Good morning everybody, welcome to our first quarterly report webcast. Despite this being the first call of this kind, Beijer Alma has, of course, been a public company since 1987, by that, published well over 100 quarterly reports. My name is Henrik Perbeck. I've been the CEO of Beijer Alma for three years. With me, I have Erika Ståhl, our CFO since August last year. Good morning, everyone. In addition to the overall performance of Beijer Alma Group, we will also today discuss our reporting segments, our three subsidiaries. These are Lesjöfors, full range supplier of standard and customized industrial springs, acting globally and with the majority of its sales in Europe. It is Habia Cable, one of Europe's largest manufacturers of custom designed cables for customers in telecom, nuclear power, defense, offshore, and other industries. Beijer Tech, which specializes in industrial trading and manufacturing within fluid technology, as well as consumable components and machinery for Nordic industrial companies. Beijer Tech is also a platform for acquisitions into new industrial niches. Next page. Can you go straight to page four, please? I am happy to report that the first quarter has been a strong one, with increased profitable growth, thanks to the strong recovery in demand and continued cost control. We saw favorable demand in most customer segments and geographies. Order bookings and sales increased both compared with the previous quarter and same quarter last year. Together with a competitive cost base, this led to the strongest quarterly result in the group's history. Looking at the subsidiaries, Lesjöfors saw a broad uptick both in order bookings and sales, in particular in the chassis springs business area. Production was in full swing to meet demand after this year of weird effects from the pandemic. For Habia, order bookings and sales recovered compared to preceding quarters as demand increased, especially among industrial customers. Also, Beijer Tech noted a stronger demand with organic growth both in order bookings and in sales, in addition to the profitable growth from its acquisitions. Next, page five, please. Now, continuing with an overview of the group's financial performance. First, I want to make two comments regarding effects of the COVID pandemic. First one, related to last year, and the comparables we are using. Last Q1, we actually had very limited COVID effects. All in all, the comparables are quite normal. This year, we have really not seen significant impact on our customers' demand during this quarter. Of course, it impacts our way of working. Many are working from home, almost no business travel, and that gives a somewhat lower overhead cost level. Looking at the performance, we can see that order bookings grew by 16% organically, and net sales somewhat less by 8% organically. The operating result is up significantly to SEK 250 million, with a margin of 16.7%. This I see the margin improvement is an improvement also from last quarter, Q4, which contained some one-off effects. Below left, you can see the share of revenues in our subsidiaries during the quarter. I will now move on to cover these in more detail. Next, page six, please. Lesjöfors, our spring manufacturer, is organized into two business areas, Industry or Industrial Springs, which are mainly customized products to a very diversified customer base globally. The other business area is Chassis Springs, which are standardized replacement springs sold to car parts wholesalers, mainly in Europe. Order bookings for Lesjöfors increased by 29%, which was a very strong development. It was broad across business areas. To be fair, we did actually have some COVID impact last year in the order bookings, especially for chassis springs in the very end of March. The sales grew organically by 14%. For Industrial Springs, the largest business area, growth was 3%. Here, Asia stood out as the highest contributor to growth. For the chassis springs, increased end customer demand was driven by a colder winter condition than last year, which tends to increase the need to change springs and has a clear impact when comparing demand between the years. In addition, our customers, the wholesalers, builds up inventory to meet this demand, which amplifies the effect for Lesjöfors. The operating result increased to SEK 172 million, with margin improvements broadly across business areas and geographies, thanks to cost control and high production utilization. Actually, also here, it's an underlying continued improvement from Q4, which did contain some one-off effects. Next page seven, please. Now to Habia, our specialty cable manufacturer. Habia is no longer organized into business areas. Still, the sales to nuclear power, defense, and offshore are usually strongly project-related. This can create more volatility, and that's why we show the dynamics of these customer segments down on the left. Demand for Habia came back this quarter from preceding quarters, albeit still lower than last year. Order bookings amounted to SEK 198 million, which is down organically by 11%. Net revenues declined by 6% organically. The product mix was positive, both from project deliveries and also within telecom. Together with the structurally lower cost base, the profitability improved significantly, as you can see on the curve on the right. Operating profit amounted to SEK 26 million in this quarter. Next, page eight, please. Beijer Tech operates in two business areas, fluid technology and industrial products. Mainly in trading, but also manufacturing and customized products. As I mentioned upfront, it is a platform for acquisitions into new products and business areas. INUstyr, active in building automation, was acquired half a year ago and is reported into industrial products. We're happy to show organic growth in both order bookings and net revenues by 8% and 5% respectively. In addition, the acquired growth are contributing to profitability. All in all, the operating result increased to SEK 23 million this quarter. Regarding acquisitions, I will shortly come back to positive events in April. Next, page nine, please. I will now hand over to Erika Ståhl to further comment on the financials. Thank you, Henrik. Let's move on to page 10, which is a summary of the strong beginning of this year, and I'm going to highlight a few things that have not already been mentioned by Henrik. We have an operating margin of 16.7%, which is the second highest in a very long time. Actually, already in Q4 last year, we had a slightly higher margin, but that included some one-off items. Excluding that, Q1 2021 is actually the highest margin we've had in the last almost 10 years. We are also recording a good cash flow, where the increase in working capital was compensated for by higher results. I also want to point out the net debt and cash positions. Net debt is up versus year-end, and the cash position is down. Please keep in mind that we have dividend payoffs of 180 million SEK now in March. Also we had, about a year ago, we added SEK 300 million of additional credit facilities that we did not extend over the year-end. That we no longer have in our available cash position. Despite this, we do still have a very strong financial position after the closing of Q1 2021. Please move to page 11, please. This is a page with two bridges, one showing the order bookings and the other showing net revenues. As you can see, both of them have currency headwinds of 5% and 6%. We also have 2% of acquisition impact, this is coming from the acquisitions in Beijer Tech. As Henrik already mentioned, we did see some impact from the pandemic already in the end of March last year. That, of course, is affecting our order bookings development year-over-year. However, I still think that the 16% organic growth in order booking is quite impressive. Our net revenues had an 8% organic growth. Let's move on to page 12, please. Here we have two other bridges showing the contribution from the subsidiaries on net revenue and operating results. Both Lesjöfors and Beijer Tech have reported organic growth in net revenue, whilst Habia had a decline versus the first quarter last year. If we look at the operating results side, all subsidiaries contributed well. As Henrik has already mentioned, Lesjöfors improvements come from many business areas and geographies, and it's related to a good cost control and high production utilization helping result improvement. Despite the negative development of net revenues, Habia presented a result improvement, which then is supported by favorable product mix and a lower cost base. Also for Beijer Tech, we had a favorable mix, which then is combined with lower levels on the cost side, and we had good contribution from recent acquisitions adding to that development. All in all, this leads up to the 215 million SEK operating results for first quarter 2021. Now I hand over back to you, Henrik. Thank you, Erika. Next page, 15, please. Coming back to some events after the quarter, and during the quarter, we maintained a high focus for further growth by acquisitions. In early April, we could close two transactions. On April 1st, Beijer Tech acquired Noxon. Noxon provides decanter centrifuges, polymer machines, control system, and after-sale service related to water treatment in several applications. It has revenues of approximately SEK 70 million and good profitability. Noxon will complement Beijer Tech with new products and customer segments in the fluid technology area. On the 6th of April, Beijer Tech acquired 75% of Novosystems. Novosystems is active in building automation systems and offers energy-efficient solutions for public and private customers in Sweden, with revenues of approximately SEK 50 million and favorable profitability. Novosystems will be included in Beijer Tech subsidiary in Sweden to build a stronger player in the Swedish market covering complementary geographies. I'm very happy to report these two acquisitions. On April 12th, we announced that Habia Cable had been exposed to a data intrusion. The incident impacted large part of Habia's operation. Habia has informed affected customers of the situation. It is acting according to its business continuity plan in order to return to normal operations and full production at all plants as soon as possible. Habia is working with leading IT security experts to restore affected IT systems. It's still too early to determine the ultimate financial impact of the data intrusion, but it is expected to be limited through the group's cyber insurance policy. Next page, 15, please. Our sustainability work is of heavily increasing importance. In March, we published our 2020 sustainability report. Today is a good opportunity to present our focus and also progress. In 2019, we set our objectives for the next five-year cycle in areas relevant for Beijer Alma and its operations and related to the United Nations sustainability development goals. The main objectives are, number one, sound business ethics with social commitment. Number two, more efficient use of resources, mainly energy and waste management. Third, reduce climate impact. Last but not least, number four, safe and stimulating work environment. Next page, 16, please. To update on the progress in 2020, which was a very special year, we still made improvements in most areas. In particular, I want to highlight in terms of climate impact, we reduced our carbon intensity by 14%. On that theme, not yet seen in the numbers, we have in the last 6 months installed solar panels on 2 factory roofs to supply the factories directly with electricity. In addition, recently, our Lesjöfors plant in Värmland completely switch to biogas in the heating processes, which will reduce our local footprint by over 70%. I am also very happy to see that workplace accidents are continuously reduced. This is our highest focus, no matter where in the world we have our production facilities. Now, of course, there is much more to read about our initiatives in our annual report and sustainability report, please have a look there. Next page 17, please. As many of you know, we do not guide or give specific forecasts for the future. Instead, I want to wrap up by summarizing our strategic focus now that the pandemic is losing its grip. We focus on profitable growth, both organic and through acquisitions. Of course, during last year, we held back some of the investments, but now we see as business is normal again, we want to support our subsidiaries in new initiatives to drive organic growth. Beijer Alma has a stable earnings base thanks to customized products and a diversified, not a local customer base. The resilience in the supply chain and delivery to customers is key, and this is something we could really prove during the last year, and it's likely to be of strategic importance going forward as supply chains are regional more and more and maybe not as global. Increased acquisition focus. We continue consolidation of the industrial springs market through Lesjöfors. Beijer Tech can be seen as a compounder within industrial niches. At the same time, we are looking for opportunities for portfolio acquisitions in the Nordic industry. This all supported by a strong financial position to finance acquisitions. Overall, we are a long-term owner and believe strongly in a decentralized governance structure to empower our local management and encourage entrepreneurship to make the best business decisions locally close to our customers. Next page, please. We now open up for questions. Operator, please. Thank you. If you do wish to ask a 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. We have a question coming from the line of Carl Ragnerstam from Nordea. Please go ahead. Your line is open. Good morning. It's Carl from Nordea. In the report, you state that you experienced some inventory buildup, especially within the chassis spring sub-segment. My question is if you see any changes in that picture at the end of Q1 or maybe going into Q2 or maybe do you see that the distributors already have a quite high inventory level after the buildup in Q1 or how should we look at that? Well, yeah, just to clarify, it's not we that experience the buildup, but it's right that typically when the end customer demand grows, meaning the actual springs that are changed out in the workshops all across Europe, our customer, the wholesaler, needs to build up their inventory. As I said, typically the effect is amplified and normally the seasons for the chassis springs are in Q1, there is a buildup season. In Q2 is the main season for out on the market. Of course, that will be very different dynamics from last year, obviously, where the whole Corona hit very harshly in Q2 all over Europe. You'll see different dynamics compared to last year's numbers, but much more normal dynamics with a strong Q1 and the main season normally being in Q2. Okay, perfect. In Habia Cable, would you say that we in Q1 saw the full impact of the cost out program, or will it probably be seen first in Q2, the full impact from the savings? I would say you saw the full impact already now, actually already last quarter. What you're referring to is restructuring. Exactly Restructuring costs in last Q2. Yes, you can see the full impact now. Perfect. Another question, might be a bit difficult to answer, but I would try it anyway. In Lesjöfors, you managed to lift margins by 500 basis points year-over-year. Could you please help us bridge that? How much is maybe temporary cost savings, structural ones, as well as a positive margin mix, probably from a high chassis springs share of sales? The margin improvement, as I said, was broad across both business areas. I would say that, of course, there are, as I mentioned, some aspects of the way we are working right now with reduced travel and exhibitions and all that. All in all, for Lesjöfors, that is not significant. I think the real lever here is that we now have, based on a competitive cost base and some savings that were made during last year, we now have a high utilization again in most of the factories. I would say a large share of this is on these production levels and demand levels is indeed sustainable. It's very hard to say exactly what impact the way of working has. To be fair, we might not go back to exactly the same way of working even when we are allowed to. Yeah. Okay, perfect. Also on the component and raw material side, firstly on the raw materials and specifically the steel price rally, how will this impact you? Have you implemented price increases, and are you able to push forward the vast majority of the price increases? Also, do you experience any component shortages that might hamper growth in Q2, or how should we look at that? Regarding the raw material price increases, yes, they are indeed significant, especially for metal. That is, of course, mainly impacting Lesjöfors. This is partly handled in some instances. There are, even in the contracts, indexations that take care of this, but certainly with these kind of changes, this is absolutely a reason for price increases, and the organization is actively doing this. Regarding components, we are not so much affected by lack of components directly. We mainly use raw material, as we talked about. Of course, there could be an indirect effect going forward, but related to our customers, if they lack other components that could affect their production output. We have not seen that so far. Okay. That's all from me. Thank you. Thank you, Carl. Thank you. As we have no further questions, Henrik Perbeck, back for closing remarks. Thank you everybody for joining this first call, and have a good day. Thank you very much.
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