Good morning, welcome to this presentation of the first quarter result 2021 for Europris. Joining me on stage today, I have CFO Stina Byre, who will present the financial highlights. The IR Officer Trine Engløkken will manage the questions at the end of the presentation, please feel free to send in questions as we speak. It's another strong quarter for Europris. I have to admit it has truly been a challenging quarter. For the first time during the pandemic, we have been forced to close stores. For a short period, many of our employees have been temporarily laid off. In Oslo, we have had some stores closed since the 24th of January. I have great compassion with the difficult situation our employees are in. Dealing with the temporary store closures has been a new challenge for Europris, I have to admit, I'm really proud of how the organization has responded. The whole organization has pulled together and responded in a very good way. Once again, we are focused on what we can impact ourselves. We have adapted to the best possible way so that we can serve as many customers as possible and keep as many of our employees working as possible. This might not be the best quarter ever, but it's a record-breaking first quarter for Europris and the team effort that lies behind these numbers we will present today makes that, for me, this is actually the best quarter we have ever presented. Let's have a look at the highlights. We report a sales growth of 24.3%, improvement in gross margin of 0.7 percent points. Operational efficiency continued to improve as is captured the scale benefits. EBITDA increased by 64%. The financial position of Europris is solid. Stina will come back to the details behind these figures later on. On average, 10% of the store base has been closed during the quarter due to infection control measures. Despite this, we have delivered strong sales growth across the country. It's the greater Oslo area with the counties of Oslo and Viken that has been hard hit by store closures. In this region, we have delivered the sales growth of 16% in the quarter. In the rest of the country, we have delivered 31% sales growth. During the quarter, we've had as much as 94 of our 267 stores closed. That number has now been reduced to 19, we certainly hope that the infection situation in Oslo improves over the coming weeks so that we once again can have all our Europris stores open. The closure of stores called for swift actions. In a short time, we established new sales solutions. We have improved the click and collect solutions and e-commerce saw growth. For the Europris customers, the most preferred solution has been to call and email the stores. By doing these initiatives, we have managed to save 10%-50% of the sales in the closed stores. Not really a big and impressive number, when you consider that actually more than 60% of what we sell is what you find in a grocery store that has been allowed to keep open, I think the number is actually quite good. This is not something we've done to keep profits very high. It has been covering the cost basically, but we have kept in touch with the customers. The employees have really felt that they've done something meaningful, and it means that we have been able to reduce the number of temporary layoffs. For the moral of the company, this has been very important. Europris continue to grow in a very strong market. We are outperforming the market by a significant margin, and we are gaining market share. In the first quarter, the market effects has been quite mixed due to COVID-19. The grocery sector is continuing to grow, benefiting from closed borders and also staycation during Easter holiday. While the shopping centers, especially in Oslo and Viken, has really been hit by the temporary store closures and only grew by one percent point. Variety retail grew by 9.9% in the quarter, and Europris grew by 24%. With that, I'll leave the stage to you, Stina, to tell us the financial highlights. Thank you, Espen. Europris continued to deliver strong sales growth, and all categories contributed to this development. The total chain sales were NOK 1.8 billion, with a like-for-like growth of 23%. The sales growth was highest in the beginning of the quarter, and this was due to a cold winter, leading to higher sales of seasonal items and due to COVID-19, which has continued to affect domestic demand positively. The timing of Easter, of course, also affected positively. On the other hand, on average, 10% of the stores were closed during the quarter. The development in gross margin was good. The gross margin was 43.3%, representing an improvement of 0.7 percentage points. The margin growth was positively affected by the cold winter and the high sales of seasonal items and effects from category development initiatives. Cost control was good and operational efficiency continued to improve. Europris has had scale effects, and higher volumes have not led to the same increase in costs. Store employees are able to handle volume increase without adding hours. The OpEx level was NOK 452 million, up by 10%, while the OpEx to sales ratio was 26.3%, representing an improvement of 3.4 percentage points. Europris delivered a strong first quarter last year, and we are very pleased to have significantly outperformed this. The EBITDA was NOK 292 million, up by 64%, and is the best first quarter in Europris' history. The EBITDA margin increased by 4.1 percentage points to 17%, and the strong results are due to solid performance in the entire value chain. Net change in cash was negative with NOK 399 million. Negative cash is normal for the first quarter due to inventory buildup ahead of the summer season. The higher negative effect from net change in working capital versus last year was due to a reduction in accounts payable due to timing and from higher inventory levels as more volumes have been purchased in order to meet the higher demand. Cash from financing activities was negative by NOK 110 million, which is NOK 149 million lower than last year, and this was due to net loan repayment last year from the refinancing. Per end of March, Europris has a solid cash and liquidity position of NOK 1.5 billion, which is NOK 560 million higher than last year. With that, I hand it back to you, Espen. Thank you. Strong numbers. The strategic agenda for Europris remains the same. We have three key focus areas, and that is to strengthen the price and the cost position, to improve customer experience, and to continue to drive customer growth. On strengthening the price and cost position, the most important project we have is the new logistics center in Moss. I have to admit, I'm really proud to announce that we have passed the final acceptance test for the automation in the low bay area that was passed now in the quarter. This will make picking of goods more efficient. A controlled ramp-up has now started, and we will gradually speed up operations in the new automated warehouse towards the summer and also in the start of the autumn holiday. We will keep the old central warehouse in Fredrikstad, so we have delayed the exit from that, and that is due to the high volumes we expect now in the spring/summer season. The project in Moss had three key milestones, and we are very pleased with the progress we have made over the project period. The first milestone was to build a new warehouse, and that was delivered on time and cost back in May 2019. The second one was to start operations in the high bay area, and that was started a year ago very successfully. The third and final milestone, that is the automation in the low bay area. As scheduled, we have started operations now in the first half of this year. With this third milestone ended, we are approaching the final stage of the project. During this period, we have reduced from five to two warehouses, but we have been forced to keep the old central warehouse in Fredrikstad for a longer period. This is not due to problems we've had in the project, but it's basically due to the fact that we have seen a sharp increase in demand over the last 12 months. The final decision on when we will exit that warehouse will be discussed after the spring/summer season of this year. The decision depends on the level of inventory we have left after the season and also the volume expectations we have going forward. With ÖoB, the sourcing partnership continue to make progress as planned. On the equity transactions, we have not made any progress since the last quarter. We are still looking for an independent auditor to examine the due diligence disagreement we have on the 2019 financials, thus the option period are still delayed. In the first quarter, ÖoB had a negative sales development, on the positive side, we note that they increased the gross margin and also reduced operating expenses. Despite this, the EBITDA was negative at SEK 37 million. The key driver for like-for-like sales growth is the constant focus we have on improving customer experience. Continuous development of the concepts and the categories is really at the heart of Europris and one of the most important jobs we do. Last year, we made a very successful upgrade of the kitchen department, this year we have used those good experiences to improve the home category. The home category is among the categories that demonstrated strongest sales growth in the first quarter, expanding the margin. It's a category with a high level of own brands. It's above average margins as well. This is a very important category to develop, and it's also one of those categories that actually sell quite well online. In addition to this development we've done in the physical stores, we have made a small acquisition of a well-run company called Lunehjem. The company is a pure online player, and it's highly profitable and has demonstrated strong growth over the last years. In 2020, Lunehjem had sales of NOK 29 million, and this will give us further insights into e-commerce and also exposure to an attractive customer base. Driving customer growth, that is key to every retailer. For us, the physical stores are the most important arena. When the stores closed, were forced to close during the pandemic now, something happened. The store closures has escalated e-commerce growth, it's still from a very small base. We have seen growth in all product categories, the best sellers are the high-ticket items like seasonal products, especially garden furniture is one of our best sellers online. E-commerce sales grew by 317% in the quarter, it still only reached 0.9% of total chain sales. It's fair to say that the e-commerce solutions of Europris has been slightly stress-tested during the quarter, we have discovered some room for improvement that are being addressed at the moment. On the eCRM side, we have launched a new search engine in the quarter, we continue to expand the membership base in our customer club. We have made a few of our regular multi-buy offers into fixed MER Customer Club benefits. That is done in order to drive recruitment of customers and ultimately make them more loyal as well. The same offers has been introduced to our business-to-business customers with great success, and we have seen that we are growing the number of business-to-business customers as well during the first quarter. On these multi-buy offers, we have also used those, like you see on the picture, we've done that on sustainable products to promote sales of those articles as well. That has also been quite successful. Still, the physical stores are key to Europris, and during this quarter, we have opened one new store that was in Austevoll, in Hordaland. A very successful store opening, dedicated staff, and delivered the sales well beyond our expectations. We've also done a store relocation at Vågsbygd in Agder. Also very successful, and it was a good store before and even better with the new location and also sales beating expectations by a significant margin. Every year we do an analysis of our latest vintages of stores and do a post-calculation of their performance. We can confirm that the latest vintages of new stores, they continue to deliver on their very strict investment criteria. We see the same pattern as in the past. The stores use four to five years to mature. In this period, the growth is higher than the average chain. After the fifth year, they are more in line with the chain average. Okay. It's time to summarize. First quarter is always difficult to compare when you have the timing of Easter. This year it's even more complicated due to the COVID-19 effects. Actually today, we are more comparable year to date. As expected, sales in April has been negatively impacted by timing of Easter, and also the temporary store closures. As of 27th of April, we had sales growth of 5.5% in the chain. For year to date, on average, 13% of our stores has been closed. 19 stores are closed as of today, but what we see is that the open stores, they continue to perform very well. We are well prepared for the spring/summer season. As you can see, the garden festival has already started in the Europris stores. I can tell you that the Norwegians, they are actually preparing quite well for a staycation summer also this year. I think the market fundamentals are favorable for Europris. We are a very strong national chain when it comes to sourcing, logistics, and marketing. When it comes to execution, we have 267 highly adaptable stores, local shops in their local communities with very dedicated staff. The strong culture we've seen and the remarkable efforts that has been put in over the last 12 months by our store staff is amazing. It's something that you can't easily copy. We are really looking forward to the coming months with strong comparable figures. The long-term financial ambitions, they remain unchanged. With that, we leave it up for questions. Trine Engløkken, you will manage that session. Yes, I'll do. The first question comes from Knut Harald Nilsson. Can you elaborate on new customer activity? Last year, 1/4 of increase in footstep was from new customers, and customer club members rose significantly. Have the increase in new customers continued? Please elaborate on how sales growth is driven on basket, new customers, and existing customers. What we can say is that the sales increase is mainly driven by a basket increase this year, and this is driven by the sales mix. We've seen higher share of seasonal items with higher price points. It's been a good winter season, and also a good start to the spring, summer season. That is driving the average ticket up. The main increase in sales is coming from the basket, but we also have an increase in the number of customers. It's very difficult. There are so many things disturbing the picture, so doing exact analysis on the customer base in a quarter where you had major store closures and the timing effects of Easter, it's really hard. I think you need a little bit more time. It should be better to do those kind of analysis when we have the first six months at least of the year. Lars Bjerke asked, when do you expect that the ÖoB transaction will be completed, and is there a risk that you'll move away from the transaction due to 2019 financial disagreement? Honestly, I think the timeline of the ÖoB has been pushed so many times, so I don't have any expectations left on when it will happen. We disagree on the 2019 financial, and that is fair, and we just have to settle those discussions. We are not in a hurry, so let's wait and see. Obviously, the decision will not be taken until towards the end of this year at the earliest. As always, it's an option. It's not something we have to do, and of course, it might be that we do not exercise the option. That has always been the case. For now, there's no more questions. We just wait. There was another question. This question comes from Markus Heiberg. Can you please elaborate on how we should think about the gross margin impact of hedges now going forward without adjusting for unrealized hedges? I think, Stina, this one is for you. Yes. I think you will get the number as before, but we will not adjust the margin. This is according to IFRS booking, and so I think it's no change in how you should think about the margin. You will have the number, so you can easily see the margin both with and without this effect. Ole Martin Westgaard asks, what is the isolated sales trend for April? Has there been any supplier delivery interruptions? Are all goods on track for summer season? That was as normal, at least three questions in one. Yes, I can confirm that we have all goods on track for delivery for the spring, summer season. We have plentiful stocks. We are ready to serve the market. No delays recorded from our side. The supplier delivery interruptions. No, the first part, first question. Sorry, I was on the next question. What is the isolated sales trend for April? That is, of course, very negative. As I said, we had 24% growth at the end of the quarter, and then by 27th of April, we have 5.5%. Obviously it's very negative, but I think you should look at this, like we've always said, first half year, look at that as one period when you have differences in the timing of Easter. I think, by 27th of April, that is actually quite a good benchmark. We had 5.5% growth year to date with 13% of the store base closed on average. Eirik Raude has a couple of question, too. Could you please give some color on price hikes over the past months? Out of pace, we follow the market. Is he talking about the sales prices or purchase prices or not? Price hikes. Price hikes. Yeah. In our market, we follow the market. We continually monitor our competitors, and we should be competitive on the price, and we are. Of course, we have lifted some prices due to the market prices are going up. We've seen over the last couple of months some raw material price increases, and that is lifting some of the purchase prices, but also it's balanced out by the stronger Norwegian currency. We do not expect any significant changes in the coming months. Another one. Tokmanni discussed potential Nordic consolidation at its CMD some weeks ago. Could Tokmanni and Europris be a good match in your view, and how should one think about the potential Tokmanni, Europris, and ÖoB combination? Well, the three companies are sourcing together, like we have explained. The sourcing partnership works very well, and we will continue to do that. Petter Nystrøm has a question: Are you comfortable with your inventory situation to meet expected demand for 2021? Yes, we are. We have sufficient stock when it comes to garden and summer season. I think we're all set for a good summer. That was the last question. Thank you, and enjoy the rest of the day.