Thank you for the introduction, and welcome back from holiday, or I hope you enjoy your holiday if you're still on holiday. Welcome to our interim management statement Q2 2021. In terms of net sales, we have a weak Q2 and for different reasons. The first one is that last year, our customer who order to prepare prior to the pandemic and wanted to make sure that the probiotics in their warehouse. We had an extremely strong Q2 last year, so that's the first reason. The second reason is that Q1 2021, we had a lot of orders that was planned to be delivered in Q2 that have been shipped within the last week of Q1 and mainly to China, which make that our Q1 were particularly good. I would say the last reason is the strong Swedish krona. You could see that the total sales are -17%, but if you exclude the currency impact, it's only -8%. In term of year-to-date sales, here as well, -5%, but if you exclude the currency impact, we end up having a +5% increase. A bit like last quarter, we have pretty big differences per region. We have the Americas over-performing. We have APAC back on track, and we are still suffering in EMEA. In EMEA, the decrease is mainly due to the fact that we have a really strict medical marketing approach. We sell mainly via OTC and pharmacy, and therefore the pandemic has been impacting us dramatically. In the Americas, we have an omni-channel strategy and therefore the results are much better. In terms of product, the sales mainly decreased for Protectis tablets and the drops in the second quarter. I will come back to that later. I should anyway add perhaps that we have managed to maintain our EBIT margin at 34% as that's our objective, and that's mainly thanks to careful management of our cost. Next page, please. Key events during this quarter, well, we add one new market. Now we are selling our probiotics in 110 countries, and Egypt joined the family BioGaia distributor in April. A very interesting new randomized double-blind placebo-controlled study has been published regarding upper respiratory tract infection in children. Here that's really for us a new avenue in terms of product development. Pediatrics are key areas. We have already the network, we have the knowledge, and now we have two published very strong clinical study in upper respiratory tract infection. That we see as a very interesting strategic new avenue for us. On May 20th, we announced that we've taken over Finland. We stopped working with Verman, and we have created our own distributing company. We have recruited a managing director, Minna Tähtinen, that has already started. We are very happy because for the first time, we're going to have the BioGaia brand available in Finland because before Verman was only selling his own brand, Rela. That's a very good news for us. Finally, on the July 2nd, we announced that we acquired the remaining share. We own fully our research company, MetaboGen, and we are here as well, very happy about it because as you know, they are dealing with anaerobic strain, which is a very interesting research avenue within probiotics. Next page, please. In term of launches, we managed anyway to have 8 launches despite the pandemic. We have to mention that a lot of countries have decided to launch the product plus vitamin D, and that's mainly because the consumer knows that to strengthen your immune system, vitamin D help together with probiotics. You could see out of these eight launches, we have three containing vitamin D. We have to mention as well that we are expanding our leadership on all probiotics with Prodentis, and this quarter, so we launch in Australia and in Czech Republic. Next page, please. To come back to the sales, obviously -17% for the quarter, we are not really satisfied with that. Having said that, as I mentioned in my indicative summary on the year-to-date we are at -5%, and if you would exclude the currency, that will be +5% in year-to-date. Pediatric sales has been impacted more this quarter even if the drops plus vitamin D has increased, but not the total drops. It's probably because pediatrics product are really dependent on recommendation from the healthcare professional. Obviously, if it's your first baby as a mother, you will ask your pediatrician what you should do. As the contact with the healthcare professional and the visit to pharmacy has been reduced by the pandemic, we do believe that has affected the pediatric more. Whereas on the adult self, you dare to buy even if you don't have had a recommendation from your doctor. That might be one of the reason why. Next page, please. Per region, here, for the one following the BioGaia carefully, when I joined the company, I said that I wanted to have a better split of sales per region, it's actually happening. Obviously, I would have preferred it to happen with EMEA still growing, if you look now year to date end of the quarter, the split between EMEA, APAC, and Americas region, it's much more equal than it was when I started. I'm very happy with the evolution in Americas and APAC. Now we can really minimize the risk by being strong in the three regions. To come back to EMEA, which is really our problem this year, we have large markets such as Italy and Spain that are still suffering. I think it's going to recover because now both with Recordati and Noos in Italy and Recordati in Spain, we agreed on a very intensive online strategy. I think that's going to pay back, but of course, it takes time. We are still suffering there. Worth mentioning anyway on the positive side, or in part because I'm French, but that France is doing very well. I do think that at the end of the year, that might be one of our leading markets in EMEA. It's a satisfactory news. In terms of, if you look at APAC, it's back on track for the quarter. It's stronger year to date. This quarter, we could flag the good sales in Australia. We had a couple of launches, and it's doing very well both with Nestlé, and with our own brand via our distributor. In year to date, Japan is increasing as well, despite a pretty strong lockdown that has affected oral dental clinics. We are happy with the result. A strong increase in Vietnam and Korea. It's driven by online sales. In China, we had a bit of decrease, but that's mainly due to the fact that we were out of stock, which is not satisfactory, of course, because we would have preferred not to have any out of stock. That's why we had as well all this order ending in the end of Q1 to avoid out of stock, but we didn't manage it. At least the demand is still there from the consumer. Americas is really the nice part of the presentation, both in Latin America and in U.S. and Canada, all these markets are doing very well. As stated in the quarter report that you might have read already, we are so happy to be, for the first time in our history, the number one probiotic strain in Brazil. Here, Aché has been a fantastic job and even digitalized all the way of working. We passed Enterogermina for the first time. In the region, LATAM region, we are now number two, and that's here as well because most of our competitor have decreased the investment, whereas we maintain our investment in term of R&D, and we launched Gastrus pretty successfully. It took us a lot of time to get it validated by the regulatory authorities, but now it's done, it's launched, and it works very well as we open three new markets, Uruguay, Ecuador, and Argentina. Next page, please. Gross margin, not a lot of things to comment. Year to date, maintaining very stable. During the Q2, we have a slight increase on the asset sales, but it's just because we had some royalty in Japan, I don't think it takes much more than that. We're happy to be able to maintain this very high level of gross margin. Next page, please. Then I will ask Alexander to go through the financial. Yes. Thank you. If we move on to slide number nine, which is OpEx. If you go through our OpEx here, you can see that our OpEx has been basically flat. It's 3% down versus the previous year for the quarter. The reason is that we have basically kept the activity level at the lower level and flat compared to one year ago. Sales costs are basically flat. R&D costs are slightly higher, and that is due to some clinical studies that were previously delayed or postponed that have started now. Then we have the line item other costs, which is mainly a negative currency effect, which is somewhat lower negative currency effect this quarter than one year ago. As for the non-core OpEx, this is MetaboGen and (uncertain) Pharma subsidiary. As for those costs, they are also slightly lower than in the same quarter last year. Overall, our OpEx is basically flat. If we move on to the P&L, page 10, is basically then a summary of what we have said previously. Our sales decreased with 17%. OpEx decreased with 3%, and that led to an EBIT of SEK 69 million versus SEK 100 million one year ago, a decrease of 31%. As Isabelle said, this is an EBIT margin of 34% in the quarter according to our financial target. Move on to the next slide called cash flow. You see that our cash flow from operating activities increased to SEK 55.8 million versus SEK 37.8 in the same period last year. Cash flow from investing activities was basically zero, and cash flow from financing activities set to SEK 1 million. This is the dividends. All in all, this led to a cash flow for the period of SEK 16.2 million versus -SEK 38.7 million in the same period last year. That leaves us with a cash at hand of SEK 1.47 billion. With that, I hand over back to Isabelle. Yes, to conclude with the presentation, I would just summarize in four bullet points to say that as expected, we had a challenging Q2 compared to a very strong Q2 last year, driven by pandemic stock buildup from our distributor and some large orders shipped last week of Q1 this year as extended in my introduction, plus the currency impact. I just want to say that we are anyway being able to manage our P&L pretty carefully, and managed to maintain the EBIT margin at 34%. We can really see a reinforcement of the sales trend per region with America over-performing. EMEA is not recovering while APAC is back on track. What we've been doing, we follow our strategy, and we keep really focused on our journey towards B2C. Both in terms of organization, we have created the BioGaia DigiZone. We have a new entity reporting directly to me to drive our digital agenda, both in terms of marketing but in terms of sales as well. That's something I keep repeating to the team. We have a new marketing B2C headed by Linda, and we've recruited a lot of people for social media content management. There is a lot of activity, and they all start on next Monday. We have a new team coming on, and you're going to see much more happening on the market. I would like to conclude by saying that thanks to our new product launches, so you see Gastrus in Latin America as an example, and Prodentis Kids in the U.S., which are based on the current strength, but as well our proactive research effort towards new strain and indication, and you've seen the upper respiratory tract infection. We have a long-term consumer trend promoting food supplement intake to prevent being sick. We have a clear and consistent B2C strategy. We remain confident for the future of the company. I understand that you might be slightly disappointed by the Q2. At least I remain very confident. I think we have the right strategy, we have the right consumer trend out there. We are very well equipped to seize the coming opportunities. Thank you for your attention. I will be happy to take questions. Ladies and gentlemen, if you have a question for the speakers, please press zero one on your telephone keypad now. If you wish to withdraw your question, you may do so by pressing zero two to cancel. Our first question comes from the line of Kristofer Liljeberg of Carnegie. Please go ahead. Your line is now open. Yeah, thank you and good morning. My question is much related to Europe. I think sales in EMEA is probably now the lowest for the first half since 2014. First, I wonder why there's such a big impact from the pandemic it seems here in the second quarter when Europe has been opening up. Is it so that this is more of a structural problem? I think you've mentioned that a little bit, that you're too reliant here on physical pharmacies. You mentioned also the new online strategy for Europe. If you could maybe explain a little bit more what you're doing and how soon you think that will start to benefit sales. Thank you. Yeah. Hi, Kristofer. Well, indeed, in EMEA, there is a lot of reasons. The first one is that in every European market where our indication are more towards, I would say, treatment of problem like colic or diarrhea or that kind of stuff, that's where we've been impacted. That's exactly what has happened in Italy and Spain, where people take probiotics when they take antibiotics. During the COVID-19, people have half of their disease than COVID, but they have not been exposed to flu, they've not been exposed to anything. There was no antibiotics treatment. If you take the case of France, that's why I was flagging up before, France has a different strategy. France has always been working with midwives as a prevention. What France is saying to pediatric, in that case, our distributor, is that at first day of life you have to take the drugs for your baby, to avoid the baby to have problem, gastro problem, and colic problem and so on and so forth. In that market, we see double-digit increase. Whereas in old-fashioned markets like Italy, where it's taken when you have a problem, the market totally collapsed. It's not only us, the whole Italian market is down by 35%. We are not doing better, which I could have hoped for. The whole market is collapsing and we don't communicate directly the turnover for market. Italy, that was one of its markets selling for SEK 60 million. When a big market like that is suffering, the whole EMEA suffers. We could do the calculation, and we've done that internally. If we exclude Italy, then the picture is different, even in EMEA because France is doing well, South Africa is doing well, Turkey is doing well. We lost a lot of the Italian business, and that's why it looks so bad. We have two distributors in Italy, Noos and Recordati, and especially Recordati, they have recruited a whole new team as well, to take care of their online. Now you can find our product on Amazon in Italy. They are helping the pharmacy to sell more online. They started nine months too late. They understand that, and Noos does understand it. They might not have the similar quality of digital talent in their company, but here as well, they have recruited a new sales director, and they understand that, okay, online is not the enemy. Online is just a complementary channel, and basically, it's up to the consumer to decide how they want to purchase. If you're not there, then you're sure that you are not going to meet your consumer. That's a bit kind of the perfect storm, but I see a better outcome coming from this market, and I see France really booming and South Africa, we don't know about the pandemic what's going on, but just now it's doing very strongly. You mentioned Italy, is it the same more or less in Spain, which has also been weak during the pandemic? It's the same, but it's not as bad because the distributor is a bit more reactive. The market was poorer in terms of percentage of our total turnover. It's not fantastic, but it's not dramatic either. At this point, would you be happy to maybe provide some outlook for sales for the group here in the second half of the year? You were growing 5% first half of the year. Do you expect full-year sales to be up more than those 5% that we've been growing so far? I will not change the rules, and I will not disclose any figures. In terms of trends, if you look the last year per quarter, you will see a strong Q1, extremely strong Q2. We had SEK 245 million of sales. If you look at Q3 and Q4, they are really, really low. You can do your own calculation, and I know you will do that. That's why I remain very confident because Q3 and Q4 last year, Q3 is nonexistent last year. I see all the initiatives that we've been implementing under Q1 and Q2, they are going to pay back in Q3. We have this Immune Boost launch in the U.S. We do believe with school start, we have a strong school start campaign in a lot of countries towards children. Where they are going to go out, they are going to have a cold, they are going to have problems. I'm not super worried. I will not give you any figures. Yes I will leave you doing that calculation for us. Okay. Sounds fine. Thank you very much. You're welcome, Kristofer. Thank you. I do remind you, if you do wish to ask a question, please press zero one on your telephone keypad. Our next question comes from the line of Mattias Häggblom of Handelsbanken. Mattias, you might be on mute, or I don't hear you at least. Okay. It would appear that we have lost Mattias. At this stage, we have no further audio questions. I'll hand back to the speakers. If we've lost Mattias, if you hear me, you can call me afterwards. That's fine. Thank you for your attention, and looking forward presenting Q3 in a couple of months. Have a very nice day. Bye-bye. This now concludes our presentation. Thank you all for attending. You may disconnect your lines.
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