Good morning, and welcome to today's webcast presentation, where we have Arctic Paper presenting the Q3 report for 2023. If you have any questions, you can use the form that is located to the right, and we'll take that up during the Q&A session. And with that said, please go ahead with your presentation. Good morning. My name is Michał Jarczyński. I'm the Chief Executive Officer of Arctic Paper, and together with Katarzyna Wojtkowiak, Chief Financial Officer of the group, we would like to present the financial result of Q3 this year, and as well to make the update regarding our strategy for the next coming years. Good morning, Katarzyna Wojtkowiak. I will comment first on the Q3 results of our group. The weakening of the economy in Europe that's started in the end of 2022 is continuing, and it's still affecting our segments of paper, pulp, and packaging. As we have said before and forecasted it, the demand for our paper for our products, pulp and paper, has started to pick up slightly in the Q3, which led to quite a good EBITDA of PLN 125 million, which we consider a good result, even though despite of relatively low capacity utilization. The operating cash flow in the Q3 was even higher than accumulated first and Q2 of this year. It was lower than previously, but still, considering the conditions and the economy, it's considered by us pretty good. We are maintaining good return on capital indicators and very strong balance sheet with low, even negative net debt to EBITDA indicator. As paper sales volume are still pretty low, but higher than in previous quarter, pulp volumes seems to pick up a little. If we go back to summary of three quarters of this year, we think that the results are relatively good. The EBITDA is strong, considering the capacity utilization. We can use our strengths and produce effectively and manage our costs in a very good and effective way. If we go to the paper segment, we can see that the paper prices compared to previous quarter has dropped a little, but it's around ±5% drop, and approximately between 9%-12% drop compared to previous year. But if you look at the chart, you can see that these prices are still far away from what was before 2022, and we can keep them on a good level and keep the good margins. If we go to the operating data, the average capacity utilization in the Q3 was 66%, which was, yes, lower than in the comparable quarter in 2022, but please see that it's 11% higher in the Q2, which proves our predictions of slight pickup in the demand. As for pulp segment, our group company Rottneros has already published their Q3 report last week. They have reached also a very good EBITDA of SEK 49 million. I think that most of you have picked up their report already. If we go to the development of a packaging segment, this segment is under similar pressure as the graphical paper segment. The weakening of economy is touching both segments of our activities, which causes lower demand. But we are concentrating at the moment on our joint venture investment with Rottneros on the packaging plant in Kostrzyn. As for power segment, we are continuing our investments. In Kostrzyn, we have a contract for a solar park of 17 megawatts, which has been already signed, and the installation will be operational in Q2 of next year. There is also a smaller solar installation that will be installed on the roof, and it will also start operation in the Q1 of next year. In the Grycksbo mill, we have decided to expand of the biofuel boiler, and we consider production of a wood pellet in that area, and it will contribute to our revenues of approximately SEK 100 million per annum. The investment, the CapEx for this investment is expected to be on the level of SEK 285 million, and the financing agreement for this investment will be signed very soon. In the Rottneros Group, I think this is something that you might be familiar with. There is a new solar park that will generate over 3 gigawatts of green energy and will be operational next year. The Rottneros Group will also provide grid services for Svenska kraftnät, and the Rottneros Group has signed the long-term contract for delivery of 30 gigawatts per annum from the wind park. If we go to the financials, and look at the EBITDA evolution, for the last 10 years, the levels of EBITDA from in this year are still low, much higher than they were previously. 2022 was an exceptional year, but please consider that we have also, we can see that change of the contribution of EBITDA, from both segments, from pulp and paper. At the moment, it is more of the paper segment, a bit less of the pulp segment, but this proves our good strategy of, let's say, financial hedging of both. If we go to the quarterly EBITDA evolution for the last 10 years, we can see that we are above the average historical levels, which proves that we are efficient, we are doing pretty good, pretty good despite of lower capacity utilization. The net debt/EBITDA level is historically low. We are having strong balance sheet, low level of debt. We are doing really good, and this in turn causes... Next slide, please, that our net profit per share is very is on a very good level for our shareholders, for our investors, and we want to continue this trend and bring you the good contribution. If we go to our focus areas, we have seen some early signs of recovery in demand, but our aim is to focus on margins. We want to grow with sustainable energy solutions. That's why we are investing in the biofuel and steam turbine in Grycksbo. We are having joint venture investment in our production facility in molded fiber trays in Kostrzyn, which is the expansion of one of the pillars of our strategy. Rottneros is leading an investment in the expansion of the CTMP capacity of pulp. Thank you. Michał, can you continue? Okay, thank you. And I would like to share some comments regarding our strategy and the plan for the next coming years. As you probably remember, three years ago, in 2021, we prepare and publish and start to implement our new strategy, so-called 4P. Why 4P? Because the strategy consists of 4 pillars, four segment of our key business, means paper, packaging, pulp, and power. And then in 2021, we decided that, okay, it would be good to continue with our two key elements. Segments means pulp and paper, 'cause we have a lot of experience, a lot of experience in this segment, and we have a strong market position, but it would be good as well to think about the future. We decided that packaging, especially packaging based on the recyclable product and fiber products, make a great future. And as well, we also decided that energy could be the critical point for the future, not only for running our processes, running our mills, but as well to have additional revenue streams. And also, our expectation regarding energy is that it seemed that energy business seems much more profitable compared to this traditional fiber and paper segment. 2021, 2022 and 2023, this three years period is a good time to evaluate the outcome and as well to discuss about the results. And so far, it seems that we did a quite right decision regarding the direction. The result which are delivered during the last three years shows that it was a proper, analysis, and we decided about the investment into, new segments, means pulp, paper, packaging, and power. Also, I would like to emphasize that our mature business, means which is stable, mainly on pulp and packaging, will continue. We were, we are, and we will be a stable, partner, stable supplier of high-quality paper and high-quality pulp for special application. It seems that even, with new investments, still these two segment, cellulose and paper, accounts for the majority of our revenues. Our activities in the packaging segments, are looking mainly for the functional paper. We discovered that it would be great value for us to be more active on R&D activities and to search for different barriers for the paper, which give different features for the paper for different application. During the last two years, we also discovered that the demand for the biodegradable packaging is growing, and it's also promising market for us and for our partners. We will not forget about investment in our key elements of the business, means pulp and paper, but we have no plan to make any significant increase of the capacity, but rather we would like to improve, and we would like to continue and to keep the long-term competitive position towards our competitors in the pulp and paper segment. We would like to focus our investment in these two segments regarding the energy saving, efficiency, digitalization, and automation. Regarding packaging segment, we are running the joint venture together with Rottneros regarding the molded pulp trays, and our aim is to run the full capacity by the next year, and then based on this market development, we are able to invest money for the next steps in Poland and abroad. The power segment, as you are familiar, the high fluctuation and on the energy market, 2021, 2022, shows that it's quite important to generate as much as possible on site. We, as a pulp and paper sector, we are quite an energy intensive sector, and it's important to produce as much energy on site. So far, more than 75% of energy is produced on site, but our aim is to develop this capacity to be totally energy self-sufficient by 2030. The second direction which we would like to invest into the energy generation is to install the energy generation dedicated for the market in Poland and in Sweden. Our plan is to be focusing more on the photovoltaics and biomass. We see that development regarding the windmills is more complicated due to legal problems, and it takes much more time to obtain all permits to build a wind farm compared to the photovoltaics and biomass. By 2026, based on the already decided and ongoing project, we will reach close to 25 megawatts of the green energy, and by the next project, which are on the different stages, we expect that by 2030, it will be close to 80 megawatt capacity. We also open to discuss about potential acquisition. In Poland and in Sweden, we are looking for a potential project, mainly on the photovoltaics, but so far, no decision has been made. If we'll be able to success with this, negotiation, our aim is to be close to 140 MW by 2030. In Sweden, we have already experience to provide the grid services to Svenska kraftnät, and the Polish market is maybe 5-7 years less developed compared to Sweden, but based off our experience from Swedish market, we would like to be a active player and to offer the grid services for the Polish, grid operator. Also, we decided to build a new facility, a new biomass plant in Grycksbo. The first aim is to reduce our cost internally, and the expected saving would be roughly SEK 50 million per year. Despite of this, we also would like to start a new business for us to produce pellets. For the first phase will be 50,000 tons by 2026, and even 100,000 tons by next 3-4 years. We are as a part of bio-based circular economy, the pulp, paper, packaging is a part of this forest-based industry with a strong root in Scandinavia and Western Europe, and we would like to be active player on this. The cellulose, the fiber, in fact, is the energy of the sun, transferred by the nature into the natural polymer, and then later on by us to produce paper or pulp for different application. We are also fully aware about this trend regarding to be less emission, and our aim is to be by 2035 to meet the Scope 1 and Scope 2. Of course, we will continue regarding the Scope 3, together with all partners regarding the entire value chains. We also have a big focus regarding the water reduction, and one of our Swedish mills, Munkedals, is one of the leader globally regarding how to reduce the water consumption for the paper production process. We also understood the corporate social responsibility of Arctic Paper towards the society, and our aim is to make a safety working condition, to develop the people, because we also fully aware that it will be more a problem to attract people for our pulp and paper sector. And I'm pretty sure that we'll be able to understand the future. Our aim is to invest into the four sectors, means pulp, paper, packaging, and power, approximately PLN 1.3 billion, which is approximately SEK 4 billion by 2030. And our aim is, as we discussed already and presented 2021, our aim is to finance our project by 40% equity and 60% external capital, mainly from banks or bonds. Today, we have a very strong balance sheet. We have no debt, that we are not exposed to the current fluctuation regarding the high interest rate and liquidity problem like some other companies, but our aim is to invest money for the future. And as well, our aim is not to exceed this net debt/EBITDA ratio by 3.5. So far, we are on the good track regarding this very solid financial resources. Regarding the investment, as already mentioned, PLN 1.3 billion will be spent in 34% for the paper, just to maintain competitive position; 31% for the power, mainly for the new energy, for the market and for the mills; 21% for the pulp; and 14% for the well-advanced packaging products. Our aim is to have quite stable structure of EBITDA by 2030. Our aim is that 40% of the EBITDA by 2030 will be delivered by the paper segment, 17% by energy, 33% by pulp, and 10% by packaging segment.... Our aim is to be perceived by shareholders as a mature, stable company with solid foundation and effectively managing risks. We confirm that we would like to maintain our dividend policy and planning to allocate between 20%-40% of the profit for dividends to the shareholders. Please point out that we did already last year this dividend, and the yield was close to 40%. I'm well convinced that this aim to develop in these four segments: pulp, paper, packaging, power, give a great future for the company and as well great, great, a great future for our shareholders. Thank you very much. Okay, thank you for that, presentation, and I will jump into the Q&A section here. We'll start with the first question: What are the key drivers behind the recent earnings beat, for the company, and do you expect these drivers to be sustainable in the future? Our key elements today is revenues from the pulp and paper sector. We are in the market since several years, and even despite the turbulence of this market, we are a stable supplier. We are convinced that the current trend to close some paper machines or even mills, or to conversion of the paper machines into the packaging business, and as well, quite stable supply value for the pulp producer, it give us a great fundament, great frame that both pulp and paper segment will be still a main segment. As I mentioned, our aim is that 70% of the EBITDA will come still from this already mature segments, means pulp and paper. What can you say about the volumes for Q4? Will you see better volumes than Q3? As we see that probably the bottom we have already in end of Q2, already the volume for Q3 was a significantly better compared to Q2, and Q4 should be much better. Of course, please remember that December is quite complicated because normally the business activity will be frozen by twentieth of December. But despite of this, I'm quite optimistic regarding the result of Q4 this year. How would you say that Arctic Paper is positioned to navigate the ongoing challenges in the paper and pulp industry, such as declining paper demand and pricing pressure? It's very interesting because even I fully agree that there is a declining trend for the paper demand in Europe, for all segments is between 2%-4% per year during the last several years, but our market share is growing. Even seven years ago, our market share was close to 4%, today it's close to 7%, even on the declining market. But the reason is that we have a quite good strategy. We are present on the well-defined segment niches, and we would like to continue to be a leader player of this niche, especially regarding the book paper. We are number one in Europe, and the deliveries from Munkedal to the European publishers and printing shops are close to 60% of European capacity of the books. That I'm quite convinced that based on continuing strategy to be competitive, to offer a good service, still there is a space for us, and we have no plans to decrease volume of the pulp and paper. Can you provide any insights into your company's strategies for managing costs, particularly in the face of fluctuating raw material prices and other operational expenses? This, our energy segment, is a good proof how we would like to manage. 2021, and even 2022, it was the year when several European industries, not only on the pulp and paper segment, but several companies, several production plant, has been affected by very high energy prices. Due to the fact that already some years ago, we decided to maximize on-site production, we were able to minimize this fluctuation, and still, we were able to keep our margins. So far, it seems that energy business is more profitable, and this is the reason why we would like to invest money into the new solar farms, new biomass projects, because we are convinced that even in the long-term perspective, the profitability on CapEx of this areas, it will be much higher compared to the pulp and paper. With the early signs of a recovery in the industry, what specific factors are contributing to the increased paper sales volumes, and how does this fit into the company's long-term growth strategy? Beginning of this year, it was a destocking process. Due to weakness of the European economy, several companies, based on the last year, big demand, they came to the beginning of this year with high stocks, and then the recession came across Europe, and due to the fact that our clients and the clients of our clients decided to, first of all, reduce the stock, and secondly, keep the costs. Now, after the summer period, we see a recovery. The demand is rebounding, and also, we're quite convinced that regarding the marketing expenses, next year will also give us much more opportunities to increase our volume. Maybe it will be quite difficult to achieve the utilization rate of 95%-96%, but it's quite important to emphasize that our activities regarding the cost optimization, what we did during the last 3-4 years, give us a great benefits. Please point out that today, when we are running only on the 70% capacity, our results are similar what we had 4-5 years ago, when the utilization rate was close to 95%. Okay, we'll take one final question here: Is there anything that you're excited for in 2024? 2024 definitely it will be the year of the new project. We have will be year of investment activities, especially regarding the biomass and the photovoltaic. We have already several project on different development phases. We would like to pick up the most interesting to make a decision, and to use our strength, financial resources, to, to finance the project, but still we remember that our aim is to share with our shareholders the, the dividend. And I'm pretty convinced that, already beginning of next year, we'll be able to propose to the Board of Directors a dividend based of this, quite interesting 2023. Okay, thank you very much for presenting to us today and answering all of our questions. Also a big thanks to all of the viewers who followed along Arctic Paper's Q3 report. Hope you have a great, great rest of the day, and until next time, thank you very much. Thank you very much. And goodbye. Thank you. Goodbye. Thank you. Thank you. Bye.