Colin Langan: Yes, sorry. If I average your margin in the second half of ’22, it was around 8.8%, and your guidance at the midpoint for this year is around 8.8%, and yet sales are supposed to be up into next year. So, what are the offsets relative to where we stood in the second half? I think a lot of investors are kind of using that as a jumping off point.
Fredrik Westin: Okay. Well, then — the major issue are the headwinds that we’re seeing on inflation in general. So, not raw material. Cost development that we expect to be more or less flat year-over-year. But then as we indicated here several times, it’s the inflation we’re expecting on the value add from our suppliers. So — and that is mainly energy and labor, but then also the labor cost inflation that I described before and logistics costs and, to very limited extent, utilities in our own operations. And those headwinds are significant. But as I indicated, they’re not as high as a headwind as we had from raw materials last year, but that is the main challenge that we’re facing in this year.
Colin Langan: Got it. Very helpful. Actually, it relates to my second question. So, the net impact in guidance of the expected increase in inflationary costs and what you’re expecting in terms of price recoveries is still a net negative for the year. You’re not expecting to get the full recovery within the full year. Maybe by the Q4, you get full recoveries. Is that what’s baked in there?
Fredrik Westin: Yes, for the full year, it would be a net negative, and then — but with a different phasing that we have not fully recovered it in the first quarter, and then you would see a gradual improvement like in 2022 throughout the year, and then we would be at compensated levels coming out of the year.
Colin Langan: Great. That’s very helpful. Thank you very much.
Operator: We are now going to proceed with our next question. And the questions come from the line of Agnieszka Vilela from Nordea. Please ask your question.
Agnieszka Vilela: Perfect. Thank you. If we can get back to outperformance and actually revisit what you expected for 2022, with your first guidance, you expected about 11%, 12% even outperformance against car production. And the outcome in the end was 7 percentage point outperformance. So — and you also mentioned in the beginning that you will have product launches and so on and we obviously saw quite good price momentum in H2 2022. So, can you just explain what went wrong when it comes to your actual outperformance in 2022?
Mikael Bratt: Yes, the main difference when we compare to the beginning of last year was the regional mix. So, Europe was expected to be up, I think it was 17%, 18% on a year-over-year basis and it actually ended up being down 1% or 2%. And that, as it has been one of our highest content per vehicle markets that created a very large negative regional mix, which is the main explanation of that difference.
Agnieszka Vilela: Perfect. Thank you. And then, the second question on your expected price trajectory for 2023. You mentioned somewhat lower price compensations in Q1, if I understood that correctly. So, if you could just tell us what you really expect? And also, with the spot prices coming down for raw materials, if you could tell us if your customers will not expect price decreases in mid-2023?
