Good day. Welcome to join our investor briefing. My name is Karoliina Partanen. I'm running Kesko's Communications. As you can see in the headline, we have big news to tell today. Our CEO, Mikko Helander, and the President of our Building and Technical Trade, and our Deputy CEO, Jorma Rauhala, are here today to give you some more details about the acquisition announced today. Our CFO, Jukka Erlund, and our IR, Hanna Jaakkola, are currently on a road show in Sweden, so unfortunately, they are not able to join us today. We will start with Mikko's and Jorma's presentations. We will have plenty of time for questions afterwards, both via conference call line and the chat. Please note that there is a slight delay in the chat, so kindly send your questions well in advance during the presentations. Mikko, welcome. The floor is yours. Ladies and gentlemen, thank you for participating this call. Today's news is that Kesko acquires the Danish builders merchant Davidsen, Davidsen and enters, Denmark. We are acquiring 90% of the family-owned Davidsen. Kesko's debt-free purchase price, for 90% ownership is, approximately EUR 170 million. Davidsen is a family-owned company, and we are very pleased that Davidsen family will continue with a 10% ownership and will support company's development and growth together with us. Davidsen's net sales last year totaled EUR 560 million, and the company is focused strongly on B2B, business. Davidsen has in Denmark, 23 stores, of which 19 are owned by the company. Company employs, some 850, people and professionals. As you know, Kesko and K Group is a leading trading sector company in Northern Europe, with sales of over EUR 16 billion. Grocery trade is our biggest division, with EUR 8.3 billion sales. Building and Technical Trade, fast-growing division with EUR 6.4 billion, and car trade, EUR 1.3 billion operation in Finland. Next, we can look Kesko's key figures. Kesko's rolling 12 months net sales is close to EUR 12 billion, and operating profit is almost EUR 770 million. We have very well-performing strategy, growth strategy. We have followed and implemented successfully our growth strategy since 2015. We have strong focus on grocery trade, Building and Technical Trade, and car trade. We operate as one unified K, and we put continuously a lot of efforts to improve customer experience. Digitalization, new technology is very important part of our growth strategy, as well as sustainability everywhere where K Group operates. Behind of our success, there are right strategic choices, including over 40 transactions to boost our growth. We did, when we started implementation of our strategy, major divestments of non-core businesses, including also Russian operations. Very important strategic decision was to transform building material trade to B2B driven, as we have done successfully. Strong focus on building and technical trade growth, especially in Finland and Scandinavia, is leading our building and technical trade business. Plenty of acquisitions, extremely important and successful acquisition was number 4, grocery trade company acquisition in Finland, Suomen Lähikauppa, as well as Building and Technical Trade divisions expansion to technical trade by acquiring 103 years old family company, Onninen. As well as we have made many acquisitions in Building and Technical Trade in Norway and Sweden, and successfully also integrated acquired companies to Kesko Building and Technical Trade division. Today's news, as we mentioned, is very exciting entry to Denmark. We have growth strategy, and this picture very clearly present our emphasis and strong commitment to maintain strong growth in all core businesses. For time being, since 2014, we have succeeded to increase our sales EUR 6 billion. Very strong development in grocery trade, a big growth from EUR 6 billion already close to EUR 8.5 billion. Building and Technical Trade our fastest-growing business, already sales is close EUR 6.5 billion. In car trade, we have succeeded steadily to increase sales volumes. Thanks to growth, thanks to very professional implementation of our growth strategy, we can see also strong development in profitability. Every year, we have succeeded steadily to improve Kesko's profitability. Despite downturn, weak economy, we are still reporting nice numbers. Rolling 12 months operating profit, as I mentioned, in Kesko is EUR 769 million. Davidsen acquisition and entry to Denmark are important strategic steps. Kesko has consistent strategy, as I mentioned, also in Building and Technical Trade, to consolidate the market in Northern Europe and to be among the leading players in B2B business in each country. The Danish market is not yet consolidated. We can see great potential for growth organically and through acquisitions in Denmark. Of course, downturn affects the business everywhere, but at the same time, downturn and recession offers consolidation opportunities for a solid industrial operator like Kesko, who has a strong strategy. In this stage, I ask Jorma Rauhala, my deputy, to continue, and as Karoliina mentioned, after our presentations, we have plenty of time to take your questions. Jorma, please. Thank you, Mikko. Good day. Welcome also on my behalf, I'm very happy and pleased that we managed to make this very important acquisition. Our growth strategy execution continues. In Building and Technical Trade, we have this. We are focusing on Northern Europe and country-specific strategies, and they differ as what comes to countries. Finland, growth and market leadership in technical trade, builders merchant, and DIY. Scandinavia, growth, especially in technical trade and builders merchant. Only selected presence in DIY. Poland and the Baltics, growth in technical trade. Also all the countries, we have same, same main topics as customer experience, digitalization, and sustainability. Our main topics, how we are implementing our strategy in our Building and Technical Trade division, we can here see this: executing country-specific strategies. If you look also Denmark and Davidsen, all of those are very valid also for Davidsen and Denmark. Proactive sales and sales management, improving digital customer experience. We are utilizing synergies between countries and within countries, organic growth and profitability improvement, and also targeted acquisition, and also sustainability, which is very important also in Denmark. Our business in different countries, all in all, sales in Building and Technical Trade, something like more than EUR 7 billion when we take this Davidsen also on, on those figures. Finland, as we know, we are, we are a very 2 big market leaders, K-Rauta and Onninen, both are, are performing very nicely. Both are the market leaders, and both are also the most profitable companies in that, that area. Norway, Byggmakker is number 3. We have good good position there. Onninen is now clear market leader when it comes to electric, technical, and trade business. Sweden, our, our main platform is K-Bygg in builders merchant, we have made of many acquisitions during last years on that area, and we will continue on that path. Also Onninen, we are not so big player, but we are on, on in some segments, quite a good, quite, quite a big player, like electric infra, water and sewage, also the latest, latest acquisition when it comes to solar, solar panels. Now, Denmark. Davidsen had last year's sales, EUR 560 million. Then Poland and Baltics, where we have Onninen, very nice performing Onninen, in, in Poland and Baltics, then a joint venture, Kesko Senukai. Quite nice performance what we have done, recent, during last years. Sales has improved from EUR 3.2 billion to EUR 4.6 billion, also the profitability has increased quite nicely. Also rolling twelve months is 6% now, when we know that the market is not so strong. Denmark. Denmark is an attractive market for Kesko's Kesko's Building and Technical Trade. Growing population of 5.8 million inhabitants. Wealthy country, GDP per capita was EUR 51,000 last year, if we compare, for example, Finland, it was in Finland, EUR 38,000 per month. Per, per year. Politically and economically, one of the most stable countries in the world. Offers interesting growth opportunities for both the builders merchant and technical trade business. Big potential in building and home improvement market in Denmark. Danish building and home improvement market was approximately EUR 5.7 billion last year, which is over 1.5 times the size of Finnish market of EUR 3.7 billion. Three largest builders merchant companies, Stark, Bygma, and Davidsen, represent some 50% of market. Some 30 independent retailers form together a broad XL-BYG chain, which are some 20% of market. There are also a large number of small, local builders merchant or companies. The Davidsen acquisition creates a good platform to grow and participate in the consolidation of the Danish building and home improvement market. Davidsen, brief, in brief, family-owned builders merchant company, headquartered in Kolding. It's, it's located on southern Denmark. One of the largest building materials retailers focusing on the B2B segment, with some 9% market share in Denmark, but, some 30% market share when it comes to southern Denmark. This is also very important that Davidsen is strong on southern Denmark, and if we are looking some other acquisition opportunities, it's good that we don't have so many stores in other parts of Denmark, because there are not so overlaps when and if we are making some other acquisitions. 23 stores, of which, 19 are owned by the company. Davidsen has some 850 employees, and last year, the company's net sales was something, EUR 560 million, with an EBITDA of EUR 27 million and EBIT of EUR 23 million. Temporarily, sales and profitability are expected to be below 2022 year's level due to economic downturn and lower construction volumes. Davidsen transaction key points, to agreed debt-free enterprise value for 100% of the companies is approximately EUR 190 million, of which Kesko will acquire 90%, which equals approximately EUR 170 million. The Davidsen family continues with a 10% ownership and will support the company's development and expansion. The company will continue under Davidsen brand, and current local management will continue leading the company. The rationale behind the acquisition is strategic. However, transaction offer some synergies in sourcing, selections, and leveraging best practices. Kesko finance the acquisition with the customary bank loan. The acquisition is subject to the European Commission's merger approval and fulfillment of certain other conditions. The transaction is expected to be completed latest, first quarter next year. Our management model is so that Henrik Clausen, CEO of Davidsen, will be, of course, part of our management team in Building and Technical Trade, and will report to me. Some other news also, we have published today in Norway that we acquired Geitanger Bygg in Norway. Geitanger Bygg is a builders merchant company with EUR 15.3 million sales in 2022. The company is focused on B2B customers and has one store in Bergen, which is Norway's second-largest city. The acquisition strengthen Byggmakker's position in Bergen area. The transaction supports Byggmakker's growth in Norway and offers synergies with the existing operation. This was very im- important for us because we have only 1 store now in Bergen, and now we have two, two stores and have a much, much better situation there. Okay, thank you, and I think it's now Karoliina's turn. We will next continue with the Q&A session, and we will start with the questions from the conference call line. Is there any questions coming from the line? If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Joni Sandvall from Nordea. Please go ahead. Hi, it's Joni Sandvall from Nordea. Thanks, Mikko and Jorma, for a good presentation. Maybe starting from the exposure of Davidsen, so could you give any clarification how large part of the sales is from B2B, and what's the exposure towards the new building versus renovation? More than 80% coming from B2B. Yes, more than, more than 80%. Yes, of course, differs by store by store, but more than 80%, and the current strategy is to concentrate more and more to B2B. Okay ... and serving mostly, mostly those consumers by e-commerce. I would say that the renovation is, is a bigger part on, on a Davidsen business. Also, in that respect, very well in line with Kesko's strategies. Yes. Okay. Okay, thanks. Maybe a follow-up on this, on, on sales mix. How, how big part of the sales is coming from the, conventional Building and Technical Trade, and then how much from the green transition and energy savings? That exact figures, but of course, when it comes to green transition and energy savings, those are mostly sales in technical trade companies. Of course, Davidsen also is selling some of those products, but I would say that mostly those conventional building materials. Okay. Thank you, Jorma. Okay, thanks. And maybe, maybe then follow up on, on sales and profitability development, if you, if you can give any, any, any indications how this have performed from, let's say, 2019 until 2022? They have succeeded steadily to improve operational, financial performance already long time. As we can see, 2022 numbers are very good, very strong. But as we have mentioned, we are now facing downturn, and we can see everywhere in Europe, everywhere in Northern Europe, declining sales and weaker profitability. But once again, we stress that this is very much a strategic arrangement and strategic acquisition, and we are very pleased for the deal. Okay. Okay, okay, thanks. Last one from me: you, you mentioned some, some synergies from the acquisition. Obviously, it's, it's more about, about the strategic acquisition, but, how large these synergies could be and, should we expect this already from the beginning of 2024 when you are consolidating? Yeah, as you mentioned, this is a strategic case, this one. Of course, for example, if we are comparing Elektroskandia acquisition, which we made a 2 months ago, it was a really integration case and synergy case. Also, of course, also in this case, there are some, of course, we have had already some discussion. I would say that there would be mainly on, of course, sourcing. We have some same suppliers. Private label is a very good opportunity for them because they don't have any private label, especially those best learnings. We have to remember that we have more than 350 builders merchant stores, and they have 23. They are really expecting to learn from those good and best practices. Of course, we should remember that this is strategic transaction, and we are seeking opportunities, further consolidation activities. We can see a lot of potential to participate consolidation of Danish builders merchant business. If and when we succeed to make new acquisitions, that will definitely offer also more synergy potential when we will be in position to integrate another companies in Denmark to Davidsen. Okay, thanks. That's all from me. Okay, thank you. Any further questions from the conference call line? There is some more coming. The next question comes from Miikka Ihamäki from DNB Markets. Please go ahead. Hello, this is Mika from DNB. Thanks for taking my question. Kesko Building and Home Improvement, this year down, organically, roughly 16%, January, July, compared to last year. Could you comment, has the acquired business grown above or below this rate organically so far this year? Well, as, as we mentioned, we are facing downturn, and we can see clearly this development everywhere in Europe, everywhere in Northern Europe. Also in Davidsen, sales numbers are going down very much in line with the other countries. Do you, Jorma, remember more detail, those? No, I don't remember the details, but, it's, quite the same, same level. Of course, of course, they make also some strategic decision to, to leave one, one big house builder's, customer. It was strategic decision to, to leave it, that one, and so. It's, it's quite close. It seems that, that, this development started earlier in Denmark. Mm. compared to Finland Mm. For example. And, let's see how market will, develop, but, might be that, that, also we will see a little bit earlier some kind of recovery. Mm ... in the market, especially in Scandinavian countries compared to Finland. Let's see! Nobody knows yet. Mm. Okay, thanks. That was my all for me. Okay, thank you. We will then continue with the questions from the chat. First question: Do you see further potential M&A opportunities in Denmark? Absolutely, absolutely. As I stated, as Jorma opened more detailed, there is a lot of potential, especially for industrial company like us, to participate the consolidation of Danish builders' merchant market. As well as Jorma, we can definitely also underline that in technical trade, we can see opportunities. As Jorma presented, Danish market is very attractive. Denmark is very exciting and a strong economy, politically, also very stable. We are very pleased that now Kesko enters Denmark. Okay, next question: Do you have plans also for Onninen in Denmark? As I mentioned- Yes, you mentioned- No. this technical trade. Maybe- Can you clarify that? May be too early to say plans, but of course, we have made a lot of homework, and we have studied very carefully Denmark and Danish market, builders merchant market, technical trade, market. I repeat that, we can see, due to many reasons, Denmark very attractive country, from Kesko's point of view. Okay. next question: How will the Davidsen's low-lower margin profile impact Kesko's profitability? No, of course, of course, it has some impact, but we are very confident that Kesko, Jorma, Jorma's management team, our IT, our best practices are on place, and that way, we can help, and we can support Davidsen, Davidsen people, Davidsen management further improve operational, financial, performance, as we have done successfully also in so many other companies that we have acquired. Okay. Thank you, Mikko. Do we have any further questions from the conference call line? No. I think that we are ready to say thank you. Okay. Okay. Together with Jorma, Karoliina, we thank you for participation, and we wish everybody very nice day. Thank you very much.