Dustin Group AB (publ)

Thank you very much, Operator. And good morning and most welcome, everyone. Both, of course, are existing and new and potential new shareholders to our second quarter presentation and conference call. Hope you all have had a good morning so far. Here on our side of the call is myself, Tovans Ekman and Johan Carlsson, CFO, and also Fredrik Stratus-Stramme, head of IR Indie Room as well. So today we present our second quarter result for our fiscal year, 2021. And we are continuously navigating ourselves in our different markets through the current conditions. I must say I'm very proud of our achievements and everyone at Dustin for their strong contribution in helping and supporting our customers and continuously enable our customers to stay in the forefront. Especially also now when you see that the hard work also shows up in the numbers. We, as you know, as you have seen, we have also announced an acquisition of Central Point in the Netherlands in the Benelux region today. And we will, of course, come back to that later on in this call. But let's first just go through the quarter in brief. And if we look at the quarter, then I should say that we have started, we have strengthened our position in the markets and we report an organic sales growth of just over 6% for the second quarter. Our productivity and strong position in the value chain have of course benefited our performance in the market, which has been impacted by component shortages and supply chain disruption due to the pandemic. This in combination, I should say, with a strong cost focus resulted in an adjusted to be increasing more than 30% and the VTEM audience strengthening to 5.5%. And in addition, of course, our online core business performed strongly in place with the high share of online retail and great need for mobility, cloud service security and driven by the underlying strong trend. And continuously, I also mentioned the previous quarter, the five market trends that we build our strategy on, the online shift, the growth mobility, cloud services, demand for predictable IT cost and focus on security and integrity. And last but not least, of course, sustainability. They have all skyrocketed during the pandemic and making of course our long-term position even stronger. But with that said, as an introduction, let's go over to slide two, Duffin at the Glance. Most of you know us, but just briefly as a refresher. We are by far the biggest retailer in the Nordics and also in the Benelux region with a large assortment, fast deliveries, great customer support and competitive pricing. Sweden is biggest market in the quarter here with 4% of sales and then the other Nordic countries between 15 and 20. Netherlands, which we entered then a little more than two or two and a half years ago, soon three years ago, is currently 7% of sales, but which of course be more now with Centralpoint. So that is shortly about Duffin and moving on then to slide number three for the financial highlights to see how we are improving and performing now during Q2. As we continue to strengthen our total market position, net sales were 3.6 billion SEC up with 4% versus last year. The organic growth of that was 6.4, of which SMB showed a positive 8.3, LCP 4.9 and BTC 5.5%. So overall strong organic growth for all segments with an increased activity level among all our customers. Gross profit was 591 million SEC compared to last year's 557 and that gives us a gross margin of 16.1 up from last year's 15.7. And I said earlier, our adjusted data increased with 30% and came in at 201 million SEC versus last year, 154 million SEC. And that then gives us the adjusted data margin of .5% for the quarter versus last year's 4.3. So overall strong performance and record earnings, which is of course really good. I mean, the margin improved by of course good performance, but also on the structural changes that we're doing combined with continued good cost control within all segments. Both SMB and SEP showed good progress in the margin uptake. And then consequently, it was up to 177 million SEC compared to last year's 133 million SEC. Cash flow operating activities was 218 compared to last year's 155 and EPS earnings per share. Also up to 1.38 SEC per share versus last year 104. And our leverage in the very lower part of our target at 2.0 versus last year's 3.1. And as you know, our leverage target between two and three. And apart from an intense quarter from an operation perspective, we have as previously announced, we closed our business center in Stockholm due to the change to customer behaviors. And we have launched E2 Workplace, which is a true online service aimed towards smaller SMBs. And of course, as announced today, we have a quite central point in the Netherlands giving us a leading position and we become an IT powerhouse, not only then in the Nordic, but also in the Benelux. But we will come back to that as I said before. But let's just briefly go through the segments. Johan, can you take us over the different segments? Yes, then let's move to slide four and SMB segment in some more detail. Thanks for the quarter in SMB was ,000,000, which is an increase of .9% over last year, representing an organic growth of 8.3%. Thanks growth continues to improve quarter over quarter despite challenges in the global supply chain. During the quarter, we saw good sales development in all the hardware categories from all customer groups in the segment. Recurring sales of services is slowly coming back off the last year's negative effects on the pandemic and grew by .3% in the quarter to an annual sales rate of 838 million. We saw positive sales numbers in all countries with Norway and the Netherlands performing particularly well. The project-related installation and services was still suffering from people not being in the office. However, situation is getting better and we saw a slight positive trend quarter over quarter. Segment margin for the quarter was .6% compared to last year's 9.3. The main reason for the good margin was strong sales of private label products and high pricing levels in the market due to shortages and the effects from our cost efficiency initiatives. It was somewhat offset by lower sales of high margin projects related to services and advanced hardware. The share of software and services was .6% down from 22.8 last year, mainly due to the strong hardware sales this year. In total, segment result ended at 170 million compared to 140 million last year or an increase by 21.6%. Segment margin at .6% was .3% which was higher than last year. All in all, a very strong quarter for SMB both in regards to sales and margin. Then move to slide five and the LCP segment. We can see that sales in LCP was ,000,000 for the quarter. This was an increase by .7% of which .9% was organic. During the quarter, we saw continued good sales to the public customers with strong performance in Norway and Denmark. Sales to the larger corporates declined slightly as they were affected negatively by both component shortage and deliberations. This effect was stronger for the larger corporates than it was for public customers. Segment margin ended at .2% compared to last year's 6.3. The increase over last year is mainly explained by generally improved margins in some of the larger contracts scale effects from higher volumes and effects from last year's cost efficiency activities. Segment result improved from last year's 118 million to 136 million or by 16.4%. Continuing the strong performance we've seen in the LCP segment during the last five quarters. Moving on to slide six and the D2C segment. D2C had a strong quarter from a profit perspective. Sales was up from 169 million last year to 175 million this year representing a growth of .3% of which 5.5 was organic. The main reason for the sales increase was strong underlying demand for home office equipment and gaming. Segment margin was up from .4% last year to a record high .6% this year. Good product mix and high price levels due to the shortage of supply in the market contributed to the good margins. Leaving the D2C and moving on to slide seven and network and capital. So network and capital was negative 549 million compared to last year 154, negative last year. We continue to deliver low working capital numbers as we use our strength in the value chain to get good terms with customers and suppliers. Further to that we have utilized the opportunity made available by the authorities in our markets to delay tax payments of 135 million. All in all, this has made it possible for us to maintain the low level of working capital in Q2. If we look at the details, we can see that inventory increased in the quarter to 575 million compared to 495 million last year. The main reason for the increase was higher purchase volume due to our effect as an activity to mitigate the risk of shortage of components. Also the higher sales of private label contributed to somewhat higher inventory levels. Accounts receivable falls up with 88 million as a result of higher business volumes. And if we look at the accounts table, we increased 236 million, mainly as a result of the actions taken last year during the pandemic. In total, we continue to see strong performance in the area of working capital and remain at the level of Q1. The average at the end of Q2, as Tomas mentioned before, was 2.0, where our target is to be in range of two to three. The main reason for the decrease compared to Q1 is a stronger business result. Moving on to slide eight, cash flow and investments. So cash flow for the quarter was negative 32 million compared to last year's negative 9 million. Looking at the parts of the cash flow, we see that cash flow from operating activities before changing working capital was 207 million compared to last year's 159 million. Changing net working capital slightly positive plus 10 this year compared to negative four last year. And cash flow from investing activities was negative 18 million compared to negative 123 million last year. And last year's numbers was affected by earn out payments that period. Cash flow from the financing activities was negative 231 million compared to last year's negative 42, where the main reason was that we took up a new financing last year of 256 million in the period. Total investments for the period amounted to 43 million compared to last year's 216. Cap tax related to IT development amounted to nine, which million was the same as last year. And investments in tangible and intangible assets decreased from 191 million last year to 23 million this year as last year's numbers was affected by prolonged rental agreements. Investments in assets related to services or service delivery was five million compared to 11 million last year. All in all, 18 million of the 43 in cap tax was affecting cash flow. The others were changes in lease or rent contracts. With that, moving back to Thomas. Good, thank you very much, Johan. And continuing then on over to slide number nine. And our update is sustainability targets and commitments. And just to highlight a little bit on our work here. In the previous quarter, I explained more in detail about our zero carbon emission target, as well as our ambition to in creating a fully circular offering by 2030. Today, I also want to highlight our work within our third target here, 100 initiatives for social equality. And again, all these three commitments, they are designed to redefine the impact of our business and how we behave and how we act. And it will of course naturally involve innovations and solutions with all of those around us throughout our value chain. And as always, we believe that hard work will pay off and these commitments really keeps not only us of course, but also our whole sector moving ahead. If we look at the 100 initiative and 100 actions, and to set those, we start off this year with setting 10 of those. And let me just briefly go through some examples of that. As you can see on the slide, we will work to close the gender pay gap in all our markets. And here we have reached a good way in Sweden. But we also want to emphasize that work of course, so we close that in all markets. Health and safety training has been established for all our private labor suppliers. We have introduced diversity and inclusion training internally. And we have also introduced sort of a stamp, which factory audited by Adopt-in as a guarantee for fair working conditions in our factories. And with this of course, also with the diversity inclusion work, I should also mention that we form partnerships within that work with different partners that support this and can drive this work forward together with us. We have also trained our managers in the competence-based recruiting, how that is worked, how that is done. And we have also introduced, working on introducing competitive parental leave conditions for all employees in all markets. And we have when it comes to recruitment, also activated an anonymous recruitment in our recruitment systems. And I think these are just very practical and pragmatic and clear examples of how we work with this. There are lots and lots of access that needs to be taken, but all in all to sort of improve the social equality for all around them and all the things we can have an effect on. To this of course, we also continue to ensure that our suppliers adopt our supplier code of conduct. And we're right now at 99.8%, aiming of course for 100% on that. In this work, we also do a risk assessment, I should say to evaluate our suppliers' ability to long-term comply with our code here. So all in all, these are strong commitments and they require of course hard work on three of them, on three of the commitments, but that is also what is needed. So before moving on then telling you more about our acquisition analysis morning, let me just sum up our second quarter for our fiscal year 2021 on slide number 10. And net sales grew with 4% to 3.683 million SEC, 3.6 billion SEC, where organic growth for the group was 6.4, with SMB at 8.2 and S&P 4.9 and BTC at 5.5. Gross margin .1% versus 15.7, up to the positive product mix and our dynamic pricing model working together with the higher volumes of course and strong sale of private label products. Adopted EBITDA came in at record high, 201 million SEC, giving us an EBITDA margin at 5.5%, which is as you know, spot on on our financial target and an increase from last year's 4.3. And initiatives and actions we have taken on the cost side, both on the strategic ones and the short-term ones has of course given effect, as well as the strong performance as we want to in towards the end of the quarter. EBITDA at 177 million SEC and EPS coming in at 138 SEC per share. And on balance sheet operating cash flow at 218 million SEC and the leverage at the lower end of our range at 2.0. So EBITDA. And operation of course worth mentioning, we closed our business center as we announced earlier in Stockholm due to change in customer behavior and we have launched our easy workplace as I mentioned before. So as I summarized, after the Corona pandemic and its effects are still very present of course, it is a challenge both in our markets and in society as a whole. And it continues to be short-term disturbances in supply chains. However, we have also demonstrated I think great strength during this quarter with the speed at which all colleagues at Dustin have adjusted to meet the needs of our customers, both the short-term and to the long-term behavioral change that is brought on to all of us by the increasing pace of this situation. So with the good organic growth in record earnings in Q2, we see that we are correctly positioned with the strong and unique digital relationship with hundreds of thousands of customers and even more optimized e-commerce platform as well as the ongoing buildup of our standardized service offerings where each of our places is one example of that. And to further increase our relevance and the benefits for our customers of course. And that combined with our strong financial position means that we are relevant to face opportunities and challenges that come to us through the climate, business climate and our customers. And dealing with that, we would of course like to take the opportunity now while we're on the call to present our acquisition of Central Point. And I suggest that we take any questions you might have on the quarterly results as well as our expansion in Benelux after that. So let's proceed over to the acquisition and move over then to slide 12. I mean, with this, Dustin, we take a leading position in the Benelux region by acquiring Central Point. We become the market leader in the region and of course creating an European IT powerhouse. We expand our home market. So it's not only Nordics, it's also Benelux now. And that is of course paving the way also for continued expansion. It is a very creative effect on this. If you look at EPS, it's more than 50%. If you compare it on a performer basis, we see that we, given the fact that it is a very strategic fit in this. And we know the drill, we know the business, we know how it works. We see of course significant sales and efficiency certainly in this. And we also see that we can do for this, we do not change our financial targets. If then moving on to slide number 13, to go through a little bit about the strategic rationale and key facts on the business. I said, this is an opportunity for us to establish that the market leader across all customer segments in the Benelux region through combining existing operations that we have in the Dutch market with Central Point. And I also said, it is a strategic fit with attractive value creation opportunities for us. It fits very well to our current business. And we get both the critical mass in the market and across all segments to enhance the local service offering and of course, introduce additional value added service in the market. I said also, we see significant sales and efficiency synergies. And the areas worth mentioning here, is support procurement. I mean, we can, we will also introduce private label products in the market. And we see also of course, synergies between IT and the technical platform. And then not to say at least, we of course have knowledge sharing and SMB sales in this that we can leverage on even further. And it will also be an actual platform for us if we, when continuing expanding in Europe, both organically, but of course, also with the botanical positions. Central point then, some short facts on that, that it is an IT supplier or value added retailer with focus on hardware and software to the LCP as well as the SMB segment in the Bennevax region, Netherlands and Belgium. It's approximately 600 employees and it's a presence in three locations in the Netherlands and Belgium. Revenues amounted approximately to seven billion SEC within a beta of approximately 280 million SEC in 2020. And it is a market today in the Netherlands with the market share of around 5% in of the total addressable market. What is really good here also of course, is that they are have strong tender capabilities and that's the result in high revenue visibility. And management will also stay in their current positions. If we move on to slide 14 and look at the financial impact of an expected and efficiencies energies. We are, the combined revenue of the company will be approximately 20.4 billion SEC and a combined revenue if you look back 2018 to 2020 would be approximately 7%. The combined the beta will be approximately 800 million SEC and with the combined meet the money if you look back 2018 to 2020 about 4.3. But the EPS secretive effect of more than 50% on a formal basis, including the cost energies. And we see expected sales and efficiencies in all this where we expect to find those in areas of procurement, increased labor penetration, the IT and tech and performance set and of course, knowledge sharing between both SAP and SME and the online operations. And we see that the IT is expected to generate the approximately 150 million SEC of sales and efficiencies entities fully implemented in 2023. And we expect to invest approximately 50 million to accelerate the extraction of those entities. And Central Point has an omni-channel approach very similar to Daphne in the Nordic. It's a combination of consultative sales or relationship outbound sales and of course online sales. And it also has the Central Point also has the same hybrid supply chain model as we have in the Nordics where we work directly with vendors but we also work a lot through distributors. So it's a strong company that fits us very well. And again, just to brief so you get the full picture of the company it's a leading supplier in the Vendelux hardware software as well as services. It was formed through a combination of Infotech, Sholten Avatar and Central Point in 2018 but the company was originally founded in 2001. It's based in Nijmegen in the Netherlands where they have the headquarter and the sales office for Netherlands. And it's also in Wikien in the Netherlands where warehouse and distribution center and in Arshot in Belgium where the Belgium sales office are situated. They have very efficient and central logistic operations to serve the Netherlands in Belgium and a total of 600 employees with around 36,000 customers across the Vendelux. And finance as we said, it's seven billion SEC and around 280 million SEC in Evita for 2020. So with that, Johan, you can proceed on slide 16 to talk more about the other. Yes, let's move to look at this with Thomas was talking about the value creation going forward coming from the acquisition together with the Dustin organization. So with these four billion blocks, we think we can explain how the value creation will be generated in the coming years. And you will start on the left hand side with the business plan of Central Point which is quite a growth inspired business plan. And it builds on, I would say three fundamental pillars in order to grow. These would be to expand in the Belgium market to become as strong in Belgium as they are currently in the Netherlands. It is to go expand the offering also to software and grow software business in combination with hardware mainly in the Netherlands market. And then to add infrastructure offerings and sales on top of the basic hardware sales that is currently done mainly in the Netherlands. So that forms the part of the local Central Point business plan. Then on top of that, obviously, as Thomas was saying, we have identified 150 million result synergies coming from both sales and efficiency initiatives. Moving to the efficiency initiatives, I would say that purchasing power and what we can do with the purchasing power is one of the strongest part of this plan. It's clear that, as you know from before, we are one of the leading IT partners in the Nordic region where we can use our power of purchasing to a great extent. Now we will have the same situation in the Netherlands but also we can use the fact that we are now a true multi-regional player, which we believe will give us an even better position with the vendors and distributors in the European market. So that will clearly contribute to the synergies going forward. That in combination with launching our own private label assortment to a greater extent in the Netherlands will add to profit. Then moving on to the competence and capability transfer. You can, to some extent, also take them with you from the synergies because one of the competencies that we can clearly use is our Nordic excellence in online SMB sales. This is an area where I think we can generate a lot of sales synergies coming into the Benelux market. And we have a very strong plan and target in this area. But also not forget the excellence that the Centrepoint organization has on tender business. And I think we can, in many cases, we will be able to leverage on that knowledge also in the Nordic context. And last but not least, we will of course continue to look for both on acquisitions as we have done in the Nordics. We are now in a better, even better position in the Benelux market to continue that journey. So all in all, we believe that this makes it the prospects of continuing with the good speed of both sales and profit growth in the Benelux region and also for us. Then we'll move to slide 17. We basically say that this acquisition will not affect our financial targets as they are stated today. As you know, the growth target is 8% organic growth over this cycle. As you can see on the slide 17, if anything, we believe that the acquisition can support that growth target. Moving to margin, I think we discussed a bit before that our firm belief is that the margin potential in the Benelux region is the same as in the Nordics. Now, as the customer split in the Benelux region, including Central Point is slightly more skewed towards the MCP side, we are currently at the slightly lower level of margin in the Benelux compared to the Nordic, but that is also one of the possibilities for us to with a better scale support our SMB expansion in the Benelux and that by itself will improve margins going forward. And then if we look at capital structure, obviously after the acquisition, you heard that from Thomas that in the end of the Q2, we were at the leverage of 2.0 and after the acquisition, we will end up at 4.5, but with the proposed right issues, we will be back on 3.3. So we believe that we will be leverage with the cashflow generated by the business down to the area of 2.0 to 3.0 within a reasonable future. So no change of the financial targets. Now, moving to slide 18, if we look at the transaction in the middle summary, the total consideration was 425 million Euro on the cash and debt free basis. And we bought the central point from Infotake holding EV. The acquisition multiple is around 15 excluding synergies and 10 including synergies. And as part of the consideration, we have issued about 8.2 million shares to the former owners. And obviously the acquisition is subject to competition clearance by the Dutch competition authorities. In terms of financing, we have a breach financing from Swedbank to cover the initial period. And then we will propose the rights issue of 1.2 billion to reduce leverage in the first instance. And that we will summon an EGM where we should give authorization to the board for the solution of the issue in time and the rights issue that will be held on the 18th of May. And at the moment, the main shareholders are supporting that decision. And I think with that back to Thomas. Yes, thank you, Juan. And let's summarize it on slide 19. And to summarize the acquisition, I mean, this will create the market. We will become the market leader in the Benelux region. Of course, I said, paving the way for continuing expansion. The combined LTM revenue of around 20 billion SEC and in the beta around 800 million SEC. And it gets a creative effect of more than 50% for the last financial year on a profound basis. And we see, of course, as you want to think as well that with strategic business, we see significant and efficient opportunities in this. And we do not change our financial targets due to this acquisition. So very exciting, of course, and it's a strong quarter. Q2 quarter shows our position and our strength in the value chain and combining this with, combining that with this acquisition, of course, put the foundation for us to create the IT powerhouse that we are building here. So with that, Juan, I think we are ready for questions. Any questions you might have then. So operator, over to questions.

Thank you. If you do wish to ask a question, please press zero or one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero to the cancel. You can ask as many questions as you wish, but please ask one at a time. Our first question comes from the line of Frederik Stensil from Nordea. Please go ahead.

Hi, good morning, guys. So I have a question on the synergy target of 150 million. I was wondering, you did talk about it a bit, but if you could be a bit more precise of how much are sales synergies and how much are cost synergies out of that. And I'll wait with my second question.

I think rough numbers, you can divide them in, in, split them in two, 50-50. So sales would be 75 and cost would be 75 or efficiency would be 75. Clearly, most important are purchasing and our ability to exchange, let's say, accessories with our own private label accessories. These are also the ones that we have greatest disability of, I would say, to start with. But then sales synergies are clear in the sense that we get scale now in the Venelux region. So we can, from that scale, we can add our online competence and SMB competence also to that region. And that is very important, both short-term but also long-term growth opportunity for us.

Okay, makes sense. Thank you. And then my second question. You write up that the organic growth CAGR has been 12%, and that seems like quite an attractive number to me. What would you say have been the main driving forces for them to be able to have that sort of growth? Because I assume the market has not been growing at that pace.

I think they have had, they have a very strong competence in how to handle large RFPs, let's say, both in public and corporate tenders. And that is, I think, one of their strongest parts. That in combination with really good relationship with the local vendors to get good pricing. That has been a suspect tracking from before.

Okay, excellent. And if I can just add one last, if you want to disclose if it was a bidding process or if it was an exclusive negotiation.

Yeah, this was a bidding process because, so, but we are close. Thank you very much. Yeah, good.

And just as a final reminder, if you do wish to ask a question, please press 01 on your telephone keypad now. We have another question from the line, Ramil Kauria from SEB. Please go ahead.

Thank you, operator. Morning, guys. A few questions from my side as well. Just starting off on this international targets, and I couldn't help but to notice the fact that you're not mentioning the payout ratio. How are you sort of given the balance constraints now also post-rights issue? Are you sort of reasoning around potential dividends?

I think overall, that's of course for the board to decide later on during the fall. But of course, they will consider how the overall balance it looks at the time for the possible dividend. So that will be for the board to take decision on later on.

That's clear. And the margin target, which you outlined you were aiming at to reach in the next fiscal year, is that sort of still valid as per your CMD communication? Was it 18 months ago or does that change now?

I think it's still valid. And we are now working on it will be the possibility to reach it will be affected by how fast we can implement the synergies. And that plan we are doing, you know, in more fine tuning it now when the deal is actually signed. So we will have to come back on exactly that. But there is no change in our mission to reach that the finance target in margin for it saves.

Thank you, Johan. And perhaps the two final questions in one go. So first off, if you could shed some light relating to Frederick's question earlier about synergies and the cadence as to when they will be, you're saying full synergies will be visible in 2023, 2024, but you're also taking a one-off right off the closing of the deal. Shouldn't we expect some cost synergies to be reached from the initial phases here?

I think you will see efficiency synergies coming through in 2021, 2022 for sure. And then of course on the same side, it's more of a ramp up situation on sales. It will start pretty fast, but that is a much more, how do you say, we need to build that business in a more long term way. It's not the one-off thing that you end up with. But of course on procurement, for example, you can move faster. So I think there will be, let's put it that way, it's not one third every year added. It's probably more in the beginning, but it will take some time to get the full synergies out.

Okay. And perhaps on the gross margin side, could you shed some light as to how the gross margin structure is affecting the company?

Gross margin is pretty similar to what you can see in our LCP business. It's actually the business down there is pretty close to that.

Okay. And then the final one, if I may guys. Yeah. And sort of on a more high level basis, I think you earlier mentioned that this is sort of, gives you the potential to continue to expand in Europe. Perhaps I'm mistaken, but how are you reasoning in terms of sort of accumulating market shares on your existing markets versus continuing to expand geographically? You have the high single digit area market shares in both the Nordics and in the Netherlands now and some presence in Belgium as well. How are you reasoning for the future story?

I mean, what we see, of course, I mean, as you understand, we have a lot of things to do in the Nordics and the Benelux region right now, but we also see what is clearly visible is that our business model is very, what you call it, exportable. It is possible to export our business model. And that, of course, for that we need a platform. So what we're seeing is that we have now two strong platforms or one combined platform with the Benelux and Nordic region, which gives us those opportunities. However, now, as I said, also, we still want to prove ourselves in the Nordics and continue to prove ourselves, of course, in the Benelux region. But it's very possible for us to do that. And we see that our business model works in, of course, other European areas as well. But now we see with the entering into Belgium as well, we see that there's also room for further expansion also there.

It's very clear. Thank you so

much.

Thank you.

And as there are no further questions, I'll hand it back for any closing remarks.

Okay, very good. Thank you very much, operator, and thank you very much for everyone listening in. And please just revert, if any questions to myself, Johan or Fredrik, and we talk and see each other very soon again. Thank you very much for the day. Thank you.