Slide 1: Investor presentation
FISKARS sx. GROUP we Investor presentation
Slide 2: Content
Content Fiskars Group in brief Strategy Business Areas Financials Q2 2023 Appendices 2 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 3: Our purpose: Pioneering design to make the everyday extraordinary
OU R PU RPOSE Pioneering design to make the everyday extraordinary THE GLOBAL HOME OF DESIGN-DRIVEN BRANDS FOR INDOOR AND OUTDOOR LIVING 3 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 4: Strong brand portfolio
Strong brand portfolio 4 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 5: Fiskars Group key figures 2022
Fiskars Group key figures 2022 Net sales Comparable EBIT EUR million EUR million 1,248.4 151.0 Earnings per share Cash flow from EUR operating activities 1.21 before financial items and taxes EUR million Personnel -24.9 Dec 31, 2022 6,595 5 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 6: Business Areas and key categories
Business Areas and key categories VITA TERRA CREA BUSINESS AREAS & KEY CATEGORIES Scissors Tableware Drinkware Interior Gardening Outdoor Watering & creating Cooking KEY BRANDS BA SHARE OF NET SALES 45% 41% 14% 6 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 7: Fiskars is the largest brand – 2022 sales splits
Fiskars is the largest brand – 2022 sales splits SALES SPLIT BY BRAND SALES SPLIT BY GEOGRAPHY SALES SPLIT BY CATEGORY Cooking Watering Other Asia-Pacific Creating 5% 1% 14% Scissors 2% 17% 7% Tableware Moomin 3% 29% Waterford Outdoor 6% Fiskars 9% 43% 48% Europe Gerber 8% 35% 8% 8% Drinkware Americ
Slide 8: Our global presence
Our global presence Our brands are present in over 100 countries We have ~350 own stores Close to 7,000 employees globally 11 own manufacturing units 8 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 9: Strategy
Content Fiskars Group in brief Strategy Business Areas Financials Q2 2023 Appendices 9 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 10: The Growth Strategy – clear strategic focus and transformation levers
The Growth Strategy – clear strategic focus and transformation levers WE FOCUS ON WINNING: LOGIC Brands Channels Countries Commercial excellence Direct to consumer TRANSFORMATION LEVERS U.S. China INNOVATION ENABLERS PEOPLE DIGITAL SUSTAINABILITY & DESIGN 10 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 11: We focus on winning brands
WINNING BRANDS We focus on winning brands, enabled through clear roles across our portfolio WINNING BRANDS TURNAROUND BRANDS 11 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 12: Driving Fiskars as our #1 brand
Driving Fiskars WINNING BRANDS as our #1 brand Global brand with strong recognition Strong historical performance • >40% of Fiskars Group net sales • Approx. 7% comp. net sales CAGR 2017 Further room to utilize brand stretch and surround the consumer • Product portfolio across key markets • Clothing
Slide 13: We are building winning brands through new ways of thinking
We are building WINNING BRANDS winning brands through new ways of thinking Case Moomin • Story telling translated into collectibles • Currently net sales close to EUR 40 million • Fiskars Group minority shareholder in Rights & Brands since Sept ‘21 Strategic partnership enables global growth beyond
Slide 14: Strengthening our DTC to address the modern consumer
Strengthening our WINNING BRANDS DTC to address the needs of the modern consumer • Win in the channel shift; focus on growing in the direct channel, incl. eCom and own stores • Invest significantly in digital organization and capabilities • Optimize store presence, incl. new store openings in China
Slide 15: The direct channel increasingly important
WINNING CHANNELS The direct channel (DTC) increasingly important – already 21% of group net sales GROUP NET SALES BY CHANNEL IN 202 2 NUMBER OF STORES IN 202 2 TOTAL NUMBER OF STORES: ~350 Direct, stores 14% Store Outlet 12% Direct, e-commerce 19% 6% Europe 32% 8% Indirect, e-commerce <1% 68% Americ
Slide 16: Commercial excellence drives performance improvement
Commercial excellence WINNING CHANNELS drives our performance improvement across all channels Our Commercial Excellence, examples • Win with the Winners • Value-based pricing • In-store and online excellence • Distribution and product coverage 16 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 17: U.S. market offers a lot of growth opportunities
U.S. market offers a lot WINNING COUNTRIES of growth opportunities • Favorable market dynamics in the long- term − Demand driver for branded consumer products • Strong platform with scale in place − Fiskars leading gardening brand − Strong presence at key big-box retailers and e-tailers • Further im
Slide 18: Strong start in China with significant growth opportunities
We have a strong NET SALES IN CHINA (EURm) WINNING COUNTRIES start in China with significant growth opportunities ahead CAGR: Currency neutral +54% growth +36% 44 • Strong market demand • Solid foundation, impressive track -record 29 − Capable local team in place − >50% net sales CAGR during past fe
Slide 19: 3/4 of transformation levers delivering
3/4 of transformation levers delivering Q2 2023 1-6/2023 Commercial • Gross margin +340 bps • Gross margin +160 bps excellence Direct to • DTC: 8% growth; and 22% of net sales • DTC: 6% growth; and 21% of net sales consumer • E-commerce +31%; own retail network stable • E-commerce +22%; own retail n
Slide 20: Our enablers for the future
Our enablers for the future PEOPLE DIGITAL INNOVATION & SUSTAINABILITY DESIGN We are committed to We want to be We are on a mission for building an inclusive data-driven, and are We are known for our the lasting wellbeing of culture. We want to investing significantly design, and want to people and
Slide 21: We are making good progress in our ESG targets
We are making good progress in our ESG targets Environmental: Pioneering design against throwaway culture Social: Making the everyday extraordinary 1 2 3 1 2 Circular Our own emissions Our suppliers' Safe Inclusive economy emissions workplace workplace GHG (greenhouse gas) emissions Q2 Q2 2023 Targe
Slide 22: Concrete actions towards our sustainability targets
Concrete actions towards our sustainability targets Approximately EUR 10 million energy efficiency investment in our Iittala factory in Finland • Natural gas powered furnaces replaced with electricity- powered furnaces • With this investment, Fiskars Group’s annual direct carbon dioxide emissions (S
Slide 23: Business Areas
Content Fiskars Group in brief Strategy Business Areas Financials Q2 2023 Appendices 23 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 24: BA Vita
BA Vita NET SALES AND COMPARABLE EBIT MARGIN KEY CATEGORIES EURm % 200 30 187 180 176 171 20.4% 160 18.3% 17.5% 20 17.0% Tableware Drinkware Interior 14.6% 140 140 116 134 127 11.1% 10.6% 121 11.4% 9.8% 108 120 8.9% 114 10 111 108 7.2% 100 2.6% KEY BRANDS 81 80 0 60 40 -10 -15.4% 20 0 -20 Q2 20 Q3 2
Slide 25: BA Vita – Markets and channels
BA Vita – Markets and channels KEY MARKETS DISTRIBUTION CHANNELS • Nordics • UK D i r e ct R e tai l e rs; c o n su m er • U.S. S to r e s & sal e s; Bto B • China e - c o mm sto r e s & e - c o mm • Japan 25 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 26: BA Vita – net sales splits (2022)
BA Vita – net sales splits (2022) SALES SPLIT BY BRAND SALES SPLIT BY CHANNEL SALES SPLIT BY GEOGRAPHY Royal Americas Others Copenhagen 16% 22% 21% Direct 42% Moomin 7% 51% Europe 19% 58% Indirect Wedgwood 34% 14% Asia-Pacific Waterford 18% Iittala 26 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 27: BA Terra
BA Terra NET SALES AND COMPARABLE EBIT MARGIN KEY CATEGORIES EURm % 180 173 30 160 154 157 149 19.9% 20.5% 139 140 130 20 Gardening Outdoor Watering 17.0% 17.6% 120 118 113 112 108 106 98 11.7% 11.2% 100 11.0% 10.7% 87 10 KEY BRANDS 80 7.0% 5.6% 4.8% 60 0 40 -2.8% 20 -8.4% 0 -10 Q2 20 Q3 20 Q4 20 Q1
Slide 28: BA Terra – Markets and channels
BA Terra – Markets and channels KEY MARKETS DISTRIBUTION CHANNELS • U.S. • North & D i r e ct Central R e tai l e rs; c o n su m er Europe S to r e s & Bto B sal e s; sto r e s e - c o mm & e - c omm 28 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 29: BA Terra – net sales splits (2022)
BA Terra – net sales splits (2022) SALES SPLIT BY CATEGORY SALES SPLIT BY CHANNEL SALES SPLIT BY GEOGRAPHY Watering Direct 4% 1% Outdoor 21% Europe 44% 52% Americas 75% Gardening 99% 4% Asia-Pacific Indirect 29 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 30: BA Crea
BA Crea NET SALES AND COMPARABLE EBIT MARGIN KEY CATEGORIES EURm % 55 40 52 50 33.5% 47 47 45 46 45 44 43 42 42 40 30 Scissors Cooking 40 38 27.2% 26.8% 37 & creating 25.9% 36 25.0% 35 23.2% 22.5% 22.5% 21.3% 21.0% 30 19.0% 20 KEY BRANDS 25 20 12.3% 11.1% 15 10 10 5 0 0 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21
Slide 31: BA Crea – Markets and channels
BA Crea – Markets and channels KEY MARKETS DISTRIBUTION CHANNELS • U.S. • North & D i r e ct Central R e tai l e rs; c o n su m er Europe S to r e s & Bto B sal e s; sto r e s e - c o mm & e - c omm 31 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 32: BA Crea – net sales splits (2022)
BA Crea – net sales splits (2022) SALES SPLIT BY CATEGORY SALES SPLIT BY CHANNEL SALES SPLIT BY GEOGRAPHY Direct Asia-Pacific Creating 2% 17% 6% 47% Scissors 48% 50% 35% Cooking 94% Americas Europe Indirect 32 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 33: Seasonality is balanced by portfolio
Seasonality is balanced by portfolio Net Sales and EBIT – Quarterly Split (2019-2022) Seasonal features by Business Area 0% 25% 50% 75% 100% Vita • Highest season in year-end holiday period Vita • Seasonal pre-orders approx. one-third of the business; the rest from replenishment and DTC NET SALES Te
Slide 34: Financials
Content Fiskars Group in brief Strategy Business Areas Financials Q2 2023 Appendices 34 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 35: Group net sales and gross margin development
Group net sales and gross margin development EURm % 1,400 30 1,254 1,248 1,205 1,186 1,200 1,107 1,119 1,116 1,090 1,000 20 800 600 43.0% 44.9% 42.5% 43.2% 43.4% 38.7% 41.0% 40.5% 10 400 200 0 0 2015 2016 2017 2018 2019 2020 2021 2022 Net sales Gross margin 35 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 36: Profitability has improved
Profitability has improved EURm % 160 154 151 14 12.3% 12.1% 140 12 9.8% 120 109 109 10 100 7.1% 9.8% 8 80 78 6 60 4 40 20 2 0 0 2018 2019 2020 2021 2022 Comparable EBIT margin Comparable EBIT 36 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 37: Quarterly development – last 3 years
Quarterly development – last 3 years NET SALES, EUR MILLION COMPARABLE EBIT (EUR MILLION) AND EBIT MARGIN (%) 400 60 18 353 52 16 333 313 319 50 47 302 307 304 14 300 292 293 280 275 268 41 267 256 40 12 36 36 36 34 33 32 31 10 30 200 30 8 23 22 20 6 100 4 10 2 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 38: Challenging operating environment is reflected in progress towards financial targets
Challenging operating environment is reflected in the progress towards our financial targets FINANCIAL TARGETS TRACKING FY FY LTM JUNE KPI TARGET 2021 2022 2023 NET SALES Organic, FX neutral Mid-Single-Digit growth 14.2% 1.7% -6.3% EBIT Mid-teen EBIT margin (excl. IAC) by end of 2025 12.3% z 12.1% 1
Slide 39: The Growth Strategy addresses all value creation levers
The Growth Strategy addresses all value creation levers TSR DRIVERS • We secure profit growth through increased focus on Gross Margin improvement PROFIT GROWTH • OPEX fluidity to ensure funding of the strategic growth investments • We manage both short- and long-term profit improvement thru our tigh
Slide 40: Net Sales │Winning brands, countries and channels
Net Sales │Winning brands, countries and channels share of Net Sales and contribution to Net Sales growth Net Sales structure by Winning brands, … and their contribution to the 2022 growth vs. countries and channels… expected contribution to the MSD growth target MSD MSD 1,248 1,248 1,248 1.7% targe
Slide 41: OPEX │Investments in growth building blocks
OPEX │Investments in growth building blocks are funded through fluidity and Gross Profit improvement OPEX components, % of Net Sales OPEX Logic 35 30 25 20 15 10 5 0 2016-2019 2020 2021 2022 Target Growth driven Investment Admin 41 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 42: Capital Expenditure │Fund allocation follows strategic acceleration
Capital Expenditure │Fund allocation follows the strategic acceleration – DTC and Digital share to increase CAPEX Development 2018-2022 Target 4.1 % of 3.6 % of 2.6 % of 2.7 % of 3.8 % of ~ 4 % of Net sales Net sales Net sales Net sales Net sales Net sales 20% Supply Chain 31% 27% 31% 8% 25% DTC 15%
Slide 43: Free Cash Flow │Sources and Uses
Free Cash Flow │Sources and Uses 2018 2019 2020 2021 2022 137 137 118 118 224 224 221 221 285 285 13 3 29 46 57 46 39 20 101 33 209 26 18 36 114 124 178 175 184 64 60 95 47 29 Sources Uses Sources Uses Sources Uses Sources Uses Sources Uses Cash Flow from Operation Change in NWC CAPEX Cash Taxes Fre
Slide 44: Balance Sheet Structure│Balance Sheet remains strong
Balance Sheet Structure│Balance Sheet remains strong Net Debt (EURm), Net Debt / EBITDA Capital Structure (EURm), Net Debt / Equity (%) 400 2.5X 1,400 40 1,200 35 2.0X 300 1,000 30 835.6 800 25 1.5X 764.5 200 600 761.6 816.3 20 325.3 1.0X 400 15 262.0 325.6 100 200 160.1 10 0.5X 112.4 65.1 144.4 145
Slide 45: Financing│Interest expenses increased due to higher leverage
Financing│Interest expenses increased mainly due to higher leverage. Average interest rate 2.9% Financial Items (EURm) Debt Maturity Profile (EURm) 218.0 220 2018 2019 2020 2021 2022 Dividends 15.0 7.8 - - 0.3 200 Interest income - - - - 2.8 180 FV change of investments 3.4 3.8 - 6.4 - FX gains - he
Slide 46: Aiming to distribute a stable, over time increasing dividend
Aiming to distribute a stable, over time increasing dividend DIVIDEND PER SHARE, EUR Wärtsilä share distribution DIVIDEND IN 2022: 5.85 3.27 • Payout ratio: 66%* 1.90 (2021: 71.5%) • Dividend yield: 5.2%* 1.37 (3.3%) 2.60 5.31 1.30 1.06 • Dividend growth: 5.3%* 0.75 0.35 0.76 0.80 0.68 0.70 0.72 0.6
Slide 47: Content Q2 2023
Content Fiskars Group in brief Strategy Business Areas Financials Q2 2023 Appendices 47 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 48: Highlights of Q2 2023
Highlights Highlights of ofQ2 Q22023 2023 SAFOLECSUA S NODNE BI T S AGLE ROS SDSE CMLI ARNG E IDN D T CS TORUATTGERGIEW C 20 2203 2 3G G UUI DI D AN CE AN CE CE D ACS LI HN FLO ED W IN A D IUMEPRTO O VLOE DW - O TH FO C U S PA Y S OLS E R C H A N NE FF : RUE IPD TEARTAEDTEDO: N A CN HD PR ONFI A LLE
Slide 49: Q2 2023 Group key figures
Q2 2023 Group key figures GROSS MARGIN % NET SALES, EUR MILLION COMPARABLE EBIT (EUR MILLION) -16.0% *-12.7% AND EBIT MARGIN (%) 46.8 Q2/2022: 43.4 50 13.5% 15 319 307 11.4% 280 7.8% 41.4 10 265 268 40 8.7% FREE CASH FLOW 4.9% 36.3 EUR MILLION 5 30 21.9 23.4 0 41.6 -5 Q2/2022: -3.1 20 13.1 -10 10 EA
Slide 50: Q2 Net sales decline driven by Terra
Q2 Net sales decline driven by Terra Q2 2023 NET SALES BRIDGE BY BUSINESS AREAS, Q2 2023 NET SALES BRIDGE BY GEOGRAPHICAL EUR MILLION AREAS, EUR MILLION -16.0% -12.7%* -16.0% -12.7%* 319.1 -4.5 319.1 -4.5 320 -7.8 320 -7.8 310 306.7 -7.8 310 306.7 -16.9 -27.0 300 300 -18.1 290 290 -6.4% -12.3% 280 2
Slide 51: Q2 Comparable EBIT declined due to volumes, gross margin improved
Q2 Comparable EBIT declined due to volumes, gross margin improved clearly Q2 2023 EBIT BRIDGE BY BUSINESS AREAS, Q2 2023 EBIT BRIDGE BY COMPONENTS, EUR MILLION EUR MILLION -12.9 -9.1 -12.9 -9.1 38 36.3 -2.0 40 36 36.3 -2.0 -1.8 -1.8 34 35 32.5 -10.4 32.5 32 30 30 28 25 23.4 26 24 +1.4 +0.5 23.4 -0.6
Slide 52: Vita Q2: Sales decreased in the retailer channel
Vita Q2: Sales decreased in the retailer channel, own e-commerce continued to develop positively NET SALES, EUR MILLION COMPARABLE EBIT (EUR MILLION) AND COMPARABLE EBIT MARGIN, % -10.3% *-6.4% 140 15 14.4 15 • E-commerce growth driven 12.2 127 10.6% 11.4% especially by China and the 120 116 114 10
Slide 53: Terra Q2: Clearly lower shipments in the gardening season
Terra Q2: Clearly lower shipments in the gardening season due to retailers’ inventories and cold spring NET SALES, EUR MILLION COMPARABLE EBIT (EUR MILLION) AND COMPARABLE EBIT MARGIN, % -24.0% 160 154 *-20.3% 30 20 • Similar development in the 149 17.0% 139 26.1 U.S. and in Europe 140 11.7% 15 125
Slide 54: Crea Q2: All-time high second quarter EBIT
Crea Q2: All-time high second quarter EBIT despite lower volumes NET SALES, EUR MILLION COMPARABLE EBIT (EUR MILLION) AND COMPARABLE EBIT MARGIN, % -9.3%% *-8.1% 12.8 55 14 27.2% 30 • Sales decreased in Europe 52 25.9% 26.8% 11.7 50 23.5% - in the U.S., sales were rather 47 22.5% 25 45 12 11.6 11.3
Slide 55: Q2 Cash flow increased significantly
Q2 Cash flow increased significantly driven by continued actions to adjust supply volumes EUR million EUR million 99 100 250 75 200 75 68 +45 49 150 50 39 42 36 34 36 100 24 25 13 50 0 0 0 -3 -3 -25 -50 -100 -50 -49 -150 -64 -75 -70 -200 -100 -250 Q2-20 Q3-19 Q4-19 Q1-20 Q3-22 Q4-22 Q2-22 Q1-23 Q3-2
Slide 56: Q2: Trade Working Capital reduced by EUR 23 million
Q2: Trade Working Capital reduced by EUR 23 million vs. year-end driven by Terra inventories EUR MILLION % 40% 600 38% 40 38% 36% 550 34% 34% 33% 34% 514 35 33% 32% 500 31% 31% 456 29% 30% 451 450 29% 29% 439 428 30 28% 426 26% 400 373 373 367 358 361 366 25 346 349 350 336 313 310 300 291 20 250 15
Slide 57: Net debt decreased in Q2 but still above year-end level
Net debt decreased in Q2 but still above the year- end level due to increased lease liabilities EUR MILLION 400 3.2 370 3.0 350 344 342 2.8 332 325 323 318 2.6 300 290 134 2.4 279 102 262 107 133 2.2 117 101 115 250 2.0 107 222 104 215 207 1.8 200 111 1.6 180 95 105 1.4 144 146 145 107 150 137 1.2 9
Slide 58: Q2: Capital Employed slightly down from the year-end
Q2: Capital Employed slightly down from the year-end driven by Trade Working Capital reduction. ROCE down due to both declined profitability and asset efficiency. Funding (EURm) 30.06.22 31.12.22 30.06.23 Capital Employed (EURm) Equity 818 824 789 30.06.22 31.12.22 30.06.23 Interest-bearing debt 191
Slide 59: Appendices
Content Fiskars Group in brief Strategy Business Areas Financials Q2 2023 Appendices 59 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 60: Largest shareholders as of July 31, 2023
Largest shareholders as of July 31, 2023 NUMBER OF % OF SHARES AND # SHAREHOLDER NAME SHARES VOTES 1 Virala Oy Ab 12,740,000 15.73 2 Turret Oy Ab 11,430,961 14.11 3 Holdix Oy Ab 10,165,537 12.55 4 Sophie Von Julins Stiftelse 2,556,000 3.16 5 Julius Tallberg Corp. 2,554,350 3.15 6 Gripenberg Gerda Ma
Slide 61: Shareholder structure as of July, 2023
Shareholder structure as of July, 2023 Financial and NU MBER OF % OF SHARES 4.9% 1.7% insurance SECTOR SHARES AND VOTES 16.5% 7.4% corporations Financial and insurance Households corporations 13,330,517 16.46 Households 27,253,446 33.65 Non-financial corporations Non-financial corporations 29,079,28
Slide 62: Leadership Team
Leadership Team Nathalie Ahlström Jussi Siitonen Christian Bachler Aamir Shaukat CEO CFO Executive Vice President, Chief Supply Chain Officer Employed 2020 Employed 2021 Business Area Vita, Employed 2023 Employed 2010 Peter Cabello Holmberg Anna Mindelöf Gennady Jilinski Chief Digital Officer Chief
Slide 63: Board of Directors
Board of Directors 63 AUGUST-SEPTEMBER 2023 FISKARS GROUP
Slide 64: Cost of Goods
Cost of Goods COGS TOTAL OWN PRODUCTION DIRECT MATERIALS 100% 100% 100% Logistics & Warehousing Plastics Direct materials 75% 75% 75% Steel Sourcing Aluminium 50% 50% Direct labour 50% Packaging Indirect labour 25% 25% 25% Components Energy Own Production Maintenance mtrl Depreciation Other Other ov
Slide 65: Calculation of financial indicators
Calculation of financial indicators INDICATOR DEFINITION EBIT Operating profit Comparable EBIT Operating profit (EBIT) +/- items affecting comparability EBITDA + change in provisions + non-cash adjustments – capital expenditure +/- change Free Cash Flow in inventories, trade receivables and trade pa
Slide 66: Disclaimer
Disclaimer This presentation contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Fiskars Group believes that the expectations reflected in such forward-looking statements are reasonable, no as
Slide 67: Thank you!
Thank you!