Good morning, everyone. Time is 10:00 A.M., and I would like to welcome you to this presentation of Actic's Q4 report. This report will be held by me, Anna Eskhult. I'm the CFO and acting CEO of Actic Group. I will present the Q4 report, and after the presentation, there will be a Q&A session where you will be able to ask your questions. Before we start this presentation, can I please ask you to mute your sound during the presentation, please? Thanks. We start with a summary of the year 2022, and in this slide, we wanted to highlight the key numbers for the year 2022, where we can see that the net revenues amounted to SEK 750 million, which is an increase with over 90% compared to last year. At the same time, we have had, according to our portfolio optimization strategy, decreased the number of clubs to 152, but we have remained a member base to the same level as last year with 184,000 members by year-end. This has resulted in an EBITDA of SEK 210 million, and excluding IFRS 16, an EBITDA of SEK 48 million. The average number of employees amounted to 604 employees for the full year 2022. Strategic initiatives. We will continue this presentation with a short overview of the strategic initiatives performed during the year. We started the year with a reorganization of the central support organization to enable a more decentralized organization model to adapt to the local markets. This has resulted in cost savings, where the full effect will be seen from 2023. During the spring, we also got a capital injection through a share issue of SEK 50 million, which has given us the possibility to support our strategy to invest in our key clusters. During the fall, we have put a strong focus on implementing a revised operational model with a clear ownership and responsibility for the clubs to support improved sales and retention activities, as well as the customer experience at our clubs. Finally, in Sweden, we have focused on the upgrading of key clusters in Uppsala and Falun, together with minor upgrades in other sites as well. In Norway, we have invested in key strategic clubs. The portfolio optimization work has also resulted in exit of clubs or sell of clubs, this has been clubs with low profitability outside key clusters or clubs that geographically does not fit into current strategy. We continue with the operational update for the fourth quarter. As I have mentioned earlier, our portfolio optimization has resulted in 15 fewer clubs compared to end of 2021. Despite 15 fewer clubs, we have maintained our member base at the same level and with an increased profitability. This is a result of the great work that is performed by our fantastic staff and how they have absorbed the revised operational model. I'm therefore very glad to say that we are, in terms of members per club, back to the levels pre-COVID. During the quarter, the upgrades of club have continued. In October, we upgraded 3 clubs in Falun. Falun is 1 of our key clusters with a strong development. In November, we upgraded our club, Furuset in Oslo, where we have installed 1 part of the gym for women only and 1 dedicated section for CrossFit. In December, we opened a new club in the center of Uppsala. In parallel, we closed the gym Boländerna in Uppsala. As I also mentioned earlier, we continued to focus on the revised operational model, the day-to-day work, and the consistent work with sales, service, retention, and product offer. To mitigate the increased cost level as a result of inflation, energy prices, and interest rates, we have, during the fall, initiated price adjustments both in Sweden and Norway. The adjustments are done step by step and will continue in all three markets, also including Germany, during 2023, and the adjustments are done on the current member base. If we continue with our financial update for the fourth quarter. Net sales amounted to SEK 188.9 million compared to SEK 187.5 million for the fourth quarter 2021. The average member base during the quarter has been higher compared to the same quarter last year, and this is the main reason for the increase in net sales. Also, higher average price affects the net sales positively. On the PT revenues, we can also this quarter see a negative trend with SEK 1.6 million lower revenues compared to Q4 last year. There is a difficulty to recruit PTs, which is something that we can see in the whole industry, but also the PT market is somewhat affected by the uncertainty in the macro environment. EBITDA increased to SEK 59.2 million, corresponding a margin of 31.3% compared to SEK 46.1 million last year. In the quarter, we have had a positive effect from reversal of non-used vouchers during the COVID period where clubs were closed in Germany and Norway. The reversal is based on the likelihood for the vouchers to be used, but has had no cash flow effect during the quarter. We have also seen an increased cost level for mainly electricity but also consumables affecting EBITDA level negatively during the quarter. I'm sorry. EBITDA excluding IFRS 16 amounted to SEK 19.9 million corresponding a margin of 10.5%. EBIT amounted to minus SEK 1.9 million, negatively affected by write-downs on intangible assets in connection with exits of clubs. As I have already mentioned, number of clubs amounted to 152 at year-end. Continuing with cash flow. Cash flow from operating activities amounted to SEK 41.5 million for the quarter, the cash flow for the quarter amounted to minus SEK 14 million. For the year, 2022, cash flow amounted to plus SEK 2.3 million. Cash position at the end of the year was SEK 34.9 million with undrawn credit facilities of SEK 30 million. Working capital is affected by increased prepaid cost and increased accounts receivable amounting to SEK 4.7 million. During the quarter, investments affected cash flow with SEK 16.7 million compared to SEK 6.1 million Q4 last year. Investments for the full year amounted to SEK 39.4 million, where the absolute majority has been invested in upgraded clubs. During the year, cash flow is also positively affected by the share issue, bringing in SEK 50 million. Here follows the development per segment for the quarter. Nordic's net sales amounted to SEK 172 million with an EBITDA amounted to SEK 48 million and EBIT of minus SEK 10 million. By the end of the period, we had 164,000 members in the Nordic, split it over 130 clubs. In Germany, net sales amounted to SEK 17 million. EBITDA was SEK 17 million and EBIT SEK 14 million. The member base was 20,000 by end of December 2022, and we had 22 clubs. That is the short presentation for this Q4 report. Now we will open up for questions. Good morning, Anna. This is Nicklas Fhärm with SEB Equities. Can you hear me? Yes, I can hear you. Hello. All right. Hello, hello. Thank you for a good presentation. After all, you're turning a plus SEK 50 million operating loss into close to break even for the full year 2022, which I think is an achievement. Now, my first question though would be, what is the magnitude of the price increases that have impacted sales in Q4, and what do you expect to do in terms of price increases in 2023, please? I can't really comment on the full effect because we are doing this step by step, and we have just started to do small adjustments during the fall. I can't say that the average prices increases in general, but that is also due to maybe less campaigns and average prices in general higher in connection with also price adjustments, so that is a combination of less campaigns and also price adjustments on current base. I understand. Let me rephrase the question. In terms of pricing strategy for this year, do you plan to compensate fully or partly for your expected cost inflation in 2023? I t will be difficult to fully compensate. We will do price adjustments at the level that we think is reasonable for our members and for the level that we have. That will be done step by step, depending on the segments, customer segments. Right. Thank you. A follow-up question would be, looking at PT sales, and this is in the context of sort of the evolving macro or top-down environment that we're in right now with, quite harsh consumer headwinds. I note that PT sales in 2022 decreased by pretty much 2 percentage points from 8% of sales to 6% of sales. Should we be contemplating that number to continue to be coming down in this year because of the cyclical nature of that service? Yes. I would say that the PT revenues will be affected by the macro environment, and there is an uncertainty how the market will respond to that product going forward. We are also looking into to develop the product segment in different ways to be more compliant with the circumstances around us and the macro environment. In general, I think PTs' revenues will continue to struggle a little bit even next year or this year. Just for the record, can you just say, you know, ballpark terms, or if you look at your PT sales margins in 2022, are they still as high as they used to be a few years back or pre-COVID? Yes. In terms of margin, there is no major difference, I would say. Right. Excellent. We have also adjusted, as we communicated in the beginning of 2022, the operational model with the more, well, the employment form of PTs. That is affecting, of course, a little bit the margin as well, but in general, no major changes. Perfect. Final question would actually be on cash flow, and I intend to ask you two things. First of all, it's quite encouraging to read the positive customer feedback from your refurbishments done, centered around Uppsala and a few other clubs. What is your CapEx plans for 2023? How many clubs will you plan to refurbish in this year, please? It's difficult to comment exactly because we are in the middle of planning the upgrades for this year. Of course, we need to evaluate the situation and the macro environment and what effect that will have on our cost base and also on the potential of selling memberships, of course. We might have to adjust our investments plan a little bit going forward, but we still see that what we have done in the key clusters that we have done upgrades in is really working well, and that is for sure something that we will continue to drive. It's difficult to say exactly how big part of the portfolio that we will be able to upgrade this year. CapEx this year, if I read correctly, was around SEK 17 million, was it? Is that the sort of the base case for this year as well in total? In total, 2022, we had the investment of SEK 39.4 million. Sorry, my bad. Yeah. T hat is what we are aiming for also 2023. Excellent. A final follow-up question on the cash flow question. Generally speaking, you had a very positive capital release, working capital release in Q4 2021, and you saw a slightly more negative working capital management in this quarter reported today. Could you give us some idea of, I don't know, where you think you should be in terms of working capital to sales in 2023? Is there any potential to improve, or are you basically coming out of COVID or coming back post-COVID restrictions getting closer to an appropriate level that is where you are right now? I would say that This has been a very ups and downs in working capital during the year, I think we are going towards a more to the levels before COVID, I would say. In more normal levels. Right. To sort of working capital to sales, 2019 or something like that is sort of where you're aiming at. Yes. Yeah. Okay. Okay. Very clear. Thank you very much. This is all from me for now. Thank you. Thank you. Any other questions? It's Nicklas again. Okay. Can I have one more question, please, Anna? Yes. Y our financial targets is based on a 5% organic growth per annum over a cycle. Do you think this year will be a little bit more of a normal year, when we summarize probably a more challenging first half and hopefully a slightly better second half this year? Our financial target is still there. I think that is what we are aiming for. The portfolio optimization work is still continuing. Of course, we want to also add new clubs through greenfields, et cetera, during the year. But it's difficult to say what we will have the possibility to do, but that's also part of the portfolio work that we are working on. Right. Final question? Looking at your net financials and more specifically, interest rate costs, you obviously have renegotiated the covenants, terms, and everything, and I was just wondering if we should anticipate a slight step-up in interest rate costs in 2023, depending on sort of your debt structure, of course. That is what we see, that we unfortunately have higher interest rates going forward. All right. That would be all for me. Thank you so much. Thank you. If we haven't any other- Hello? Hello? Yes, hi. This is Barbara Smit from Fitness News Europe. I have a couple of questions as well. I was just wondering if you could provide a little bit more color maybe on what it is that members appreciate about the remodeled clubs. Secondly, also wondering what is the plan in terms of leadership for the company as I seem to recall that you've been the interim chief for quite a while now. Thank you. Yes. Hi, Barbara. Firstly, I can say that what our members appreciate with when we upgrade our clubs is some part the layout of the clubs, maybe the how we install the equipment with more free weight areas, more open areas. We can have group training within the gym. We also have, of course, new equipment and also refurbishment in the layout, just looking and feeling a little bit nicer in general, I would say. The free weight area is very important, and the group training possibilities outside in the gym is also appreciated, and new equipment, of course. When it comes to the setup that we have, I can't really comment on that that much. It's a decision for the board to decide when it's time for a permanent CEO. This is the situation we have, and we will come back when if things changes. Okay. Thank you, Anna. Just on the first one, we had some of... well, quite a lot of operators, other operators saying that group exercise is doing quite well post-COVID. I was just wondering if that's a trend you see as well, I mean, in terms of maybe the small group training that you just mentioned on the gym floor but also more general group exercise. Yes. In general, group exercises is a very appreciated product and we can also see that members that is participating or have a group training in their memberships is also very pleased and stay longer than other members. W e as rest of the industry see that group training is very important for us. It's something that we try to develop all the time to have competitive classes and so on. Would you say it's more important than it was, you know, 4 years ago? Not more important. The same importance, I would say. But to develop group training, maybe as we have tried to do with the smaller groups in the gym area, that is something that we're also looking into to offer all members some kind of group training, even though not the same type of group training that you normally think about, for example, in special group training classes and so on. But it's still important, very important. Great. Thank you. Thank you. If there aren't any further questions, I will thank you so much for listening in today and wish you a nice day. Thanks a lot. Bye-bye.