Beijer Alma AB (publ) (BEIAB) Earnings Call Transcript & Summary

Welcome to the Beijer Alma Q4 2024 report presentation. [Operator Instructions] Now I will hand the conference over to the speakers, CEO, Henrik Perbeck; and CFO, Johan Dufvenmark.

Good morning, everybody, and welcome to our webcast where we will be presenting the fourth quarter of 2024. I am Henrik Perbeck, and with me, I have our CFO, Johan Dufvenmark.

Good morning, everybody.

As it has been announced, this is the last time Johan and I will present in such a call. Next time, acting CEO, John Alvarsson will be here instead of us. So today, we will present the overall performance and the recent developments of the group. And in addition, of course, we will discuss our reporting segments, our 2 main subsidiaries. These are Lesjöfors, which is a full range supplier of standard and customized industrial springs, and other wire and flat strip components. Lesjöfors is acting globally with majority of sales in Europe and the U.S.A. And it is Beijer Tech. Our second subsidiary, which acts mainly in the Nordics within specialized manufacturing, value-adding industrial trading and automation in profitable niches. Beijer Tech is also a platform for acquisitions into new industrial niches for our group. So we have a new system here running -- okay. So today, we present what I think is overall fairly good Q4 report in today's economy and where we managed to grow organically as a group. Industrial economy, the cycle has remained weak in the final quarter of the year. Nevertheless, the group grew organically. Overall, you can say that demand was stable, but it was quite varied across the group's diversified customer base. For example, the group's operations in Asia have continued to improve and delivered good growth. Also, the key Nordic market has weathered weak economic climate well. And also supported in the U.K. and the U.S. markets. Whereas, I would say, as usual, Central Europe remains weak and in particular, of course, Germany. If we go -- yes, in Lesjöfors, the mixed demand picture is the same and the organic -- but we do have organic growth in order bookings, which is positive. The Chassis Springs business area, which you probably know, it has a low season, now late in the year. Still, with that in mind, it ended the quarter in a stronger note and came in nearly on par with quite tough comparable figures from last year in the quarter. In the Industrial segment, for Lesjöfors, as I said, Asia, but also Nordics contributed with profitable growth. In the U.S., we also have good development in industrial segments, somewhat lower volumes in the Medical Technology segment. Germany, demand from Lesjöfors customers remained weak. But -- and this, of course, also has an impact on companies in the rest of Central Europe and we have further savings implemented in units concerned. In particular, I should point out here that Alcomex, which is one of our Lesjöfors' big daughter companies, they operate in the industrial segment in Central Europe, in particular, and also, of course, have a strong position in the door spring market, which has -- it's exposed to the continued weak construction industry in a way indirectly. So that has been challenging for Alcomex in the end of this year. Moving over to Beijer Tech, demand overall stable, but also here, a little bit varied across the business. But overall, good growth in order bookings and also organically. If we look at the different parts of Beijer Tech in Fluid technology, it was basically -- thanks to acquisition, the growth came from. We have the AVS in Finland and Brissmans Brandredskap here in Sweden as new acquisitions. In Industrial Products, here is a mixed picture, weakest in Finland followed by Sweden and Denmark, but whereas the Norwegian market stands out positively and with good growth, both organically and also actually through acquisition of Clemco. The new business area, Niche Technologies grew this quarter organically. And despite tough comps and is exposed to -- more to noncyclical markets, of course. So 2 acquisitions came into the books during the quarter. First, it was Lacroix, which I mentioned already last call, of course, it was closed on the first of October. And also Brissmans Brandredskap came into our group in November into Beijer Tech. I will come back to these acquisitions and comment a little bit more later in the presentation. So with this report, I think we conclude 2024 in a good way. As a matter of fact, for the fourth year in a row, we achieved the highest operational result to date. So moving on a little bit to the financial performance. So looking at -- we can see that order bookings increased overall by 10% and 6% organically. Net revenues also grew by 8% in total and 3% organically. That means that the adjusted operating profit came in at SEK 220 million. And an operating margin of 12.1% for the group, which is up 1.7 points versus last year. And okay, this -- the comps from last year were not the toughest, but still I think this is a good improvement in this environment. So now going in a little bit more into the detail to our segments, starting with Lesjöfors. So Lesjöfors, our spring manufacturer is organized into 2 business areas. These are industry with mainly customized products to a very diversified customer base globally. The other business area is Chassis Springs, and these are standardized replacement springs sold to car part holders -- wholesalers, mainly in Europe. So for Lesjöfors, order bookings increased somewhat by 4% and also 4% organically since we have some negative impact from acquisitions and divestitures, but some positive impact from currency netting out to 0. In the net revenue, increased by 6%, where 5% was organically up. So in the Industrial segment, the largest business area, especially now in Q4, as you can see bottom right, where the Chassis Springs has a bit of a low season. So the main part is the industrial area. Growth was 8%. And as mentioned, strongest from Asia and Nordics, but also U.K. and the parts of the U.S. And whereas Central Europe and Germany was weaker. So as mentioned, yes, we had an impact there, especially in Alcomex which is active both in Central Europe and also in the door Spring business. And several actions have been taken to restore profitability. And actually further note on this is that in the beginning of January after the quarter, we have also acquired the minority stake in that company in order to further enable other actions. So that's on the industrial side. For the Chassis Springs, I mentioned Q4 is a bit of a low season every year. But nevertheless, finished the end of the quarter well and some markets -- some key markets such as U.K., still soft, but this was compensated by some Eastern European markets, for example, so a good mix. So for Lesjöfors operating profit -- adjusted operating profit increased to SEK 165 million with an EBIT -- adjusted EBIT margin of 13.7%. Moving over to Beijer Tech. So Beijer Tech since the beginning of this year, last year, '24 operating in 3 business areas: Fluid Technology and Industrial Products are both acting within industrial trading and manufacturing. And the third business area, we call Niche technologies, which includes companies with strong market positions in various industrial niches, such as building automation, waste management, specialized replacement parts, components and machinery. And typically, these companies have other market drivers than general industrial demand in Niche Technologies. So in Q4, order bookings increased by 21% in Beijer Tech and 11% organically. So good ending there. Net revenue increased by 10% with a small 2% organically decline. Within the business area, industrial products, demand was overall a bit weaker and revenues increased, thanks to the acquisition that came in, Clemco. Still, it varied a lot in. Norway continued strongly, including the new company, Clemco, which is acting in Norway. And as mentioned before, Finland is what we see is the softest market whereas -- and the Sweden and Denmark is somewhere in between. Fluid Technology grew by 22%, thanks to the acquisitions, AVS and also Brissmans in Q4. And Niche Technologies with -- we're happy to see that this area could beat its good comps from last year and grew by 5%, which is mainly organic. So Beijer Tech came in with a good Q4 quarterly result of SEK 68 million with the operating margin around 11%. Now I will hand over to Johan for some more comments on the financials.

Thank you, Henrik. Let's take a look into these financials. As mentioned, the net revenue has increased. It is up SEK 129 million. Acquisitions together with divestments contributed with SEK 56 million. The divestment mentioned was the German company, Stumpp, which was sold in December 2023. The organic growth was SEK 48 million, corresponding to almost 3%. Lesjöfors had an organic growth of 5%. And for Beijer Tech, it was minus 2%, as Henrik mentioned. The revenue was also affected by currency effect of SEK 24 million. Order bookings increased with SEK 164 million to SEK 1,874 million. The change was mostly organic, plus 6%, where Beijer Tech's organic growth was 11%. The organic growth for Lesjöfors was 4% and the Lesjöfors acquisition was 2%, affected by the divestment last year. Let's go to the next slide. Here, we take a look on the segments and how they contribute to the revenue and operating results. As we saw in the previous slide, net revenue increased with SEK 121 million to SEK 1,823 million. Lesjöfors revenue increased with SEK 73 million related to good sales in the Nordics, Asia and parts of Central Europe, but to some extent with easy comparisons. Beijer Tech's revenue increased mainly related to this year's acquisitions. Adjusted operating profit was SEK 220 million in the fourth quarter. Lesjöfors had a large increase in adjusted operating profit related to most areas with the exception of Alcomex, which was challenged both in the industrial part of Alcomex and as well in the door spring business. In Beijer Tech, we saw a good contribution from this year's acquisitions while the market is more changing for industrial products, still that business area performed relatively well. Overall, the fourth quarter was strong in most areas and adjusted operating margin improved both for Lesjöfors and Beijer Tech. Now to some of the key financial ratios. Adjusted EBITDA is up SEK 50 million compared to last year, the difference to adjusted EBIT being higher depreciation following a number of acquisitions. The full year EBITDA surpassed SEK 1 billion and landed on SEK 1,002 million. Cash flow after capital expenditure was positive, SEK 128 million in line with last year, but with some smaller negative impact from increased working capital. Net debt is higher than last year, which is mainly related to this year acquisitions. And here, we actually have a question from -- in the chat and it asks us why is the long-term debt increasing and the short-term debt not increasing as much. And kind of the reason for that is the increased overall net debt rather than a change. But of course, we try to find a good balance between long and short-term debt, and that is something we'll continue to do as well. The finance net -- also, in this question, actually, the finance net is less negative compared to last year. It increased actually less negative with SEK 22 million, which was related both to lower base interest rates as well as no discounting effect from John Evans' Sons earn-out. The finance net for the full year was SEK 27 million, less negative than last year. And of course, the biggest effect then was in Q4. And as I said, lower base interest rates and less discounting effect from earn outs. And since we are standing here in the end of the year, we also have -- would like to conclude the full year performance of Beijer Alma when it comes to financials. And it has been a year of uncertainty in the world around us and with slow markets, especially in some parts of Europe. Despite this, we have an overall organic growth in the revenue of 3%. In this slide, we can see that Lesjöfors has grown some in revenue, which was related to organic growth as acquisitions and divestments together was slightly negative in growth. For Beijer Tech, growth from acquisitions was 12%, and it makes up most of the increase of SEK 263 million. Overall, it was once again a record year for Beijer Tech, thanks to successful acquisitions on top of a healthy underlying business, a stable performance from Lesjöfors, Chassis springs, Lesjöfors industrial springs in the Nordics, U.S., U.K. and Asia. We saw also a good development for the Medicare segments in many markets. Adjusted operating result grew by 7%, whereas the margin as well increased to 12.8%. And as well, when the year has come to an end, we usually talk about the dividend. And for the year 2024, the Board of Beijer Alma proposes to the Annual General Meeting a dividend of SEK 395 per share, which corresponds to 33% of the profit. This is in line with the dividend policy and the continued focus on acquisition growth. Thank you. And back to Henrik for a look on acquisitions and some final remarks.

Thank you, Johan. So before concluding, I would like to highlight a little bit of what happens in terms of acquisitions in the quarter. Firstly, as we did discuss already in last call, we -- Lesjöfors acquired Lacroix from first of October. It's a French industrial spring manufacturer with high technology specialization. And during the first quarter, Lacroix has become an active part of our group and takes the role of our platform in France, which is a key European market with a potential for cross sales of the group's -- Lesjöfors Group's broad product portfolio. So a good start. Later in the quarter, we were happy to welcome Brissmans Brandredskap to Beijer Tech. It's a company we know since many years as a business partner. And together with our existing fire hose production, the product range within firefighting equipment adds very well to our offering. So welcome to the team at Brissmans. With these 2 latest acquisitions, we continue our strategy to further grow inorganically. And looking at this picture, which I have shown you many times, it's also a chance for me to conclude personally on our achievements during these years. So what we list here is 27 acquisitions, bringing in -- or having brought in around SEK 2.7 billion in turnover to our group with good profitability. And of course, in addition, not seen on the slide, but we have also divested 3 companies, Habia Cable in 2022 and also to 2 of the German Lesjöfors companies. On the right, you can see a list of logo types. And of course, for me, each a single one of these logo types represent a talented, hard-working team of good people that I know personally. The companies have a strong product offering on markets where Beijer Alma wants to be present long term. So these companies have strengthened Beijer Alma significantly and already they are an important contributor to our organic growth. So some short concluding remarks on the quarter. So once again, healthy organic growth in a weak economy and for Lesjöfors mixed demand, but overall organic growth in order bookings with the best growth -- or most growth coming from Asia and Nordics, supported by U.K. and U.S. industrial and lower volumes in Germany and Central Europe. And positively, the Chassis Springs picked up during the fourth quarter, again. And for Beijer Tech growth driven by acquisitions in Fluid Technology and Industrial Products, and organic growth in Niche Technologies. The new -- the one new acquisition announced, Brissmans Brandredskap. And finally, of course, we also note that we do change management and the new CEO. As of 1st of April, we will have an interim CEO, Johnny Alvarsson. So with that, I thank you for your attention today and over the years. And of course, now we are open for questions.

[Operator Instructions] The next question comes from Carl Ragnerstam from Nordea.

It's Carl here from Nordea. A couple of questions from my side. Firstly, I think you mentioned that Alcomex continues to face both seemingly challenging end market as well as the U.S. expansion burdening, right? So first, if we look into core business, you -- how did the underlying margin perform year-over-year or this quarter, so we could get a sense of what is happening underlying. And also secondly, looking into the U.S. expansion, could you talk a bit of what you achieved so far and what the plan is sort of short, midterm and also the EBIT bridge and time frame towards profitability in U.S.

So your question related to Alcomex. And -- as mentioned, they are in 2 market segments that are -- we have a challenging macro environment, both the Central European industrial demand and the door spring specifically. And as you point out that we mentioned also we have started our business for Alcomex in the U.S. still during this first period, it is not contributing positively to the overall profitability. And the time frame for that is certainly as we speak, to move into profitability in that business. It has been in pace with some start-up challenges, building the stocks and such -- but as we -- all in all, although we don't break out the exact numbers, Alcomex is not contributing this quarter to the Lesjöfors profitability. And of course, there are, as mentioned, several actions being taken. And this also on the backdrop that we now have acquired the last minority stake in the company. So we can see -- already, we have implemented a closer cooperation and organization with our European management in Lesjöfors. So it's a task ongoing as we speak, to restore profitability in a good way. But having said that, they are in -- of course, in the markets where tougher macro conditions.

And you touched upon it, you bought a minority stake. To what extent did the minority stake hinder you to drive various efficiency measures? Because I guess they also want to have better profitability, right? Or...

Sure, of course. So if we look a little bit generally on the way we are a very decentralized group, first of all, which both from acquisitions, but also in our existing companies, the key structure is the local management and what we can achieve with that. When you do have sort of -- as we do in certain companies, minorities that in a way, limits certain actions, of course, that are if we look at integrating parts and moving around parts of the business, that would be in general, what is hindered in many of the -- what you would say in the Beijer Tech companies, it's very rarely that there are any of these kind of initiatives on the plate anyway. But as I said now in this situation where we have a strong significant operation in Lesjöfors in Europe, we're now turning every stone and to find a good setup for the future together with the Alcomex companies.

Okay. Perfect. And coming back once again to the Alcomex here, I can recall the sort of both, I mean, the con call in March last year -- or sorry, in I think it was April when we discussed Alcomex being loss-making, then it seemingly turned into profitability. And now it's back at losses again. Is it the market getting worse? Or is it U.S. being the main driver behind the volatility between the quarters or -- is it low season between -- just so I get a sense of where we're heading there because it's seemingly a bit volatile, right?

I think the summary you made is -- in terms of timing, is partly the case. We have, during the whole last year, worked with a focus on the core business and improving profitability. At the same time, the volumes in the U.S. business came back -- started coming in, in the autumn. And as we mentioned last call, there were some start-up phasing during the whole autumn up until the end of the year. So that is a combination of that. Having said that, also the markets are not -- certainly not better for -- we don't see any pickup in the, for example, in the macro around the door spring business. So it's a combination, and we continue to -- or we have, as we stated, launched further initiatives, and we'll work hard on this as we speak.

And in the U.S., coming back to it, sorry for being into details. But if we look into the U.S., is it a volume issue that you have too low volumes in the production? Is it that you are learning the machinery -- production machinery? Is it the supply chain? Or what is sort of the issue in the U.S.?

So basically, it's -- we're setting up a business, and it's been mainly related to supply chain and keeping the right product range on stock for the local market. So that's mainly what it's related to.

And do you expect it to be resolved here in the coming 1, 2 quarters? Or is it more of a year or...

It is our ambition to resolve it -- we are working to resolve it as we speak, but certainly with a focus on the next 2 quarters.

Okay. So Q1, maybe not the full impact, but Q2 then instead, I guess, because we're in mid..

Good assumption, as anyone, yes.

Okay. Very good. And also, you mentioned Chassis Springs saw a good end of the year. Would you say that it's sell-in or sell-out driven or combination perhaps?

To be fair, hard to say. It is low season, as you know. And looking -- if you look at the numbers, the absolute numbers are not that high in Q4. The main focus for our business -- for our operations in Q4 is also getting ready for the high season, which starts now soon. So I just wanted to sort of point out that we've had a trend since -- in Q2 and Q3, we had a trend where we were behind last year's numbers. Now we were more on target this quarter and in particular, to just to give you a little bit of dynamics, we saw a little bit of improvement in the end. It's still -- the high season is where the big volumes are, we -- you cannot really say it's a trend into the new quarter as such. But it's a good -- it was good news at least. That's what we wanted to bring up. So it's not really sell-in or a sell-out at this point. All customers start building up stock now in Q1 and of course, then sell a lot in Q2. So we're ready for that.

Okay. Fair enough. And the final one from my side is on Beijer Tech order intake up or is it 11% organically? I know it's a lot of, of course, book and bill, meaning that is delivered during the same quarter, but what read should we draw from the quite strong orders?

I think the first thing you should draw is just that it is always good news with a growing order book. But coming back to -- we have seen -- I could say a little bit of volatility, but different order book performance in Beijer Tech during the last 1.5 years because going back several years, it was -- basically everything was ordered and sold during the quarter. But now when we have a certain of our new companies, they are more involved in types of business where you actually have a real order book. And this is, I should say, mainly related to Niche Technologies. So it means -- it can mean that it can be projects. And within building automation, it can be projects or orders for machinery. It can also be that we have some of our business where we have a very good demand, and we are actually in Beijer Tech investing, expanding our production in several of our companies and because they have a good and long order book, maybe too long. So we need to expand the capacity, which is actually good news. So you cannot just automatically map it onto the next quarter as such. But it's good.

The next question comes from Carl Korsheden from Carnegie Investment Bank.

A couple of questions here from my side. If we circle back a bit here to the extraordinary items taken in the quarter, you mentioned restructuring costs in Germany, right? Is that fully related to Alcomex? And could you elaborate a bit on -- or a bit more on what costs have actually been taken here?

Yes. So this extraordinary costs, it's not related to Alcomex. It is in that way, this is a German company within then European organization where we have adopted production costs. And then we have had a reduction in employees in that company, just to be lower cost and adaptation between volumes and the overall production capacity. And that is also fully implemented in the fourth quarter as well.

Okay. So we shouldn't expect any similar items here in the upcoming quarters?

For this part of the European organization, it's all done already.

Got it. And I mean, in Industrial Springs, obviously, saw a quite strong quarter. Could you perhaps walk a little bit more into what specifically drove this growth? Because I mean you mentioned that both medical springs, I guess, also door springs was quite poor, right? So what was the key sort of product segments that contributed in a positive way during the quarter?

Okay. So I have -- I tried to explain during the call that we -- if you look at the regional aspect of it, we had certainly in Asia, we saw that our business has improved over several quarters now, which is good and achieving good growth. There is fair share now these days of medical business in Asia, which is one of our organic growth initiatives in Lesjöfors, which is starting already to pay off and look for an interesting future. So that was in terms of growth numbers, leading Nordic markets, it's not really product dimension. It's -- we're very satisfied with the way they stand up in what we also feel in Nordics is quite a tough organic climate, but the Lesjöfors Industrial Springs has delivered on that. But it's a very, very diversified customer base. And all the big industrials in a way, our customers and a lot of small companies, too. So it's not really a product dimension as such or customer segment I mentioned. When I commented on the U.S., they're looking and comparing to a year ago, we -- as I said, we do have several companies that are more in sort of general industrial diversified customers. So it's a broad based -- some growth there, decent development, whereas volumes wise, we are a little bit lower on medical in the U.S. versus a year ago. So -- but that has a different -- it's not really driven by industrial demand or something like that. It's more related to certain projects and the volumes needed. So yes, that's one way to describe it. If you look at the door springs, you asked, we'll come back a little bit to the Alcomex question, of course, then European markets are challenging. Looking at the top line, however, we, of course, have now started delivering volumes in the U.S. So that is actually not a negative organic -- it's actually a growth in terms of that. But as we just discussed, the first months and the quarters of that business has not brought the profitability with it, which is related to the start-up phase. So yes, so that's a little bit more flavor to it.

Yes. That's very helpful. And if we look at the Beijer Tech so the -- if you could perhaps help me bridge a bit here the year-over-year margin increase because, I mean, it was down a few percentage points organically. Would you say that the margin increase here is driven by the acquisitions conducted during the year? Or is it due to some organic initiatives taken?

It's both. Certainly, we have some good effect from acquisitions. It is not highly accretive, but somewhat. But it's also a mix of the existing business, where we have some of the trading segments such as within industrial products. I mentioned Finland and also Sweden, a little bit down on volumes. And there whereas the Niche Technology organic growth is, of course, having some margin accretive effect. So it's -- I mean I don't think it's a huge shift. I mean, it's a good and healthy development of some percentage -- basis points. But -- so we're happy with the margin development, yes.

As Henrik said, it's a little bit of everything that Industrial segment is performing well and acquisitions are performing well and also the parts where we have a little bit higher margin are as well performing well. So it's a little bit of everything actually.

Right. Got you. And just the last 1 from my side. Looking at the cash flows here, still obviously quite strong, but were down a bit year-over-year, I guess, due to some more working capital buildup and slightly higher CapEx. Could you elaborate a bit on what is driving this? Is this purely some inventory buildups ahead of the Lesjöfors Chassis Springs? Or is there anything in particular you're taking in the quarter.

Yes. It's not really that stands out. Last year, we did have a reduction in working capital. So of course, that is if you compare year-on-year. So it could be as well a little bit of mix effects with new companies we have acquired last year. But overall, it's nothing that we're really worried about. We are, of course, always looking into working capital and trying to be more efficient. So -- but that is not a huge shift per se. CapEx as you have seen, have increased some and we are running some projects within Beijer Tech to increase organically. We're very, very happy that we have a very high demand in some of our companies, and we have started to increase capacity in 3 or 4 of these companies. It's semi -- it like you increase capacity with maybe 10% to 20% in some businesses. So it's not huge numbers, but it's a little bit higher in Beijer Tech usually, but we are quite happy to have this strong demand in the companies.

Do you expect it to normalize at this level? Or was this quarter particularly impacted? Or how should we look at that?

So there's only onoe of these projects that will run for a little bit longer period of time for the full of 2025. But yes, so it will be normalized. And we think just looking at what you know now that Beijer Tech over time, will go down a little bit more to normal levels. But -- once again, sure we have more interesting opportunities, then we will, of course, pursue those opportunities as well.

[Operator Instructions]

Okay. So we also have 2 questions from the chat. And 1 of -- the first question is we have quite an increase within order intake in both companies. Could this be an effect of tariffs that are talked about in the U.S. that customers -- have they bought more goods or put in more orders just to come over the tariffs.

So I think, in general, if we look at our business in the U.S. we -- our companies are American companies. It's as simple as that. So it's -- we're not, in general, trading in our industrial business between the continents or in to U.S. in that sense. So what -- any final effects would be of any final tariffs, we should see this more as American companies and perhaps even they can be somehow benefited. There's one exception, and that is one we have touched upon before. It's related to Alcomex, where we actually do not produce in the U.S. I don't see any sort of immediate effects on what you asked about, certainly not in Q4, but we'll follow tightly, of course, what the development will be there, but not something that is shown in the customer behavior.

Thank you. And then we have another question. It's about John Evans'. We didn't pay any earn-out. And what can you say about John Evans' performance?

So this -- I think we discussed a little bit in our last call that where we are sort of added back to the earn-out reservation. So John Evans' is -- overall, I think that is -- when we acquired the companies with the company, we made sure that we had a good structure for how we pay for the company. So in that sense, it is for us as an acquirer. It's a way to manage risk and not pay too much. Looking at -- and of course, also in the upfront valuation and what was disclosed in the press release, there is also growth in sort of the upfront valuation except for the earn-out. So the company is, in general, over these years, has performed well. I mentioned before when we talked about different demand and the deliveries in different segments -- customer segments, I mentioned the medical in the U.S. is somewhat lower than last year, and that's, of course, mainly John Evans' we're talking about here, not entirely, but mainly. But overall, a stable performance in John Evans'.

Yes. And that was all the questions we have in the chat.

There are no more questions at this time. So I hand the conference back to the speakers for any closing comments.

So thank you, everybody, for joining us today. And during this last year in these calls, it's been a very, very interesting times in particular, of course, in the last year, but also during these 7 years, it's been not the most stable of times, but very, very intensive. And I think we have a strong group in Beijer Alma going into the future, very resilient and a good base for organic and acquisitive growth. So thank you, everybody, for joining us, and have a good day.

Thank you.