JM AB (publ)

...presentation of JM's book signing communiqué for the whole year and the fourth quarter of 2024. 2024 was probably the year when the housing market reached the bottom of this cycle. Now there are positive winds blowing on all our markets, even if we see that the recovery will take a little different time. We will happily show in our report now that our strong building rights portfolio combined with Attractive projects in attractive locations and competitive production costs have made that we have increased sales significantly during 2024. We have increased it by 46%. This has also led to us being able to increase production starts significantly. They have increased by 39% during the year. So that is very positive. But the challenges remain. The industry and J&M have struggled with lower housing prices than when they were the highest, higher production costs, and this has pressed the margins and the results during the year. This pressure will also affect the results and margins in the coming years. We complete projects with given conditions, and we have a project mix that contains lower margins on average in what is currently in operation and delivering results, than what it was before the conjecture entered its bottom. With that said, the underlying long-term market conditions are still good, and we see a surplus of housing on all of our markets. We at JM do not expect that the 30% increase in costs that we have seen will go down with interest rates and after the market recovers. Instead, we take a business responsibility to work with reducing production costs and also short lead times. JM's market-leading position in this growing market that we now see, makes me see the future positively. And that feels good. Från dessa övergripande stora drag så går vi in på detaljerna i vår rapport. The revenue during the year decreased to about 12.5 billion SEK, due to the fact that we have more finished housing and also declining project volumes. We see that the movement result and the movement margin are also lower here due to the fact that a larger number of projects now have lower housing prices and a higher cost picture. As I said at the beginning, it is very happy that we have managed to sell more homes during the year. Partly because we have an attractive offer to customers, which is central to us to always deliver, but also our competitive production costs that create that opportunity. We also see that customers are starting to return to the new production market, which is positive. So we have increased sales with about 900 units during the year. We have also increased production starts with about 600 units, which is very good. Unfortunately, the housing prices are decreasing in ongoing production. They are now down to about 4,600 due to the fact that we start less than what is finished. We see that we still have a strong building rights portfolio of 37 400 building rights today. The market value of our operating assets is now 12.9 billion and there is a surplus of 5.2 billion. The board now suggests an increased allocation to 3.25 kronor. As before, 71% of our business is located in Sweden, and our staff consists of just under 2,000 employees. The recovery has, as I said, begun. Housing is starting to look more positive in the future due to the fact that in several places, in two of our countries, we have seen a decline in inflation and a decline in interest rates. In Norway, inflation has also begun to decline at the end of the year, and we hope for the first interest rates to drop at the beginning of this year. We also see a greater optimism due to the fact that it will be an easy tax cut for consumers in Sweden. So the available income, it is estimated, will increase and has started to increase, which is good. This of course leads to increased prices on basically all of our markets. Even Helsingfors, which has had a slightly slower price development, has increased at the end of the year. However, in some micro markets and some areas within the markets, it is still tough. In some areas, we have not seen price increases. We also want to point out that even if we see price increases, in all our markets, including Norway, the prices are significantly below the top levels. During quarter four of 2024, we sold a little less than the previous year in comparison to the quarter. This is due to the fact that in the quarter four of the previous year, we sold to several investors, especially in Finland, but also in Norway. And what is exciting here in quarter four this year is that we have sold significantly more to consumers. We have sold 441 apartments to consumers this year, which is an increase of more than 100 units. So it's a much more positive picture when it comes to sales to consumers. When we look at the whole year, we sell more on all our markets, exclusively in Norway, which sells a little worse. Production starts are in line with previous years. And production starts, if you look at the whole year, there are significantly more production starts, which is positive. And it is also on all markets, exclusively in Norway, that start a little fewer homes. The number of homes in ongoing production has dropped, as I said. It's about 4,600 now, due to completed projects. The joy is that we are at 59 percent of the total number of homes booked and sold in ongoing production now. A year ago, we were at 54 percent. And in those 59 percent, there is a project called Hymns rights, which we started in quarter four. It is a project called Bovetet, which is located in Järfälla. We have started that project in our own balance sheet- and subtracted these figures by about 3%. So apart from that project, we are actually within our normal range now- in terms of booked and sold in ongoing production. If we go into the details in the various business networks- and start with JM Bostad Stockholm. The joy in the fourth quarter at JM Bostad Stockholm is that we have- We started a project in Södermalm called Passionsfrukten. Södermalm is one of Sweden's healthiest areas to live in- according to a study done last year. It's close to the green areas, close to all hand services- so I think it's a fantastic example of a good project in an attractive area- where we also see that customers have really come back and want to move there. It is almost an area that I could think of moving to. If you go over to Stockholm in general, there are many positive signals in the form of the income and the result increasing compared to quarter four 2023. We see that the customers' increasing optimism, as I mentioned earlier, about their household economy has led to them being more willing to sign contracts in the early stages. All this has also led to increased sales and increased production starts. It's a doubling of several of those figures, or even more. So it's moving very forward in Stockholm. Stockholm's result in quarter four is due to declines in three projects- in Stockholm's outer area, where we haven't seen the same price development- as we see in other areas. A positive thing about Södermalm is also that we have managed to acquire a project in Rindö in Vaxholms kommun with a powerful detailed plan that we plan to start within two years. If we go over to JM Bostad Riks, we see lower revenue in quarter four compared to the comparison quarter, but increased results and increased margin. This is due to the fact that we do not have any declines this year. We see that we have sold a little less in quarter four, but just like for Stockholm, we see that customers show greater willingness to sign early in the project. We have started more projects in quarter four. That is positive. And throughout the year 2024, we have also started and sold significantly more housing in the Riks. We have also managed to acquire projects in the Riks, including in Lund and Örebro. And during quarter four, we have, among other things, started production of a project in Kungahälla in Kungälv. It is a property ownership project. And property ownership we see as a good complement to the more common form of housing rights. And we see that customers are really asking for this form of permission. So a nice project in a nice area with a form of permission that is sought after. If we go over to Norway, the new production market in Norway has had it a little heavier. It is still in the process and mainly due to the higher inflation pressure and cost pressure areas in Norway. There have not been any interest cuts, but the first interest cuts will probably come in the spring of 2025. The income and the result is somewhat lower than the previous year due to lower production volumes. We also have a lower number sold compared to the previous year due to the fact that we sold one project to investors last year. Sales to consumers and demand for JM's housing, on the other hand, are in line with previous years, which is positive and joyful in Norway. This, together with the expected interest rates, both are good for the future in Norway. In Norway, we have not started any projects in quarter four. If we move on to Finland, perhaps it is the market that has had the toughest price development. There we see that activity has increased in the housing market and the new production market in Helsinki, which is very exciting. We also see that we have a strong increase in sales to consumers in our business in Finland. In and of itself from low levels, but it is a clear signal for improvement. The sales to investors increased throughout the year, in 2024, compared to last year, even though it was slightly lower in the fourth quarter. We have lower revenues and results in quarter four because we have fewer homes in ongoing production, and we have also been forced to make single price adjustments in projects in Finland that are close to the end. Throughout the year, the starts are close to what they were last year, and sales are better in Finland. Vi är också glada i Finland att vi har lyckats förvärva över tusen byggrätter i Espoo och i Helsingfors och vi har produktionsstartat vårt första projekt i Tammerfors i Teso Majärvi. Mycket fint projekt i en ort som vi vill gå in i framåt och även ha fler kommande projekt som vi ska starta. Tammerfors är ju Nordens största insjöstad så det känns som en viktig marknad för oss långsiktigt. In JN Fastighetsutveckling, we provide higher income, higher results and better margins, both in the quarter and throughout the year. In quarter four, we handed over three projects to investors. Our first multi-housing in Trä in Igilstad, our care and care home in Pilhamn in Värmdö, and the office project K1 Karlberg Strand, which we will hand over to the Fortification Agency in December. During the quarter, we have started a property rights project, Bovetet, in Söderdalen. 205 apartments in a nice area. We have chosen to start that project in our own balance account, as I mentioned earlier. We see that we have an improved cash flow due to the withholding of liquefied goods from the shareholders. And we now have one project within the unit that is continuously providing income and results. At JM, we have a continuous attractive building rights portfolio. It now has 37 400 building rights. And even if we are restrictive about new acquisitions, we are prepared to acquire when the business is right. When the project idea, when the project price for the building rights is right, then we are ready to buy. And we have acquired building rights during the year. I have described some examples. And the joy here is also to see that we have even increased the number of building rights in Finland during the year. So now we have more than 7,000 building rights in Finland. Then I hand over to Tobias. Thank you very much.

I thought we would go a little deeper into our financial status and we started by looking at the construction portfolio. We have continued to purchase during the quarter, but at the same time we have started more so that we see that the balance has dropped somewhat in this quarter. We have about 22,000 building rights in the balance and with a production rate of 2,200 per year, it gives a turnover time of almost 10 years. But we see that as we will continue to start more, we will soon reach our target value of 5 to 6 years. We have, as usual, made a market assessment of our portfolio. It shows a still large surplus value. We have 5.2 billion in surplus value. That corresponds to about 65% of the total value. And you can see that the surplus value is still high even in Stockholm. As you may have noticed, we have a high level of unsold housing in the balance calculation and also a high level in total. This is due to the fact that most customers must continue to sell their existing housing before they can buy a new one. This means that we get more sales right before or right after the finalization, which also means that we naturally get a higher balance of finished and unsold. But in the fourth quarter, we also had a lot of finishes that made this balance go up. But you have to remember that it is quite good from a sales point of view to have a warehouse to sell from, where customers can move in in the near future. We of course monitor this balance carefully so that we do not build a warehouse, so that we see that we have a good sales capacity forward. We have a lower cash flow in the quarter compared to the strong Q4 last year. And we gain more capital when the number of finished projects increases and the projects take longer. We have had a lower sales in the ongoing production and we cannot end the project in the same extent as before. Then we have also had payments for land acquisition during the quarter, where we actually had an inflow last year. We have also left over project K1 in the fourth quarter and it is not fully finalized, so we still have some funding left in that project. But even though we had a negative cash flow in the fourth quarter, we have 3.3 billion in available liquidity. And this good liquidity means that we can remain with a stock of ready-made housing. The net income has increased to 2.3 billion. This is mostly due to the fact that the cash was lower, while the interest-bearing debt has actually decreased since last year. And we have continued to have large, useless credit agreements and cheque credits. Then if we look a little deeper at the various parts of the successive profit calculation, we see that we have a somewhat improved cost-based effect in this quarter compared to Q3. But if you compare it to what it was a year ago, you can see the effects of the much lower volumes that we have now. The cost-based effect is the upgraded costs during the quarter times the margin we had at the start of the quarter. If we then make changes in the forecast, they will come under the revaluation effect. And there we see that it is also positive, especially because we did not have to make as many price adjustments as we did in the previous year or in Q3. And we have a positive sales effect thanks to the good sales in the quarter. If we look at the price adjustment effect in Stockholm last year in Q4, which we haven't seen this year, we had small price adjustments in Finland this quarter, but overall we have a much more positive price adjustment effect in Q4. Back to you, Mikael.

Thanks, Tobias. JM has always worked to strive to be very good when it comes to sustainability. We want to be market leaders when it comes to sustainability. And above all, it is important to work continuously to reduce climate emissions. Climate emissions are one of our time's greatest issues for the world. And there we take a strong position, we assess at JM. Not least for the construction industry, concrete is an emissions boom. And we put a lot of effort into reducing emissions from concrete from our business. It is very happy this year that we as the first Nordic construction companies have received the Svanen license according to the new generation. The Svanen license sets very high requirements for the living environment, environmental impact and energy use, so it is a credit that our work is in the right direction with these issues. And I am also proud and happy that we are ranked as one of the most sustainable companies in 2024 in the ranking that has been taken on a number of listed companies. So it's really fun and proud for all of us at JM. JM also has a strong customer focus. In addition to being a market leader in sustainability, we will offer the best customer service in the market. We have 37,400 construction sites in attractive locations. That's a good reason. In addition to that, our structured way of working, where we long-term work with improving products, improving processes, work together with suppliers to refine methods. This makes it possible to deliver the best customer service at the same time as we do it to a competitive production cost. All this, together with the fact that customers are starting to return to the market in greater scope, has led to us starting significantly more in 2024 and is now on the right track towards our target of 3,800 starts per year. But we can't really put the challenges of the past years behind us yet. The lower housing prices that we are in, together with the high cost picture, continue to press the margins for a while to come. Therefore, it is very important for us to become even more efficient and competitive. This will be a major focus for me and for all of us at JM in 2025. During the year, as you have heard, we have sold several projects to investors. This has enabled us to start a project in our own balance sheet. And even if we have more apartments now in the balance sheet, we still have a very high percentage sold. This, together with the good liquidity that the company has, makes us feel that we have a well-measured risk profile. And this year, JM has been around for 80 years and has worked in the Nordic countries. It is enormously inspiring for me to be a part of a company that has developed and built society for 80 years. I look forward to continuing to be a part of it. And again, despite the fact that results and margins are being pressured, and will be pressured, also in the coming years, our position is strong. with for example our structural capital, we have competent and committed employees, we have a good liquidity, we have a fantastic building rights portfolio. All this gives us good long-term conditions. We also see that the underlying market conditions with a surplus of housing on all our markets, We will now begin the question and answer session.

Anyone who wishes to ask a question may press star and one on the telephone. Anyone who has a question may press star and one at this time. The first question comes from Kayvan Shivampur from SEB. Please go ahead.

Good morning and thank you for the presentation. Maybe I can start with the final statements. Unsold and final statements were about 300 units to 750 now in Q4. What can you say about final statements in Q1? I'm just looking at last year, there were quite a lot of final statements between Q4 and Q1.

We will continue to have many manufacturers even in the coming quarter. So the balance that we see now will be able to live on for a bit in the future.

Do you have any type of indication of how much of the production that is expected to be manufactured in Q1?

We do not release exact figures on that.

I also wonder, you talked about that you are on the way to 3,800 starts. I think this inventory balance, how does the balance sheet look like to want to start a new project given that you still have a lot of unsold?

We see that we have a large turnover rate in the finished housing, which is positive. And we also see a great interest to be drawn in the early stages. So we see that we will continue to start housing in a fairly high pace during the following year. And at the same time sell away what we have finished at the moment.

Then we also have another question regarding housing development. If we just look at the past year, Marginalen varit 23 procent och jag antar att den allra största majoriteten är ju då Carl Berg. Och nu har ni nu flora pågående produktion där det är väl 500 miljoner drygt som ska färdigställas för Q3. Men jag tänker då liksom, hur ser marginalmixen ut där? För nu när Carl Berg försvinner i siffrorna, då antar jag att marginalen kommer dippa ganska rejält in i Q1. Kan ni säga någonting om mixen?

Kolberg has contributed to a high margin in real estate development to the highest degree, so it is doubtful. So the margin mix goes down during the year for real estate development.

I have a follow-up question. What kind of investment value does the new property you are taking into account have if it were to be sold during the year?

I don't have an answer for that either.

I have one question for Stockholm. This is the fifth quarter in a row with negative profitability. You say that there are lower price adjustments than there were before. Could you say something about how much is left to adjust the price and how gradually this effect will

What we see in Stockholm in general is that we didn't have any new price adjustments. Price adjustments are always running all the time. But we didn't have any big price adjustments in the fourth quarter. But the problem in Stockholm is that we have adjusted prices earlier and we have a lower cost, so the project mix that we have in Stockholm has a lower margin, quite simply. And that is also why we have said that this margin pressure will continue even within the next year. And even if we start new projects now, we are careful with profit claims in earlier stages, so that is why the margin recovery will take some time.

Men tror ni att det här kommer att vara en gradvis effekt som börjar under 2025 då i en ganska låg utsträckning eller? Så tolkar jag det i alla fall.

Det som vi skrev i rapporten, vi kommer att ha marginalpress under egentligen hela 2025.

Sen, jag har bara en sista fråga och det gäller de här övervärdena som ni justerade nere. Can you say something about where the biggest adjustments have taken place in the portfolio?

We haven't really adjusted the values, but the portfolio is lower and that's why the market value has dropped. So if you look at it in percentage terms, we are actually a little higher in relation to the recorded value during this period.

Thank you very much.

Those were the questions I had. Thank you, Ivan.

Thank you. The next question comes from Erik Granström from Carnegie. Please go ahead.

Thank you very much and good morning. I was going to start by asking about where you see the best opportunities to start projects now in 2025, which markets?

In general, the price increase has begun in the better places in our countries and places. So it has been faster to start turning markets in the better places. But during the year 2025, we aim to start broadly within all business units. We have an ambition to start more homes. So the answer is quite broad there, Erik. We aim to start on all our markets. Because we see that it is now coming to all markets. It has been, and it has tended to be, a price increase. If households continue to have a positive and optimistic outlook, then the external forecasts are that it can go up slightly during the year.

Okay, and does that mean that when you say just a good way to reach 3,800, should you interpret it as that it is 2025, you set it as a goal?

2025 is too optimistic to say that we will reach 3,800. But we are on our way to 3,800. We are absolutely aiming to increase strongly even this year. But in the coming years, we have the ambition to reach 3,800.

Okay, thank you. And then maybe a little question about the production costs. You are a little aware that you are not really counting on interest rates to hit Can you describe how JM is working to reduce production costs in the coming years?

If the interest rates go down, it will of course affect our production costs in a positive direction, that is, that they go down. But we don't count on it being enough, because we still don't have deflation. We still have inflation, and that's why we have to pay the production costs. And how do we work with that? One thing we work with is to cut our lead times. And how can we cut the lead times? Well, by removing or the disturbances that exist within the framework of our times, both in production and in other phases, we see that time is somewhat long. There are things to do. And how can you do that? For example, by finding best practice. Where in the entire JM Group do we work in the best way? Can we agree on one way to work? Then we can deliver high quality, hopefully at a lower time and a lower cost. So to find best practice within the company, to remove disturbances, it also means that we can work with suppliers in a different way in the long run. If we have more unity in the way we work and in the inherent components in our large projects. So that's one way we deal with it, Erik.

Okay, thank you very much. Then I only had two questions left. The first was a little about the volumes in Stockholm in Q4 specifically. Det känns som att de volymerna ändå var förhållandevis höga givet resultat och försäljning. Var det så att det fanns landöverföringar i någon större utsträckning i Q4? Eller tänker man fel där? Kan du försöka beskriva lite just volymen i Stockholm visar vi det vi såg kring försäljning och även lönsamheten?

In Stockholm, we have started a project where we have done land transfers, so that increases the volume during the quarter.

That's the quick answer. Yes, it's a quick, short and good answer, thank you. And then finally, K1. Do you reckon that there is any residual effect in Q1 now, or is everything taken, except possibly on the cash flow?

The next question comes from Fredrik Steinsvedt from ABG Sandal Collier. Please go ahead.

Thank you for the presentation.

I would like to follow up on the number of unsold, ready-to-sell, as the first questioner was talking about. I understand and buy the explanation that people want to sell before they buy, and that there is a lot of ready-to-sell and so on. You also mention that there is a fairly high turnover. Can you describe or quantify that? You had 450 unsold last quarter. How long does it take to convert these pre-sold unsold items?

We follow carefully... You can look at the number of items in the balance sheet. After a few months, they enter the balance sheet. It's important that we convert... We don't want to build up too many items in that balance sheet. And then we can see that we had 233, if I remember correctly, in Q4. It's not the same housing as we had in Q3, but there is always a balance in that balance. So it's clear that now we have 750 homes completed. It can be tough for us to sell all of the 750 during the first quarter. So that it comes in a little more in the balance account. But then we have liquid funds to cover it up. We don't need to stress out price drops because we have an increasing balance.

I understand that very well. That was the question. Then a little about the margin press that continues into 2025 because the project you have started has a lower margin. We understand that. Can you say something about what you have for underwriting when it comes to margin in projects that have started or that are starting now in the last six months or year?

We don't communicate the exact margins when we start, but the margin is lower than it was before. In the projects that are finished, we have had to adjust the prices during the year. In the new projects we have started, we have started with the price structure that is under the previous high prices. So that means that the margins are lower than before. Hopefully, the prices will go up in the future. And because of that, we can also successfully jack up the price picture at the same time as we have control over the cost picture that we talked about earlier. This means that the margins will gradually come back. But there is a delay in the results that we want to highlight, in that the margins will continue to be heavy, or pressed, during 2025, as a result of lower incomes and a high cost picture.

I can add that when we start a project now, we get a certain volume, but it is also both the processing that must take place in order to get the result, but we also have to sell them before we get the result. So you must both get a volume in processing and increased sales on the projects you started before the profits come. So there is a clear delay in the result.

Alright, thanks. Then the feedings that are left in K1, can you quantify how much that is?

I can't give an exact number, but you can see that the rest of the feedings are smoking. It's mainly K1.

Alright. Then I have another detail question. The rest of the costs, or the share price costs, are quite high in the quarter. Is there something that stands out here, as you think about it?

If you read the report in general, you see that we have done project descriptions in JME, our entrepreneurship business, which is in general.

All right, yes, great. Great, then I only have one last question at the start, as previous questioners have also been talking about. Om jag förstår skrivningen i rapporten rätt och diskussionen som har varit här så har vi ett mål på 3,8. Det kommer ta lite tid tills man når dit. Men ni säger också att ni ska öka starten kraftigt i år. Går det att säga någonting mer eller någonting specifikt om vad det betyder? Om det startar två... two and two this year. You're going to start at 600 to get to the goal. Is it like 500 more per year until you're there, or is there any road map forward that you're thinking of?

Next question comes from Stefan Andersen from Danske Bank.

Please, go ahead.

Thank you very much. I was thinking if you could help me with the deductions of the 72 million in Stockholm. I assume that the ongoing production is driven by higher costs. What is it that has driven it? And how should we see If you look at construction companies and you write it down as a project cost, then you don't do that if you're not at a disadvantage in the project. Then you reset it to closure, so to speak. How are we going to think about these projects?

It's the land that has been written down, so it's not an ongoing project. It's the exploitation facilities that have written it down, our land. So it's not an ongoing project.

It's just the market, okay. And then it's downgraded to market value? Exactly. And how close to the start are they there? Is it to prepare to be able to start or is it stuff that goes much further?

We do the downgrading because the market value was lower than the previous value, regardless of when we were going to start. Then it's different with the different projects when we can get started.

But this is not something that will start in this time, really.

I'm not going to go into individual projects, but it's a mix.

And then a question on... You say that you don't start things on... I'm thinking of the start-ups that are happening here now, when you plan, when you say that we're starting now. Then you say that you have a lower margin than historically, Det är en sak såklart. Sen har ni ju så att säga ett målmarginal att förhålla er till. Historiskt sett har ni ju legat lite över era mål marginalmässigt. Så jag är lite nyfiken på om vi kan ge lite mer där och era tankar kring, vi vill ha volym, därför startar vi under marginalmålet. Är det så pass eller håller det ni startar faktiskt era marginalmål?

We always want to keep the business going when the market is there in some way. So the short answer is that we start projects with both margins that are above the margin goal, but we also start some projects that are below the margin goal. And the proportion there has been greater and is greater now than it was before, which is below the margin goal. But we hope that more projects and larger parts of the project mix will go above the margin goal, of course.

Yes, and then the last question for me is how do you see the opportunities to buy more land and interest from it? You have quite a lot, even if the production is low right now, but good liquidity. At the same time, how do you see the opportunities and interest out there? Are you interested in increasing more and then number two, the most important thing, Have opportunities emerged, or are everyone on their way?

We are interested in increasing if we find the right businesses. And during these years we have tried to find the right businesses while being restrictive. And several of the projects that have come out have been mispriced or the conditions have been wrong. in relation to what we want to pay. And that has made us very restrictive. We have a hope that the land will come out with the right conditions during the year and that we can buy on. The other part is that since we are starting more projects now and starting to ease out some costs from the balance account, it creates space successively to also make acquisitions in another way. So we're looking at it. We hope that the project will come out. And we know that there are still properties and buildings out there that other actors are willing to let go of.

And then it's just a matter of meeting in it. But actually, if I've interpreted your answer correctly, the price expectations are still quite high out there. You haven't seen any radical change in the market, but you're starting to climb down a little. And what do you want from Sweden?

We've seen some places where prices have gone down, but it varies a lot. It varies on the private side as well as between municipalities, if you're willing to go down in price and adjust the prices to a lower level, instead of staying with expectations at a higher level. And with the actors out there, those who are a little more pressured and need to sell, might be faster at adjusting the price to the market price. Then it's easier to come to an agreement about buying. So we hope that it will continue, and we assess that there is still attractive land out there, but not in the great extent that one might have thought when this low-conjuncture began.

And then I add one last thing, sorry, but when you say that there is in some places, if I understand it right, regions or places, should I interpret it as that it is like worse areas where prices have gone down rather than what is good?

No, there are both good and bad areas. It's different. We did some acquisitions last year in really good areas, where we think we buy from the right conditions. So there are good areas, and then there are also more dubious ones. We're just trying to buy attractive projects.

Okay, that's good. Thank you. For any further questions, please press star followed by one. Gentlemen, there are no further questions.

Back over to you for any closing remarks.