Hello, and welcome to Bulten's presentation for the third quarter of 2023. My name is Ulrika Hultgren, and I'm Head of Corporate Communication and Investor Relations. Presenting the report are Bulten's President and CEO, Anders Nyström, and our CFO, Anna Åkerblad. As usual, we'll be able to ask questions after the presentation, both on the web as well as in the telephone conference. And I will now hand over to Anders. Thank you, Ulrika, and we're turning to slide three. As most of you know, Bulten is a supplier of fastener solutions. Our primary customer group is light vehicle and commercial vehicle OEMs, but customers categorized as automotive suppliers and customers outside of the automotive industry are continuing to grow their share of our business. It's important to know that we don't just supply hardware. To many of our customers, we are a partner for product development support, innovation, procurement, and logistics. Bulten's three largest customers still are Ford, Jaguar Land Rover, and Volvo Cars. They are and will remain important, but we have a number of new customers with strong growth in our base, and that's something we welcome. The 2022 full year sales reached close to SEK 4.5 billion, which is a 20% year-on-year growth from 2021. Next slide, please. The vehicle production outlook, provided by Global Data, shows a year to year increase in forecasted vehicle production volumes for 2023 calendar year. Despite high inflation, interest rates, and somewhat deteriorating consumer confidence, the outlook shows a solid growth for the remainder of 2023 of 7.8% for light vehicles and 9.5% for heavy commercial. This means that the global production trend in 2023 for Bulten's customer mix is 8%. Bulten's year-on-year growth is significantly higher than that, which can be attributed to market share gains as well as a favorable customer mix. A somewhat slower market growth is forecasted for 2024. We turn to page five. While record high demand is very positive, a combination of factors has created a constraint situation among automotive fastener suppliers in Europe, reshoring of previously offshored production in combination with a shortage of skilled labor, longer than normal lead times for new production equipment, and increasing demand from customers has caused growing pains for much of the fastener industry. This is also true for Bulten. With the rapid organic growth we've experienced over the last quarters, in relation to our automotive customers, we are obliged to follow their production schedules, which has led to extraordinary measures in our value chain in terms of air freights, overtime, and external contracted personnel. The negative impact of these measures in the quarter is approximately SEK 60 million. This is, of course, not where we should be. Next slide, please. We are determined to mitigate the issues that started to become visible in our production during quarter two by a number of actions. The actions themselves are not difficult, they are straightforward, but as I alluded to in my last report, there are lead times associated with all of them. Containment actions are to run overtime and extra shifts, but again, those are containment actions, and permanent solutions are to increase staffing through hiring and training of new operators and add critical machine capacity. The startup of our new surface treatment plant in Poland has been very timely, as external surface treatment services are now in short supply as well, and therefore, we accelerate the production ramp up in Poland. None of these actions are a quick fix, but from a peak in the constraints at the beginning of quarter three, we gradually achieved a better balance, and these actions will continue to have effect into quarter four. Next slide, please. During the quarter, we have executed on previously announced European efficiency actions. The closures of the warehouse in Gothenburg, Sweden, and the manufacturing plant in Pembroke, U.K., are now concluded. The capacity constraints previously mentioned have been subject to much management attention, given the impact on Bulten's bottom line profits. Slide nine, please. The acquisition of Exim was closed on the 31st of August, and Exim is now a very good base for Bulten to continue to grow in a number of industrial sectors, both in the Southeast Asia region and through taking Exim's successful business model to other parts of the world as well. The acquisition has been received very well by Exim's customer base, and next up for us is to use the combined strengths of Bulten's experience in manufacturing and engineering with Exim's customer-driven service offer, and provide a whole new level of service to new and existing customers. With that, I leave the word to Anna for the numbers. Thank you, Anders. We turn to page nine, and here you can see an overview of our quarterly sales the last years, including 12 months rolling sales. Sales volumes increased in the quarter with 26% compared to the same period last year, and the order book increased with 52% compared to same period last year. We saw strong sales in all sectors, but especially in the light vehicle sector. Next slide, please. According to the waterfall on the left side, you can see the positive growth in rolling 12 months in all customer groups. On the right side, you can see that as a proportion of the year-to-date sales as of September, sales to other industries outside automotive amounts to 9%, which is decreased compared to last year. However, absolute sales value has increased compared to last year. Our main customer group, OEM light vehicles, had a good growth in the quarter and amounts to 68% of total sales. Next slide, please. The third quarter delivered an adjusted EBIT of SEK 36 million, equal to 2.6% EBIT margin compared to last year of 4.3%. Transaction costs related to the acquisition of Exim has been adjusted for. The EBIT margin is not in line with our strategy target, and as Anders already mentioned, this is mainly related to capacity constraints in European plants, which have caused increased costs for air freight over time and contracted personnel. The EBIT impact in the third quarter amounts to approximately SEK 60 million. Next slide, please. On page 12, you can see that our adjusted earnings per share for rolling 12 months amounted to SEK 7.96, compared to SEK 7.48 for the financial year 2022. Earnings per share for the quarter was negatively affected by exchange rates. Next slide, please. Cash flow from operating activities, including change in working capital, amounted to SEK 20 million in the third quarter, which is an improvement compared to last year, and cash flow from investing activities amounted to -SEK 559 million in the quarter, which is including the acquisition of Exim. We have increased our cash position in the third quarter compared to last year, but increased net debt related to the acquisition. Next slide, please. Our adjusted key indicators for 12 months are impacted by the acquisition, and the adjusted return on capital employed, including financial lease, is at 9.8% for rolling 12 months. The adjusted net debt and adjusted EBITDA ratio is at - 2.11% at the end of the quarter, and our equity assets ratio, excluding financial lease, is at 43.1%. Next slide, please. On page 15, you can see our financial targets, as well as some of the guidelines regarding relevant key figures for Bulten. Comparing with the same quarter last year, the growth in sales is approximately 26%. The margin is affected by the capacity constraints already mentioned, and return on capital employed is almost 10%. In the table to the right, you can see some guidelines for some other key figures, and we are, in fact, very much in line with these guidelines. The guideline for average net working capital in relation to 12-month sales is about 20%-25%, depending on the growth pace. At the end of the quarter, our rolling 12 months are at a level of 20%, which is positive. The guideline for capital expenditures as percentage of 12-month sales are 2%-3% for maintenance of equipment and additional up to 2% for capacity, depending on the market development. At the end of September, the rolling 12 months level is at 3.11%. The guideline for depreciation as percentage of 12 months sales is 4%-5%, considering IFRS 16, and without IFRS 16, it has been in a level of 2%-3%, and we are in line with these guidelines. Now, back to you, Anders. Thank you, Anna, and we turn to page 17. Looking into the rest of 2023, the number one operational focus right now is to increase the output of our European plants to balance it with the unprecedented demand. The primary strategic focus is also to start to develop Exim to its full potential and be the platform for which we accelerate Bulten's industrial customer base. Being Bulten, we're very strategic and selective when it comes to M&A activity, and we just closed one important one, but we're continuing to look for other targets that can contribute to both customer diversification and complement our manufacturing capabilities. The commercialization of TensionCam continues with expanded marketing activities, also outside of Scandinavia. We turn to slide 18. To repeat our strategy summary and the associated financial targets. In terms of growth, I think we can conclude that we are over and above our pace of SEK 5 billion already. The margins are suffering because of growing pains. The potential to reach targeted margins of 8% EBIT and 15% ROCE are definitely there, and our job is to bring both of them to those levels. And that concludes the presentation, and we're ready for questions. 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 Mats Liss from Kepler Cheuvreux. Please go ahead. Yeah, hi, thank you for taking my question. I guess, the question is about these capacity issues that you experience, and, as I understood it, it's more related to manpower and not sort of machine related. Is that right? And could you just give some flavor about what, again, then, I mean, you mentioned them briefly, what kind of measures you're implementing, and if the situation are sort of improving now? You said the problems were stronger in the beginning of the quarter, and as I understood it, and it's sort of easing now. Please. Yeah. Hi, Mats. Hi, you're right. The primary issue for us is skilled operators. Unlike when you hire, let's say, generically educated machine operators for NC machines or for welders or robots, operating a cold heading machine is very specific, and you cannot sort of hire operators off the street that are trained, or they are extremely rare, let's put it like that. So what we need to do is to hire people and train them internally, and there is a lead time to do that, both to find the right skilled people and to educate them to operate our very specific machines. That's an issue we sort of share with the rest of the fastener industry, because we're more or less in the same situation all over the globe, actually, right now. But we're doing it, and we have had a good inflow of skilled people that we've trained. They're coming through the training programs, and as they do, the situation improves. And yes, we're seeing the effect of that, and it also shows up in our results, and the sort of result profile over the quarter. So yes, we see that the measures are having effect, and they will continue to have effect. Okay, great. And then just about this situation, I mean, it seems that this is the situation because you have the cons, well, you constrain, European Union have sort of implemented measures to, to, well, stop import from, from Asia. And is this situation, could it be expected to continue unlimited, or is it sort of something that could change going forward? No, I think both Bulten and other fastener manufacturers in Europe are revving up capacity. So, of course, it's inevitable that the supply and demand will be brought into balance. That will absolutely happen. And, we're determined to get there, and, you know, so are the rest of the fastener industry. And, as you know, we're also dependent on a number of suppliers for our traded goods. And, the capacity in the supply base has also been affected by the same conditions as you mentioned with import taxes. But, you know, they're also determined to balance capacity and demand. So yes, this will balance out. And have you been able to sort of handle the orders, I mean, with higher costs? You're not behind when customers need more and more fasteners, how have you? Yes. Managed the situation? Yeah, yeah, yes, we have managed to supply, but at significantly higher cost. Okay, great. Then I just wondered a bit about the Exim there and the costs. I mean, you mentioned the SEK 5 million in extra cost, but you also mentioned some SEK 13 million in transaction costs in the quarter, where do these costs appear? Is it in the financial net or? Hi, Mats, Anna here. Hey. The costs appear in the admin costs, and it's SEK 13 million in total. So we had SEK 8 million in the second quarter and SEK 5 million in this quarter. Oh, okay. Yeah. Okay. And well, further down there, there is a tax charge in spite of the pre-tax loss, but is that because you have, well, the mix of earnings in different markets and so on, that you haven't sort of. Yes, correct. Been able to have? Yeah. And if we adjust the tax rate, and take into consideration the tax losses carried forward, we are in within the guidelines. So that's correct. Okay. Mm. This should, well, be more sort of in line with guidance already in the fourth quarter, or is it more for next year? It's next year. Okay. Mm. Just finally there about Exim, you mentioned that you have contribution from Exim of, let me see now, how many, SEK 16 million. But I guess compared to the, well, full year indication of more than SEK 300 million, it seems it's only been with you for a month or so. Is Is that right? Or not all? Mm. Yeah, maybe that's, I, I thought it sounded a bit low for, for one month also, but. Correct. If it's seasonal. Yeah. Oh, okay. So is it sort of a seasonal impact also? How should we see it in the fourth quarter? I'd say that in the distribution business, we can see that month-to-month, the swings can be higher. So yeah, that was a slow one. Yep. Okay. Okay, great. Thank you. Thank you, Mats. There are no more questions at this time, so I hand the conference back to the speakers for written questions from the webcast and closing comments. We have some published questions here. However, unfortunately, they disappeared. So, I don't know if you want to send in new questions. So if you want to send in a question, a text message with your question, please go ahead. There were some questions popping in here, but they disappeared. I got a message now from Financial Hearings that they should be here, but maybe you could guide me too so I can see them. Oh, here we go. Okay. Sorry for that. I don't know if you see them in the presentation, but I will read them to Anna and Anders. The first question goes like this: How come SEK 12 million tax cost when PBT was - SEK 13? Yeah. Okay, we go. We take the next question, and we come back to that. Could you please explain what went wrong in Q2? You are guided in two, Q2, the, the, I can't really see what it says here. I think it was should be the capacity situation would be resolved, but it's apparently not, it's not solved. Yeah. Anders, I don't know if you want to comment on that. I think what we said. Mm-hmm. In quarter two was that the impact would diminish and that it would be less in quarter three than it was in quarter two. Ended up to be exactly the same because the constraints peaked approximately one month later than we had anticipated. Okay. Do you want to take the. Mm-hmm. Yeah, we can answer on the first one, and it was a bit like we discussed with Mats previously, that we have different units with negative results, so it's in different jurisdictions. And we also had the exchange loss actually in the financial expenses that is affecting the result. So that is the main reason. Okay. Then I will read the next question: When do you expect the reach of the 8% EBIT margin? When, when will we see that? Well, our target says that we, we will reach that in 2024, and we haven't set any other financial targets since then. At some point, we'll review them, but, that's, that's how the target is set. Okay, and, I will read this question, and I hope I get it right. Could you renegotiate with customers compensation regarding the capacity situation? I think that is what the person is asking, but if I read the question the wrong way, please send in a new question. Well, the short answer is no. The contracts we have with automotive OEMs is that we basically have to follow them, and to deliver what's in the call-offs. And that could be pretty huge swings. And that's the obligation we have, and of course, that contributes to the difficulties when volumes increase on short notice, that's for us to react to, and you know, that's the situation. I hope that answers the question. I think that we have gone over all the questions in the call, so I don't know if there are any other questions on the call. Since we don't hear anything, I think. The next question comes from Mats Liss from Kepler Cheuvreux. Please go ahead. Yeah. Hey, one other question. I was just sort of thinking that, I mean, demand have increased quite substantially this year for fasteners, as it seems, with the European heritage. Is this something that could sort of, well, improve your price, pricing, abilities, at the next? I mean, the prices are, I guess, set a year in advance to a large extent. Well, as you know, Mats, we have pricing agreements with our customers. We, of course, with different terms, depending on which customer, so it may run for some of them are three-year contracts, others are two years or even five years in some instances. Of course, when contracts expire, they're up for renegotiation. So, if we're in a constrained situation as a market, of course, that give us a leverage. Have you seen any newcomers in the market now when sort of demand is picking up, that your competitors are sort of starting up factories to which have been idled previously? Not new factories. Of course, there are other companies doing what we do, increasing their capacity in existing plants, but we haven't seen any significant new establishments anywhere. And, a similar question there. I mean, you mentioned that the machine capacity is not an issue, but if you look at your machine capacity, how much upside is there, then? Well, I'd say we're rather close to machine capacity, but we still have headroom, and that headroom will come out of, you know, firstly, the technical capacity we have, but also from efficiencies, because you can always trim a production process to improve output. Yeah. Okay. Yeah, great. Thank you. There are no more questions at this time, so I hand the conference back to the speakers for closing comments. I think that was the last question, and thank you for calling in to our Q3 report today, and hope to see you next quarter. Thank you very much. Bye-bye.