Hello and welcome to the Doro Q4 2021 report. Throughout this call, all participants will be in listen-only mode, and afterwards there will be a question and answer session. Just to remind you, this conference call is being recorded. Today, I'm pleased to present the CEO, Jörgen Nilsson, and the CFO, Isabelle Sengès. Please go ahead with your meeting. Thank you. Welcome everyone to the Doro Q4 report. As said, my name is Jörgen Nilsson. Joining me here this morning, I have Isabelle Sengès, our CFO. Together, we will talk you through the numbers and the business highlights of the Q4 of 2021. Key highlights, n ot surprisingly, Q4 was our best quarter of the year. The launch of our new smartphone, 8110, helped us achieve our highest turnover in the last 2 years in the Nordic region. Likewise, the demand for our products remained high, especially in France. This, together with very good gross margins, lower costs, and also the implementation that we did of our price increase in Q3, make us see a very strong operating margin and profit, which is above last year. Despite the renewed lockdowns in some of the markets and continued component shortages and challenging freight conditions, we still did our best sales quarter of the year p articularly Nordic and Frabel stood out as the most positive. Even though we saw quite meager Black Friday and Christmas sales. I think we should move on to the next slide there. Now it's moving, t here we go. Once again, we managed to deliver an increased operating profit, up 61% versus the same quarter last year. This was a result of many organic factors. We had a better product and customer mix, and we also managed to keep our warranty costs lower through improved after-sales and better product quality. In addition, we saw positive effects from a number of one-off items, such as, for example, the previously launched and now almost completed restructuring program, a number of reversals of previous provisions, and also we had a positive result of the separation of the care business. In addition, we had positive currency effects once again. Another positive thing for us during Q4 was that the price increase that we dared to implement in Q3 helped mitigate the increased cost of goods. Finally, and maybe more importantly, we also started implementing on our new business strategy. We now focus both on securing our role as the European leader in senior mobile telephony at the same time as we're starting to expand our offering to other and more adjacent product categories. That's something we would like to come back to going forward. Naturally, there were not only highlights but also some challenges during the quarter. Once again, we saw continued component shortages which led to higher production costs. Of course, there was also challenging transportation and freight continuing. On the upside, we have worked very hard on securing components early on, so we managed to mitigate some of these difficulties. Therefore, we managed to deliver at very good levels throughout the quarter. In addition, we must say that the full effect of the increased cost of goods did not really come into play in Q4 since due to the time delay between the time when we manufacture and the time that we sell. This is, as I said, as a result of that we secured components early on. Also in the last quarter, COVID remained a problem with fewer customer visits to the stores. This was of course particularly true for the seniors, and especially in DACH and U.K., we saw seniors shying away from the shops. A further result was the sluggish market in these regions with very strong competition from lower-end mobile phones, most likely as consumers started worrying about the increased inflation and higher cost of living. We do think going forward, though, that we will see less negative impact from the pandemic. At the same time, there is a concern about consumers now having bigger pent-up demand for non-consumer electronics shopping. With that said, we'll move on a little bit into the financials. Yes. Thank you, Jörgen. The result of all this was that our sales in Q4 ended up at SEK 311 million versus SEK 344.9 million last quarter. That's a decrease of 9.8%. I will repeat a little bit what Jörgen has said. It was tough in terms of logistics and operations with components and freight. However, we were able to sustain a very good margin, which ended up at 38.9% versus 32% same quarter last year. Our EBIT landed at SEK 60.5 million versus SEK 31.4 million last quarter. We have seen lower costs both in the cost of goods, but no, sorry. Lower cost in OpEx, so we have been able to control our costs very well this quarter as well. The operating margin therefore ended up at 16.2%, this quarter versus 9.1% last quarter. Our profit after tax was SEK 29.7 million versus SEK 15.5 million. Overall, a very good quarter. Next slide. Actually bring this. Profitability. As said again, yeah, that's a little bit of repetition. Yeah. Sorry for that. Our net sales were then at SEK 311 million. We have exited markets for SEK 17 million in Q4. Yeah, it's the same thing, s orry for this slide. Gross margin 38.9%. Our EBITDA was at SEK 66 million versus SEK 50.2 million last quarter. Our EBIT, again, SEK 50.5 million. Financially speaking, again, very good quarter. Okay. See if we can get this to move over to the regions. Having a look at the regions, if I can get this slide myself. There we go. As I started off this presentation saying that both the Nordics and Western Europe, and especially France, did better, especially Nordics did very well bec ause in terms of Q4, this was the best quarter this year, as I said. In the Nordics, we increased our sales by almost 40% compared to the same quarter last year. This was very much thanks to the launch of our new smartphone, Doro 8110, which has not yet been launched in the rest of the region. Thanks to 8110, we achieved our highest regional turnover in the last 2 years, while we also managed to sustain good margins. As pointed out previously, demand continued to remain high in Western Europe, particularly from our French largest customers. Also here, the sales in France outperformed previous years. On a more negative note, we have U.K., Ireland, and DACH. Both of these markets were plagued by reduced retail activity, especially as seniors chose to stay home during the uncertain times. We saw the total feature phone market in U.K. decline sharply, but at least we performed better than the rest of the market and also saw both increased margins and market share, especially in regards to value. Our weakest region so far is DACH or Central Eastern Europe. Here we have also implemented a new reconstruction program since Q2 this year, so we have very good hopes going forward. Both Germany or DACH and UK, Ireland, saw much more competition in the low price segment. It seems that both our customers and end users are pushing right now for the cheapest possible solution. In terms of the division of income on sales, Western South Europe is still our biggest region, followed by the Nordics and then Central Eastern Europe, and UK, Ireland accounting for about a 5th of the turnover. Let's have a look at the cash flow. Yes. Coming back to some financial item. Our cash flow in Q4, the free cash flow amounted to SEK 27.4 million, versus SEK 27.9 million, same quarter in 2020. This is quite similar, even though the structure of the cash flow has been a bit different. We have benefited from a better development of working capital at the same time as we had a little higher investment. Our net debt is actually a net cash position again this quarter at SEK 8.6 million compared to SEK 12.1 million the same quarter last year. Our equity assets ratio is at 42.7%. It was 50.9% same quarter last year. This was expected as our equity has, of course, shrunk following dividend to Careium. Overall very good cash flow and net cash position as well this quarter. Okay. For some concluding remarks, and we'll move into the Q&A after that. As said, net sales during the Q4 landed at around SEK 311 million, which was a decrease of almost 10% compared to the Q4 in 2020. However, there was a big effect of the markets that we exited, namely the U.S. Comparing like- to- like, I considering only the markets where Doro sold in both 2020 and 2021, the decrease was only 5%. Once again, the fourth quarter was marked by COVID pandemic, especially at the end. As pointed out, both Black Friday and Christmas was weaker than normal. We did have a continued strong tough situation in both product availability and shipping. Nevertheless, despite this and despite increased costs, we were still able to continue delivering and deliver with high quality. That in combination with keeping our costs down and also the positive effects from some of these one-offs, the restructuring program and the decreased cost after the separation of Careium, made us see very strong growth in operating margins. On the very positive side, we feel is that we now started implementing on our new business strategy, whereby we want to expand our product portfolio to adjacent product categories. Going forward, we will continue securing and growing our role as the European leader in senior mobile phones. We will continue investing in mobile, in all sorts of mobiles, but we will also continue implementing on the new strategy, and we hope to launch our first products within the expanding portfolio during Q2 and Q3. With that, I think we can open up for Q&A. Thank you. If you do wish to ask a question, please press zero, one on your telephone keypads. If you wish to withdraw your question, you may do so by pressing zero, two to cancel. Our first question comes on the line of Rebecca Jadrup of ABG. Please go ahead. Good morning, Jörgen and Isabelle, and thank you for this presentation. Very interesting that you're planning on launching new products. Do you want to give any hints about to what extent this will affect your results and when? I think it's too early to say that, and we don't want to make any forward predictions. For sure, there will be new products launched during the year. Of course, this is, we're trying here to find our space. If we think back, we have almost 50 years experience of consumer electronics. We've been working probably the last 25 years with senior products, and we've built up immense knowledge base of what seniors need, the pain points and the pleasures of seniors. Now we're taking all of that know-how. We're also taking the very good channels we have and a very good connection to the market, and we're implementing that on, as I said, adjacent product categories. Will they fly as good as the mobile phones? That remains to be seen. I do not think we will see any major revenue coming from the product in 2022. Thanks a lot. Can I ask one more question? Mm-hmm. The margins were very strong this quarter. From what I understand also due to some costs that have not been put in and, or, will be the cost base will increase going forward. Do you want to give any hints or directions about how much we should expect the OpEx to be going forward and how much and the OpEx we can expect that to be going forward? Thank you. If you put it this way, I mean, that we went through the carve-out and separated our Care business into Careium. Obviously, when the company split up, there were a lot of resources, let's say, within IT, regulatory, quality, et cetera, which previously was shared among the two companies. Many of these resources went now in the Careium part, and we started recruiting replacements for these resources within the phone side. During Q4, and even so far this year, we have not been able to recruit all these people. I would say in general, we've been running at a very low burn rate in OpEx during, let's say, Q3, Q4, and beginning of Q1. That in itself, once these people have now begun to be recruited, our OpEx will come back to a more normal level. In addition to that, obviously, as we're now investing in new product categories and getting new people on board working on that would also probably see our OpEx going up. I think we're not planning to increase it by very much. We still want to keep a very conservative balance sheet. Of course, in order for us to expand, we will need to invest. Thanks. Great answer. Thank you. Yeah. Our next question comes from the line of Niklas Sävås of Redeye. Please go ahead. Hello, Jörgen. Hello, Isabelle. Congratulations to a good first quarterly report as a standalone company. Thank you. I wanna follow up from Rebecca's question on the one-offs a bit. I think it was difficult for most to estimate how big of an impact that could have. Maybe you can try and put a figure on the operating profit if we adjust for one-offs? Because there were so many and all of them in the same direction, it seems. Well, I think it's quite difficult because we have restructured our DACH region, as you know. There has been some, of course, going through the books and putting everything as it should be. It could be in the range of SEK 10 million. That's my take out of it. We have had this restructuring program as well that kept our OpEx down. From one-off, I think we've got around SEK 10 million actually. That's very helpful. The other question I have is it's regarding to the comment you made on the pent-up demand you see for services overall, and that this could have a negative impact for goods in general and maybe electronics in particular, which have had a good time during the pandemic. The comment I have is during Q4, we saw the Omicron making it quite difficult to travel. I just wonder if this is something you have seen in the beginning of the Q1, and if you see any differences across your main region. Well, I mean, as you pointed out, Omicron was also there. I would say if we go back to October, just as an example, we were still planning to hold a big Christmas party for everyone, and it seemed like a good idea. Only a few weeks later, everybody was pretty clear on the fact that nobody wants to come and have a celebrated Christmas party together. I think we all thought we were through COVID, and then Omicron came and bite us or bit us. This is more maybe a concern from our side, thinking that as now the lockdowns and restrictions are being eased, people will go back to a more, should we call it normal or pre-COVID, life. With that, having done a lot of shopping electronically, for electronic goods, especially online during the last 2 years, that there might be a pent-up demand for other types of products and services. We know that there were fewer store visits again in the end of the quarter. Most likely that was once again because of concerns in terms of COVID, but also because inflation started kicking in and people started getting worried about the increased cost of living. I think here in the Nordics, we saw a big discussion around the price of the electricity bill. We were also keeping conscious of the fact that it could be, we don't know, but it could be a potential that people have now stocked up more than enough for the last 2 years. Let's see. I mean, this very much come down to how the pandemic plans out in Q1. Agree. It's really difficult to forecast. Yeah. Talking about inflation, you said that you raised the prices due to the cost inflation you saw. Could you give us some kind of range of how much? Do you see any further hikes in the year ahead? In short, I think I don't think I have to dwell too much on the fact that everybody's been seeing that there's been a lot of component shortages, massive freighting and transportation costs. Somebody parked a boat on the wrong side of the Suez Canal, et cetera. All of this drove costs up a lot, and we just felt that this needs to be recovered somewhere. We implemented a price increase in the range of 5%, I would say. It's a little bit different from product to product, depending on the maturity of the product and how long it's in the product life cycle. We did this by Q3 very successfully. Further price increases would, of course, be fully dependent on the cost of goods going forward. Okay. Thank you very much. Welcome. May I remind everyone that if you wish to ask a question, please press zero, one on your telephone keypads. And we have no further questions at this time. Please go ahead, speakers. Okay, with that, I think we could conclude the presentation. I'm trying to find a link where I go to the next slide. There we go. Thank you for your attention, and thank you for taking the time and listening to us. We look forward to speaking to you again on the next report for Q1, which is by end of April, 29 April, I believe. Yep. Thank you very much. Thank you.