Leroy Seafood Grp Ord

It's nice to see that so many have come, and everyone has gotten some good seafood from Lerøy for breakfast. Welcome to the three-quarter presentation for Lerøy Cypher Group. My name is Henning Belstad, chairman of Lerøy, and with me today is, as usual, Kjur Mall. Vi skal gå igjennom tredje kvartalspresentasjon og se på utsiktene fremover, både ikke minst i det kvartalet vi er inne i og det nye året som vi snart er på vei inn i. Og der er det mye spennende å snakke om. Lehre is a fully integrated seafood company, and we work to create the world's most effective and sustainable value chain for seafood. And that is one of the main reasons why we prioritize and work with what we work with every single day. Vår integrerte verdikjede gir oss konkurransekraft. Våre kunder, de... God morgen, allesammen. It's nice to see that so many have come, and everyone has gotten some good seafood from Lerøy for breakfast. Welcome to the three-quarter presentation for Lerøy Cypher Group. My name is Henning Belstad, chairman of Lerøy, and with me today is, as usual, Kjur Mall. And we're going to go through the presentation of the third quarter and look at the outlook for the future. Not least in the quarter we're in and the new year we're soon on our way into. And there's a lot of exciting things to talk about. Lehre is a fully integrated seafood company, and we work to create the world's most effective and sustainable value chain for seafood. And that is one of the main reasons why we prioritize and work with what we work with every single day. Vår integrerte verdikjede gir oss konkurransekraft. Våre kunder har sterk fokus på bærekraft og helse, kvalitet, sporbarhet, stabilitet og tilgjengelighet, og ikke minst det å utvikle convenience. And we, through our value chain, create speed and cost efficiency, reliability and trust, product and category innovation. traceability and quality assurance, and our customers also want clear ESG obligations. And we can do that by having a fully integrated value chain. So our third quarter, a quarter of the average, A part of what was expected when we were in the middle of the quarter, and much of the reason for that is a weaker price achievement, both on salmon and trout. It has also been a slightly more challenging biology in the end of the quarter, but we are well on track into the fourth quarter. Vi ser gode forbedringar på biologi i Scottish e-farm, som visar betydelige forbedringar der. For Vaptsalgodistribution, they are constantly improving, and have had a good quarter. Whitefish are demanding for the time, with bad quotas, and that affects the result in the third quarter. Ser vi på volymgradingen for 2025, så er den med vår andel av skott i skifarm på 211 000 ton. Vi skal komme mer tilbake til det etter hvert. And operational EBIT in this quarter is at 412, against 631 in the corresponding quarter last year. And a large part of the reason for that is the price, which in this quarter is about 7 kroner lower than the corresponding quarter last year. We report in three segments. It's sea use, whitefish, and vape sales and distribution. And we go through the different segments for this quarter. We start with sea use. We have had a large variation in prices in this quarter. The start of the quarter was relatively good, but the start of the quarter was significantly lower than we had expected. We also see that there has been historically high volume, especially in September, which has negatively affected prices. We see good improvements in the quarter in biology. Betydelig lavere dødelighet, men det har også vært et krevende kvartal med sterk lusepress, og spesielt i Region Nord, der vi ikke har hatt så stor press tidligere. We have increased the slaughter weight in the quarter from 3.7 kg last quarter to 4.2 kg this quarter, which is positive and shows that it is a surprisingly good biology. We have had a high number of treatments in the quarter, especially in the last half of the year. Og vi har hatt en positiv biologisk utvikling, og inn i fjerde kvartalet 2024, kommer vi tilbake til det etterhvert, så lover vi godt å få inngangen i 2025. There is a lot of interest around what we do in deep drift and mining technology. And there we still see a good development. And yes, I would say that this is one of the more exciting things I have been allowed to work with in my 30-year history in Lerøy. We have a lot of faith in what we are working on here, and it shows that it is going in the right direction. We will come back to that later. We have a lot higher costs than we had in the previous quarter, mainly driven by higher food costs. I dette kvartalet slaktet vi cirka 51 000 ton mot cirka 54 000 ton i tilsvarende kvartal i fjor. Then we go into the different regions, and there we start with Lerøy-Rora, far north. It has been a special quarter for that region, and it has also been an extra demanding quarter with extremely high sea temperatures. And it has been up to 3-4 degrees higher than it has been in recent years. And this has given us a lot of challenges and a much greater light pressure than we are used to. Underlying biology is good in Aurora. High survival. Especially good growth at the end of September and into autumn. We have had a significant cost decrease in the second quarter. And we expect the costs... a little bit up in Q4 2024. If we look at the volume, we have lowered it a little, mainly due to the extra treatment pressure we have had at the end of this quarter. There we have lowered the volume by 2,000 tons to 45,000 tons for 2024. Volume guiding for 2025 is at 50,000 tons. Thank you very much. Yes, it is performance-wise on a level with Q3 last year, where we had about 26. And a lot of differences here are a little at price and a lot at cost. And we slaughtered about 17,600 tons in the quarter. My lesson... Here, too, there have been some challenges with high light pressure and some treatment. But here we see that through new technology, we have significantly lower treatment activity in those locations. And I think we should be... I'm very happy that we have had such a large share of this type of technology. Good survival in the quarter. The costs have gone up a bit compared to the third quarter, and we expect marginally higher costs in Q4. A little on the basis that we have reduced the guiding with about 3,000 tons. The main reason for this is a lot more treatment in the beginning of Q3. So we have increased the volume to about 67,000 tons. And we have a guiding for next year at 75,000 tons. About 17,000 tons slaughtered. A little higher average weight than we had last year, from 3.7 to 4 kilos. But still not quite where we want to be. And we have an EBIT through the value chain of 13 kroner per kilo. Then we have Lerød Kjøttroll. What can I say? Lære Kjøttroll works very well. A lot of positive things are happening here. There is a good development in biology that will give results in the future. 40% of the volume in this quarter is in Ørøt. We see that we have good growth. We have better survival this year than we have had before. We will come back to that later. The costs are somewhat on the level of the second quarter. We expect slightly lower costs in Q4 and significantly lower costs in 2025, as the situation looks right now. Here we have a guiding of 58,000 tons in 2024 and a significantly higher volume in 2025 of 70,000 tons. Dette kvartalet er ca. 17 000 ton slaktet mot en 15 000 ton i fjor, og her er det en betydelig høyere snittvekt enn tilsvarende kvartalet i fjor, der vi hadde 3,3, så nå er det 4 kilo i dette kvartalet, og har en negativ ebit på rundt 1 kr samlet sett for Lerøy Kjøttroll. But as I said, this is a very good job. We have a lot of faith in the direction we are going in Lære Kjøttroll. And we have a motivated team that stands on every single day and is going to take us in the right direction. And you can see that we are doing that. We had minus 7 kroner at Svane Kvartal last year. og er på minus 1 nå. Og selvfølgelig, vi liker ikke å ha negative resultater, men det er en betydelig forbedring også med tanke på at prisen har falt sterkt gjennom dette kvartalet. Og vår andel av øret her er på 40%, som har vært 5 kroner lavere enn det laksen har vært. Så mye positivt som skjer, og så får vi vise fremover bedring i resultatene. Here we had a fantastic operation, and a couple of demanding years that we have put behind us. Much higher slaughter volumes, good biology, and a significant improvement in results. Here we had an EBIT of up to 8 kroner. Our volume in the quarter was 12,000 tonnes, and we expect a good volume in the fourth quarter, and we estimate a guiding of 40,000 tonnes for the whole of 2024, which is up 3,000 tonnes, and it's also good average weight on the fish we have in Scotland. So we are a bit down on the guiding until 2025. We will come back to that later on, why that happens. So we have the guiding. We have taken down the guiding with about 5,000 tons for 2024. 45,000 tons in Lerøy Rora, 67,000 tons in Lerøy Midt, and 58,000 tons in Lerøy Kjøtroll. For 2025, we have a guiding of 50,000 tons of Leroy Aurora, 75,000 tons of Leroy Mitt, and 70,000 tons of Leroy Kjøtroll. A total of 195,000 tons for 2025. Our share of Scotty, which is 16,000 tons, is a total of 211,000 tons. We see whitefish, a very demanding quarter, of course with low quotas. It affects both industry and, not least, the results, and the sea fish fleet has a negative result with about 60 million in this quarter. We see that this segment will also become a demanding future with further falling quotas. som er ned på 32 prosent for vår del. 25 prosent som er industriendegangen på et årsk, og så er det en overføring fra Tråd til Kyst som påvirker oss, som er selvfølgelig negativt. Vi som er forpliktet til å holde industrien i gang, så der er det nyttallige nedganger på 7 prosent, som gir 32 prosent samlet sett. Hysekvoten er også ned 8%. Så det er klart at det er høyere priser, men det kompenserer ikke for de lavere volymene, og det er også selvfølgelig mer krevende for industrien vår med de høye priserne som det er. And here we have fished 13,000 tons in Q3 against 14,000 tons in the previous quarter of last year. And then we have remaining about 10,000 tons against 15,000 tons in 2023. So it is clear that this year will affect both prices and in this quarter, but also a relatively demanding quarter for the industry in the future. Water sales and distribution. We have a large distribution network in all central European countries. Det går bedre og bedre. Her ser vi fortsatt forbedringer, og betydelig bedre enn tilsvarende kvartal i 2023. Det går gjennom operationelle forbedringer, og ikke minst det at vi utnytter kapasiteten i disse enheterne betydelig bedre. And we also expect that this improvement will continue into 2025. And we also see that the 12-month rolling result is gradually ticking upwards. And towards what is our goal, so we will also come back to it later. Så det var det jeg hadde for tre kvartal. Så skal jeg komme tilbake og snakke litt om hvordan vi ser fremtiden, og så tar Kyr oss gjennom økonomiske nøkkeltal.

Takk for det, Henning. Så skal vi prøve å oppsummere i regnskap og balanse det Henning allerede har sagt. Det som er verdt å ha med seg inni dette er jo de veldig lange ledetidene som er i denne næringen. Så etterpå når Henning snakker om outlook, så er det noen kakediagram som viser når vi forventer at de ulike tiltakene påvirker regnskapet vårt. Det er i mindre grad nå, og i større grad inni 2025. Ser vi på selve tallene, så er hoveddrivende vist nedast. Ser vi på den verdikjeden på rødfisk, så ser vi at volumet er nede. 5% and the margin is down. If we look at the margin first, which is down in the area of 3 kroner, then we know that the spot price is down 7 kroner, so the price-up-and-down starting point in the spot market is significantly lower. And to a large extent due to the decrease in Norwegian kroner, the food cost per kilo is 2.5 kroner higher. So in light of that, the margin is actually much better this year, given the frame conditions than it was last year. without it in any way meaning that we are satisfied with the margin. The decrease of 3 kroner is about half of the cost and about half of the price. If we look at the volume, which is lower than last year, this quarter the prices at the end of the quarter were low, so there are no incentives to slaughter so much fish. Here we come to the MTB regulation in Norway, which says that when you come to the roof, you must take out fish. The goal here is of course to stay as high as possible, and that is what we have been working towards. And the fact that we have slacked a little less than we planned in the quarter is a reflection of the fact that we have had a slightly weaker growth due to the treatment. And that is also the reason that the guidance is a little low. If we look at white fish, we have rights in relation to quota access, and we have obligations in relation to the land industry. And what happens in practice when the quotas go down, is that the rights become less valuable, and the obligations are as big. And that has an effect in Pinell, and it has an effect on the income. And that is the reason why we lose more money per kilo this year than last year. And the loss in the land industry is bigger this year than last year. And in the land industry, we have today very good factories, a significantly unused capacity that we do not use because the access to raw materials is too low. And of course, the cost of production is also very high. If we look at the income per share, it is up significantly from last year, and one important driver to that is the handling of it within Scottish Shefarm. There we have a big turn operation, and it is very positive that it is going so much better in our joint venture in the UK. Dette arket med hele balansen, og det er jo ikke alle linjer en gang, det er mange tall. Det som er verdt å merke seg, det ene er jo intangible assets. Der har vi kjøpt på unntaksvekst til nå ca. 650 ton. MTB to just over 100 million. In the next year, we expect to have bought just under 1,000 tons of this output. I will show you a slide soon, and Henning will talk later about the investment, among other things, deep drift. But we are investing significantly in new technology, which is an important reason for Fixed Asset to be higher. Based on more work capital, we have built stocks of fish in the sea, and the Norwegian kroner has become more expensive, so that means that Vi har bundet betydelig og mer arbeidskapital i lager. Og fisken akkurat i Q3 er dyrere enn det den var på samme tidspunkt i fjor. Så er vi på de andre, og det er jo en ønsket utvikling. Vi ønsker å utnytte lisenskapaciteten vår så mye som mulig selvsagt. Så er vi på andre arbeidskapitalelementer, så utvikler de seg nå i mer positiv retning. Og vi tror jo kanskje vi begynner å være på toppen av denne sykelen med mer og mer binding av arbeidskapital. som i stor grad er en effekt av en svekket norsk krone. Vi mener vi har en sterk og god balanse. Vi er BBB plus retet nettorente Bernhjelm på knappe 7 milliarder, og en egenkapitalandel på cirka 50%. Dette viser den cashflowen eller endringen i form av endringen nettorente Bernhjelm. Ser man på senere år, så vil jeg se at vi har bundet veldig mye arbeidskapital. Vi tror vi begynner å nærme oss toppen av det inn i 2025. Det er så også at vi har investert betydeligt. Vi skal komme tilbake til det på denne sliden. When the Norwegian krona is 30-40% less valuable than it was a few years ago, it is clear that every single purchase of things made outside Norway becomes more expensive. It also affects CapEx. Equal CapEx will be a little higher as a result. We estimate that it will be about 1 billion today. Apart from that, in 2024 we have invested about 400 million in deep-dive technology. We will see the effects of this soon. We also do a lot of quality work, which we believe will make us much better. And we have invested in the land industry, both in whitefish and redfish. We have a full cap-ex for 2025, so we'll get back to that. But what the board has decided, based on the results we have so far on deep-trade, is to invest 350 million for the expenses we're going to make in the first half of 2025. So that means that we increase the investments on deep-trade. Then we have this slide, and this slide is related to what we're hearing from time to time, which is that this industry is not contributing to Norway and to the local community. And the only thing we can contribute to in all these discussions is facts. And facts actually show something completely different. So what this shows is that for 2023, we bought in Norway for about 20 billion kroner 5,400 different suppliers in about 250 municipalities. And we ourselves have employees in 60 municipalities. So of course the impact of this is significant, both in the form of workplaces, In the past, we had about 4,000 jobs, and that is still in effect, with a total sales effect of about 10,000. This is also a significant value creation in Norway, estimated with the Nofimas method at 14.5 billion, and we see that in total the tax effect is about 2 billion. So we believe that the facts show that we contribute significantly when it comes to value creation in Norway. Thank you, and back to you, Henning.

Yeah. Then we will look at some of what we are working with and how we look at the future. As I was saying, a lot of exciting things are happening in Lerøy. We are working significantly with new technology and not least innovation in the entire company. I feel that we have a good drive in the entire organization and a strong motivation. Our goals, I take them up every time and show them at least. Now it's time to start delivering on those 25 goals. Vi ser på det så realistisk å oppnå de mål. Nå er vi nært, og vi ser også at underleggende forbedringer begynner å bli større. Det som kanskje er mest interessant i dag, det er jo det volymmålet som er på 200 000 ton. Er det realistisk å nå? Ja, det er realistisk å nå. Vi guider nå på ca. 195 000 ton. Det er beste prognose vi har akkurat nå. Men det er ikke dermed sagt at vi ikke skal kunne nå det målet på 200 000 ton. Vi må bare jobbe enda litt bedre enn det vi har lagt inn i planen vår. And that's what we believe in, everyone who works in Lerøy. And it's incredibly important to have that foundation and that motivation. And then you can believe in what you want to believe in. But we are at least strong in our faith. If we look at the Vap Salgo distribution, there is a very, very good speed in this segment. We see a significant improvement. 12 months rolling at 884, and we will have a significant improvement in 2025. We will be up to 1.2 billion. in EBIT. As we have said, we have developed a value chain over many, many years and invested significantly in low-flow activity. is to take out those capacities. Working with improvement work every single day will lead us in this direction. And it works well, both with short-term auctions, not least in terms of a better use in the factories, and we have capacities, and not least the work that is done with the implementation of Leraway, which is incredibly important for us in terms of being able to reach our goals and work with continuous improvement. And this will also be seen. And I would just like to mention that Lerøy Øystevål has made this piece of art and has actually become the year's line of business in Norway. in the form of a forum. And that is an incredibly strong performance. And for those who have been to Røde Østebold and seen how they work with continuous improvement, it shows that it is completely top class. So it is incredibly nice that we get that recognition as well. And there are many others in our value chain who work in the same way. Harbruk is a There we, yeah. What should we say? We have the biggest potential for improvement. And that's where we do the most. We will have a lift of 40,000 tons from 2023 to 2025. And that is possible through focus on rum, smolt and new technology in the sea. And those are the main prioritized areas that we work for. And take out... That's the volume, and that's the improvement. We show this every time, and we have a strong focus on and have made measures in relation to genetics, RONG, SMOLT, germination technology, which we are in the middle of, and not least the work that is going on at Leraway, which is a full implementation in the marine use segment and is also starting to show results. And we will see more of that in the future. Harbruk has really taken this into account, and has over time worked very targeted and structured with this work. And that makes us better. And we also see that through the systematic work that we do with improvements in the various areas. And then it's like this, we have to report on directions and where we are. Do we take out these improvements that we show here? Now we are in the second half of 2024. We are on our way into 2025. And Det er sånn at dette er noe fakta, og vi ser at det går etter veien. Og det er i tråd med det roadmap som vi har laget. Så langt i 2024, per tredje kvartal, så er vekst... har vekstning gått opp med 6% sammenlignbart med tilsvarende periode snittet av de fem siste årene. Så det er ikke bare i forhold til i fjor. Det er en betydelig større forbedring i forhold til i fjor. The response to mortality is down 24%. We have an extreme focus on fish health and getting better at that. And then we look at treatments. There is a decrease of 13%. But there has not been any improvement in the third quarter. There have been more treatments, especially in the north. And if we look at the cattle trolleys, where we have the greatest improvement potential, here we see that we have an increase of 10% higher. The mortality has dropped by 35%, and the number of treatments has dropped by 30%. And that is a good improvement. And they continue into this quarter, and come back to that after each year. And here we see... In the fourth quarter, and this is just facts, this is where we are right now, in this quarter, we have an increased growth rate of 18%. The mortality rate is down 41%, and the treatment rate is down 27%. Og dette er en veldig krevende periode for næringen. Og der vi har klart å snu trenden vår. Og hvis vi ser i forhold til samme periode i fjor, så er det enda større forskjeller. Dette med ny teknologi virker det. And here we compare the 23rd generation, autumn and spring, what we see in open technology, or ordinary facilities, against germination technology. And here we see a decrease of 90% in treatment. And he was a little bigger after the first half of the year, but now we're at 90%. And this is better than what we had put into our expectations when we made this improvement program. So it's incredibly exciting to see. Det betyr også at vi fortsätter å satse på dette. Det er ikke så lenge siden vi satte ut første lokalitet på nedsengbare. Det var i juli 2023, så det er 16 måneder siden. I dag er vi... At the beginning of the year, we will have 35% of our salmon in new technology. So this is going fast, and we are investing further, and have planned investments in Det er ikke planlagt. Vi har besluttet investeringar på 350 millioner første halvår. Det vil ta oss opp mot 40-45% av laksen. Det kommer til å være i ny kjemringsteknologi. Her går det bra unna. Vi har 6 nye sites med ny teknologi i Q1 og Q2 2025. Og så er det klart at vi har denne farten på det. Vi setter ut cirka en ny lokalitet hver eneste måned. We learn fast. We learn from each other. Those who are going to set up a location next month, they are teachers of those who have set up locations before. And there is an incredibly fine drive in the entire organization around this on new technology. And this is really moving, we think, for Lerøy in the right direction in relation to better fishing, better fishing welfare, and not least underlying biology. And we will also move in the right direction in relation to the goals that are set, and not least a better economy. So this we have... Gradually, we have gained more and more faith. We have had faith all along, but now we are starting to see that we can get results from this, and they are very measurable. So we are looking forward to working even more with this. Then there are some views on prices. I have put up the prices for the last few years. We see that it has been demanding with low prices now in Q3. Extremely low at the end of the quarter, but 71 kroner in Q3. Then we also have the input in Q4 is low. So far in Q4 it is around 69 kroner. This will affect us, of course, with the low price levels, but there are some things that indicate that it will start to swing upwards again, and it will be very exciting to see the development now, up under the wheel, and we have an expectation that the prices will go up. It is clear that a lot of fish have been taken out in the third quarter, with low average weights, which... skulle komme nå på slutten av dette kvartalet og ikke minst inn i første del av 2025. Så vi forventer jo at prisene vil komme betydelig opp. Hvor mye det gjenstår å se. Men ja, disse to-tre siste måneder har vært krevende på pris. Men vi har tro om at vi skal komme opp på et mer normalt nivå etterhvert. So, a little summary on sea use. Good biological development. Of course, we should have performed better on Q3. We should have, but the view is good. Contact ratio for 2024 is around 30%. That includes the fish that is in E-class, which goes into B-processing. And then we want to have slightly lower average weights in Q4. We are selective in taking out those... We are keeping to those localities that perform best, and prioritizing those localities that perform worse. In addition to the fact that we are completely in biomass, which we have done in the whole of the autumn, it also affects a little in relation to the fact that the average weight becomes a little lower. And, yes, we have been talking about this with continuous improvements for the measures that have been implemented in recent years. We will see the effects more and more, and we will see when we come back in February about... Hvordan står jeg då? Men så langt så ser det positivt ut. Det er klart at de forbedringene vil først og fremst gi resultater på den fisken som høstes i 2025 med betydelig lavere kostnader. Ikke så mye på dette kvartalet som vi er inne i. Whitefish is becoming demanding, and we have to do the best we can out of it. Optimize our industry in particular, and work with step-by-step improvements that we have made over time. And then it's like that, the quota goes up and down. So, but... 2025 will also be a demanding year for whitefish. Vapsalge distribution, there we work very well. We are advanced. We use more and more capacity, and that's what we're going to do in 2025. So it will hopefully be a very good journey, we have faith in. So that was... Finally, what we had in relation to Outlook. And then we have a few minutes to take some questions.

So Hans will go around and... We have some questions on webcast. We are incredibly happy for all of you, so that will be prioritized first. And those who do not have a record answer, we will answer in the mail afterwards.

Christian Ruppe, Arctic Securities. Can you comment a little on how the cost level of the sinkhole that has been slaughtered has been versus the region elsewhere? And question two, how is it with the palace for you now so far? Yes.

I think this with costs, it's always a bit demanding to answer. Because to a greater and greater extent, it's more and more fixed costs. For example, brown boat capacity. So you have an installed capacity. And in that, we've slacked a little too little to begin to draw too big conclusions. But of course, if you reduce the number of treatments, you can in the long run If you reduce mortality, it's positive. If you increase growth, it's more to share the costs. It's a bit too early to answer that. But we believe that in the sum of increased production, which will be in Gadegg next year, that the cost level will go down. But it's a bit too early to say exactly how much. As far as pearl thread is concerned, It is about a year ago that we were largely surprised by this. So far, we have seen pearl snow manoeuvres, which has not affected us to a great extent. Henning showed us, and that was also a reason to bring up this figure, how it looks now in Q4, and it shows what the development is in sum to now. And that is facts per day. Pearl snow is terribly demanding to communicate around, because it can turn very quickly. So just how this is in one or two weeks, it's difficult for us to answer. So we think that some of the things we do, this with deep drift, can have a positive effect. Among other things on where it is in the water layer, but also less treatment in better slime layers. So we think that can be a factor. And there is also something about where our localities, especially in Lære Kjøttroll, are this year. They are further inland. for what we do. But it's actually speculations. But every day, the impact is small. Any other questions?

That was completely accurate.

Martin Karlan, ABG, Sundal Collier. It looks like you have had a good gain in growth in the low-income areas, and perhaps first and foremost driven by fewer light treatments. But can you tell us how the growth has been in the depths? Does it eat as well, or are there other factors that can go in the opposite direction?

I think the growth we show is the sum of all the measures. So it's not just a reduction, it's also things we've done for young genetics and small. And so it's terribly difficult to separate them completely from each other. When it comes to growth in low-sink pairs, it's good, but it's not much better than traditional. This depends on the temperature. Some years the temperature is lower, some years it's the same. Men på sommeren er jo temperaturen litt lavere, som påvirker negativt. På østen så skal vi behandle mindre, så i den fasen vi er nå så forventer vi jo å ha en tilvekstgevinst. Så det er også litt for tidlig å svare på. Men summen av tiltakene viser vi jo i en bering i tilveksttakten.

You mentioned that there is potential for lower food prices in the future and also labor capital release. But based on the raw material prices we are seeing now, can you weigh how much lower food prices you expect or can expect?

I think you're just as good at answering that as we are. The impact factors are known. We see that they've gone significantly down, and just how much and how fast it's going. But it's... The potential is significantly lower for prices next year, as long as the price level remains the same, and if that development, as some expect, continues. Per day, the forecast for the fourth quarter is perhaps 50 years from the third quarter, so there are no major changes in the future.

How much is that from the top?

No, the third quarter is probably the top, or near the top.

Okay.