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Hello, and welcome to today's Fagerhult Group Interim Report for Q2 2022. My name is Jordan, and I'll be coordinating your call today. [Operator Instructions] I'll now hand over to Michael Bruer to begin. Michael, please go ahead.
Thank you, Jordan. Hello everyone, and welcome to the presentation of Fagerhult Group's results for the second quarter. My name is Michael Brüer, responsible for Strategy and Communications here at Fagerhult Group. On the call today, we also have our President and CEO, Bodil Sonesson; and our CFO, Michael Wood.
The presentation will start with Bodil giving us a brief update of our results and activities during the second quarter. Bodil will then continue to update also on one of our focus areas being innovation and describing a few of our latest product innovations from our brands. Michael will then give you more details about the performance of the group, and Bodil will conclude with a brief recap. And afterwards, we will open up for questions.
We will first allow questions from the conference call then we will allow questions from the webcast, and you can post them there in the chat window on your screen, and I will read them up for Bodil and Michael. Before we start, let me also remind you that today's session is recorded and will be available on our website later today. With that, I hand over to Bodil.
Okay. Thank you, Michael, and welcome, everybody, from my side as well. So the second quarter was very similar to the first quarter, with positive high market activity and also the challenges on the supply chain somewhat limiting our net sales numbers. We continue to see an increased importance of renovation driven by long-term needs for renovation for decreasing buildings carbon footprints in line with the climate goals. And currently lighting stands at around 15% of the energy consumption in Europe.
We have a very good possibility to lower this, thanks to use of modern technology. We also -- with raising energy pricing, we also see an increased awareness for the importance of using lead in combination with connected solutions. So we expect to see renovation trend becoming stronger as we go. Very important to us is that the rolling 12 numbers -- 12-month order intake is now ahead of SEK 8 billion, which also means that it's ahead of 2019 numbers.
So we showed a healthy growth in net sales in the quarter with 6.5% order in -- with organic growth in the second quarter. We saw, as I said, the supply chain challenges continue in the second quarter. And I would say they were slightly worse than in previous quarters. And currently, we see some slight signs of improvement, although challenges are not over yet and will continue to have an influence.
Also in Q2, we were impacted by the challenges in the world around us. In addition to the supply chain challenges of electronics, we were impacted by the lockdowns in Shanghai and indirect consequences of the war in Ukraine. One example is the challenges in transportation from Asia that prior went by train from China via Russia to Europe and that now goes by boat instead.
We also have an impact of the increased energy pricing in some of our factories. We continue through with very high customer service levels and to manage the challenges in a resilient way. And I believe, like many organizations, we have learned to become very agile and flexible in the last 2 years. We have had though a negative impact on the operating margin driven by the supply chain challenges and cost pressures in the market. We continue to work very actively with our pricing adjustments, and in some cases, the pressure on the operating margin is explained by a delay in adjusting pricing having full impact.
We are a very strong project organization, which means that the cycle is quite long from -- initiate the project until we deliver. We also have increased our investment level in some areas, mainly with regards to sustainability and innovation, and that will benefit future growth. On the sustainability side, we continue our very high activity level, and we have, during Q2, defined our baseline for all our factories around the world, and we now have a full view of our carbon footprint in both Scope 1, 2 and 3. This is in preparation for science-based target and, of course, to continue to drive our sustainability and in line with our mission statement. So as Michael mentioned, I have in my special topic session today, chosen to present a few new solutions from the group, and you will see that they are all sustainable lighting solutions. So then let's have a little bit more look on the Q2 numbers.
We had an order intake SEK 2.183 billion, a slight organic decrease compared to last year, but still a very good quarter for us, well above SEK 2 billion. We also had a good quarter in net sales with -- as I mentioned, with 6.5% organic growth and SEK 2.045 billion in net sales. And as prior explained, we have had some pressure on the operating margin that landed on SEK 185.6 million or 9.1%. So still at very healthy levels.
And we ended the quarter with a very strong order book, and the order backlog is SEK 2.484 million, which is an increase compared to 41% if you compare it to last year. And as always, Michael will come back with much more detail, the other Michael, later on in the presentation with regards to the financial numbers. So when we look into the half year numbers, our performance for the first 6 months has been strong and resulted in good numbers, and we have been able to benefit from the high level of market activity.
And as I said, we have a record high order book. Net sales would have been stronger without the supply chain challenges and still the organic increase is a healthy 7% for the first 6 months. And the order -- organic order intake is 5.9% also adjusted for currency effects. So we also -- we have shown a lot of resilience in dealing with the challenges in the external world, and we're, again, posting a strong half year EBIT of SEK 360 million or 9.2% in EBIT margin.
So if we look at the slide of our operating model, so the special topic of today will be around innovation and new product development. Innovation including new lighting solutions and connectivity is one of our strategic focuses on -- both on a group level and also, of course, extremely important for the different brands that all have their own product development agenda. And I will say the essence of innovation for us is with the goal to bring our deep knowledge of lighting and close connections to our customers into our product development agenda.
We have, in the latest webcast, been speaking about connectivity, which is also one important aspect of lighting solutions today. The same goes to sustainability that is a guiding star for us in all of our new product development. This has a very wide impact on both materials, how we design for modularity, the recyclability of the solution as well as the packaging around the products. So you can say we look into both the carbon footprint and we also look into circularity.
And another very important aspect for us is designed, excellent light quality and to develop products for our targeted customer applications. So good lighting quality is a very strong element of our DNA as a group. And important for us, as human beings, not to forget, we spend as much as 90% of our time indoors, and having good light around us has an impact on well-being.
So I will, in the next few slides, give you a flavor. And I think this is the first time we're giving you a flavor of some new products in this webcast that we have been launching in the last 6 months, taking into consideration both the customer application, the design element, lighting quality and sustainability.
So let's look at the first one, which is Light Shed and it's a design product from iGuzzini that comes in many versions and shapes. So it's a full product family actually. And in addition to very good lighting, it also absorbs noise and diffuses sound. It is a respond to the trend of increased well-being in the working environment and a trend that we have seen increasing after COVID and where we also see new ways of working and new demands from the customers.
Of course, it also has a focus on the environment and it's 100% compliance with eco design. And the thermoform body is made of ABS material which is derived from 40% recycled materials and screen is a 100% recyclable PMMA. Also, the packaging material is made of recycled material and the product is very light. It's 1.8 kilo, which means that it uses less power to produce and also to transport.
For us, going forward, using new light and materials will be an important focus as it has a high impact on our carbon footprint. And the product has been built without glue, which means that it's extremely easy to take apart and repair when needed, and that's the circularity aspect. And that, of course, also makes it easier to recycle. And as you can see on the slide, it's already been winning both a Red Dot Award and a Design Award.
Next one is for a completely different segment. This is Stromma, which is from our brand design plan, and they're focusing on a challenging environment in transportation, custodial and secure health care applications. So they typically do products with focus on durability and, therefore, a ruggedized IP65 solution.
It's been designed specifically for the transportation sector to make sure that the infrastructure is future-proof and it's very easy to upgrade. So removable gear trade means that when you need in the future, you can very easily change only the light engine without making any changes to the rest of the installations. And in the railway segment, in many markets in Europe, the shift to LED still needs to happen, and this becomes very urgent, both, of course, from an energy-efficient perspective, and it will also be very difficult to get replacement for the traditional lighting solutions they have.
The new Elizabeth line that was opened in London in May, and that we'll see 200 million users when in full use is one example of design plans, very nice projects in the railway segment.
Next product is from all around the world. This is a solution it's called Silencio: Arin. It's a solution from our Australian brand, Eagle Lighting that has focused on education, health care and offices. And this product is specifically designed for offices and education and is taking care of our well-being both from good lighting quality and from decreased noise level, which might sometimes be good in an educational environment.
The luminaire body is made from a sound absorbing fabric and is declared Red List free and you can compare Red List with the nutrition index for the building industry guaranteeing that it's free from any negative substances in a very transparent way. As from a sustainability perspective, 60% is recycled material and the product has a complete EPD, which is an Environmental Product Declaration. So full transparency on all the environmental data.
As you can see, it has an Organic Response integrated. So it's very easy to connect and therefore, able to save another additional 70% on the energy side. Then we get to the last product family, and I will end with a product family from iGuzzini a special touch, as you can see. And we launched this at the design week in Milan in June in Salone del Mobile and they actually launched a full new series of iconic Italian design products under the name of Italian echoes.
So this is part of our heritage and all designed by famous Italian designers in the '60s and the '70s, like Luigi Massoni and Gio Ponti. So very iconic design. But of course, today, cope with modern technology and sustainable recycled materials, so done a little bit different than in the 60s. And you can see -- if you look at all these lighting solutions that I've been sharing you, they all have a common theme of sustainability, design and good lighting quality. And at the same time, they're developed with very different customer groups in mind. So I hope with that, I gave you a little bit of a flavor. And with that, I will hand over to Michael to give you much more detailed financial information.
Thank you, Bodil. So a little bit more granular on some of the financials, looking at the second quarter, first of all. The group's strong start to the year from Q1 continued through Q2 with solid growth for order intake and net sales. The external environment, as Bodil mentioned, continues to provide challenges, and we are dealing with most of them in a very good way.
We continue to execute on projects, delivery of projects and provide a good level of service to our customers. The group's focus and ambition turn us to growth and this will be a recurring theme for us that you will hear. And this focus is delivering with a continued strong order intake for the second quarter at SEK 2.2 billion, the same as for the first quarter, and that's SEK 8.8 billion on an annualized basis so 10% above the pre-COVID level.
Quarterly organic net sales grew 6.5%, and this continues at a very similar level to the first quarter. This is despite the ongoing supply chain difficulties for component availability and logistics. Cost pressures, of course, are widely felt and publicized within all industries, not just in lighting and they cover components, logistics and utilities. And our reaction has been and continues to be to implement further price increases.
Obviously, in project lighting, there is a time delay for these prices to be fully effective. And that explains the majority of, in our view, the temporary dip in operating margins in the quarter. We are confident that this will correct itself when these prices and time delays neutralize. The group is also investing in the chosen strategic areas for the future, those being predominantly innovation, sustainability and people.
The operating profit of SEK 187 million delivered a 9.1% operating margin, which is adverse to last year for reasons explained and is flat compared to the first quarter. Earnings per share at SEK 0.74, has the benefit of reduced financial items in the account for the second quarter and the lower tax rate. And lastly, no dilution due to minority interest that we did incur in previous years.
Cash flow improved a little. You can see there at SEK 20 million in the quarter, improved a little in the quarter, and I will come back to that at a later date. If we now move to the financial summary year-to-date. The half year position reflects very well the performance, which was similar for each of the first and second quarters, with approximately 11% overall growth reducing to 7% at the organic level.
The operating profit at SEK 360 million is flat for the half year compared to 2021 and the operating margin is steady at 9.2%. And as advised earlier, it's temporarily lower due to cost pressures and strategic investments for the future. Due to the lower financial items and lower tax rate, net profit is ahead for the period at SEK 251 million, and this creates a higher earnings per share of SEK 1.42 compared to the SEK 1.31 from last year.
The development in the rolling 12 months net sales continued on a good trend, and that is very clear to see. The challenge for us is to get back to being above pre-COVID levels and that has already been achieved for the rolling 12-month order intake levels and the net sales levels continues to close the gap to the 2019 pre-COVID level. We anticipate that this would have been achieved both for the component shortages, but it is now just a matter of time as the momentum is high and the trend is positive.
Margin development. Quarterly operating margin at 9.1% is adverse to last year with -- that explains why and this is expected -- we expect this to improve as the pricing improvement continue to take positive effect and the volumes continue to grow. For larger scale producers in the industry, the operating margins remain healthy compared to what we see on the market. Okay. A little bit into the business areas now. You're familiar with the four of our business areas, and we traditionally begin with Collection.
The ongoing high activity in the high-end specification market continues and our order intake level in the quarter and half year is a record for business area collection, and this provides confidence in the short to medium term. The business area operating margins are now beginning to become more consistent, compare the chart -- the line chart on the right-hand side, far more stability is what we see there. Evidence in the work -- in the businesses have been doing in this area. The next step is to develop the operating margin for the whole business area, and there are many ongoing projects in this regard.
Coming to Premium now. The Premium business area, remember, is predominantly European focused. The Premium business area continues its solid performance with consistently high operating margins. The business area is somewhat more affected by the component availability challenge. It's a portfolio mix of products serving the markets, and it comprises the more complex lead electronics for indoor dimming applications and outdoor lighting.
In these two areas where we see increased levels of component challenges. And that's not just this quarter, but that is a consistent message that we've had in the last 3 to 4 quarters.
In [ BA ] Premium, we see good cost control and a high focus on profitability. Moving to our third business area. Now the Professional business area. The Professional business area results continue to be below expectations, and this is not satisfactory. We continue to see a lower level of success in recovery of supply-side cost pressures, and this is a key focus area for the remainder of the year. We are working on many specific projects and the activities to improve this situation.
The situation in the business areas made more challenging as a result of the very weak Turkish Lira. Finally, with business area Infrastructure. Sorry, the business area Infrastructure, the growth trends are positive in Holland and the U.K. The operating margins are quite consistent, as you can see from the chart. There is a high focus in the chosen application areas. Where in the U.K. and Germany, we see very high level of activity level in the market, and we are well positioned to take advantage of this.
So now I would come back to cash flow. Yes, on one arm, we are pleased that the operating cash flow turned positive in the second quarter, albeit only marginally at SEK 20 million. The year-to-date operating cash flow remains negative as there have been a natural increase in accounts receivable of SEK 183 million due to the sales growth. One would expect that and an increase of SEK 417 million in inventory levels to actively and proactively overcome the component shortages.
We will return -- increasing the stock. We will return to increasing the stock turn ratio and generating cash here in the coming quarters. We feel now is the right time to begin to address this topic. Net debt development. First of all, it's important to remind us that the charter net debt is adjusted for IFRS 16. And the chart for net debt/EBITDA ratio is adjusted for IFRS 16 and acquisitions and/or disposals at the appropriate time.
We report a closing net debt/EBITDA ratio of 2.39%. And you can see there is a slight increase on the previous quarter for reasons explained fundamentally the increase in inventories, but the net debt and ratio remains under control and will reduce in the coming quarters as working capital is addressed.
Finally, earnings per share. A reminder here that we have adjusted the 2020 numbers to eliminate the somewhat artificial and high positive impact of the 2020 Italian tax legislation, so as to provide a better underlying view of the earnings per share. And you can see the year-to-date earnings per share continues to develop with the rolling 12 months trend now approaching SEK 3 per share.
Our ambitions here are, of course, to remain -- to continue to develop and grow the EPS and the growth strategy will support this ambition. So for me, a short summary, before handing back to Bodil for closing. So what would I say in summary, I would say order intake continues to grow very well. The order backlog position remains very healthy. Net sales also continues to grow despite the ongoing external challenges that we all face.
Price increases are having a positive impact, but ongoing cost pressures and further time for further price increases to come through is a reality. And operating margins are temporarily affected, although they remain at a decent level compared to the industry. And with that, I shall hand back to Bodil.
Okay. So just a short conclusion and recap from my side, which would be that we see continued high level of activity, and we win, I would say, very good projects. And in general, we see an increased focus on the renovation side, and we expect this to continue and even increase for quite a long future time.
We are well positioned for this. It's been in our focus for a long time. And both the focus on innovation and sustainable solution, of course, helps. And I've illustrated this today with a few examples, and there are many, many more in the different brands. And in general, the sustainability initiatives have had very positive effect on creating new solutions with an innovative mindset, which inspires to creativity.
As I stated already in the last report, the global supply challenges continue, and we expect them to continue at a similar level until at least for 2022. So we will continue to do everything we can to mitigate the challenges and continue that we serve our customers in the best possible way. And I think, as I said, we see some slight signs of improvement, although being slight.
And on the numbers, I would call the net sales growth very robust with 6.5% organic net sales. And most importantly, as Michael pointed out, we have an order intake of above SEK 8 billion, which is a first milestone for us. And we continue to take actions to mitigate the inflationary pressure that gives a temporary dip on the operating margin. We also see, I would say, all our different strategic initiatives, we see to -- continue to see good progress.
And I hope that today, I was able to give you a flavor for innovative, sustainable lighting solutions. So I think with that, we will end the presentation for today and open up for questions. So I will hand over to Michael Bruer to take your questions.
Thank you, Bodil, and we might ask Jordan here to open up the telephone line for questions.
[Operator Instructions] We have a question from Mats Liss of Kepler.
Well, a couple of questions. First, I mean, you have a substantial order backlog now. And well, my question is sort of -- well, do you experience any sort of delays in deliveries, as you have experienced during the last couple of quarters. And also if sort of the contracts you have on the orders, are you able to sort of compensate for cost increases? Or are there sort of -- could you give some more flavor about that? How do you compensate for costs and so on?
I can start Mats. Nice to hear you. I can start, and Michael will add on. I think that from an order backlog, yes, we are not able to deliver everything that the customers want us to deliver currently. So we have a delay. There is differences in different segments and in different businesses. As Michael said, I think we have more challenges in the high end drivers in terms of availability, for example. So there will be differences into the different customer segments that we deliver to. There will also be differences into the different businesses where we are, but there is still -- we haven't quantified this how much it is, but it hasn't changed. It hasn't become better during the quarter. I would rather say that it's been worse during this quarter, especially at the beginning of the quarter, it's been a little bit better at the end, but April and May were very difficult from a supply chain standpoint.
Then when you look into, are we able to compensate from existing contracts? There is not one answer to that either. But it's a little bit -- in some cases, yes, because we have some cases, we have an inflationary index and we also have been working on these prices. I mean we saw this happening more than a year ago. So we've been very active working with the inflationary matters, I would say since last spring. So in many cases, we have been taking height or we've been introducing some inflationary parts into our contract, but it's not covering 100% of our order backlog. So there's been different means and it's also a little bit the reason why we have such a high order -- such a high stock because in some cases, they've been compensating by bringing the stock in earlier for what they're going to deliver.
So I was going to ask Michael, if you want to add something.
Not too much. I think the question -- your response about the delays are a little bit tougher in the first part of Q2, a little bit less than that as we exited the quarter. Some green shoots of some things, but I don't want to say it's all gone because it's far from all gone. The challenges on delays in the supply chain through our factories to our customer bases will be here for 2022. We know that. We are dealing with it in a very good way, a very proactive and professional effective way. So that is what we are doing today. The impact remains about the same in the sense of the impact of the net sales number on a weekly, monthly, quarterly basis. It's getting no worse. And then when it comes to cost, yes, we operate in a project lighting world where you shake hands and you make a quotation and receive an order in there and your bond with the contract terms and very often you execute at the set prices. So it does take a little bit of time for the increased price levels of our alumina to come through. We saw some of that come through in the first quarter of this year, from cost increases in the second half of 2021. And then, of course, the inflationary agenda hit again in the back end of Q1 going into Q2. So we're in that second cycle now of further cost and price increases coming through. So we're confident that, that will take place in coming quarters. Yes, confident that will take place in coming quarters. Nothing else to add there, Mats.
You mentioned the margin is somewhat disappointing maybe for some. But I guess -- I mean, historically, you have been trading at higher margins than this. You mentioned that the sales is back at -- or the order intake is back at 2019 levels. And is it sort of reasonable to expect here to generate the same kind of margins as you have done historically? Or are there sort of a different setup now with higher project cost and higher R&D costs to develop these new systems. Could you say something on that?
Okay. I think there's -- let's just remind us all here a little bit, and we did put the press releases out at the time of the iGuzzini acquisition. So what you see in 2018 is an operating margin 12, 13 percentage points. And then the scale of the group changed overnight in early 2019 with the acquisition of iGuzzini. And then 2019, had iGuzzini in the numbers for 10 months out of the 12, and that reset the dials, if you like, for the Fagerhult Group. So previous to 2019, that's not how we are today. And post-2019, we're in that COVID recovery period that we previously mentioned. So we have to remember that the combination of the group's businesses today is not like it was in the past. That said, it is possible, and we do anticipate once we get through these external challenges, we do anticipate margins to recover. But I would be wrong, Mats to stand here and say they will recover to those former points in the prescale metrics within the Fagerhult Group.
I think it's also giving some information if you look at the different business areas, you can see that what Michael said before as well, we are getting more stable in Collection. So we have seen an improvement there, where else -- where we have challenges that we are dealing with is more on the Professional side. So if we're getting those under control, of course, that will have a positive impact under -- which we will get under control, they will have a positive impact on the EBIT margin as well.
You mentioned the Professionals there. And I guess you have -- you also indicated you've made some measures to handle the softer situation. Could you say something about that? Or is it sort of not for the public or...
No, no. We do believe in being open and transparent. You're obviously aware in business area, Professional, there are three entities. Under severe difficult conditions, the one in Turkey is doing very well. So hats off to the people in Turkey. The one in the north of the U.K. and the one in Australia is having some challenges. And they stem from at least 1 or 2 senior management position changes in the back end of 2021 coming into early 2022. At the moment, we are operating with those two businesses with interim leadership positions, and we are taking our time to recruit exactly the right individuals to lead those businesses in the future. They are in busy active markets. There's no doubt about that. And when we do find the right leaders, those businesses will begin to bounce back, if not a little bit earlier than that. So it's mainly due to personnel changes, Mats, at the senior level that we are applying an interim solution at the moment. And then we are searching high and low for good caliber individuals for the permanent placements within those two businesses: U.K. and Australia.
Okay. Great. And just finally about -- could you just remind me about the seasonality of the business currently? I mean ahead of the third quarter here and the holiday quarter, I guess, for some [ and is ] it looking back? You have been doing quite well in the third quarter.
Yes, quarters 2 and 3 tend to be our more active quarters. Quarters 1 and 4 are less active quarters. The more geographical spread we get, the more indoor, outdoor spread we get, the less seasonality is playing a role. We see that in the days gone by, then Q2, Q3 used to be significantly ahead of 1 and 4, but less so today, but we do anticipate a decent level of performance in the third quarter. For some of our brands, it tends to be the busiest quarter of the year, depends on where you are and which application areas they serve. So yes, we anticipate an okay quarter this year -- sorry, this quarter, and then we'll see what the fourth quarter brings us. But seasonality is not as turbulent as it has been in the past.
We have no further questions via the phone lines. So I'll hand back.
Thank you, Jordan. Thank you, Mats. We have two questions from the webcast. The first one here, you're obviously approaching pre-corona top line, but how far are we from pre-corona volumes?
Okay. It's good question. So thank you to the questioner for that one. If I look at the organic net sales growth, it's operating at just about 7 percentage points so far for the 6 months that we're in. And I would put that -- I would break that 7 percentage points down into 3 percentage points would be pricing. That's why we feel as though there's more pricing benefit to come through and 4 percentage points is volume growth. If you look at the rolling 12 months order intake approaching SEK 8.2 billion, it's similar metrics in terms of the 5.6% (sic) [ 6.5% ] organic growth so far for the 6 months. But on the rolling 12 months, we're at quite a different level. So yes, the observation is correct. We're approaching that overall, the pre-corona volume level. And I would take 3 out of 7 percentage points, and 4 out of 7 percentage points in as a mix on pricing and volume for both net sales and order intake.
And then there is a last question related to group management here also. So what's the motivation behind the appointment of a CTO for the group?
Okay. When -- I think we spoke a little bit about it last time. We see that connectivity is so important for our future development and I think we've done a lot of good things in the last few years and the way we have invested into the technology. And I think the words I used last time when we spoke about it is that our biggest competitor is the ignorance of the market. And that means that the CTO we have employed will come a lot with the market-oriented perspective, and being able to, together with the brands, develop thought, leadership both internally and externally to help us to make sure that we take the next steps in growth in terms of connectivity and getting a much wider penetration into the solutions and helping us in the market. And coming back to the underlying where we say -- what I said before was that if we use connectivity, we can take down the energy consumption with another 70%. So there's a lot of benefits to it, and we need to get that message out in the market. I think that's my answer to the question.
Thank you, Bodil. And with that, we are done with questions for today and maybe some closing comments from you, Bodil.
Yes, very, very quick one. I'd like to say -- I would summarize, good half -- first half year 2022 with a lot of indications in the one direction and especially with the order intake and the sales, and we have been -- we have a lot of challenges around us. We are dealing with them, and we're also dealing with the short-term challenges, and at the same time, building for key strategic areas for the future, including building and defining our full-line -- full carbon baseline, so we now can take the next steps on that. And I also like to remind you to take the opportunity to remind you that we have a Capital Markets Day next week here in Stockholm in our office on August 31. So we hope to see many of you on the call with us next Wednesday. And if you have not signed up yet, I think that is still possible, and we would welcome you to come. So we're looking forward to that, and we will tell you much more about who we are and what we're doing and what we will do for the future. Yes, very future-oriented.
Thank you, Bodil, and thank you, everyone, for joining today's conference call. And we hope to see you again at our webcast for the third quarter on October 28. So with that, have a nice day.
Yes. Thank you.
Thank you. Have a nice day, everyone.