Elekta AB (publ)

Good morning everyone and warm welcome to the presentation of Elekta's year-end and fourth quarter 2022-23. My name is Cecilia Ketels and I'm Head of Investor Relations at Elekta. With me here in Stockholm I have Gustav Salford, Elekta's President and CEO and our CFO Tobias Hägglöv who will be presenting the results. And today's agenda starts off with Gustav presenting some highlights of the development Then Tobias gives you details on the financials, and the presentation ends with Gustav's view on Elekta's outlook. After the presentation, there will, as usual, be time for your questions. Before we start, I want to remind you that some of the information discussed in this call contains forward-looking statements. These can include projections regarding revenue, operating result, cash flow, as well as products and product development. And these statements involve risk,

and uncertainty that may cause actual result a different material from those that port in the statement and with that said I hand over to you thank you as a CLA and good morning everyone here from Stockholm and really really thank you for joining or call so I'll just take you a bit through initially I said you should do our strategy access 2025 and what we did in in q4 Because during this quarter, our last quarter of the fiscal year 22-23, we continued to deliver on our Access 2025 strategy. Our focus was really to drive and secure profitable growth and reduce working capital. We continued to successfully deliver on a cost reduction initiative and we launched a new software solution suite. And all of this is in line with our vision of towards the world where everyone act has access to the best cancer care so let's turn to some of the full year achievements so what you can see here is is really dick key parts over access twenty twenty five strategy and if you look at the driving adoption across the globe our strategic milestone to do that provide access to an additional three hundred million people in underserved market is well on track and by now more than 180 million people have gained access to radiation therapy which is the head of plan and something we're very proud of also important part of a strategy is to go direct into market them in February elect I quite are high love distributor if you turn to the customer lifetime companion In October at Astro, the big trade show in the U.S., Electa launched ElectaCare360, which is our portfolio of customer services that really help enhancing clinical operations. It includes, for example, dosimetry, consultancy services, physics startup services, and ElectaCare360 increases our value-added services. And it further strengthened our position as a lifetime companion to our customers. When it comes to accelerating innovation, our new Lexel Gamma Knife, the Electa 3, was launched this year and is now operating, treating its first patients in the UK, Japan, and the Netherlands, and very soon in the U.S., when it comes to elect that unity comprehensive motion management with that to tracking and automated gating this is a true milestone in the M R Lynn act paradigm shift it was launched in October and received FDA approval in February a loss but not least elect our one or comprehensive suite of end-to-end applications just recently launched at Estro in Vienna I'll come back to that more later in presentation When it comes to partner integration across the cancer care ecosystem, it was in the quarter Lecta entered into joint venture with Sinopharm in China to increase the adoption of radiation therapy to all patients in the country. And we were also very, very proud to announce that MacTulius Health equips the Robert Junker Clinic with integrated oncology solutions from Lecta and Philips. this is really enabled by the agreement that we've had with Philips now and our strategic partnership if we now turn a look at orders and the markets in in q4 the demon for radiotherapy was very healthy and it supported order backlog growth and a book-to-bill ratio of 1.24 If you look at the markets in the regions, in the Americas, orders were flat compared to last year. North America was slightly down, driven by lower order intake in Canada. But throughout Latin America, despite all these regional economic challenges, growth continued due to increased demand for patient access to radiotherapy. In EMEA, order intake declined by 4%. Europe had good growth from the southern European markets together with Poland. However, the Middle East and Africa had negative order development, mainly as a consequence of weak markets in Egypt and Turkey, as these markets continued to be negatively impacted by their domestic macroeconomic situations. Or as an APAC increased by 4%. that three largest countries in a pack China Japan and India all showed double-digit growth during the fourth quarter this growth was however largely offset by headwinds in the Australian market and we ended the court and that's important to say with a strong order backlog of 43 billion sec that will support revenue growth going forward so let them turn to revenue so in the quarter we showed double-digit revenue growth with strong performance for both solutions and service solutions revenue as you can see here was supported by continued improvements in a supply chain situation and strong installation volumes service grew with seven percent and it's really growth across all our business lines and I'm very very pleased to see that the service revenue is growing faster that installed base growth you can see here on the slide as well at the end of the period elect I had an installed base all approximately 7,000 150 devices all which about five thousand 250 units for Linux Emily next or Excel gamma systems for the full year we delivered four percent revenue growth we was supported by significant improvements in the global supply chain situation during this second whole of the year so if we turned to one of my favorite topics unity and look at the development of our Emily neck we're really proud to see that elected unity systems are in clinical use on four continents with a total of 75 install elected unit systems across the world clinic clinical unit systems shows an impressive 99 percent uptime and 100 percent of the unity treatments are now adapted to the change position of the target and six are adapted to changes in shape of tumor it's really clear to demonstrate in the unity superior technology and capabilities to change patient outcome more than 40 indications are treated with prostate cancer being the largest number We have seen more than 600 peer-reviewed publications and more than 4,000 patients recruited in the Momentum study, making it the powerful foundation for research and innovation. And now over to the strategic partnership with Sinopharm. This is really about increasing the adoption of radiotherapy. and it also collaboration with sign a form that will help ensure that Chinese patient will have access to the same high-quality position radiation therapy regardless or where they live if the joint venture with sign a form that the largest sales and distribution network in China is about increasing adoption radio therapy across the country in underserved areas it's about expanding elect a service offering And it's also about improving clinical operations at RT centers. So in summary, it's about combining the high-quality offering of Electa with a vast network of Sinopharm. And if we then turn to the big launch we did at Estro, Electa 1. And this was after the quarter close in Vienna. an elected one is a comprehensive sweet of empty and applications is really offering clinicians more automation more mobility and more time to spend with patients this is really important because elected one allows our customers could to connect their existing product to this new innovative solution with no loss of functionalities smooth transition to new platform and continuous data integrity would mosaic as a backbone this new elective software enables cancer care teams to plan and manage on quality specific workflows more efficiently and the goal is to increase or customers productivity with around 50 percent through these and halls workflow management and with that now over to to be up for the financials thank you go stuff and good morning everyone

starting with the cure for financials elect us revenue grew strongly in the quarter driven by a good commercial rate of our order backlog net sales increase ten percent organically you graphically the growth was driven by a pic growth rate more than thirty percent america's show four percent growth with positive development in the US strong growth in Mexico Europe had growth good growth in the quarter Middle East and Africa have backed the development in the mail summarizing email to minus one percent just a gross margin improved to 30 7.8 percent our adjusted EBIT Morgan increased to about 60 percent with higher sales lower expenses foreign exchange rates had a positive effect gross as well as on EBIT Morgan finance that rose in the quarter driven by higher interest expenses revaluation due to hyperinflation in turkey our adjusted gross margin improved by eighty percent basis points compared to q for last year to help in that says group contributed positively with three hundred basis points the strong solution group as well as the geographical mix led to a total negative mix two hundred eighty basis points Foreign exchange rates had a positive impact of 260 basis points, mainly driven by the strengthening of the U.S. dollar compared to last year. While supply chain conditions have improved and logistics costs are declining, inflation and pressure from higher material and component prices continue to put pressure on our gross margin. The net impact in the quarter was 200 basis points negative. then looking into our expenses in constant currency and adjusted for items affecting comparability all in all the operating expenses decreased by seven percent both year-over-year and sequentially as we continue to see the results of our cost reduction initiative selling expenses decreased by two percent year-over-year in the fourth quarter sequentially our selling expenses increased by three percent driven by higher level of in-person activities and inflationary pressure over administrative expenses declined year-over-year and even more so sequentially net or in the expenses declined both year-over-year and sequential gross R&D has continued to decline from the peak in q1 and on a rolling 12-month basis gross R&D ended at 13.3 percent of net sales Net R&D decreased year-over-year as a result of lower gross R&D spend. Capitalization was in line with Q4 last year, while amortization was slightly higher. For the full year, our revenues grew by 4%. All regions grew, and sales of solutions as well as services increased year-over-year. Our gross margin has improved, what was negatively impacted by inflation and high supply chain costs despite easing supply chain disruption towards the end of the year. revenue growth and FX contributed positively all in all gross margin amounted to 38.1 percent for the full year OPEX decreased by 1 percent in constant exchange rates with a sequential decline towards the end of the year our EBIT margin came in at 10.3 percent net financial items increased and income tax rate decreased to below 22 percent all in all adjusted earnings per share increased to 3.11 switch krona we have to on the soft store all the year to improve financial performance in the second whole growth rates have increased operational calls have been addressed foreign exchange rates have turned to being ebit more than a creative and the result is an improved operating Morgan close to 300 basis points in the fourth quarter since the beginning of the year we have worked with our cost reduction initiative it has progressed according to plan or spending within the year has declined with the estimated 200 minutes we have reduced the run rate of spending by 450 million sec the calls for implementing the savings amounted to 312 million sec with 71 million impacted gross income them moving over to the balance sheet our working capital was substantially reduced in a quarter Following the strong sales at the end of Q3 and in Q4, inventories decreased. Accounts receivables and accrued income improved, driven by healthy cash collection. Also, our liabilities improved in the quarter. In the fourth quarter, we delivered a record strong cash flow. EBITDA amounted to above 1 billion SEC. following the reduction of working capital cash flow from operating activities amounted to almost two billion sec resulting in a operational cash conversion of seventy six percent on the rolling twelve month basis or continuous investments amounted to four hundred seventeen million sec mainly driven by investments in our innovation pipeline all in all our cash flow of the continuous investments was about one and a half billion sec when that's up to you but a ratio was by the end of the quarter below one in March we refinance maturing debt which increased our debt portfolio duration to 4.3 years we are continuing to link to funding to push for our sustainability agenda and in addition to our sustainability link bond we now also have closed the sustainability revolver this facility is not only linked to the social KPI of Linux in underserved markets but also to our scope 1 and 2 emissions as well as the scope 3 target regarding suppliers setting own emissions reduction target that are science-based including the ungrown revolving facility our available funds or six billion SEC all in all we have a strong balance sheet and a solid financial position the board suggests maintaining the high dividend level from previous year for

22 23 this means 2.40 pressure which represent payout ratio 97 percent of the net income with that I hand over to you you so much to be us and now over to to the outlook and so today we we have published our new outlook that goes from the period 22 to 23 until 24 at 25 to next year's and if you set it in context during the last year's the radio therapy market and elect us growth and margins have been pressured by supply chain challenges and component shortages however we've seen this significant improvement in this second whole of 22 23 that we expect to continue so from day our outlook until 24 25 is net sales Cager all Bob 7 percent EBIT margin expansion and dividend policy of at least 50 percent on net profit for the year so if we don't look at the outlook looking into next year We believe that the uncertain macroeconomic environment remains, but we expect our improvement trend to continue into Q1. But as always, we also believe that long-term market trends to support growth and investment in high-end radiotherapy equipment and modern expansion. So if I then try to summarize our Q4. we and this fiscal with a very strong quarter where we have managed to delivered double-digit revenue growth we show record cash flow driven by low networking capital and high earnings we have successfully implemented cost reduction initiatives driving margins and we have launched elect the one software suite that estro really strengthen our comprehensive product portfolio So thank you for the last year and I really look forward to see you now in this fiscal year. And now over to you, Cecilia, again.

Thank you, Gustav. Well, before we open up for questions, I'm happy to welcome you to our CMD that will take place in our facilities in Kroli on June the 20th. Please register to this event through the link that was sent out in the invitation press release. Either you want to follow this on the web or on site. And for those participants on site we will pick you up with buses at Gatwick which is very close to our office and this is either if you come by plane or train to the Gatwick station. So now we open up for the Q&A session. Please operator can you open up the first person in line.

We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touch-tone telephone. You will hear a tone to confirm that you have entered a queue. If you wish to remove yourself from the question queue, you may press star and 2. Questioners on the phone are requested to use only handsets while asking a question. Anyone with a question may press star and 1 at this time. The first question comes from Christopher Liljeberg from Carnegie. Please go ahead.

Thank you. First, I just wonder if it's possible to quantify this negative effect from Australia, what orders would have been with the more normal Australia, and for how long you expect this market to remain slow. And then I also wonder when it comes to the modding guidance, of course, the fiscal year at the end that had large negative effects from hedges, adjusting for that, I think, the underlying EB.

it body would have been around twelve-and-a-half percent if that but we should see yes base now when you say Martin should improve from it thank you thank you just offer I I think I'll take the first question and and Tobias will take the second question so if you look at the APEC region it was really strong growth as we said in the call it in the three main geographies China India and Japan but it was a very weak development in australia due to that they work uh... working around there reimbursement levels and so on in the country and i thought that uh... bit driven the lower uh... orders there i don't have the specific numbers excluding australia but but let us come back with that and for the morning question about that so that the cost of cut out when it comes to to uh... orders i think uh... expectations

or for for what is to grow at least mid single did yet so when you say that you should group top-line a more than seven percent organ or said more than seven percent gun care in in the coming years of course a lot of that comes from from converting that the backlog do you also see workers growing in in that range now going forward on the more

guide on orders but we see a strong demand and I think it's also important to look at the order levels if you look at the order book to bill ratio so kind of orders divided by revenue in the quarter you'll see 1.24 so we're still at very healthy order levels to support the uh... revenue guidance of of more than seven percent then exactly what the orders would be going forward that's that's not something we guide for but we see a healthy market uh... in the coming years as well support into revenue guidance and i think we'll come back more to kind of the market dynamics and looking through reading by reading and so on at the capital markets day in a couple weeks time uh... nice to talk to you again uh... uh... talking about the exchange rates here uh...

so you're right that looking into this and the fiscal year that has past and we actually have had a negative impact from and that reporting line exchange rate differences looking into the next year we will have some negatives here starting at the year and then flattening out sold that negative impact reported from a FX will be less if you look at the total FX impact hitting most of the the P&L rose FX will be a positive contributor to the year-over-year performance into next year my question is when you say that you would improve the morning of course you will have automatically improved morning from less negative hedge effects right so expect modi to improve if we strip out that accounting effect we will have we will have a healthy contribution here from from that says growth and a good cost control we still see a pressure on the gross Morgan but all in all we see a Morgan expansion into the year where FX is one of the contributor

yes okay thank you thank you thank you the next question company cut on the ground the Honda Bank and go ahead right good morning and thank you for taking my question so to for me please I want to get back a little bit to the ebit margin guidance there and you know at the base sorry at the base for the ebit margin expansion ambition is now 3.5 percentage points lower looking at adjusted EBIT. Should we interpret the new guidance as a significant cut to your EBIT margin ambition for the year 2024-2025? It would just be very helpful to understand the sort of ambition and the delta on the EBIT margin expansion ambition. So starting there. Thank you.

know what we are saying I mean we we will drive them more than expansion and and our vision is to come back to the levels that are been up so that is what we'll do so pre-pandemic sort of levels is still reasonable then for 24 25 in in your ambition or how should we interpret it where we don't provide with the specific days but the ambition is absolutely to come back to those levels yes and i think there are good reasons for that and if you see if i may add to that and and if you look at the financial performance throughout this year and look at where we started hearing Q1 and Q2 and then see the progression here into Q3 and Q4 and that has been a healthy financial development driven by health and net sales we picked up that growth rate driven by that wins successfully and work with our cost reduction initiative am so and we determined to improve them going forward as well

All right, thank you. And second question, please. So your MR Linnak competitor is seeing some turbulence at the moment. Do you expect to capture any of that backlog? And have you seen meaningful increase in interest for Unity recently? And also, if I can slip in another one, what's the total order number for Unity compared to the plus 120 orders you communicated last year? Thank you.

Thank you, Ricard. I'll take that one because I was just down at Estro last week, the big radiation oncology show down in Vienna. And I think one of the biggest interests was, of course, Electa One, but the other one was was Unity and MR Linac overall and MR and RT at the show. So I think ViewRaid, as you said, they've had a bit of financial difficulties over the last couple of weeks and months here as well. However, for us, I think having a unit as part of our portfolio and driving it forward is really a key thing for growth going forward as well. So I think that's important. Throughout the last couple of years, it's been bit lower unity volumes because of pandemic and supply chain and so on it's significant projects but I see it very possibly going forward and to your questions on the year we were around 20 unity orders in the last year going forward I expect higher numbers of course compared to that and I think what we see in the sales funnel and opportunity in the market is is to support good unity growth going forward and it's just amazing to see what are or our customers partners clinicians are doing with the machine treating no cases that before needed 25 fractions with to and and also doing sometime simulation free treatment so it's just amazing to be part of this journey and I also see a positive trend going forward. Thank you, that's very helpful.

The next question comes from Eric Cassel from ABG Sandal Collier, please go ahead.

Hi, good morning, Gustav Tobias. So first of all, very good this quarter, but I understand that there are different payment terms for the tenders in Italy and Spain.

uh... i mean if that's not going to have tied up and working capital now or will that happen more speak of culture to you started delivered now after summer uh... uh... i would say a boat uh... but that's really what we we have had uh... collection according to our contracts uh... with regards to the the uh... tenders in spain and and uh... and we will have uh... now for the collection so so that this uh... part of the cash flow that you see but I would look at it more broadly that we successfully been driving working capital here as we stated in the q3 and and it also follows the the sales pattern here where we had a strong sales towards the end of q3 and in q4 and that we have successfully in a good cooperation with our customers work with so it's according to plan and following the season pattern here okay and then you bundle inflation and supply chain costs together now and quote that as a 200 BIP headwind I mean is it possible to unbundle that to see how much inflation impact there is here yeah so actually what you see here in in terms of the and that component so you're absolutely right that that it contains some different items what we see here is actually that and supply chain conditions have improved logistics and cost or or coming down and when you look at the other items and in terms of them and the raw materials such is to a large extent components for us which are discretionary deals and there we have higher prices for these material and component prices and that this what you see here in the the net impact impacting the gross margin in the quarter

And then I think you can also say that, of course, inflation results in salary increases as well, primarily often in the first quarter of electors fiscal year, because that's where we increase salaries for employees. But we are then working with offsetting some of those effects with the excellence initiatives we have been driving and cost reduction initiative. But also we would continue to focus, of course, on excellence initiatives to offset that effect. So I think that's another driver in the gross margin, as well as SG&A and R&D costs and so on.

Okay, I guess I won't get a number on it. But can I ask instead, is there more to come through from lower freight costs and all the, I guess, 300 to 500 bps that supply chain costs was ahead with last year? Is it possible to see

no more press goes coming down more and become more of a tailwind or have you seen the full effect so that normalize yes oh I think we have a favorable trend here in terms of supply chain and logistics so that is a positive trend in it and then also take into consideration the salary inflation that will come here in in q1 but those items that you mentioned

and we have a favorable trend on them and we would talk to logistic providers and look at the logistics cost I think you will see both an improvement versus lost quarters at say and lost years first quarter going into the next year yes to give a bit more flavor on question and I also want to come back to took his office question we have checked what a pack order growth was excluding Australia in the quarter and I was plus 14 uh... compared to them what reports for the whole region of plus four in in the report so plus fourteen percent for a pack excluding australia okay perfect uh... thank you much thank you thank you the next question comes from veronica dubai over from city please go ahead um hi gustav hi um tobias and thank you guys um for taking my questions i have two please

One, I just want to go back to that midterm margin ambition. I mean, obviously, in the past, you were a lot more precise. And if I go back to the guidance you've given back at the end of fiscal 21, the ambition was to get to that 14%, you know, improve versus that 14% margin that you achieved that year. So I'm just trying to clarify, I think, as far as your comments about wanting to return to the pre-COVID margin. When you say that, are you talking about the 14%? Or are you talking about the pre-COVID margin, which was more like 10% to 12%? And I guess if that is still the ambition, why have you removed it from the midterm guidance? I'll ask that, and then I'll have a follow-up after that. But maybe we can get that out of the way first.

Hi, Veronica. So a bit more flavor on the guidance. And of course, it's a very important topic, how we see the growth and the modern expansion going forward. So I said strong growth, more than 7%, more than expansion. You've seen it in the second half. we look into the first quarter we see a good trend into that strong development going into the next year same match message strong morning expansion and then also in the in the second year we want to come back to the previous levels where we started is this kind of period and and higher and then we don't have an exact date for that and it's a certain percentage but I but I hope that gives you can on confidence and in in on guidance on the morning expansion going forward and as we say many of the trends we see now impacting our gross margin but also in bit margins are favorable and you have seen also our cost reduction initiative really bite in the cost in q3 and q4 last year will of course give more input on the drivers for this at the capital markets day in in what is it three weeks time And I think that's an area that would be a big topic at that date.

And I appreciate it. That's really helpful color. I'm just surprised. I mean, if you are feeling more constructive on gross margin, if you have delivery on these cost savings, why are we not getting that commitment to that 14% margin? For us? What's the offset? Yeah.

Yeah. I think what we really, really focus on, Veronica, is quarter by quarter improvement in everything we do from the top line to the gross margin to the EBIT. That's what we want to show. We want to work with prices. We want to work with installation. We want to work with COX initiatives. We want to improve the gross margin as well as driving efficiencies in our R&D and SG&A organizations. I think that is the message we want to send out, and that's what you will see over the coming quarters. And then we will come back, and we'll come back to higher levels as well, and that's how we see the plan for the next coming two years.

Okay. That's very helpful. And then if I can just ask on the shape of the margin improvement, if you think about fiscal 24 versus fiscal 25, is it even-paced? Is it front-loaded or back-loaded? And then I'll jump back into the queue.

Again, I think it's quarter over quarter. That's how we focus. You know how Electa is. It's product-based, so it's not a smooth line, but it will be year-over-year improvements.

Okay. Thank you, guys. Appreciate it. Thank you. Thank you very much.

As a reminder, if you wish to register for a question, please press star and one. The next question comes from Julian Oguadour from Bank of America. Please go ahead.

Thank you very much. Good morning, everyone. So I have a couple. So the first one is just a follow-up to Veronica's one. With the previous guide, we had some help just to model the margin. Could you just help us with saying if you expect to be close to 13% or 14% in 2024, 2025, or just below this level? It's just that we don't really understand why you change the guidance or rebase or cut the guidance if you still believe that there's some margin expansion. That's the first one. And then the second one, just on R&D capitalization, you said in the past that capitalization should come down and amortization up. Still not really clearly the case today. Could you maybe tell us what you expect for this in terms of R&D over the coming years and next year, especially what kind of margin headwind could we expect if you increase amortization for next year? Thank you.

thank you and yeah I will start with with the first question and to be us we will take the cap the station I'm at station one but to the first question I think it's the same same also a message that that I also said to Veronica's question that it is really about quarter by quarter improvement back to the levels were before and also have an ambition to go higher of course in the coming years it would be year-over-year improvements and that's how we see kind of a more than expansion journey going forward

a at the damage station capitation question to build yes I'm higher than I'm thanks for the question here yeah so I mean if you look ahead here and all the development to be Sam item is that what you can expect here is that in terms of the gross or in the year-over-year and a slight uptick given the inflationary pressure a in terms over capitalization a that will essential be on poor with current year and then amortization will them increase somewhat what does that mean then in terms of the net or in the here moving into next year and yes and that would be a slightly higher both in terms of them and total amount as well as percent of sales and and that impact

Perfect, perfect. Thank you so much. And sorry again to ask a question about it, but just a very quick follow-up on the first one of the mid-term guidance. Would you say it's sort of cut of the mid-term guidance or not? I mean, in your view, how do you see it?

No, the mid-term guidance was more than expansion. That's where we started Access 2025 journey. And we've seen, as I mentioned, lower revenue growth, 4% per year. That's in line with the market. We expected 6 to 8 at that point in time. The modern expansion going forward is what we see. And now I think and believe and support the more than 7% revenue growth in the coming two years.

Okay, perfect. Thank you very much. Have a good day.

Thank you. Thank you.

The next question comes from Victor Farsell from Nordea. Please go ahead.

Thank you so much. Just a quick one from my side. I think last quarter you talked a little bit more about price than you did today. So just curious to hear a bit more about how you view the order backlog that you have in terms of price, you know, when in time you think that will become more supportive if that's already next fiscal year, any sort of

figures that you can provide it with would be very helpful but but at least a bit of discussion around price of especially solutions and not service thank you thank you Victor and of course a great question we put a lot of emphasis and focus on during the last year because of inflation so we have seen good improvement in all the backlog and orders we get in on the price level really positive to see That effect will of course spill into the next year and years from our backlog We will continue on this journey with with price into the next year of course the offset inflation on our cogs and salary increases and so on as you we've seen some of the effect already in this year, but primarily will come into a

into the coming quarters here with maybe focus on the second half of the year towards the end of year where you see the P&L impact so yes that is what you will see thank you and can you just remind us when we look at solutions how much any given year stems from the backlog and how much is actually incremental orders for that specific year

I think the majority is it would be around eighty percent I think on the solution something like that that comes from the backlog if you just look at the solution part the sixty percent so to say of our 100 percent revenue so the majority is from the back yeah yeah great thanks a lot okay so if there are no more questions we would like to thank you for listening in today

And please don't hesitate to reach out if you have further questions later on. And we wish you a good remaining day and see you on the road. Thank you.

Thank you.