Ladies and gentlemen, welcome to the Alimak Group AB interim report for January to June 2021. Today I am pleased to present Ole Kristian Jødahl, CEO, and Thomas Hendel, CFO. For the first part of this call, all participants will be in a listen-only mode, and afterwards there will be a question and answer session. I will now hand over to Ole. Please begin your meeting. Thank you. Welcome to this Quarter Two 2021 presentation for Alimak Group. With me today I have Thomas Hendel, our new CFO, and very happy to have you with me here, Thomas, for the first time. Next page, please. Agenda. Today we will go through the Quarter Two results and also some developments, and rounding off in the end then with the Q&A session. Next page, please. Quarterly highlights. I'm pleased to see the continued margin improvements in the quarter, with good effects from the cost-saving program that we implemented last year. The efficiency measures are delivering well in line with the targeted savings, and will from now on have full effect as we announced also earlier. We will, of course, continue to drive efficiencies and improving our results further going forward. We are still negatively impacted by currency translation effects, putting pressure on the reported order intake, revenue, and earnings in the quarter. We have had this negative effect now for four quarters, but we do expect to see some continued effects in quarter three, but at a somewhat lower level due to the further weakening SEK. Excluding the effects from our exits from tower internals in wind, the underlying organic order intake growth was 5% in the quarter. Organic order intake in services was 13% in the quarter, up 16% in the first half to last year. Very happy, of course, to see this development, driven by our strategic focus on strengthening our service business. The underlying organic revenue increased 8%, if we exclude then the effects of tower internals exit. The growth was driven by the execution of the backlog and strong development in service. EBITDA increased by 45%, and we report a strong cash flow, which has further strengthened our financial position. Next page, please. Group quarterly summary. Looking at the quarter more in detail, we see that reported order intake decreased by 5%, but corrected for currency translation effects, up 1% organically. Further excluding the effects of the decision to exit tower internals, the underlying organic growth was 5%. We saw strong order development in industrial and with organic growth also in BMU. Reported revenue decreased by 2%, but up 4% organically, corrected then for currency translation effects. Excluding the effect of tower internals, organic growth was 8%. Construction showed strong growth and BMU also had solid development. Revenue in industrial decreased due to low backlogs coming into the quarter and also timing of deliveries in the U.S. In wind, revenue declined due to exiting tower internals. Service revenue was strong in all divisions. I'm pleased to see the continued result improvements with a margin increase of 4.3 percentage points in the quarter, which now brought our EBITDA margin to 13.2% in the quarter. We saw improvements in all divisions, supported by our cost reduction measures launched in 2020, which then is improving the factory production results, giving a good leverage and also lowering our SG&A expenses. Next page, please. I'm moving into the divisions. We start with BMU. Order intake in the quarter decreased by 1%. Organically, order intake was up 5%, driven by a significant increase in service order intake in most regions, which is one of our most important strategic pillars also in this business. Equipment sales decreased quarter-over-quarter, particularly in the U.S. market, where we still face challenges due to delayed project awards. Our main focus is on taller buildings. This is a segment which is showing a slower recovery. Our work to expand our offering will be important, of course, to secure a more stable growth and profitability going forward. Revenues increased by 6%, up 12% organically, with improved service revenues in Europe and Americas. Equipment project revenue was also up, driven by strong volume in Middle East as well as in Australia, with revenue from the Sydney Harbour Bridge also coming in in the quarter. EBITA increased to SEK 6 million, corresponding to a margin of 2.5%. The improvements were driven by higher revenues, better utilization, and reduced SG&A costs. I'm pleased to see, of course, that we have brought the division back into profit in the quarter. We still have a long way to go. Activities to improve profitability further is, of course, ongoing. Next page, please. Construction. Reported order intake decreased by 4%, but was on par with last year organically. New equipment sales in Europe and Australia, together with continuing parts demand, was positively contributing. In rental, order intake was lower year-on-year in the quarter, due to strong order intake in quarter one this year. Year-to-date, rental has had a very solid growth. Revenues increased by 19%, 24% organically, the increase primarily comes from new equipment and parts deliveries in Americas and Europe, together with increased rental activity in both Europe and Australia. EBITA increased to SEK 61 million, the EBITDA margin increased to 20.2%. The increase was mainly due to the cost reduction measures launched in 2020, improving factory production results and the leverage and the lower SG&A expenses. Next page, please. Moving on to industrial. Order intake increased by 18% with an organic growth of 24%. The increase was mainly driven by solid equipment sales in Europe, but also in Americas and emerging markets, as well as improvements in service and parts. The activity level in this business is high, and it's all driven by smaller and medium-sized orders. Reported revenue was down by 24%, with an organic decrease of 18%, and the decrease was mainly due to low backlog and timing of some deliveries in U.S. However, America is currently impacting the most, but shows positive signals with solid order intake. EBITA decreased to SEK 35 million due to lower revenue. However, the margin increased to 18.7% and driven by the previously implemented cost reduction measures. Next page, please. Finally, wind. Reported order intake decreased 31%, down 25% organically. The decline is an effect of our decision to exit from tower internals, affecting then basically China and U.S. In addition, the delay also of government support programs have slowed down the market in China, also affecting the quarter, but something we expect to improve again in quarter four and onwards. Brazil and Northern Europe saw good order intake. Service order intake for the division was strong, up 26% organically. The decrease in order intake from tower internals in the quarter was SEK 30 million, and it's now SEK 42 million year to date. Revenue was 12% lower year-over-year, down 5% organically. The decrease in revenues from tower internals in the quarter was SEK 35 million, and with now SEK 46 million year to date. U.K. showed solid development and with stable revenues also in the U.S. Service revenue growth was strong. I would like you to remind and also confirm that the full year effects we announced last quarter from exiting the tower internals business is still estimated to be around SEK 60 million full year on order intake and SEK 100 million on revenues. We expect further effects to come in Q3 and Q4. EBITA was SEK 23 million with a margin of 11.1%. Improvement was driven by the previously implemented cost reduction measures. Also, we did some one-off costs in the quarter, which was taken to mitigate effects from the decreasing volumes in tower internals. Next page, please. Then I leave for Thomas. Thank you, Ole. You have financial summary for the group, June 2021. You have seen the Q2 result, I will comment on the financial performance year-to-date, meaning the first half of 2021. As you have heard, we have organic growth on both orders and revenues for the half year. Important that we have built backlog with around SEK 200 million during the first six months, supporting our future growth ambition. We have a strong EBITDA margin in the quarter, 13.2%, and year-to-date, 12.3%. To summarize, we are recovering, and we are on track. Next page, please. The earnings summary. I will go through the main impacts of the P&L in the quarter compared to Q2 2020. EBITA was up SEK 39 million, primarily due to the cost savings that we initiated 2020, and the currency-adjusted EBITA improvement is 52% quarter-on-quarter. We have so far managed the effects of raw material price increases as well as freight costs and semiconductor shortage issues. We continue to closely monitor and work on mitigating actions on these areas. The financial net was stable quarter-on-quarter. The tax expense for the quarter was SEK 27 million, corresponding to a tax rate of 25.5% versus a 21.9% in Q2 2020. The current tax rate of 25.5% is close to where we should be, reflecting the country profit mix that we have. The low rate in Q2 2020 included a tax adjustment in the U.S., which is not sustainable. Next page, please. Results for the period. The higher net profit was the result of the higher operating profit, this led to an increase in earnings per share for the quarter to SEK 1.45, compared to SEK 0.94 in the second quarter 2020. The number of shares are, as before, 54.2 million. Next page, please. Cash flow. We maintained a strong cash flow in the quarter of SEK 151 million, driven mainly by an improved EBITA, but also some contribution from further reduction of working capital. We continue to have focus on receivables, payment terms, and project execution. Next page, please. Net debt. Our strong operating cash flow, together with limited investments, took our net debt down to SEK 670 million by the end of the quarter from SEK 680 million in the beginning of the year. The lower net debt and higher EBITDA made our leverage end up at 1.23 by June 30, below our target of 2x, and we maintain our strong financial position. In May, we paid our dividend by SEK 162 million following the board decision to pay an extra SEK 1 per share. The group has SEK 1.9 billion in unutilized credit facilities, which gives us financial flexibility in the future. Next page, please. Thank you, and back to Ole. Thank you, Thomas. We are at enhancing the customer value through digitalization slide. We as a group continue on our digital journey. We have now an installed base of more than 5,000 machines connected. This is of course a great opportunity for increased service revenue. Technology leadership and digitalization is key for us to deliver more value to our customers. As also previously mentioned, we are developing building information models, BIM, for all our products. Also work hard to make all our products connected. When they are connected, daily use and maintenance of course can be improved and done more efficient. We can prolong life, we can monitor and troubleshoot remotely. We also facilitate planning and control of the flow of people and materials through our lifts and hoists to ensure an optimized flow in our customers' ecosystem. Making the machines connected and integrated into our customers' ecosystem also contributes to sustainability via resource efficiency and also making workplaces even more safe or safer. Our focus on the service business is also a vital part in creating a more sustainable society as the offering of upgrades and refurbishment extends the solution's lifetime. Next page, please. I'm also very pleased to welcome Cento Engineering Group into Alimak Group. We made this acquisition just at the end of the quarter, so from 1st of July, it became part of the group. Cento is a U.K. BMU engineering and service provider that has been our Manntech distributor and service partner in the U.K. for more than 20 years, and of course have a very solid experience within their team. The acquisition further strengthened our standing as a market leading BMU service provider in the U.K. and will of course help grow our service business. The revenue of Cento was approximately SEK 60 million last year, the company will become part of the BMU division. Next page, please. In June, the group had its first ever Capital Markets Day, there we gave an update of the New Heights program also more details of the division strategies. Connected to this, we also updated our financial targets and the dividend policy. Just to remind, the updated midterm financial targets are now, as for revenue then, a growth target of being in the range of 5%-7%. As for EBITA, we have a target to be in the range of 14%-16%. We have and remained with the leverage target of 2x, but this is also flexible in the sense that certain investments could or give us the room to overshoot, but we should then, as a group, do what we can to be back into the framework of the 2x as soon as possible. We also updated the dividend policy from being approximately 50% to now be in the range between 40%-60% of net profits. As a management team, we are highly committed to deliver on these targets and get into this as soon as possible. Next page, please. As part of the Capital Markets Day, we also announced for the first time a CO2 target for the group. Our aim is to reduce our CO2 footprint with 30% by the end of 2025, 2019 is the comparison base, this also includes Scope 3. Next page, please. To sum up the quarter, I'm pleased to see the recovering underlying organic growth on order intake in the quarter also the solid margin increase of four percentage points, bringing it up to 13.2% in the quarter. We have a strong financial position and cash flow, which enables us to continue to invest in growth forward, also including acquisitions. Our divisions are now implementing the strategies for profitable growth. The core elements of these divisional growth strategies are expanding the range of our products and solutions or working with the value proposition, as we like to call it, further geographical expansion, also further service penetration, digitalization, and of course, also pursuing further M&A opportunities. I also want to note it takes time to get the effects from all of these activities. As announced in our New Heights program, we should start to see effects of this in phase three, which is from 2022 and onwards. This year, focus is on securing our margin and preparing the group for growth, which I am glad to see we are well on track doing. We expect markets to continue to improve going forward, supported by trends like urbanization, digitalization, sustainability, and increased focus on safety. I would say we are well on track to set the foundation for sustainable, profitable growth and are highly committed to deliver on our targets. However, there are current insecurities around us and regarding raw material costs, also regarding supply issues on some products like semiconductors, and of course also the further development of the pandemic. So far, we have managed to manage this well, and I would say we are also well prepared to continue to do so. I want to take this opportunity to thank all employees for their commitment and embracement of the New Heights program and delivering a solid quarter. I hope you all have a great summer break. With that, I say thank you. Next page, please, and we move to the Q&A. Thank you. Ladies and gentlemen, if you do wish to ask a question, press 01 on your telephone keypad now. That is 01 to register for a question. We have a question from the line of Douglas Lindahl from Kepler Cheuvreux. Please go ahead. Yeah, thanks for taking my questions. Starting on the wind business area where you comment that you've taken a one-off. Is it possible to be more specific on how much that has been in the quarter? Thanks. Yeah. Thomas, maybe you want to. Yeah. It's some million, but not double digits, if I put it that way. No. Okay. On the industrials business, which saw pretty bleak organic revenue growth, but obviously very strong order intake, when would you expect this strong order intake trend to be visible in the revenues for the industrials business? It's the normal, I would say. It's that we have a very wide span on the timing from order to revenue. That can vary from three months to several quarters. I think we had a low order intake quarter three last year, which also is part of what we saw some effects from now. Quarter four at least and onwards, I would say we should expect to see more the effects from this strong order intake that we're having. Okay. No change in the backlog duration compared to historically, I would say? No, I don't think so. Okay. Yeah, on raw materials, you touched upon it now in your summary here. Can you talk a little bit about that how you've managed to offset that and what you expect in terms of potential margin impact as we move towards H2? Any comment from that would be helpful. Thanks. Of course, we see these raw material cost increases also everywhere. We started off early doing what we could on the pricing side, where we have implemented pricing increases in all divisions. We have also, of course, been working with our suppliers to mitigate the effects as much as possible. I think we also have a benefit from the fact that we implemented, last year, a cost reduction program. The organization has been in that mode to take down cost and do whatever possible on the saving side. We have been able to mitigate. Of course, we are affected by these raw material cost increases also, but we have been able to mitigate to a great extent. How that will develop further is always difficult to say, but we think that we will be able to also further manage this unless it's some much stronger effects coming. I would say that the effects that we have seen is mostly, of course, where we have long order cycles, like in BMU and also in Wind. It's been easier to pass this on and to manage it for the other two divisions. Yes. More of the project business, I guess. Yeah. Okay. Yeah. Thanks. Just one final, if I may, on the Cento Engineering acquisition. Is it possible to give some sort of indication on the profitability levels? I would assume that given its high degree of service, it's double digit, at least. Absolutely good profit levels. This is a good add-on to the group, which will help support the development of further improving the group's profitability. Okay. Thank you very much. Thank you, Douglas. I remind you that if you want to ask a question, you will have to press 01 on your telephone keypad now. We have a question from the line of Kenneth Johansson from Carnegie. Please go ahead. Yes. I'm wondering a little bit about COVID-19 effects. Did you feel in the second quarter that the service personnel and your sales force were able to visit the plants they wanted to visit and visit the customers that they wanted to visit? Or do you still feel restrictions there? We clearly see that markets are slowly and steadily opening up. That makes life easier, of course, for our service business and service personnel. Still, we do have restrictions also in many places. It's still there also. It's difficult to quantify during the first half, we also, for sure, have had some that you could call pent up or some effects that we are now more speed into the business again. Mostly it's driven by the fact that it is a strong focus in the group and one of our most strategic important pillars. I'm very happy with that focus and how this is driven in the group for the time being. Okay. When we talk about cost savings, and you say that you deliver on the plans you have and so on, but do you also have lower costs that are caused by less traveling and so on due to the Coronavirus that might come back, so to say? Do you know the split between those, the more structural cost savings and the savings where cost might come back? Thomas may be able to comment a little bit more detail here. Yes. You're, of course, right. We, as everyone else, has both temporary and sustainable cost savings, to be honest. We don't explicitly say what is temporary and what's not. Of course, it's obvious that we travel less, we don't join events and that kind of activity. I would say most of these cost savings that we say that we now have landed and we are on track is sustainable, actually. Then if we go for increased cost in marketing, sales, and R&D, it's of course explicit decision when we go for it. Yeah. I also might add that we will never go back to the pre-pandemic levels, of course. We have learned new ways. We have seen that it's possible to conduct the business in a completely different manner and be more effective without that substantial travel, as an example. Of course, some effects it will be. Yeah. Yeah. Also when economies open up and you start travel a bit more, maybe you also get some more business on the service side that compensates some of those increased costs. Yeah. Of course, if we travel, if we spend money, we should get something back from it. Clearly my expectation is that if we spend more money than we currently do, we should also generate more business than what we currently do. Clearly we expect to get more out of it. Yeah. I think you should look at it from the service business point of view. It's exactly what Ole says. I believe that we should have increased customer interaction when it opens up even more, of course, to try to close deals, et cetera. That's where we also have seen some effect. Yeah. The acquisition you made of Cento Engineering Group is very interesting. Do you have a pipeline and plans to do several of those, more of those acquisitions? Acquisitions is an important part of the group strategy. Definitely we work on our pipe. We do have a pipe, and we expect to do more acquisitions going forward. That's important to the group. Absolutely. Could we also see it as a sign that the new organization that you put in place, that it's have landed well now and it is working well? If I was a CEO, I wouldn't be comfortable doing acquisitions unless the organization I have already is working well. No, I think you're absolutely right, and that's why it's also we select with care also, of course, where we can make acquisitions in the group because it's not perfect in all corners, of course. We need to be selective in that respect and be sure that we actually manage what we bring in. That's a vital part. Absolutely. Yeah. When you bring in such an acquisition now, this company was very focused on the BMU side and servicing that and so on. Do you think that you will use the service technicians also for servicing the Alimak Construction hoists and other equipment, for example, in the group? I don't exclude it, but there is actually. Typically, we see in our service organization that there are some benefits here, but mostly they are focused on their own products, not brands, but I would say products. It's not a high degree of transition between the different product categories in that sense. Of course, some there is, so there might be, but that's not the main thing behind it. The main thing is that we get an even stronger base and continue to build on our BMU service, which we do think is very critical for that business. It's a lot of products out there that need refurbishment, that need replacement, et cetera, and they need regular service. That's important for us to be part of it. Okay, great. Thank you. Yeah. Thank you, Kenneth. We have a question from the line of Mattias Holmberg from DNB. Please go ahead. Thank you, and apologies in advance if you've already discussed this as I was a little bit late into the call. I noticed the very strong margin that you have in the construction business in the second quarter. I'm curious if there's anything beyond these restructuring measures that you mentioned that has resulted in this very strong profitability, or is anything of, say, one-off character in this, and also what is reasonable to expect from this division in terms of the margin level going forward? Thank you. Yeah. Hi, no worries. That was a new question, so it's a good question. It's driven by the fact of it's nothing really one-off in this, but it's a good revenue. We see here the leverage that we get now from our cost improvement program, that when we get increased revenue, a big share falls through and down to the bottom line. That's the main thing. That we saw also effects of within industry, first quarter. You had similar type of effects. Actually this old Alimak business, which is basically the industrial and the construction business, we do have a very good leverage effect there now from our cost programs, have been managed very well by that part of the group. Of course, also we have the strong service business, so that also helps, of course, in the quarter. That's great. Thank you. Thank you. There are no further questions registered, so I invite the speakers for any closing remarks. Okay. Thank you. Thank you for the interest and for listening in today. Again, thank you to all the employees of Alimak Group for delivering this quarter, and I wish you all a nice summer until next time. See yo Bye-bye.