the connections out of Norway, both with sea cables and land connections. And then you have a company that I have just described as Lyse, which is an important customer of ours, Elvia Eidsiva. Eidsiva, not least on the inland, but with daughters who are Elvia. And also companies that are in the same part of the value chain as Haugaland Kraft and Skagerrak Energi and so on. So those are the customers, publicly, and that is interesting. On several quarter presentations I have told a story where there hasn't been much development, and we can see that in this quarter. That is perhaps what stands out in the numbers this quarter. And in public, it is the customers I mentioned, especially the defense. The defense is our third largest customer, and an extremely important customer, both for us as a company and the nation. So that is increased activity, and customers that I have mentioned earlier, such as Kystverk and so on. But I think it is very interesting, exactly that point, the development that is in the public sector. You hear so much when you read the media today, that it goes down here and there, but this is what we can tell you about. Increased activity for public customers, and especially for public-owned customers. Our customer mix. You recognize this. The 10 biggest, the 20 biggest, the biggest customers are important to us. We work long-term with them and we are close to them. We have had this as a strategy all the time. And that has made us develop our customers' understanding, we develop domain competence, we get closer to creating value in these companies, and that makes us more trustworthy and take more responsibility. So that's what we believe in, and that's how we prioritize. So we prioritize an existing customer rather than running after a new one. That creates more value. A little down on the top ten. Insignificant for so far. The main direction stands. And then it is so that we, large parts of our customers, we have them for a long time. And then we get some new customers, and we are happy about that. This quarter is a little special. Because the ones I'm going to mention as new customers now, they are customers that we don't really have that many of. So they are a little different from the others. And one of the new customers is within Bank Finans, Dun & Bradstreet. A large international company that works with credit assessments and so on. That is a new customer in Bove. And that is a customer that has come in through the purchase we did abroad. And then we have some new customers that we have never had Ibo with. We have, among other things, had a company called Mjøsen & Glommen Skog. And we have also had an A.T. forest. And then we have a company called Geno, which works with owls inside Storfet, Rødt Storfet. So that's an exciting customer. We will tell more in the coming quarter presentations about that. But it's a new industry for us. It's exciting. Not much development when it comes to changes, when it comes to our offices, apart from the little thing that actually went wrong last quarter, and that is that we have got a new business in Hamar. And that is in Hamar, but of course the downfall field in Hamar is bigger. It's the whole Lillehammer, the whole Mjøs region, actually, that Bovee Inlander works on. And then I will go slowly into landing, but then I go back to what I started with, and that is the people who create the values that we share here, and that is the people in Bove. We are a little different than others, because we always run two annual reports. We run the annual report that many of you who are here and follow us on stream are very interested in. That is the one that comes in May. And then we have another annual report, and that is for our employees. That is the annual report for employees that tells the story of Folkebovet. What Folkebovet has worked with, what we have done in our free time, what we burn for, what we use all our ideal efforts for. That is the story. And that is a story we summarize after each year. Some of us would say that this is our most important annual report. Um, And then, last on the number of employees, 42 in this quarter. As you can see in the bottom illustration, it means that we have never had such a speed in getting new employees to Innebo V. And that is a huge job. This is for show with numbers. Behind this, there is an enormous effort to receive new, good residents, get them into the company, get them into the professional environment, get them into the social world, and then convert this into an assignment, a billable assignment. It's a huge job to do, so I just have to take my hat off for that. It's fantastic, and we're both happy and impressed by this. That's what I was going to say, so I'll give the floor to Trude.

Thank you. I'll just point out that I'm a little proud when I hear everything that's happening in Bove. In these times, we have actually become 270 new residents in the last 12 months. So that's the basis for the numbers I'm going to present. I thought I'd first say a little about the key figures, then a little about the operating revenues before I go to the results, and then the change in the impact of the revenues on the results, and then the cash flow at the end. And then I'll go back to the beginning after that. If we look at the quarter, we have had an increase in operating income of 118 million, which has given us a result of 969.7 million, and an increase of 13.9 percent compared to last year. The operating result has been 106.3 million, which has been a decline of 10 million. This has given us a operating margin of 11 percent. And if you look at the relationship that we had one day of work less, plus that we had an extra cost of 13.2 million when it comes to the extra employer allowance, then we are very pleased with that. If we look at the year ahead, 2023 is the first year that has not been affected by a pandemic. P. Gunnar mentioned that last year we had an increase of 3 billion kroner, and this year we have had an increase of 14.3 percent, and this year we have had an increase of 3.5 billion kroner. This has given us a result of 407 million kroner, and a turnover margin of 11.5 percent. If we take a look at the operating income, the income growth has been at 13.9% in the quarter. It is primarily our own employees who stand for it, but then an increase of 15.3%, which has given operating income of 856.6 million. The turnover of our own employees is at about 8.3% of the total turnover. We also had an increase in subconsultants at 7.4%, which gave us an income of 95.1 million. If you look at the ratio of the total turnover between subconsultants has been relatively stable. But this quarter, the relative share has gone down a little on subconsultants from 10.4% last year to 9.8% this year. And then we have surplus income, which does not do much, which is 18 million. The income of the co-consultants, who had an increase of 15.3%, goes down. Primarily this, that we had become 13% more employees, which has given an increase of 103.8 million. In addition, there is a positive effect that we had a team price increase of 5.2% in the quarter. When it comes to factoring, it has gone down by 2.7 percent points, but we still have high demand for our services, and it's fun when they present all these different cases, where we deliver a multidisciplinary team. We deliver from the breadth of BOV's service spectrum. In addition, we also work across regions, also in this quarter. And then we have had one day less in the quarter compared to last year. If we look at the change in operating revenues, we had a total increase of 180 million. Then we can see how it is divided into the different elements. It is that we have become more people over the year, an increase of 13%, which has given us a positive effect of 103.8 million revenue. The fact that we have increased the hourly rate by 5.2% has given 41.5 million. The working day has had a negative effect, one working day less, at 12.5%. 4 million, and the fact that we have had a reduction in the invoice rate of 2.7 percent points has given us a reduction of 25.2 million. Then we look at the operating result. It was 106.3 million in the quarter. That was a reduction of 8.6 percent compared to last year. We had had an EBIT margin of 11 percent, which was 13.7 percent last year. And then we had an increase in operating costs of 17.4% compared to last year. And this reflects that we have become 13% more people compared to the general price growth in society today. In addition, we have had a substantial increase in annual wages of 3.9 percent over the past 12 months. And then there is this with the extra employer allowance, which has given an extra cost of 13.2 million. It hits when wages and benefits exceed 750,000 per employee. It has had an annual effect of 18.3 million, so you see a hit mostly this quarter here, and also in Q3, as we mentioned in Q3. Other operating costs. This slide was introduced during the pandemic and we wanted to continue to maintain it. I know we said last year that now we are back to a normal level in Q4 2022, and we see that it continues here. Last quarter we had an increase in operating costs of 5.1 percent. As far as travel, courses, recruitment and social arrangements are concerned, we have had an increase of 3.5 percent to 34.7 million. And the other The other operating costs have been increased from 60.3% to 48 million, and all of this indicates the general growth in the number of employees. It hits here, and this with a general increase in the number of employees, as mentioned. If we look at the impact of the revenue on the result, it is this that the team price has increased by 5.2%, which has the greatest effect with 30.6 million. This increase in the number of employees with 13% has given a positive effect of 28.5 million. The day below has a negative effect of 9.2 million, and this reduction in the factoring with 2.7 percentage points has a negative effect with 18.6 million. So here is the current flow from the operation. It was in the quarter at 389 million, compared to the quarter last year at 178.4 million. I don't know if you remember, but I told you in Q3 that the last day of Q3 ended on a Saturday. So that means that a lot of the input came in on Monday afterwards, which has some of the effects here. If we look at the flow rate of operations over the past year, it was at 528.8 million, compared to the previous year's 321.3 million. We have also had a one-time effect that has affected the exchange of systems, but it has generally been a very good flow rate over the year. Let's say that the quarter was relatively normal, except that this quarter we have also bought Hedit, as mentioned in the question. Then I'm going to hand over to Per Gunnar again.

Yes, thank you. In Q3, we shared some thoughts on how we see the situation in the future. Now a lot is written about both our industry and others. We don't have much change to report on what we talked about in Q3. So what we can confirm, and what I mean, what we have put forward today confirms, is that the sectors we are engaged in, we see strong demand. And we could even talk about the strength of demand in the public sector, as we saw in that quarter. And in those sectors, we see long-term and high demand. And that is especially, if I am to point out something, then it is clear that what happens within energy supply is really long-term. And also what we work with in public, many of them are in long, long runs. So we have talked about the position we take on artificial intelligence, how important it is for our customers and important for us. We think that will only strengthen in the time ahead of us. The security situation in general in our society is challenging, and that naturally affects us. We deliver on a lot of socially critical solutions, and the fact that we deliver quality and a high degree of security is something we work a lot with. It is something our customers are very concerned about. And that is a focus we enjoy. The focus is to build quality. So that is important to us. So, as we have said, We have had a strategy for 20 years where we have focused on long-term customer relations, where we have connected to customers over a long period of time and prioritized them. Over the years, we have seen different purchase patterns. What we see now is the aftermath of exactly this, that customers want to connect to important strategic suppliers who will deliver on a large scale. We are very happy about that, because it makes it possible for us to deliver and play on the whole board, and the whole strength that lies in a company like ours, with a large professional board and a large geographical location, and simply that we have many residents, and extremely good residents. We are very happy about that development. Then there is no doubt about it, and you have brought that with you in relation to the results of others in the industry, that there is a certain liquidity around. So that means that the individual competitors, and it is very important for me to emphasize that there are individual competitors, those who are the type of dynamic purchase order, where it is freely open to offer and so on, there we see increased competition. And it is natural that with increased competition, there is pressure on price. Nevertheless, it makes up a significant part of what we are in. What we are in is the 97.3% I could tell you about, which is long-term customer relations, which we are in long-term agreements. But there is no doubt that in some of the competitions we meet, we increase the added competition and price pressure. And finally, what I am most proud of, in addition to what we have talked about all day, is that we have extremely good access to people. People are looking for BoV, and that certainly has to do with what we work with and what kind of company we have, but it also has to do with what kind of times we are on our way. Bové is also a very good place to be. And that means that we have noticed over the past few months a significant shift in exactly that. Experienced people are looking for Bové. And we are very happy about that. We need people. We have a lot to do. So that's very positive. So all in all, We want to convey a positive and optimistic view on the months and years ahead of us. We are also very well positioned with the customers and agreements we are in. That sums up briefly what we wanted to share. We are open for questions, and we have a microphone. If you use it, they will get it on the stream. I'm not sure I can answer, but I have Lisbeth and Trude here.

Would you comment on the fall in the rate of factorization? You could have thought I had something to do with the troubled question, but I don't.

No. I look at it as... It's not that. So it's a development from a pretty... I'm not going to say... It's dangerous to say extreme quarter, but the starting point we're comparing it to is pretty high. So I just want to say it's the main reason. So it's the basis for comparison.

Niola Kleiven, ABG. I would like to ask a question. You have had a very strong growth in new employees throughout the year. How long does it take for an employee to get into a receivable position?

We can answer another question first, and that is that we have had a very strong growth in new employees. The growth I'm talking about here is a fine mix of experienced consultants and new graduates. So the premise that this growth is new graduates and less experienced is not true. So it's a good mix. What we... have experienced, and we have worked with this for many years. If I go back in history, back in the period of 2015, when we started to get into the bigger circles, it actually took several months. But we are always working to get better, and through all these years we have worked to get better at this. So what we are experiencing now is that new graduates, we get them very quickly, so to speak, in invoices. So then we talk for days, weeks, but we never talk for months. I'm not going to say never, but the trend is that in the invoices we are in, we get them very quickly in invoices. So that... But that is thanks to the fact that we have worked with exactly that. You know that the biggest culls we get in, we get in in August. And that's something we start working with early this year, in good dialogue with our customers. So that's not a big challenge. It's important to work with it, but we handle it quite well.

You have been through several of the important sector exposures you have, and as I understand it, you have described a fairly strong picture there. But if we also go a little into the oil and gas side, how would you say the aftermath is now compared to a year ago?

That is, I would say, unchanged. That is a very good question. So that is very good. And as you saw in the numbers, the fact that the relative proportion goes down in oil and gas does not have to do with reduced decline. It has only to do with increased speed in the public sector and energy supply.

Marius Heyerdahl. You've answered before, but I'll ask again. How sensitive do you think Equinor will be in terms of oil and gas prices? When it comes to the public, you give a different and better picture than many others. So if you think about what you see of tenders in 2024, if you have an understanding of the size of the cake compared to the year it went through.

The oil and gas price, I don't know if I'm right to speculate on that, but we have seen that it affects the level of activity in Equinor. The total activity in Equinor is affected by oil and gas prices. We also see that we are involved in some solutions where we are not directly affected by that. We do not experience the enormous sensitivity to that, but of course we should have respect for that it drives the economy in Equinor. And your next question was about... Yes. Yes. I don't have a number on that. I just have to say that 2023 has been a pretty extreme year. There have been a lot of big tenders and requests, and then we're talking about the 100 million class and bigger. We have managed to win a lot of contracts, also in public, in the year behind us. So a lot of what we work with and have as a focus in 2024 is actually to realize and deliver on the obligations we have entered in 2023. And then we see that there are a lot of big questions, but as I said, we have a lot of focus on delivering things we have already won. Are there any other questions? If that's not the case, I have to say thank you to all of you who came, and thank you to all of you who are on stream. And I hope you'll come to Q1, because then we'll talk about exciting cases and what we're working on. And good results. We'll see. Thank you.