All right. Welcome to Ahlstrom-Munksjö's call for full year 2022. My name is Johan Lindh, and I'm responsible for investor relations at Ahlstrom. We will start this audio cast with a presentation from our President and CEO, Helen Mets, and our CFO, Jorn Jensen. Please note that you have the opportunity to ask questions using the chat box or then live over the lines at the end of the presentation. Once again, welcome to you all, over to you, Helen. Thank you, Johan, good morning, good afternoon, good evening to everyone. It's nice to actually virtually get the opportunity to meet you all. As you know, I joined Ahlstrom last month as President and CEO. I have been in the world of material science now for over 30 years. Just let me give you a little bit of my background before we actually get into the results. I was almost 28 years working for Avery Dennison, so adhesives, top coatings, films, paper, labels. In fact, I knew Ahlstrom very well because today Avery Dennison is one of our big customers, so that's good news. With Avery, I ran a number of different businesses for them, including their labeling business and their durable graphic and reflective businesses. From Avery, I moved to a very large Dutch family company in the Netherlands called Pon, where I was the senior vice president sitting on the board, and I was actually responsible for the Caterpillar dealership, so mining, excavation, power engines. For the past 5.5 years, I've been with DSM as executive vice president, sitting also on their board and CEO of their specialty materials businesses. Those businesses were resins, coatings, PA6, and actually there, Ahlstrom was a customer. I've been both upstream and downstream. I successfully led those businesses through a big growth transformation, positioned particularly around sustainable innovation, and then over the last 18 months, successfully divested them all to strategic partners as part of DSM's transformation journey. I also joined the board of Ahlstrom back in December 2021. I think the message here is I've been very involved and engaged in Ahlstrom's transformation journey and the strategic agenda for just over a year now. That's a journey that we started as you will know, with the assessment that as a company, we know we've got incredible technology that actually addresses quite a lot of the sustainability challenges faced by our customers and actually the markets and the world. How do we build on, I think, what is really unique in terms of our fiber capability, matching it with coating capability to offer those solutions? I think you know that over the last 18 months or so, a very successful transformation journey has begun. If we can just go to the highlights of the year, and I think there's some very strong highlights to talk about. First of all, the transformation initiatives that were kicked off have really resulted in strong results, and I'm gonna hand it over in a moment to Jorn, where we go through the revenue, the EBITDA, the cash flow. For sure, thanks to both the commercial and operational excellence initiative, we have achieved record sales and Comparable EBITDA in 2022. I think in addition to the financials, what is also as important, honestly, is that as a company, there was a newly defined purpose, vision, and set of strategic ambitions, and I think that's something that our organization is really connecting well with today and in the future. We purify and protect, I think, is really resonating across the organization. In addition to that, we have set ourselves new sustainability targets. Amongst others, we've committed to the 1.5 degrees climate target with science-based measures to actually mitigate the climate change. Of course, to achieve the first target by 2030, we've got pretty significant plans in terms of emission reduction by at least 38%. An important step in that direction, I think, is the investments that you start to see throughout the company, one of the big ones being in our Mosinee plant in the US, in terms of our boiler technology. In October, as you probably all know, we also finalized the reorganization of the Decor business, which generated EUR 217 million in net cash. Since the merger in 2017, Ahlstrom has really actively developed that Decor business. It's now a leading global player, and we still own 25% of it. I think just a very natural step, given that divestment and also where we are now on the transformation journey, is the change of name to Ahlstrom. Those are the highlights that I'd like to share with you for 2022, and now I'm going to pass you on to Jorn, our new CFO, who will go through some of the details from the financial context. Over to you, Jorn. Thank you, Helen. If we turn one slide. Yes. I will now take you through the financial results for 2022. On this slide, we have summarized the financial progress in three KPIs for the continuing operations. Net sales increased by 27% and margin on variable costs per ton increased by 23%. Comparable EBITDA improved by 27%. On the next slide, moving on to net sales and market development. As expected, the global economy, the war in Ukraine, higher cost inflation and interest rates, as well as the COVID-19 situation in China affected also us. On a full year basis, net sales in constant currencies increased by 21%. Of our five divisions, the largest division, Food & Consumer Packaging, delivered the strongest growth. Looking specifically at the fourth quarter, net sales showed an increase of 20% compared to the previous year. The weakened demand environment in the last part of 2022 resulted in lower deliveries in all divisions. It is important to bear in mind that at turning points in the economy, it is usual for demand in the value chain to also be affected by inventory adjustments. On the next slide. Net sales, the various components of net sales and Comparable EBITDA development. For the full year, net sales, as said, increased by 27%. The biggest contributor was price and Forex, adding 23% and 6% respectively. When it comes to EBITDA growth, it was mainly thanks to the successful transformation initiatives that pushed up the margin on variable costs. The negative effects, on the other hand, came from slightly lower volumes and higher personnel costs. On the next. Still on margin on variable costs, i.e. the difference between net sales and variable costs on a per ton basis, the trend has been satisfactory. On a full year basis, it was a clear improvement with usual deviations between quarters. We then look at the reconciliation of Comparable EBITDA to Adjusted EBITDA, I would like to draw your attention to the fact that the figures in the table now for the first time represent continuing operations only, i.e. excluding the Decor business. Adjusted EBITDA was EUR 541 million at the end of 2022, an increase of approximately EUR 110 million compared to the beginning of 2021. In the same period, Comparable EBITDA for the last 12 months has improved by approximately EUR 95 million, while the size of the estimated future benefits from the identified initiatives have increased by approximately EUR 15 million to nearly EUR 100 million at the end of December 2022. The full run rate of the already implemented or planned initiatives are expected to be achieved by year-end 2024. To cash flow. Net operating cash flow, including discontinued operation, was EUR 260 million, and for the continuing operation, EUR 234 million. Cash flow was positively affected by the good result and reduction in working capital. On the negative side was items affecting comparability, which amounted to EUR 140 million in EBITDA, of which nearly the total amount was cash flow related. The so-called IACs relates mostly to the ongoing transformation initiatives. Moving further down to cash flow from investing activities. This includes EUR 34 million from the acquisition of Minglian, which was again divested as part of the Decor transaction in October. Net cash generated from the Decor divestments amounted to EUR 217 million, and it is included in disposals. Including discontinued operations, capital expenditures was EUR 204 million, whereof continuing operation was EUR 195 million. At the end of the reporting period, our adjusted net indebtedness was EUR 1,688 million, translating a net indebtedness to adjusted EBITDA ratio of 3.1 compared to 3.2 at the end of the third quarter, which included discontinued operation. As estimated before the completion of the reorganization of Decor business ownership, the transaction had only a limited effect on net indebtedness at to adjusted EBITDA ratio. A few comments about operating costs. As you all know, the year was characterized by sharply increased input costs. In this presentation, we have the illustrations of this in the appendix. For our part, it was particularly noticeable in energy costs, some 75%, but also in other important categories as fibers, approximately 30%, as well as chemicals, about 25%, which are included in the other raw materials category. To compensate for the significant increases, we took various measures, including price increases and cost savings. We have also physical fixed price energy contracts in place and apply energy hedging to reduce cost volatility and control risks. According to our policy, and that you can also find in note 19 in the annual report, hedging length is a maximum of two years and covers less than 75% of the forecasted consumption in the first year. For the second year, less than 40% of the forecasted consumption is hedged. Since we implement the strategy systematically, it means that we are impacted by the prevailing market spot price with a certain delay. The strategy gives us a certain degree of stability and visibility of how our cost structure will develop. On the next slide, and on the debt structure, there has not been large movements recently. However, in the fourth quarter, liquidity was strengthened by the net cash from the Decor transaction. Proceeds has partly been used to repay indebtedness outstanding onto the commercial paper program and the syndicated debt facility in Brazil. The rest of the proceeds we keep for general purposes. Now over to you, Helen. Thank you, Jorn. In conclusion, the company and the transformation, as you've just seen, delivered a really strong performance in 2022. I also know, feel, and hope you do as well, that we're very well-positioned, both with our global footprint and our technology for the future. The technologies that we have are very well matched to the bigger issues and the challenges in the markets that we serve. We're entering the next phase of our growth transformation through sustainable innovations, continuing the journey, and I certainly am confident and motivated by the steps that have been taken so far and the opportunities that are ahead. With that, we would like to open up for Q&A. Thank you, Helen. Thank you, Jorn. All right, operator, do we have any questions on the line? If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. The next question comes from Patrick Rogers from Diameter Capital Partners. Please go ahead. Hi, guys. Thanks for taking my question. Welcome. Great to hear from you, new team on the call. I'm wondering if you could give us some indication of volume performance across the subsegments, if you're seeing strength or weakness in any particular places. Well, our intention is to keep disclosure at the level that you are used to, so to speak. We are not going into kind of different divisions or business units as such. Of course, as I just said, of course, Q4 was slightly weaker than the year before. And well, as the market was and due to the inventory adjustments, we're not kind of talking about individual businesses, if you like. Got it. Thank you. What about the pricing environment? Are you guys seeing any pushback from customers as sort of, you know, you continue to see some inflationary costs and have pushed a lot of price over the last year? Yeah. Maybe I can take that. It's a great question. I think what's interesting is, in general, I'm gonna say no. There's a couple of spots that the conversation started, actually pricing is holding up well right now. Okay. Just two other quick ones. Do you mind providing some color behind the step-up in integration and transformation costs this quarter? Well, it all, to be honest, plays out as planned actually a while ago and before any of us, the two of us. Of course, there is just an awful lot going on, a lot of very, very good transformation initiatives that we are delivering on and that we are following up on very, very closely, with very high level of granularity. Yes, they have been increasing as planned throughout 2022. Of course, eventually that will be quite different from what you did see in 2022 on the cost side. Thank you. Last one from me. You talked a little bit about that you guys will see, you guys will see the market price, the spot price of natural gas, with a certain delay. Can you give us any sense of when you might see sort of like peak prices, flowing through from the prior year, from this year? Maybe if certain, national caps like you might see in the U.K. or Germany, should affect your total gas spend, relative to the hedges that you already have in place. I think on the volume side of the hedges or the volume side of our contracts, I think we are, we are actually where we should be. On pricing, I guess kind of, well, hopefully, well, who knows, right? Kind of, with what we have in place, then hopefully we're seeing the peak, kind of as we speak. Are you guys beneficiaries of any of the caps? No. Got it. Thank you. I'll turn it over. Thanks. The next question comes from Szymon Jaroszewski from the Carlyle Group. Please go ahead. Hi, good afternoon. I had very similar questions to the previous caller, so maybe I'll just clarify a couple of things. Am I correct in saying that the volumes overall in 2022 were slight, somewhat around 5% down year-on-year? Is that the correct math? Yes. Am I correct in also saying? I assume you're talking. Well, it's slightly less than that. It's slightly less than that. Right. Given that I think H1 was flattish year-on-year in volume terms, slightly down, and I think Q3 was around -3%, is it correct to say that, you know, Q4 was again show the step change in the volume declines? It's not, you know, falling off a cliff. Volumes are progressively getting weaker by the quarter. Yes, that is correct. Okay. Cool. Thanks. The second question or the third one, is about the M&A. Obviously, you raised some money in anticipation of certain acquisitions. Can you maybe provide some color on where you are in the process and maybe some color on the timing? Well, it's always difficult with timing, but as you can imagine, we are actively looking at whatever we think is interesting that will support and strengthen our business. As, well, as you alluded to, yes, we do have cash already if the right opportunity arises. It's really difficult with timing on those kind of things. Cool. Thank you. The last one I have you discussed with the board and your shareholder, whether existing liquidity is sufficient to consider a payment of a dividend or another distribution to your shareholder? We are distributing a little bit, so to speak, to our shareholders in general. Apart from that, then it is internally in structure then. In general, it is for general purposes, M&A, that we hold cash. I'm quite sorry. I didn't quite catch it. Is there a plan to pay a dividend or not at this stage? There's nothing new on dividends, no. It's not that we will use the cash that we now have to pay dividends in the sense that we're not seeing opportunities on the M&A side. That is definitely not how we are. That's definitely not the plan. Okay. That's clear. Thank you. Please state your name and company. Please go ahead. Yep. Good afternoon. Three questions from me. The first on transformation expenses. Can you give us a bit more color as to how those will trend in 2023 and then fiscal year 2024? I don't wanna be too specific on any of the line items in general, but well, they will trend downwards, that's for sure. Understood. Just regarding raw materials, so you break those out obviously. Can you give us a bit more color, excluding energy, the sort of inflation you're seeing around fibers, around some of the chemicals, and just wage inflation as well? Well, we are on the raw material categories, just assume that we are seeing the same inflation than everybody else buying those similar materials. On salary inflation, of course, it varies a lot from, well, around mid-single digits minus. Sorry, just to be clear, so is that growth mid-single digits versus fiscal year 22, or is that declining mid-single digits versus the fiscal year 22 levels across? I, sorry. I thought it was about 23, but it's more or less the same in 22 on salary inflation, right. Just lastly, regarding the divisional breakdown, from a volume perspective, can you comment at all around volume trends, where you're seeing a bit more strength, where you're seeing some weakness, as we kind of enter and get out of Q1 2023? Same as I said before, we are not kind of disclosing and discussing individual business units or divisions. Okay. Thank you very much. Please state your name and company. Please go ahead. Oh, hi. Hopefully you can hear me. Just a quick question on volumes for the current quarters. Is there still destocking taking place or are volumes beginning to normalize? We are still seeing some destocking in general in the business. Is that still the case in Q1? Yeah. Yeah. Okay. Just one final question, just in terms of EBITDA, obviously a sharp decline sequentially in EBITDA and margins. Should we be thinking, you know, the Q4 EBITDA margin is more reflective of what we should expect in 2023? Can you regain some of the margin that you generated in the first three quarters? I think you should see the quarters in 22 as kind of, well, as quarters in the sense that many things are moving between quarters. I think kind of take the full year as a better ratio, if you like, to kind of think forward than kind of take it quarter by quarter. In general, actually. In terms of the, maybe looking at absolute EBITDA, sort of in the 80s, do you feel you can get it back into the sort of above 100, which is basically what happened in Q1 to Q3, was well in excess of EUR 100 million in each quarter? That we are not discussing. As you can imagine, we are doing whatever to make as much money as possible for all of us. Okay. Thank you. Please state your name and company. Please go ahead. Hey, guys. You got Ryan from Blackstone here. I think a lot of my questions have already been answered, but maybe one or two housekeeping questions would be super helpful. Could you maybe spend a little bit of time talking through the IACs that you referenced earlier in the year, or earlier in the presentation? It seems like it was a pretty meaningful driver in the fourth quarter. It'd just be helpful to get a bit of color on what's actually going on there. Secondly, could you maybe just confirm the actual year-on-year EBITDA performance in Q4? I know there's a little bit of noise in the numbers given the Decor business carve-out, so I just want to make sure I'm comparing like with like. Finally, can you just maybe give us a little bit of color on the outlook for 2023? It seems like pricing has been pretty resilient so far. Volume is looking a little bit soft, at least through H1. Is it a case that you expect to post similar EBITDA growth in FY 2023, or should we expect a flatter year for the business more generally? I think the way you talk to pricing and volumes is quite accurate. That is kind of, yes, resilient pricing. The demand could definitely be better, as we talked about before. Still a bit of destocking happening in the fourth quarter. Well, same story, kind of, if you take it in general as we have seen, which is, well, as in Q3's kind of weaker, a little bit weaker volumes, then very resilient pricing. As Helen has said, kind of us able to kind of keep prices and get compensation for inflation and so on, so forth through higher prices. That was basically the same structurally, if you like, in Q4 as you have seen during 2022. In IAC, no, we're not discussing the individual initiatives, in the whole transformation program, but it is in general just more and more activity, as we are finding more and more to transform, which means that we are spending more money to hopefully gain even more, in the mid-term. Got it. Just a last question that on the housekeeping point. How are you viewing 4Q EBITDA for the kind of standalone business versus what you posted in a similar quarter last year? Can you just provide those two numbers just to make sure I'm comparing like with like? Everything is like for like in the presentation. I'm not sure I understood the question, to be honest. Maybe I'll follow up offline. All right. All All right. I just see a couple of different numbers. Yeah, you're welcome. You're Yeah, you're welcome. You're welcome. In the pre-read presentation. Yeah. All right. Got it. Thanks. Appreciate the color, guys, and welcome to the business. Thank you. As a reminder, if you wish to ask a question, please dial star five on your telephone keypad. There are no more questions at this time, I hand the conference back to the speakers for questions through the webcast. All right. Thank you. We have quite a few questions here in the chat box as well. Actually we have covered a lot of the topics. For example, the energy cost hedging for 2023, we have discussed. There are a few questions concerning the outlook for 2023 in terms of volumes and prices, which we don't want to comment on. There's a specific question concerning fixed cost development and the trend in that. Would you, Jorn, take that one? Well, if we are comfortable with current levels, we do think that we can do more, i.e., become more effective, more efficient in general. As you can imagine, we are definitely working on that. Again, but not guiding on it, but we are working on it. Was that it? Yeah. That was the question? Yeah. Well, that's actually sort of covers all of them, in the chat box. With this question, I hand it over to Helen for final remarks. Thanks, Johan. Thanks, everybody. Appreciate the interest and the questions, and certainly looking forward to the next quarter, and having the same dialogue. Thank you all.