Ladies and gentlemen, welcome to the Addtech presentation. For the first part of this webcast, all participants will be in listen-only mode, and afterwards, there will be a question and answer session. Today, I'm pleased to present Niklas Stenberg, CEO, and Malin Andersson, CFO. I will now hand over to Niklas Stenberg. Please go ahead. Hello, everyone. Welcome to this presentation of our third quarter results with me and our CFO, Malin, that will guide you through this. First, some highlights from the quarter. All in all, a stable report with the sales growth of 1%, even though we had a larger drop of scrubber sales, I will talk more about that, and still some other negative COVID effects. This shows that our companies have again proven their ability to adjust to new conditions and have been able to do business activities even without physical meetings. A good result growth, but here, of course, we have to take last year's cyber attack into account with SEK 90 million in negative effect on the result last year. If we adjust for that, we see a clear improvement from last quarter still. An EBITDA margin of 10.6%, which I say is very satisfying considering all the circumstances. It's also a record-high margin to be the third quarter. All in all, after third quarter, we have an accumulated margin of 10.8%, which is strong, primarily a proof of our measures to adjust costs to new normal, that has given effect, also that underlying focus to increase added value, both organically and in acquisitions, has a positive effect. Again, this year, very tough headwinds, especially this quarter on scrubber. Still varying business climate apparently in different geographies and markets. Generally, we saw a gradual improvement in the industry and the infrastructure business sector that we are in. From a Nordic industrial perspective, the second wave of the pandemic has at least up till now been more of a social lockdown than a business lockdown. That's our perception. Worth mentioning also is that we had no positive impacts of COVID-19 this quarter. We're standing with the mere negative effects. A positive development on working capital, strong cash flow, and despite pandemic, we have also continued to keep up a good pace on acquisitions. Three more companies coming into the family this quarter, and all in all, 13 acquisitions so far. If we look a bit deeper into sales during the quarter, we can see that organic sales fell with 4% compared to our previous quarter where we had 10% drop, and we added 8% from acquisitions. The organic loss is primarily related to the scrubber that I talked about. If we take the scrubber effect aside and also adjust for the cyber attacks, as you can hear, there are many things to have in mind now. It's COVID, cyber, and scrubber. If we adjust for these effects, there is an underlying growth compared to Q3 last year. It's a clear improvement in the sentiment. To summarize a bit the different market segments, strong this quarter has been primarily the Energy sectors. Also the forest industry, especially the sawmill industry, are having a very good market situation. On the negative side, as expected, slow market for marine, not only scrubber, but marine overall has been slow activity. An improvement in Nordic mechanical industry, which is an important sector for us, especially Automation and Components, providing a lot of OEM components. The clearest recovery in demand we saw in special vehicles that was very weak the first six months, but are now getting close to the level last year. Mining and forestry machines, particularly strong. From a geographical point of view, Sweden had the best development, that is primarily thanks to the recovery in mechanical industry and special vehicles. The other Nordic market varied. Denmark still stable, especially we have a lot of wind power there, that's a good development. Norway, quite okay, taking scrubber business out of equation. Finland varying. Electronics still stable, mechanical industry is still on the weaker side. Outside of Nordics, tougher market conditions, they are still affected by restrictions. DACH, Benelux, U.K. Also here an improvement during the quarter. If you look at the development month by month during the quarter, demand has overall picked up sequentially. We had a positive book-to-bill end of December, we also see that in the order stock, there are some longer projects, which rather looks promising for 2021, 2022, our next financial year. Order stock and prospective project call-ups for present quarter. Our fourth quarter is a bit weaker than compared to last year, where we had a very strong Q4. EBITDA. Large drop in scrubber had a significant impact on EBITDA and also on the margins. I will comment more on that. Efficiency measures in investment process have helped out to balance out that. Cyber attack, again, makes it a bit difficult, of course, to analyze. You have to put that in the picture. All in all, adjusted for both cyber and scrubber, we had an EBITDA growth of 3%. That gives the feeling of improvement. We have continued, of course, to work with our cost reduction program, focusing on the companies with decreasing volumes. We are constantly reviewing our measures and balance growth potentials we see in these extraordinary times. I'm very satisfied in how we have done this balance act. We've done a number of restructuring measures, like mergers and ended some low margin business. As of end of December, we have also terminated about 8% of our workforce. The way we see it as of today, we have made the adjustment necessary with the information we have at this time. The intention is to keep up good margin, even when the short-term effects like furloughs and things like that are out of the picture. Some short words of the different business areas. Automation had a stable development on sales, where underlying business was in line with last year, also adjusting for the cyber attack. It's clear that it's still our units outside of Nordics, because Automation have operations in DACH, Benelux, et cetera. That is where we still see the weaker side. Fiber installation continues to be stable, also defense, medical. Again, Nordic mechanical industry, important for Automation, is sequentially improving. Still reluctancy in investment and with the customers, but several of our companies have more discussions on projects now than compared to last quarter. We have good positions in Automation and should be room for growth once the investment climate comes back to normal. Improved margins related to improved market situation, good contribution from acquisitions, and the restructuring measures that I mentioned is giving effect. Components in total had an improved market situation also on sales compared to first six months. There were no positive COVID-19 effects this quarter that Components had in the last quarter, both on medical and the electronic side. Special Vehicles Engineering, important for Components with OEM systems and parts, as I said, these improved sequentially. Geographically, same as my general description before, that Denmark stable. Sweden, the biggest unit for Components, had the best recovery. Norway, of course, affected by both COVID-19, also the oil and gas sector, negative currency effects as well. Finland, a mixed situation. Special Vehicles picked up there as well in the end of the quarter, Base Industry lower. The margin in Components was a disappointment this quarter, this relates to several factors, an unfavorable product mix compared to last year, negative currency effects in some of the companies, also some non-recurring costs like mergers of units and moving to other facilities, et cetera. The margins in Components should not be on this low level as we look ahead. Energy continued to have a positive market, increased sales by 10%, a strong EBITDA growth, also adjusting for the cyber attack, very positive development. Main driver is the company selling products for the national and regional grids. Inflow of projects here slowed down a bit during the quarter, which might affect short-term, but we have not changed our view that long-term potential in the infrastructure is very good based on the investment plans and the strong positions. Our companies in Energy providing niche products for electrical power distribution and the companies in Energy product units that are providing installation products for industrial OEM markets and building installation saw a sequential improvement during the quarter. They did not have such a good position in the first six months. Very good margin improvement in Energy, which primarily relates to incremental margins and good cost control. Industrial Process, of course, to understand the figures, you have to start focus on scrubber. Toughest headwinds this quarter ended up with a contract of approximately 80% lower sales compared to last year. The vast majority of COVID-19 effect here is related to scrubbers. We still have some quite substantial headwind in Q4, but then the comparison will obviously ease up going into next year. To comment something on the scrubber market, our best view at this point is that it has a quite insecure future. Positive signals, the fuel spread has picked up, it's now around $100, and we see some activities with our customers. At this point, nothing we really count on at this point. My best guess is that sales of scrubber will be quite flattish from current levels. For the rest of the business area, there was a clear improvement this quarter. If we take out scrubber and cyber volumes, we had a growth in underlying business in Industrial Process. Process industry in general is stable, and sawmills, as I said before, they have a very good position with low prices in timber, but high demand on finished goods. Project stock for next financial year looks strong in that sector. We also have a positive upside going forward in our other companies selling replacement products like conveyor chains, because the sawmills have not stopped for maintenance, and they have to do that at some point. Margin, a good level, definitely considering the drop in the incremental sales of scrubber, both due to restructuring measures. Among things, we have closed down one of our scrubber factories in China, and also got good contributions from acquisitions. Finally, Power Solutions, a mixed situation, but overall, a stable quarter, I would say. Net sales increased, adjusted for cyberattack, it's more flattish. A clear improvement from the first six months, and the main reason is the special vehicle, which is the main sector for this business area. Our big OEM customers in forest mining, construction, and trucks, et cetera, have absolutely improved. Sales relating to refurbishment on the old machines has been quite stable also earlier this year. Now it's more that the project is starting to ramp up again. Other segments, like customized battery packs, that is next to vehicles, the main product area for Power Solutions, had a good inflow of projects. Margin picked up. Rolling 12 margin is now coming back to normal levels for Power Solutions, both driven by the comeback in special vehicles, but also improvement on the gross margins in battery segment. To sum up the period, first nine months, all in all, sales decreased by 3%. COVID-19, quite a lot impact for six months, but not so much now. Accumulated margin of 10.9%, which again, considering COVID-19 and strong headwinds, is satisfying indeed. Cash flow, strong performance. Malin will come back and comment on that later. Acquisitions. We have done 13 acquisitions so far this year. We added three more in the quarter and welcomed additional three after the end of the quarter. In total, eight standalone companies and five add-ons. Apparently, we have kept up a good pace despite the pandemic. It's also interesting to mention that we have also said no to step out of a number of discussions as well. Main reason for making it possible to keep up this speed is, of course, going into the COVID-19 with a strong pipeline, but also an organization with our business units, where the prospects emanating from. We have a lot of feet working on M&A instead of only a few people in the central office. Another thing with the business unit is that many entrepreneurs see this as a strong reason to sell to us, because they come into a group of companies where they see both similarities but also possibilities to share experience and possibilities to cooperate. Companies joining this quarter, Skyltar & Märken in Sweden, a good addition to the strategy in public safety. OF Group in Switzerland, Italy, working in markets of ergonomic solutions for vehicles, especially to the railway market. After the end of the quarter, Powernor, a Norwegian company providing UPS systems and a good complement to our battery group in Norway. Synective Labs, a company with high competence in hardware and software design in industrial IT solutions. Finally, Impact Air in U.K. we acquired about a week ago, making waste handling systems for industry and recycling plants. A good contribution in our ambition in the field of sustainable solutions. The pipeline still looks good. It's a good market for M&A. A steady inflow of projects. That was that. I hand over to you, Malin. Yes. Thank you. I would like to address five highlights from the third quarter coming to our financial position. Good cost discipline, sharp improvement of cash flow, strong profitable working capital, satisfying key financial indicators, and comforting headroom in credit. With three considerable effects on the income statement, the pandemic, last year's cyber attack, and the loss of sales of scrubbers, it is important to keep focus on the underlying business and development. The development in sales this year is a proof of the spread of risk that lies within our business model and strategy, with small niches on many markets and segments. Aggregated, we have been able to find new areas of structural development to fill the gaps from both scrubbers and COVID-19, even though we have had very little boosting effects of the pandemic. EBITDA has also been proven strong. Taking the cyber attack and the decrease in scrubber sales out of the picture, we still see a very resilient margin for the period, given the fact that high margin sales have been hit the hardest by the pandemic, such as marine and special vehicles. The adjusted margin is completely in line with the margin we see in the report of 10.9% for the period. As Niklas mentioned, our strong margin is mainly an effect of two factors, more added value both organically and through acquisitions, and good cost control. Our ambition remains to adjust our costs to an expected new normal level of revenue going forward with a resilient and consistent margin. We try, of course, as everyone else, to take benefit of the opportunities to make short-term savings due to less travel, fairs, marketing expenditures, and combine it with long-term savings such as layoffs. I would say that in the beginning of the fiscal year, I think that the split between short-term costs and long-term savings were about maybe 70/30. Now it's more down to 40/60, I would say. Each company in affected segments is still acting according to their consistent plan of activities to adjust according to the situation. Always, we try to have in mind the importance of keeping the competitive edge. As a result of the development and according to these plans, we have during the nine months in the period laid off approximately 240 employees or 8% of the workforce. We had very limited positive effects on our profit from governmental support measures in the third quarter. In the period as total, it was around 0.5% of sales. We had a very strong development of our cash flow in the third quarter. This is very positive considering that our profits for the period have actually decreased. It is a positive development of working capital that gives us this effect. Even though we have had a very high acquisition pace, we still see a positive cash flow for the period. We have talked a lot about the fact that cash flow tends to be a bit strained in periods of strong growth. It is obvious that we see the other side of this situation right now. We have positive effects from accounts receivables due to this. The strong focus on profitable working capital in the whole group is also giving us the desired outcome. Even though we still see too high levels of inventory in many subsidiaries, due mainly to precautions against delivery problems and long lead times, we see that organically, inventories are actually steadily going down. Profitable working capital is back at 54%, in line with last year, which we believe is a proof of strength. There's always more to be done, obviously, and we need to watch the development closely during these insecure times around customers' call-offs as well as suppliers' ability to deliver on time. We follow our equity ratio leverage and gearing closely. Even though we have made several acquisitions, we still have our ratios in line with last year. Our credit facilities have comforting headroom still and are sufficient for our ambitions going forward. As we can see here, the trend line of our gearing is in perfect line with the expectation. It's always the highest in second quarter, then it goes back to an average of around one, which we believe is a satisfying average, even though it's not an explicit target. Okay. Thank you, Malin. Just to sum up. A clear recovery in demand, which is, of course, pleasing on most markets, but it varies, of course. As Malin said, long-term cost reductions are gradually replacing short-term savings. We're keeping up acquisition pace and intend to do so. Also Malin went through the balance sheet and explained the positive side of the cash flow. If we look forward then, we expect the continued gradual normalization of demand. Of course, with the COVID-19 questions, hopefully the vaccine program is running as it should now going forward. Scrubber installation activity is expected to remain low. We will continue to focus on cost control, but also, as we always do, put one foot on the gas a bit light, especially in the sectors where we actually see growth. Two things that have changed during the pandemic, or increased the focus in the society in all, but also for Addtech, is, of course, digitalization and sustainability. One thing that is always happening in Addtech in the decentralized model we have is that when the companies start to see the link between activities and the business they have, then things are really happening. These two areas we see very good progress in our companies. All in all, we have a good confidence in our strategies and we will continue to foster the entrepreneurial culture. That was it, I think. Yes. Yes, we are open for questions. Thank you. Ladies and gentlemen, if you do wish to ask an audio question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. There'll be a brief pause while questions are being registered. Our first question comes from the line of Carl Ragnerstam from Nordea. Please go ahead with your question. Your line is open. Hi, it's Carl here from Nordea. Firstly, could you give some flavor on whether we have seen the full effect of the previously announced cost savings in Q3? Or if it's more to come? Okay. Do you want to? Well, I would say the total full effect of actions taken during the period, the year, is still to come. I would say it's still to come, and we still have some actions planned for this quarter as well. I would say that it will also meet the short-term savings in a large extent. Probably it will remain stable on the margin side going ahead. Just so I got you correctly. We have not seen the full effect yet of the 200 you laid off previously, and we still have the 40 to come, I guess, also, or is that correct? Well, all of the persons laid off is not out of the system, if that's your question. Yeah, I think that's the question. Yes. Yeah. Okay, perfect. Also, you continue to take out FTEs during Q3. I guess they were mainly in the Industrial Process. Are you at the comfortable cost level in Industrial Process, probably mainly in the scrubber sub-segment? Do you think that you need to take more costs if the scrubbers market will not come back? How do you view that? Yeah, as I said after the last quarter, I'm quite sure that I talked about that. At that time, we deliberately waited a bit with some cost reductions to see where the scrubber market was heading. We have made, during this quarter, some adjustments on that side. I would say that with the actions taken this quarter, I think we have more or less done what we should. What I mean by that is also linked to how I describe the view of scrubber. If the market starts ramping up again, we will be able to benefit from that, but we have also adjusted for a new normal situation, if I put it that way. Okay, perfect. Very helpful. Just also, so I understood you correctly, so you have some longer-term projects that you don't foresee to be delivered in Q4, but rather in the next financial year. Could you also repeat what you currently see in the order intake? You mentioned the positive book-to-bill. Yes. Basically what we can conclude then is that demand has picked up, obviously. On the other hand, if you look on the order stock we have during this financial year, of course, taken parts of the order stock to fill up the sales. What we see in the order stock now is that we have, just as you mentioned, a good project book for the coming year. It's also like that when it comes to companies working with a lot of projects that the core locks in the projects are coming in or out in some of the quarters. The coming quarter is a little bit difficult to predict. That's the situation. Okay, perfect. Also the final one from my side. Looking into next financial year, what business areas or sub-segments do you see the best organic growth opportunities within? I think it's actually a bit difficult to pinpoint that because it depends quite a lot on in what pace the different markets are coming back. To put it in some kind of general perspective, of course, Energy that has had a good growth this year are apparently meeting a bit more difficult comparable to next year. While Industrial Process, for instance, as I said, have a good development at this time and next financial year are meeting a bit more simple comparable. All in all, I would say that depending on the development with the pandemic and the market then it should look quite promising. Okay. Thank you very much. Thank you. Our next question comes from the line of Johan Dahl from Danske Bank. Please go ahead. Your line is open. Yes. Thank you. Hi, Niklas and Malin. Just a question on if you look on general OpEx in the group such as travel, education, et cetera, what type of cost increase do you pencil in as you look on the coming 12 months? Are you able to guide us there in any way? What would a new normal be? When we try to predict the costs of next year, we have to sort of guess how much of travels and fares that is actually coming back. Our best guess is that of course it will come back, but not in the full extent. I would also say that as I have been emphasizing both this quarter and last quarter, is that we have been trying to meet the long-term savings with the going back to some kind of new normal when it comes to these operating expenditures. I would say that when we predict, we believe that maybe not the majority of the cost will come back, but around half. My guess is as good as yours I would say, Johan, in that case. Yeah. I'm just looking at that gross figure because we all have the structural savings. We can do a bit of counting on that, but a bit uncertain where all this sort of general SG&A cost, what will happen to that, but I appreciate the uncertainty there. I think if you should maybe consider the margin, because as we are saying all the time, that we want to keep a resilient and consistent margin. You will have to count backwards. Yeah. Okay. Niklas, just to be perfectly clear, and I'm sorry to dwell on this further, but just in your introductory remarks there about orders and call-offs for Q4, I interpret it as a bit of a cautionary statement for Q4. Was that correct? Clearly with a positive view on next financial year, but what should we read into that? Yeah, what you should read in is that we had a very strong Q4 last year. We are meeting at tough comparables, and even though we see absolutely an improved development this quarter, we are not fully back where we were a year ago, obviously. Also, we have this situation with the project call-offs, meaning that as it looks it might be a bit less on some of the projects the coming quarter. It's nothing strange with that. It's just how the projects are planned. A little difficult to predict this quarter, even though the development looks promising. Got you. Just finally, these major orders you talked about for delivery next financial year, et cetera, what exactly is that? Can you share with us any sort of new niches or segments which you have identified recently or looking into that may carry growth in the next couple of years here? Areas which we're targeting via acquisitions, obviously. Yes. When you look at the project for coming year, I would say it's a mix. One area, as I mentioned, a market that has a really good market situation is in the Sawmill market. That is primarily in the Industrial Process. We have those parts. When it comes to where we see growth potential, maybe it's a boring answer, but we see quite good growth potential in all existing areas. Like the battery segment that I've been talking about many years, that is a very interesting area. We see a good development there. When you're talking about new future elements or segments, of course, we are looking a lot, as I've been talking about, that we are seeking in different sustainable related areas, like the Impact Air company we bought a week ago, like waste handling and those kind of areas, we see some interesting potential. Yeah, it's difficult to pinpoint any specific areas, but, yeah, at least you got some ideas. That's good. good. Thank you very much. Thank you. Once again, if you do have a question, please press zero one on your telephone keypad now, or press zero two to cancel. There will be a further pause whilst questions are being registered. As there are no further questions, I will return the conference back to you. Okay. Thank you all very much, and have a good day and keep safe. Bye-bye. Thank you. Bye.