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Good morning, and welcome to the Nederman Holding Audiocast with Teleconference Q2 2021. [Operator Instructions] Today I am pleased to present CEO, Sven Kristensson; and CFO, Matthew Cusick. Please begin your meeting.
Good morning, ladies and gentlemen, and welcome to the session where we are going to present Nederman Group quarter 2 2021.Starting with a bit of a summary and some highlights. We can conclude that we have seen recovery, a continued recovery in many other markets. There are, of course, exceptions. We have seen further closedowns and lockdowns and so on. But generally speaking, we have seen a continued recovery in many markets. Not only compared with last year, which was easy to beat in comparison, but even so, we had close to 10% order intake growth compared to 2019, which was more of a normal year.We have also been able to deliver strong profitability in 3 out of 4 division. Very good profitability in MCT and also very good in the other 2.For Process Technology, where we have the large project, we have still had some difficulties, sales-wise, depending on the long lead times and the low order intake last year. But what is good is that we have had a very good order intake. And the bounce back in order intake bodes better for the coming quarters.When it comes to cash flow, cash is king. We have had a very good cash flow for the first 6 months here, and we have to continue have a good trend. We see also increased demand for digital solutions and digital tools that we are a supplier. We have for some time said that we are focused on digital safety, both with the offering and the tools that we are using internally and also providing our dealers with.And here, we have also interesting, that we are one of the finalists, 1 out of 3, to the AWFS show in Las Vegas on woodworking, world's biggest woodworking. And this is the digitalization tool, the tool that help you to make 3D drawings. And it simplifies slide for internal people in Nederman [ pub ] and also helping our customers to do a better and quicker job. Very pleasing. Hope that the team will win the challenge.There are, of course, also some continued concern over raw material prices, and then also transport, not only pricing, but also difficulties to book in transport. We are handling it, but it's a thing that needs to be kept under control for the coming period.
Okay. If I move on to Slide 3 and take you through a couple of slides on financials before we go into -- dig into the divisions.If we look at orders and sales for quarter 2, we were -- order intake was at SEK 1.058 billion versus a very low SEK 740 million last year. Then that's currency neutral growth of 54% versus Q2 last year. How comparable that as everyone can understand, is not really relevant. But as Sven mentioned already, 10% growth versus Q2 2019 gives you a picture of how we've done.Sales, SEK 977 million in the quarter, which is also higher than Q2 last year by 14%. Currency-neutral growth, it was actually negative versus Q2 2019. So as mentioned, some of the difficulties regarding -- in executing projects will come out of that, particularly on Process Technology slide.January to June, so the first half year, we've done that at 2 point -- almost SEK 2.1 billion in order intake, which is 31% higher than last year, and more interestingly, 10% higher than 2019 currency-neutral. Sales, SEK 1.845 billion for the first half year this year, which is just below SEK 1.9 billion that we did in January to June 2020. Currency neutral has actually growth of 5%. You can see that the currency is impacting us negatively to some extent. And as you expect, a slight negative drop versus Q2 2019.If you look at the charts on that page briefly, you'll see that the order intake chart has continued this upward trend on a quarter-by-quarter basis. The other perhaps interesting thing to note is that order intake for the Q2 2021 is on a rolling 12 basis, we'll rollover the SEK 4 billion mark again where sales is ongoing, and that hints that we are building some backlog.And if you look at Slide 4, profitability and cash flow. Adjusted operating profit was SEK 97 million in the quarter versus SEK 73 million last year. That's -- we got to our 10% target yet again. And we adjust that we got there. Profit after tax, that was adjusted operating profit, 10%. I also mentioned there was this -- and some of you will have seen, there was this one-off booking related to defined pension contribution -- defined benefit pension scheme in Norway that has been expanded. That's a pure accounting booking for SEK 29 million and even more of that for all the purposes of a presence at the profitability here.Adjusted operating margin, 10%, like I say. Profit after tax, SEK 83 million, which gives us SEK 2.36 per share. Cash flow from operations in the quarter, SEK 181 million versus SEK 62 million last year.You see on the chart on the bottom right how strong we are already this year on cash flow. Over SEK 250 million from operation -- is coming from operations already in the first 6 months of the year.January to June operating profit, SEK 185 million versus SEK 138 million last year. We are up 10%. We hit 10% for 3 quarters in a row now, which we're quite happy with. Profit after tax, SEK 140 million. Earnings per share, SEK 3.99. A little bit frustrated we didn't get forward leases with how the numbers fell out, and that's where we are. Like I mentioned, cash flow from operations now, so far this year, SEK 254 million versus SEK 75 million last year. This is one factor behind the dividend announcements, which we will come back to you later in this presentation as well.If I move on to Slide 5, and so I can tell you a bit about Extraction & Filtration Technology business wise, and I'll tell you something about the numbers after that.
Extraction & Filtration Technology, our largest division, mainly trading under the brand name Nederman, and the customer and applications type, woodworking, composite, welding and other general test applications. The development during the quarter has been good. They have had growth in orders received and sales in all regions. The sale of Smart Air has continued to increase. And again, as I said, how smart is a filter, well, it is the new fully launched or last year launched tilted series with the new control system that are also enabling Insights and they are Insight Ready, and Insight Ready is our IoT solution that can help our customers to get more information and simplify life for them. We see a significant increase in interest in also linking it up to service agreement.Increasing factory utilization rate has been a positive factor. That does not mean that we are fully loaded. We are still in a situation where we have plenty of room for more orders. So that is not a limiting factor, but it has an impact, of course, on the profitability, which is next point. They show a very strong profitability in the quarter, from -- very good work, continued work and also some positive mix situation.In EMEA, we can generally see a very good recovery in most markets. There are some exceptions, but generally, a clear group we carry. It's mainly the base business because we haven't received many large order, basically, one large wind power in Denmark. There's been product sales and include some of our partners and distribution network has been doing reasonably well. And as mentioned, we have also in connection with the launch and save some more inside subscriptions, we also see a positive development in the service business.Moving on to Americas. We have seen a solid growth in all markets. We have base -- once again, it's a base business. In fact, there is one big order, a major order to [ laser ] service segment. And then there are medium-sized orders in Canada and in U.S. too, mainly the wood industry, some others, but no large, with the exception of one of tool rescue service. Service business has also been strong, and again, related to the new detailed services.Asia Pacific, several markets are still affected. And we have seen in the later part that new restrictions in -- especially India, Thailand, Malaysia as well and -- there has been significant new restrictions. India has had a very tough time. Now they are starting to reopen. But generally, we have had a healthy growth in the region, and especially Australia are coming back again.So what has been the division's key activity? There has been successful product launches in the rescue service segment in North America. We have digital product development continuing. And we have further launched digital filters in central to retain strong market position. We continue to develop and we continue to fill these new features with the capabilities positive for our customers' business.The material prices are increasing. And we have adjusted the prices, but there are risk for lags because the speed and the lack of components makes it more difficult to -- so it's a moving target. There are risks for hit on margins in short term. But we are doing well, and the teams have been doing an excellent job. So far, we have been able to supply our customers with very limited delays. We have also, which is important, ISO 9000, 14,000 has been approved, and there were no comment. So our continuous work with environmental issues, sustainability issues and quality is paying off.
If I take you briefly through the financials. Extraction & Filtration Technology, I won't call out every number on the table that you see.Orders for the quarter were SEK 475 million, which is 42% up versus last year. Sales, SEK 444 million, which is approximately SEK 50 million higher than the same period last year. Adjusted EBITDA, SEK 80 million, which is 18.1%, which -- this as I mentioned, this time we had a very strong profitability in the quarter and we did 10.8% in a tough Q2 last year.If we look maybe at the order intake for the -- if we look January to June, the order intake is now SEK 906 million. That's 24% up versus 2020. And then more significantly, it's also a growth versus 2019 on currency neutral.Adjusted EBITDA year-to-date, 17.3%. So rather strong for this division. That's SEK 145 million in EBITDA that they brought in, in the first 6 months of the year.Okay. And then if we move on to Slide #6, which is Process Technology.
Yes. And Process Technology is, as you're probably aware, where we have mainly large systems, we are in textile, we are in recycling, aluminum smelters, we are in foundry. So bigger, bigger projects overall. And where Luwa is doing very well.We had a very strong order intake, more than 100% growth versus last year. But we have to remember that Q2 2020 was exceptionally low. The backlog is, however, SEK 170 million higher than the year-end. So we have, during the first 6 months, built a healthy backlog. There has been, due to this, an extremely, or I would say, a very good working capital development.We are also seeing increased sales of digital solutions and related services. We see that the -- for Luwa, the textile segment, the fairly new loans control system, Digi 7 are very well received. And we now continue to integrate inside possibilities with that. And that has been well received, with the increasing number of service contract and supports in that area, differentiation from competition.Reduced margin because of lower sales volume and some lower margin projects in the quarter. Project execution, we have had some delays due to COVID restrictions. India, we continue to have order intake. But the Indian authorities have periodically forced us to shut down the factory for weeks or days and so on. And that has had a negative impact on our ability to execute the project. We have seen some of that also in Turkey and some other places.If you go to textile and fiber, we have seen a continued recovery. 50% of the division's order intake year-to-date is coming from Luwa, meaning the textile and fiber. We have seen that even China now is coming back. Some pressure on local price competition. We try to fight that with a higher technology compared with our new digital Digi 7 and Insight, et cetera. And coming back again, the lockdowns in India and Turkey had disturbed target date intrusion. Our Indian team has doing a fantastic job under very difficult circumstances to build flipping orders, handling it to the best. And so far, we have very positive customers.In the foundry and smelter, we have seen some increased demand by aluminum, aluminum recycling, especially. A lot of new application. So they said growing flotation pipeline, especially on the European side. We have basically one really large order, a 10-year service contract with digital monitoring of connected systems, which is again a result of our work and continuous work to offer new solutions to our customers.Key activities, growing share of systems serves on Insight Ready. The majority of these systems then result, as mentioned before, in the service agreement for 1 or several years. Supply and logistics chain, it's in focus. There is rising prices for material and transport. And there's also an increasing problem to book transport from China to other places, India or wherever you now should supply. We have dialogue with the customers and to mitigate this impact, both on price and also making sure that they can get their equipment to store. We are reviewing the entire -- and having viewed the entire order book and are in dialogue with our customers to mitigate the impacts, both of increased transport costs and material costs.
If I go through the numbers in Process Technology briefly, there, in the quarter, the division took SEK 328 million in orders, which is roughly 1% growth versus obviously a very good Q2 last year, but it's -- perhaps more significantly, it's also in excess of the sales that we did in the quarter, which was SEK 290 million. Like Sven mentioned, we had low sales volumes and some lower margin projects happen to be those ones that we were managed, we were able to execute during the quarter. And that combination has led to a rather low EBITDA, SEK 1.6 million, 0.6%.What is mostly interesting here, if we take the year-to-date for the first 6 months, we've taken SEK 703 million in order intake in the division under only invoiced SEK 533 million in sales. It means we built the backlog, as I've mentioned, of SEK 170 million. Now some of that is good ongoing business and some of it is a result of the delays that we've seen in certain project execution, certain parts of our product execution.But the chart on the slide on the top right side where you can see orders again, sales after the -- every quarter since the start of 2019, and we see that for some time during 2019, we were eating into backlog. That was from some new backlog that was extremely high on it when we acquired them late '18. But then, of course, Q1 -- Q4 2019 and Q1 2020 actually are a good order intake, and then we saw the very low orders in 2020. You could see the curve, the great curve where we ate backlog throughout 2020. It's now on its way back up.And I mean the backlog, why I talk about that, on the Process Technology is a backlog business. The project -- the time from order received to final project execute -- final commissioning of a project can be roughly 12 months or more in certain larger projects. So this is significant and it is a positive sign. So we -- there was the very low profitability you see in Q2 2021. That should not be what you expect to see going forwards here.I'll move on to Slide 7 and then Monitoring & Control Technology, Sven.
Yes. Monitoring & Control Technology is where we have our digitalization with Insight. We have the measurement in control from 0.3%, Gasmet, NEO Monitor. And the development in the quarter is that we have had a strong order intake, good sales in the quarter and a very good profitability, record high, 23.5% in EBITA.If we go to the geographical areas, we have in EMEA have an increase versus last quarter. And the orders and sales was a little bit lower than a very strong Q2 in 2020. We have seen less of an COVID impact last year in the MCT than in the other divisions. And we have had a negative impact from COVID restriction, mainly in the process control area. The emissions related to business has been more positive. And why the process control area? It has been a limitation of access to site. So that has been an issue.In APAC, orders and sales were higher than last year and last quarter. And it's been the Chinese market that has been driving the growth. There has been a positive impact for the whole entire region. In Americas, we had good order intake and we have growth in that market. We see that they can work much more efficiently. And the market is almost unaffected, right now at least, by the pandemic and lockdowns and restrictions.However, some of the activities planned that in -- growth plans we've had for the division in America has been hampered by the limitation and still active limitation of us visiting and being able to do some of the initiatives.But the key activities is that we have -- in order to mitigate the problem of traveling, we have built the first digital demonstration room in NEO in Norway. And that can improve digital customer meetings and it can also give training to service technicians on remote. So we have made this investment, and we will continue to do investment similar to this one. We are sort of learning from the first one that was launched here mid-June. And after the summer, we will take decisions where we will put out next training central digital customer meetings possibilities.We have completed Insight integration for [ LTR ] business. That's a good application. And they are sold by the EFT division. Increase, of course, the sales of connected vehicles. We have launched 2 new product on the emission monitoring, doesn't say anything follow [ last inspect ], but they have been very well -- initially, very well received. And we continue high speed in developing new product -- launch new product in this segment, because, over time, we think we'll be more commoditized. And we continue very high speed on delivering new solutions in the area.
Then Insight solutions, nicely on to the profitability. Why do we keep investing in new solutions here? We see what margins we can get out of this business if we execute it properly.In the first -- in the second quarter of this year, we took SEK 140 million primary in orders received, which is 25.8% growth versus -- currency neutral versus last year. Sales were SEK 136 million, which gave us an EBITA of SEK 32 million, 23.5%. So quite a good -- a very good profitability for this division in the quarter.Year-to-date, SEK 259 million in orders, SEK 258 million in sales. It's good growth again versus last year. And we're almost 21% on EBITDA margin for the first half year here. Not much more to say on this division. I think, it's gone rather well in the quarter. So I'll move on to Slide 8, Duct & Filter Technology.
Yes. The Duct & Filter, as it says, it's -- it starts -- this filters for internal use and external. And we have seen the continued recovery in most market during the period. And we have a very strong growth versus last year's Q2. And we are definitely back in line with the 2019, which is a good sign.Improved volumes operations efficiency is linked to a strong profit margin. We have again invested in our new tools. We have invested new upgraded ERP, and we have better control.Continued strong order growth in all regions. In U.S., EDI orders continued to grow, meaning that our efficiency work is paying off again. We had one big order, and that was a mining order for an Asian customer. And what was a good sign is that we had a record order intake in Europe. Europe is still significantly smaller than our U.S. business, and we are working hard to continually grow that. And so we are very happy for that. We also had a solid growth in Thailand. It's a smaller part of it, but it's mainly export driven to the neighbors of Thailand.And had a weaker development in the U.S. The acute need of replacement paper that gave us a good boost in Q1 has sought out that way have died out a bit. So now I have to work even harder to find new orders. But good efficiency and cost optimization means profitability -- that we could maintain the profitability. And we booked a semi large clean room order for new battery plant in Estonia.The key activities have been the earlier mentioned interactive move up 3D [ QFE ], and it was launched in the U.S. market. And it will give improved efficiency when it comes to design and order and installation. Basically, you get a 3D drawing, you can put in your specific data, and then you get basically a build material output and in other form. So it simplifies life and it's very well received. And again, that's why we have -- we are one of the finalists in the design award or innovative report. Again, it will be launched in metric in Europe and Asia later in the autumn.We are also, since we have limited travel access, trying to do it in a different way, and what we believe is part of the new normal, virtual sales training has been completed for all sales personnel. We have used some external support, but we have -- and we have also trained online trialing to all sales personnel, but it is possible, it cannot be [indiscernible] for what was the good old days. So we are now focusing on much more online sales meetings. Of course, it will not completely take away the need of travel and meeting people, but we have, and we have adopted well.Still, prices increases mitigated by customer pricing increases. There is, of course, a risk because it continues and we are -- so far, we've been very successful in pushing it forward and into the market. But of course, our risk of market decline and margin decline in this continues.We have also, as mentioned before, ordered a fully automatic duct production line that will be placed in Denmark and Europe. And it's scheduled to go live later in Q4 2021. And it will increase our capabilities, efficiencies and also increase the range. We can do longer pipe, and that means that we will be even more attractive on the market.
If I move briefly on to financials for Duct & Filter Technology. External order intake is up 41%, currency neutral versus last year, to SEK 114 million. Total sales of SEK 131.6 million in the quarter. Remember, this division actually sells to our other divisions as well to some extent. So there are orders in that. This is total sales, including internal sales.At peak -- adjusted at peak, the SEK 24.7 million, 18.8%, which is very slightly lower than it was in the quarter, while we see a little bit of this margin decline has crept in and then like I said, there is a risk that it could drop somewhat further with, and we've worked very hard to ensure that, that doesn't happen. But there, so far year-to-date, filter division, SEK 50.6 million, and then EBITA, 19.5% is extremely healthy and a good sign that these operational efficiencies is working along with the return to volumes somewhere near 2019 that was again.Moving on to Slide 9, a summary of the quarter, Sven.
Yes. What we mentioned before. We have continued recovery in many markets. We are pleased that not only a very good growth compared to last year, but also a reasonable growth with 10% compared to 2019, which is sort of a more normal year that we can refer to.We are happy that the 3 out of 4 divisions had shown very strong profitability. And we have shown a very good cash flow, very much from the 4 division, that has had a very good order intake and cash flow. We see that the demand for digital solution and digital tools is growing. And we are very pleased to see that since we have spent a few years here investing a lot of time and money into building these solutions and tools.There are, of course, again, repeating myself, concerns on the raw material price increases and availability and transport difficulties and prices, which we continue to work with to make sure that we do the best we can.
Well, back on lease, on Slide 10 and the outlook, Sven.
Yes. You want me to say that we are cautiously optimistic ahead of the upcoming quarters and are seeing a continuous success and return to normality in most of our markets. Our base business and strong digital offering mean we are doing well in the current market where the major project continued to be delayed.We expect lockdowns and restrictions to have increasingly less of an impact on investment decisions. Rising material price and transport costs are putting pressure on profit margins, and the negative impact is expected to increase in the short term. Lockdowns have shown what the world can look like when the air is not prone to pollution by industrial emissions. This can be filled without the paralyzing pandemic. More and more people understand what needs to be done. Every [ near mine ] installation plays a part. Let me go -- well, throughout the world, it's also we required to use regulations and incentive to work to reduce the risk of millions of people dying prematurely from breathing dirty and hazardous air. This increased insight into the importance of clean air is expected to strengthen the market in the long-term.
Okay. Dividend, Slide 11. You some -- or most of you have probably noticed the press release went out yesterday evening at the end of Q3. The Board of Directors has already now proposed a dividend of SEK 1 per share, to be decided upon us in the Extraordinary General Meeting. Notice for that meeting will go out later today. The Board has opinion that given the group's financial stability, and a good capital structure, good cash flow and a solid profitability, the dividend can be motivated. It's basically a return to the group's dividend policy. This SEK 1 per share equates to 32% of the net profit for 2020. But that's the main point here is that group's return to the group's policy that we've had for some time of 30% to 50%. So the [indiscernible] dividend.Final, Slide 11, the financial calendar. The Extraordinary General Meeting for which the notice will come out today, as I mentioned, that will be held on the 25th of August as the postal voting meeting. The interim report for January to September, so the Q3 report, goes out on the 22nd of October.At that point, I think we can stop talking for some time and maybe open up for some questions.
[Operator Instructions] We have no questions -- no. Sorry. We've just had a question registered from [ Anna Lindham Winchkam ] from Handelsbanken.
How are you thinking about sales growth ahead? Are you looking for M&A opportunities, especially thinking about your increased cash flows? Or is it more of a waiting game? Meaning that the reopening will offer enough sales growth ahead? Or how are you thinking about this?
We have to say, we have an ambitious target to grow with minimum 10% in a cycle. We have and are continuously looking at opportunities when it comes to M&A. That doesn't stop us from wanting to grow organically, which has been the case in this now. But we are working continuously these 2 parts of growth scenarios. And we are evaluating loads of opportunities also now at this moment. But again, we are slightly picky what we want. It should fit in into our 4 cornerstones. It should give us more availability to the market. And then it should be maybe technology add-ons in MCT division.In the other divisions, it's more that we want to get access to market. Since we have, I might say, internally, we have too many products. We have had a better wide portfolio. We can solve most problems in the market. So it's difficult to give you a more precise answer than, yes, we are working on both lanes.
That's very clear. And just last question. Are there any specific areas where you are more concerned about the increased prices in the supply chain issues? Or is this mainly the bigger projects where there is an issue ahead?
It's been mainly the project mix. If you have -- I can give you an example. We should ship 26 containers from Shanghai to [ Alexandria ]. The price increased from $3,000 to $15,000 per container. Then they closed the Shanghai harbor so you couldn't load it. And then the customer said, well, maybe we postpone it 2 months and see if we can get the better transport price, et cetera. This is an extreme example, but this is where you see that we have an impact. And now -- and our teams are working together with our customers to solve all of this. So it's mainly the bid where you have larger shipment and larger orders.When it comes to price, it's been mainly steel that has been skyrocketing and have had an impact on almost everything. And it's also limitations when it comes to access to material. So you have just in time deliveries that you haven't really planned for because we lag in shipping in material. But again, we are working together with our customers, and have so far been able to handle it to the customers' appealing. So they are quite happy with us so far.We haven't seen any really problematic lack of material, which could be, in that case, in the MCT division, because there, you have very special components. But we have been able to mitigate that, especially because we early -- already late last year started to order a critical component. But of course, if it continues for another 6 months, it will be increasingly difficulty not being hit by any problems. But we are working on it. We are aware of it. And the organization, I must say, it has been working very good in handling this together with our suppliers, our customers, so far, so good.
The next question comes from the line of [ Kristof Vonceres ] from [ Calgiri Fund ].
Yes, yes. I have one question actually. It's about the Extraction and the [indiscernible] divisions. When you see this extreme improvement on the margins, one wonders where we are looking to do -- in a normalized market to -- compared -- I mean, to what has been over the years, this is extremely good. And I also wonder if the -- I know you -- I mean your service has increased formidably. And also, the other part is not only good selling, which I understand is a part of the margin improvement. But I also wonder if there has been a change in the complexity of landscape in a way.So that's my question basically. Where are we sort of thinking to be when the normalized market in these 2 areas when it comes to margins? And is there a change that has made this change to a margin level possible in the competitive landscape?
If I start to get some of the margins on the 2 divisions that you mentioned, that I mean there's 2 main reasons for it. As we say, we've got -- you can see that we've got more normal volumes. Again, we're back on 2019 levels, and that's obviously helpful.What we have done is we've taken some costs out as part of this restructuring plan, but it's not really that, that has some help in the short term. And then we can't -- we have some of those costs do not need to be put back in even if we take some more volume. But we have been working very hard to increase efficiency in the batteries. So I mean -- on both divisions we're around -- or getting close to 20% EBITDA. And I think the heads of those divisions will say, but strengthen our opinion, and this is where they ought to be, and that is absolutely doable going forwards. Maybe, Sven, you can comment on that part of competitive landscape.
Part of -- competitive landscape has not been -- I would say it's rather been more aggressive customers since there has been -- I'm sure I said, when you have business that you need to fill, you have a lot of family owned business that tend to be a bit aggressive in the strengthening and thinking that selling on price is a good idea.So what has been mitigating and how we are addressing this is to give better service and easy to do business, which has been a theme over the last few years. Need to be better in this. And I can give you, in that sense, but the [ QTL ] is another part of what Duct & Filter is doing, it has -- when it's truly launched now in essence, what took 4 hours before takes half an hour, and that's the efficiency that gives us better profitability and better service to our customers, and that's why they get new customers.So I would say, again, there will be hurdles along the way. But we believe that this 15% to 20% EBITA should be maintained in EFT and Duct & Filter. We can have hiccups with the exceptional prices and problem -- price increases and problem from transportation. But we have set what I call a new normal. And we have used last year to make efficiency by introducing new ERP systems in both Duct & Filter and the largest part of EFT. We will do it in other areas in Americas later in the year.And we also see that better control, better efficiency in your factories will -- so if we can fully load the [indiscernible], which is absolutely not the case yet, we will see good margins going forward.
[Operator Instructions] We have no further questions, so I will pass back for any closing comments.
Okay. We thank you for taking the time listening to us, and we hope you can enjoy the great summer weather in Sweden. Personally, I'm longing for some rain, of course, it would be good for my land to have some rain and to feed the animals. So thank you very much for today.
Thank you for attending. You may now disconnect your lines.