When it comes to M&A, we are prudent. We may do opportunistic tuck-in acquisitions that would complement our offerings. And then we are targeting a stable to progressive dividend over time. And there, obviously, the Board considers the earnings, the business outlook, our financial position and opportunities. We continue to aim for a gradual return to our target on free cash flow. As you know, it’s 9% to 12% of net sales. And following this, as you saw, the Board recommends a stable dividend of SEK 2.70 early for the year. Then maybe on a more personal note, I’d like to thank you, everyone, on the call here for all the great interactions over the years. This is my last of 30 earnings calls as the CFO for Ericsson, It’s been a privilege. I look back at an absolutely incredible experience, fantastic people in our company and around us.
I’m very pleased to have my successor now Lars Sandström named today and to leave the CFO baton in his hands, feels very good, very good experienced hands as I am about to embark on my next exciting chapter in life. And I also want to say I’m very happy to announce which Börje did recently or previously, Daniel Morris as the new Head of Investor Relations, which is a great addition to the team as well. And finally, I want to say a big thanks to Peter, you have been running the IR ship with a steady hand for the last 10 years in Ericsson. And thanks for being such a dedicated companion and friend here as we have navigated through the waters here, and I really wish you best of luck in the next chapter Peter. Thank you for that. And with that, back to you, Börje.
Börje Ekholm: Thanks, Carl. Yes, 2023 was a challenging year, and we said that in the end of 2022, calling it choppy. It was a historically weak market, and we expect current market uncertainty to continue into 2024. But ultimately, we expect the market to recover to more normalized levels, but that will be over time, but it will be also based on operators need to invest to manage the rapid data traffic growth and also the continued migration to 5G stand-alone. Capacity will be needed to manage customer expectations to give the quality of service that will be needed or demand from the consumer. However, as we have said many times, it’s really up to our customers to determine the cadence of investments and really not up for us to predict when the market will turn.
So in that environment, we remain laser focused on executing on our strategy to strengthen our leadership in mobile networks, grow our enterprise business and drive a cultural transformation. We’re relentlessly focused on managing elements that’s in our control. That includes, of course, the cost side as well as operational efficiency. The steps we’re taking are designed to help us navigate the near term, allowing us to prudently invest in technology leadership for long-term success. And it’s all about ensuring that we’re really well positioned when the market ultimately improves and recovers. Our goal is to make Ericsson a more profitable company based on the leading position in mobile infrastructure and a high-growth enterprise platform business.
We remain firmly committed to our long term EBITA margin target of 15% to 18% and also our cash flow targets. So 2023 was a challenging year, but we took many critical steps in our strategy execution, and we continue doing so in 2024. Finally, I’d just like to say thank you to all my colleagues for their hard work in spite of really difficult markets, severe headwinds and challenges. A big thank you to the team. With that, I think it’s time to move over to Q&A, Peter.
Peter Nyquist: Yes, it is. And thank you, Börje, and thank you, Carl, and thank you both for the kind words. So let’s return to the process. So it’s time for the Q&A session. [Operator Instructions] So let me hear who we have on the first question. I think the first question comes from Aleksander Peterc at Societe Generale. Good morning, Aleksander.
Q – Aleksander Peterc: Yes. Good morning. Good morning, all. And thank you very much for taking the questions. Thank you, Carl, for your 30 quarters of reports and great work down there. Thank you so much. My first question would be on the impact of the North American open RAN [ph] win on your margins, especially in the earlier stages. The question here is should we expect the initial margin pressure that you usually call so footprint [ph] acquisition costs in this case? Or should this not be the case because you don’t get the benefit of the vendor lock-in over the long run in this contract. So that will be the first one. And the second one just on India, you saw the short fall [ph] in the fourth quarter the roughly SEK 4 billion of sales that didn’t materialize in Q4. Is that materializing in the first half? And is that going to help your top line in the first half at all? Thank you.
Carl Mellander: Thanks, Aleksander.
Börje Ekholm: You can take those.
