Welcome to Robit's quarter four and full year 2023 results analyst and press conference. My name is Arto Halonen, I'm the Group CEO, and I'm here with Ville Peltonen, Group CFO. For those participating online, I'd like to remind that there's a possibility to ask questions through chat, and we will be covering those then at the end of the presentation. First, a brief disclaimer on the forward-looking statements and risk involving on those. 2023 can be characterized as a year of structural changes. We implemented many actions that improve our competitiveness in long term. During the year, we saw weaker demand, especially in the construction segment, focused on Europe and Asian market. We also saw destocking from our customers and distributors, which impacted also our demand in the mining segment. We came to the year with two, three years of very volatile situation in supply chain, during which customers and also our distributors in different parts of the value chain had accumulated stock, and many, many ramped down their inventories during the year, impacting our demand. Our full-year orders received decreased by 11.8% and totaled EUR 93 million, and the drop in net sales was 17%. In constant currencies, the drop was 13.7%. Big contributor to the drop was the Russian business that we stopped end of 2022, and that contributed to 8.3% drop in the net sales. We restructured our supply chain during the year. End of quarter three, we closed our manufacturing in Perth, Australia, and consolidated the manufacturing to our other factories around the globe. We also merged or moved to one brand in our Down the Hole segment, where we had been operating under two brands, Robit and Halco. Going forward, all business will be conducted under Robit brand, and all investments efforts will be put on that brand. Both of the actions were part of our EUR 5 million saving program that we announced during the year. Profitability recovered during the year from weak beginning of the year. We saw the results from the savings program, especially in quarter four. Full-year comparable EBITDA declined to EUR 5 million and was 5.4% as a share of net sales. Cash flow from operations improved from 2022 and reached EUR 8.4 million. It was driven by reduction in net working capital, especially inventories. During the year, we had a program focusing especially on this matter, and I'm very pleased to see the results on this aspect and want to also thank all of the Robit team in achieving these results. We also advanced our sustainability and ESG roadmap and took good steps forward in many areas of our sustainability roadmap. One highlight is this work we have been doing to promote safety in the organization and improve safety. We made a record year in preventive safety observation, which then help us to make our workplace safer for all Robit people and contractors. 2023 was also active year in terms of renewing our offering. We launched first hammer in our upcoming H-Series hammer series. We launched a 4-inch hammer focused now on well drilling markets in Nordics. H-Series is a modular hammer family that with just changing few components, you can adjust it to different applications: drill and blast, well drilling, and also piling. It's designed to be a high-performance hammer, and also the sustainability aspects and the kind of the operating cost aspects have been much in the focus in the design process, and we've been able to achieve up to 25% lower fuel consumption in well drilling application compared to some of the hammers in the market. We will continue to expand the H-Series family during 2024, and we will introduce new sizes during this year. We also brought to the market Robit Save, a transparent drilling operation site audit program. It's a risk-free approach for our customers, where we bring in our Robit Drillmaster and guarantee savings to our customers during this program. We target with this mining customers, also larger quarry customers, and it is a great way to demonstrate the benefits and values customers do get with the Robit expertise and the quality products. As mentioned, we moved to one Robit brand in DTH, and that has enabled us then to simplify organization, company structure, as well as product offering. These were part of this savings program, as mentioned. The net sales in quarter four reached EUR 22.3 million, and the decline in constant currencies was EUR 9.3 million. We saw increase in Geotechnical sales that was driven by some larger project deliveries in North America. Also we saw good growth in our Australasia market area, where we have won new customers, and those contributed to the growth, especially then in quarter four. Top Hammer and Down the Hole, the sales declined to the comparison period. Our EBITDA improved. Comparable EBITDA in the quarter reached EUR 2 million and was 8.6% of net sales. The execution of the savings program was driving the improvement in this front. And in the graph, you, you see clearly kind of the recovery we were able to achieve during the year from the weak profitability in quarter four and quarter one. Highlight of the quarter was this cash flow from operations that clearly improved. We reached EUR 7 million in net cash flow from operations. Inventories reduced by EUR 4.3 million in the last quarter, and during the full year by EUR 8.3 million. So, this was good positive steps on that front. If you look full year, net sales development by market area, Australasia was the strongest market area for us, in terms of growth last year. The growth full year was 6.8% and accelerated towards the end of the year. As mentioned, we won there many new customers, some of which already brought impact in 2023, and some which are then ramping up beginning of 2024 or during the first half of 2024. Asia was impacted by the weaker construction market, as well as destocking of our customers and distributors, and the sales dropped there by 23%. Numbers in East are naturally heavily impacted by the stopping the Russian and Belarus business, so there we see a big, big decline in sales. EMEA sales dropped by 2.8%. EMEA is also for us a market area where share of construction is relatively high, and that was obviously a weaker market during last year. In these market conditions, also in the construction segment, our sales held off reasonably well. But on the other hand, we then saw some deterioration on the profitability, as there were fewer projects that. And tight competition than in those projects. In Americas, sales dropped by 20.9%, both in North and South, and there were also destocking impacting some customer-specific issues that were interrupting our customers' operations and then also impacting our sales. As well as, like we've earlier also commented, we have lost especially one major customer, which was low profitable customer for us, but that sales stopped during the early quarter three this year, and that had an impact also on the sales in Americas. We achieved in the sustainability goals. We have these four areas on our sustainability targets: sustainable partnerships, CO2 emission reduction, healthy and happy workplace, and efficiency throughout the product life cycle. We're happy to see that more and more of our partners, both upstream and downstream, are committing to our ESG principles and sustainable supply chain principles. The CO2 intensity remained relatively flat compared to last year. Still, we are 25.7 below our benchmark year, 2020. The consolidation of our supply footprint will also improve our CO2 emission intensity as we are able to operate more efficiently also from that aspect. We did a lot of work to improve our safety culture, but still our LTIF is much higher where it needs to be, which obviously is zero. And we saw some decline on the employee engagement index. We did a lot of restructuring also during the time when the survey was conducted, and that clearly had an impact on, let's say, results of the survey, but work continues on that front as well. One highlight there is also that we more than doubled the kind of training hours when it comes to the consultative sales, from 20 to 22 level. Okay, I will hand it over to Ville. Ville covers the financial more in details. Thank you, Arto. So looking at the Q4 financial results, the savings program was the driver for the improved profitability. So even though the net sales declined to EUR 22.9 million, we still managed to reach an improved EBITDA percentage of 10.5%, and adjusted EBITDA of 8.6% in the quarter. The adjusted EBITDA for the full year, 5.4%, totaling at EUR 5 million. We also managed to increase the EBIT percentage in Q4 compared to 2022. It increased to 5.2%. We also had higher interest expenses in the last quarter due to breaking our financial covenant net debt, EBITDA, and we had an agreement with the financiers that our interest rate will be temporarily higher until we meet the covenants again. The Q4 result for the period improved but was still negative at EUR 0.3 million, and for the full year, the result was -EUR 3 million. So even though we made a EUR 2.4 million loss before taxes, we still had a tax expense of EUR 0.6 million for the full year. And of that 6.4, EUR 0.6 million, we had a EUR 0.4 million withholding tax write-off from the balance sheet that we reevaluated, that we are not going to be able to utilize those, those assets before they expire, so we decided to write those off from the balance sheet. So that contributed to the tax expense. Then, along with the savings program, we've been running a Fit for Service program concentrating on our net working capital, so the positive development continued in Q4. A nd you can see a significant drop in the net working capital in Q4. We totaled at EUR 38.5 million. So looking at the components, inventories decreased to EUR 36.1 million, receivables decreased to EUR 17.2 million, and also our payables decreased to EUR 14.8 million. The net working capital percentage of the sales was 41% at the end of the year. So the positive development in the net working capital also shows in the cash flow statement. Our cash flow before changes in net working capital was doubled compared to last year, Q4, so it's EUR 2.2 million, and the operating cash flow ended up at EUR 7 million, so very strong quarter for us. We also sold majority of the machines from the Australian factory, and that contributed to the cash flow from investing activities that was +EUR 1.5 million. The cash flow from financing activities resulted in -EUR 3 million. So our financial position with the strong cash flow in Q4, we ended up with EUR 11.2 million as cash and cash equivalents at the end of the year. Our total interest-bearing loans were EUR 32.5 million, including IFRS 16 lease liabilities of EUR 5.2 million. We didn't have to utilize any credit limits at the end of the year. The capital structure, our net debt continued to decrease and was EUR 21.3 million at the end of the year, and our net debt EBITDA ratio ended up at 3.8. Equity ratio remained solid and increased to EUR 48.5 million. The loan maturity, loans from financial institutions at the end of Q4 totaled at EUR 27.3 million. So back in May 2023, we extended our financing agreement to a new 3-year period that will end in mid-2026. Our loan amortization schedule is biannual, so the next payment at the end of June, and then at the end of December 2024. We also have the interest rate swap for EUR 10 million, which took effect at the end of June 2023, and ends then in end of June 2026. That's all from me, and I'll hand it back to Arto. Seems that we have some technical problems with the presentation, at least here in Helsinki. But we'll continue to the outlook. So focus areas for 2024. Clear focus for us is driving profitable growth to get back on the growth track. We target to do that by strengthening our distributor network and also putting a lot of focus on cooperation with the recently appointed new distributors that we also had during 2023 in very high potential market areas. In the direct sales markets, which for us are Finland, Australia, Peru, and South Africa, obviously focus is on new customer acquisition and especially on the mining accounts. There we have a healthy sales funnel, sales pipeline, and as an example, in Australia, we are seeing that materializing and coming to fruition in with the new customers being won. Focus on net working capital and cash management continues. We continue the implementation of the Fit for Service program that delivered good results in 2023. The focus will be improving on inventory turns as well as the availability. We are not expecting similar type of inventory reduction as we saw in 2023, but still, we have lots to improve in increasing our inventory turns. Gross margin improvement is the third focus areas. We did a lot of actions that support our gross margin development in 2024, and then now we need to realize the savings from the Down the Hole supply chain restructuring. Also, we will continue to drive further sourcing savings and expand this cost-competitive country sourcing where it's beneficial. It's not a silver bullet that will solve all problems, and we'll need to have a healthy mix of to balance flexibility and cost aspects. And in terms of growth focus, we'll focus on segments where we know we can do profitable business and markets where we can do profitable business. Our long-term financial targets are organic net sales growth of 15% and Comparable EBITDA of 13%. Obviously, we fell short on these targets during last year, and now in our guidance, we are moving to guide on EBIT level instead of EBITDA. As a result, we will also be reviewing our long-term financial targets during the first quarter of 2024. The guidance for this year is that we estimate that net sales for 2024 will increase and comparable EBIT profitability in euros will improve compared to 2023. Thank you. That's., That was the presentation part, and now we have some time for questions. And as a reminder, there's a possibility to ask questions also through the chat channel for those participating online, but we'll start from here. Okay, thanks. It's Erkki Vesola from Inderes. Couple of questions from me. First, regarding the Q4 sales decline, could you elaborate a little bit how that was linked to mining, and how much of that was linked to construction? Yeah. Well, if you think our three reporting segments, Geotechnical is 100% construction-driven, and then you have in Top Hammer and Down the Hole, you have a mix of mining and construction. So actually, we were able to grow now in Geotechnical segment, which was driven by good project deliveries in North America. So in o verall, we saw some decline in both segments, but actually in quarter four, it was more than predominant on the mining side. Okay, thanks. And then, coming to America, could you elaborate why some dealers in America still reduced their order? Was it only about destocking still? Yeah, and that was more maybe related on the full year, 2023. Obviously, the impact of the destocking started to, let's say, be less towards the, towards the end of the, end of the year. And I would say that holds true especially for the Americas sector, that, that there was not that much impact of the destocking in that market area anymore, when we, when we were in quarter four. Okay, thanks. And then finally, about this EUR 5 million savings program, how much of that did you already achieve in Q4 in terms of either run rate or euros? Yeah, I think we've estimated and given the already during 2023, that we estimate that kind of two to three year EUR 3 million will materialize. During last year, I think we were within that bracket, and there's still leftovers from quarter four to this year that we didn't fully achieve it. And we also had some of the non-recurring expenses happening in quarter four that then visible also in the results. Okay, then I will have some more, but if someone else wants to ask questions, so let's go ahead. There's no questions online, so go ahead, Erkki. You can continue. Okay, coming to these Australasia new customers, who are they, and how did you win this considering that you just shut down your factory in Perth? Yeah, these customers are mainly underground mines, underground mines, and they are using Top Hammer gears. So Top Hammer underground has been the segment that has been now growing fastest and a good base in in Australia. But what is your kind of competitive angle or edge, achieving those customers? Yeah. Well, I think we have a very strong and competitive offering, as well as strong service capability, in Australia, that provides our customers lowest total drilling costs. And that is really that we are able to demonstrate and prove it to our customers, first through having a kind of a fairly large-scale tests. And, if we enter that phase, we very often stay at site and continue to supply because we are able to prove ourselves and the value of Robit to our customers. Thanks. And then coming to Robit Save, how have you succeeded in gaining new customer audits there? We target to conduct, let's say, a handful of Robit Saves in a quarter. I think talked it before also that it is not something that we target with every customer. And now, let's say, the pipeline of new customers we have, there are multiple that are a result of a Robit Save initiative that we have done. But I wouldn't say Robit Saves yet contributed really on our top line too much in 2023, but it has enabled us to build stronger funnel and a pipeline of sales opportunities for 2024. So I expect that we realize from the Robit Save actual on the results during this year. Obviously in these customers we've won in Australia, similar elements, we haven't ran those necessarily as a Robit Save, but similar elements as we demonstrate through the Robit Save have been the factors why customers at the end then choose Robit. Okay, thanks. And, if I may continue, this one is on Ville. You usually have these, operational Forex gains or losses. You did have some in Q4, didn't you? Yes. How much were Yes How much were those? Yes, we did. In Q4, it was close to EUR 400,000, and for the full year, EUR 1.1 million. So they did have a negative effect on the result. Didn't have i.e., your gains and losses kind of evened each other out? Yeah. Yeah. And then coming to your interest rates that you paid or interests, they're pretty high. When do you actually, Is it foreseeable when you will actually reach again the covenant levels so that your interest rates would decline? Well, now at the end of the year, we were at 3.8 with the net debt EBITDA ratio, and the covenant level is 3.5. So we're very close to it, and we are anticipating that we will reach those covenant levels during Q1 already. Okay, sounds good. And then regarding taxes, you said that you canceled some or wrote down some of your tax assets, but still the tax rate, despite that was quite high. Yeah, there The reason for that? There also there was the withholding tax asset. That was EUR 400,000 that we wrote off, and then there was also smaller items. For example, for the machine sales from Australia, we had a deferred tax asset related to those that we had to write off, and obviously, certain entities within the group are showing a profit and there's smaller taxes to be paid on those. We haven't written any tax assets, new tax assets from the tax losses that we have, so those are not recognized in the balance sheet yet. So would it be fair to assume that your tax rate, this year would be close to, I would say, long-term normal? Well, I think it's a lot higher now than it should be and what the rate will be in the coming years. I mean, 2024, is it closer to 30 or below 30? Below 30, definitely. Okay, good. And then coming back to you, Arto, what makes you believe that construction, especially infrastructure construction, will gain momentum in the second half of this year? I mean, what kind of visibility or funnel do you have on the project? Yeah, so I, I think our customers, typically they are the, contractors, then, then fighting to get the, g et the, let's say, construction jobs or infrastructure jobs that are on there, and we see a lot of activity now. We see a lot of proposals being prepared and, and being requested, from us in Nordics region, and then also in, in North America, which are the kind of, important for us when it, when it comes to the, especially the Geotechnical segment. So actually, the, the, let's say, project funnel and, and the quotation activity is, is on a good, good level at this moment in these key important markets, for us. So, would it be fair to assume that this year, your kind of construction-linked sales will grow faster than what is linked to mining? Well, I wouldn't go to that conclusion. We strive to, let's say, grow on both segments, but there clearly is, let's say, signs of positive signs in that market as well, which is, let's say, not necessarily visible in the general news stream, but there are projects. And it's good thing that these projects seem to be such that there is a strong likelihood that they will actually get move ahead and do not get postponed. But that's yet to be seen, but at least activity so far is good. It's not visible, let's say, yet in quarter one in our demand. But if and when these project materialize, it will be visible then as we go further in the year. 'Cause, going back to mining, you hear some from some companies that, for instance, battery metals, that the demand would not be so that strong, at least in the near term, due to the kind of a deceleration of EV sales. But, your exposure to those metals is not that high, am I right? Yeah, it's not that high, and still kind of the biggest drivers for our mining growth is winning account by account. That's really what brings our growth. When you are kind of the general production levels, obviously, if they impact the mines we are supporting, it has an impact. But the growth needs to come from us, not from the general market, but by winning new customers. That's the main key for us in the mining segment. No questions on the line. Yeah. And then maybe a final one from me regarding this savings program. How much of that you said you achieved something between EUR 2 million and EUR 3 million last year. Will we see all the remainder up to EUR 5 million this year? You indicated previously that some 90% of the EUR 5 million would be visible on your EBIT. Yeah, 90% is a fair estimate. We don't have the full impact yet on quarter one, and some leftovers of when we actually see the impact comes to quarter two and further, but vast majority of the impact we do see already after quarter one. Comparing 2024 to 2023, some EUR 2 million kind of extra boost to your EBIT via that program? I think it's a fair, fair estimate. Yes. Okay. Thank you so much. Seems that there's no questions. No questions online, yeah. We thank all the participants, and have a good rest of the day. Thank you.