Good morning, and hello, and welcome everyone to Doro's quarterly report for the second quarter 2022. My name is Jörgen Nilsson. I'm the CEO for Doro, and joining me here today is, as always, our eminent CFO, Isabelle Senges. Before we begin the presentation, I would like to apologize. Now we have an echo. Interesting. I would like to apologize to you all for the inconvenience that we will not be able to take any questions over phone today. This is unfortunately a problem that we have with the investor relations platform. Of course, you can still post questions through writing them in the chat at the end of the presentation, and we will of course also respond to them as per normal. If you type a question, we will read it back to you, to the audience, and then we will respond. With that said, let's delve into the report. Today's agenda is that we'll first have a look at the key highlights, then we'll go through the second quarter in a little bit more detail. Finally, we conclude, and then we open up for the Q&A session, which as I said, will be interactive via chat. I'm sorry for not being able to do the normal way today. Let's see if we can move on. Basically, we have been very busy the first six months of this year. We've been working both on our existing business with the telephones as always, but we've also been ramping up for the future. I will say that especially now the second quarter has kicked off with a very good energy. 'Cause after two years of absence, total absence, not being able to see customers, not being able to be out in the shops, we now once again could reopen and restart the fairs and the meetings during this quarter. This has included several major exhibitions in the Nordics and in France, and we also had a possibility of having a channel roadshow in Germany. Overall, this has been very well received by our customers. I think both they and we felt that it was really good to meet again face to face. Sometimes it's weird to imagine how fast two years go when you haven't been out there. That was a really nice start to the quarter too. Europe opened up. We could visit our customers in their headquarters, and we could even go out in the shops and start talking to the actual sales guys. During these, let's say, renewed customer events, we now also had the possibility to start trying out some new sales concepts and new ways of promoting our senior proposition. I will say, and we'll touch upon that later, but as there's been very few customers out in the shops, consumers out in the shops, our customers, the retailers and operators, they've really listened to the ideas that we've come with. They were also optimistic too. That feels really, really good. During the quarter, we've also released what we call the regional operator variants of the new mobile range. That includes both the new 4G feature phones and the new smartphone to the countries outside the Nordics. The feedback we've had so far from our end consumers was that previously feature phones were perceived as very easy to use. They became more and more complex as we moved into 4G, IMS, et cetera. Hence, the first smart feature phones became basically smartphones and were also much more complex. Our customers, the mobile operators, they still required us to do all the technical implementation, IMS, Voice over LTE, Voice over Wi-Fi. The end users, however, just still wanted to make phone calls and maybe some basic texts. For all practical purposes, we really made smartphones but in a foldable shape. This was not so good for the end users. Our new generation, which we now released, these are back to basics models where we've removed all the complexity and all the smartphone functionalities, as I say, or rather I should say we've simplified it and made a very simple user interface on top of this. The end users, our consumers, they see as easy to use as the original 2G or 3G phone, and they should basically not be able to tell the difference that beneath the surface it's basically a smartphone in a foldable shape. So far the feedback from the markets has been very positive. We have really good hopes for that. Also, on the upside for us, not only for the users, but these new feature phones, we managed to have better production cost on. During the quarter, we also implemented another price increase. With a new range, with better production cost and the implemented price increase, we hope that this should hopefully facilitate the restoration of our margins during the coming six months. Of course, not the traditional phones only have been our focus 'cause as you know, we're working very hard on our innovation side. I think today we're therefore very pleased to say that we will be launching two of our new non-phone categories already now at IFA in September in Berlin. These are also non-phone categories where we've taken our senior know-how and our expertise in consumer electronics, et cetera, and made a new senior proposition of these mainstream products. Really proud that we're able to do so within six months of basically starting on our own account. We still have our third new category, which is also non-phone related, which will be released at the Mobile World Congress in Barcelona in February. Finally, it has been a very tough sales quarter, and you'll see that in the coming slides. We've managed to keep our gross margin stable. We also had a very strong cash flow still. I think Isabelle will touch more on these topics a bit later. Okay. We'll see if we can move into more details, if I manage to change the slides. What are the key business points during the quarter? Well, as I said, after two years of COVID, most of our end users had basically stayed at home and spent time on renewing all their home electronics, their phones, et cetera. There were a lot of people in the beginning of this year who started talking about a pent-up need to do other things, experiences, dinners, travels, et cetera, et cetera. We noticed this already in beginning of the year, let's say a temporary change in the consumer behavior from electronics to experiences, if you put it that way. Just as people began to start thinking of other ways of spending their money, Russia invaded Ukraine. I don't really have to tell you, but now we've seen everything from fuel and, heating, electricity to food and all the basic necessity skyrocket. Inflation has, of course, increased. I would also say that there's been a general uncertainty in the world economy and also insecurity among people which has followed. As a result, we have during this quarter seen our end users being much more cautious with their discretionary spending. As a result of that, we've seen much fewer store visits, both on and offline. Consequently, our overall sales was impacted by this downturn, and we ended up just shy of SEK 200 million, which is a drop of almost a fourth, 24% compared to the same quarter last year. Obviously, not only consumers' costs have been impacted by the war, our costs have also increased. The cost of goods sold, the freight, and needless to say, our gross profit has been affected accordingly. The gross profit was down almost a fourth compared to the same quarter last year. Of course, this negative development, if we say, well, from the USD against the euro and the Swedish krona, has continued to put a severe strain on us. I said before, despite the increased COGS and freight costs and the negative impact of the dollar, we've actually managed to maintain our gross margin stable, which I think is quite impressive. Isabelle will outline a little bit more about that later. Likewise, despite the near total absence of consumers in the stores, we did see a small direct positive sales, especially in Germany, when we began touring some of the major retailers with our, let's say, new sales tactics. Not many customers, but there was a direct effect on the few customers who were there. That's good. In either way, our operating profit declined compared to the same quarter of last year. This is, of course, a direct consequence of the decrease in gross profits. On the upside, the EBIT increased compared to Q1, at least, of this year. I think that's pretty much summarizing the business key points because I've mentioned them already in the previous slide. Let's rather move on and take a look at the sales in the respective markets and regions. If I just see if I can change slides again. Back. We then see that sales in the Nordic dropped by almost 40%, and that is, of course, a lot. Here it's really important to remember that the high sales in Q2 last year was basically driven solely by a boosted sales by one of the largest mobile operators in Sweden. They ran campaigns to replace all their fixed line customers, copper access, with Doro's VoLTE mobile phone. This definitely drove, should we call it unexpected or unusual volumes last year. I think in Q2 last year, only their sales of this particular phone to replace copper was some 13 million SEK. When we say there is a big drop, it has not so much to do only with the tough times. The Nordic has also been very negatively affected by the internal reorganization of one of the major distributors in the Nordics, which has resulted in temporary hiatus in their ordering. If we move on to West and South Europe, they sold for almost SEK 79 million, which is a drop of almost 20%. Of course, this region, like the others, have suffered from low store sell-outs because customers or consumers have been much more preoccupied with the general dire economic situation, and therefore shifted away their focus from the shop visits. We also, especially in this region, experienced delays in deliveries, and that particular pertains to the fixed line products, which now, and that's not only for Doro, but overall their fixed line products have very long lead times. Moving a bit east, the sales in Central and Eastern Europe, or like we sometimes call it DACH, that amounted to SEK 44 million. Here the decrease has been much smaller than the other regions compared to last year. This is also probably since we saw a bolstered sell-out at these major retailers in the regions when we did a new Doro road show. Unfortunately, the channels which we had not time to visit, they underperformed. Finally, we have U.K and Ireland. There was a drop by 28%. We came in at SEK 32.5 million. Of course, as with the other regions, our reseller stores experienced much fewer visits and a lower sell-out. Also in Q1 of this year, we had one of the major retailers had significant deliveries. They were boosting up for a big campaign. As customers stayed away, this big order volumes which they ordered started clogging up their system. They haven't restocked the way we would have expected, and that has definitely inhibited them from placing new orders in the quarter. I think that's a bit of an overview of the regions. I would like to point out that on the upside, both U.K and DACH or Central Eastern Europe has actually increased their sales during the first six months of this year compared to the first six months of last year, as both regions did strong Q1 this year. That's good. With that said, I will leave the word to Isabelle to delve into more details of the sales and profitability. Let's see if I can move the slides as well. Yes. Thank you, Jörgen. As Jörgen mentioned, we had quite a tough quarter in terms of sales. The net sales this quarter amounted to SEK 198 million, compared to SEK 260 million same quarter last year, which is a decrease of 24%. The details of the sales per region were given by Jörgen. I can just re-emphasize that last year we had a quite strong quarter too, with high level of sales in Nordic and U.K, whereas this year, as Jörgen mentioned, and since the beginning of the year, for many reasons that we all know by now, the sell-out is slow and the ordering from our customer is not at the level that we could have expected. Moving on to the margin, our gross margin decreased versus same quarter last year in absolute value as a consequence of the lower revenue from sales. We did manage to keep the percentage stable at 35.6% this quarter, compared to 35.2% last year. In terms of margin, we still face the same issues as during previous quarter, which is a high cost of goods as we purchase our products and components in US dollar and high inbound freight. Having said that, we succeeded in keeping good control of all the other elements of the margin. Our warranty costs were low, and we got some push from having resolved some outstanding issues in our favor, among other things with regards to accounts receivable. The percentage of the margin was eventually quite satisfying this quarter. In terms of profit, the EBITDA ended up at SEK 15.7 million, compared to SEK 32.2 million same quarter last year. The EBIT ended up at SEK 5.5 million, compared to SEK 15.5 million last year. The EBITDA and the EBIT are, of course, affected by the lower revenue. We can point out that when it comes to our operating expenses, we have had a good control of our OpEx, and even though we have resumed some sales and marketing activities, as Jörgen mentioned, we have managed to keep the overall spending at a lower level than same quarter last year. Lastly, the profit after tax amounted to SEK 4.9 million, compared to SEK 12.9 million same quarter last year, giving a profit per share of 0.20 SEK versus 0.36 SEK last year. Moving on to the cash flow. We had a quite good cash flow during the second quarter. The cash flow from operating activities was SEK 44.7 million, compared to SEK 25.1 million same quarter last year. This strong cash flow is coming from a significant improvement in our working capital, both in terms of receivables and in terms of payables. The investments during second quarter were at SEK 9.8 million. It is an increase compared to first quarter, which is in line with our development strategy. It is below the level of investment of second quarter in 2021, which was SEK 20.2 million, as there were still investment for the care part in our balance sheet at that time. As a result of the positive working capital development and this lower investment, the free cash flow after investment was quite improved versus same quarter last year, amounting to SEK 34.9 million compared to SEK 4.9 million. When it comes to cash and cash equivalents, the balance at the end of quarter two was SEK 132.5 million to be compared with SEK 79.1 million end of quarter two last year. The equity ratio at the end of quarter two was 48.9%, compared to 56.2% end of same quarter last year. Lastly, we ended up the quarter in a net cash position of SEK 41 million, compared to a net debt position of SEK 1.8 million at the end of first quarter and a net debt position of SEK 73.1 million at the end of the second quarter 2021. Overall, in terms of cash flow, a very good quarter for us. On this positive note, we'll get the word back to Jörgen for a wrap-up. Thank you, Isabelle. We'll move into some concluding remarks, and then we'll open up for a Q&A session over the chat. On the upside this quarter, I would say we kicked off with really good energy. We returned to the customer fairs, we returned to customer meetings. Two years of absence, it was great. We felt it, they felt it. A lot of good energy. We visited Elgiganten, Power, Orange in France, et cetera. We also started rolling out a smaller roadshow to a selected channel in Germany, one of the major channels in Germany. During these renewed customer events, we did have the possibility to start trying out some new sales concepts, ways of promoting the single proposition. I would say that our customers were very positive to these new ideas, so let's hope we can roll it out to other regions. On top of that, we did roll out the operator variants of our new 4G feature phones and the new smartphone range, and they have been very well received, and which we have good hopes for. Since I said they are really back to basics phones despite being smartphones under the surface. For us, of course, it's also good because there are better production costs. So yeah, looking good. Looking forward to that. Likewise, despite the sales decline, as you've seen, it's been a troublesome six months, and the increasing cost of goods for us. We still managed to deliver a positive result, and we still have a strong cash flow, which I think is very satisfying in these quite tough economic times. As said, although Q2 was not the best, if you look at the first full six months, actually the sales in UK and DACH were higher compared to the first six months last year. Sorry. In terms of challenges for the quarter, I think the one single overarching challenge is how to have the sell out and the stores pick up again. This is, of course, not a problem that is unique to Doro. It's affecting the entire consumer business. You know, how do we manage this with the current economic instability and the increasing prices and the inflation? Naturally also the increased, continued increase in the cost of goods and freight, and not to mention the negative impact of the U.S. dollars. These two things, the sell out and the increase in COGS, freight and U.S. dollar, these are something we really have to keep a close eye at, and we do. Finally, in terms of priorities ahead for us, I would say, you know, get the sell out in the channels back on top, back on track. I think when we now try to test with a new sales concept, maybe that will give us another boost. We will continue trying it out, and if it's successful now in some of the regions, we will definitely try and copy it to the others. also of course for us, we're really looking forward now to the launch of our two first non-phone categories at the IFA fair here in September, and then our third innovation category in which we hopefully will launch at Mobile World Congress in Barcelona. I think that would conclude the presentation part, and we can then open up for taking your questions. Once again, sorry for not being able to take them over phone, but it's more than fine for you to just type it in and we will read the question to everyone. Can you see there as well? Yeah. You wanna read a question or should I? Okay. We got a question here from Niklas Sävås at Redeye. Do you see the same pattern at the start of the third quarter as in the second quarter with lower traffic in stores and online? There are multiple questions. I think we will take them one by one. As it is today, Niklas. Yes, I do think so. I think we will hopefully be able to stimulate. We have a couple of ideas, like I said, a couple of new sales tricks up the sleeve, so to say, to see if we can stimulate. But overall, yes, as long as the war continues, or rather as long as people are preoccupied with paying high electricity bills and paying through the nose for their food, I think there will be a more conservative way of spending, that little extra that people have. Question two: Was there any one-time effect in terms of boosted sales in Q3 last year? Yes. Yeah, sorry. Yes. There was a big one-off to a retail channel in Germany. True. Yeah. That's true. We hopefully will try to mitigate this of course in the Q3 sales, but this was quite significant. Question number three: you mentioned that the gross margin held up primarily due to accounts receivable that were outstanding at favorable terms. Can you elaborate on this and also discuss how large the effect was on price increases in the quarter? Accounts receivable. Would you like to mention them? Yes. We had some open issue, unresolved business with some customer and we managed to get the funds in eventually, so our accounts receivable got so much better. The risk that we thought might have come, not realized. In that sense, we were able to release provision and it affect positively our margin. Could we say that, since there's been less customer activity, there's been less invoices to sell, so we've been chasing after the guys that owe us some money and Yeah We managed to successfully settle that. You also mentioned here, can you elaborate on the effect on price increases in the quarter? Yeah, hard to say. I mean, in general, we don't increase all the prices with the same percentage. We try to tweak it from region to region and then of course from product to product. I think also one of the major effects is that when you release a new product, there can be a price increase 'cause nobody's kind of aware of that price. In terms of the effect, I think we pointed out that the cost of goods, the still continued cost of freight and then of course the U.S dollar kind of did not make up for the price increases. Yes, had we not done it, there would definitely be less margin overall. But I'm not sure. Can we elaborate on the percentages? No, we shouldn't. No, I think it's. No? What was the final question Will we see a larger effect driven by price increases as well as from the new phones with lower production costs in the third quarter? In terms of the new products, hard to say. We don't know how successful they will be, to begin with. We do also know that with new products there tends to be higher warranty costs. As you noticed, we had low warranty costs in the quarter, and that's also because we're now basically at the end of the previous product's life cycle. As you get closer to the end, the warranty costs normally go down. In terms of the price increase, well, if the U.S dollar stabilizes, if the cost of goods, et cetera, stabilizes, then there will definitely be a positive effect of it. That's what we're hoping. It's kinda hard to say today if the prices in the world and the inflation increases whether that means we would have to increase our prices again in order to have a positive effect of it. The lower production costs for the new models are, of course, to our benefit. That's for sure. Okay. We have two more questions coming in here from Oscar Rönnquist at ABG. Question number one: What is the momentum in consumer activity like going into Q3 relative to Q2? What is the momentum? Not sure if I understand. If I understand you correctly, what is the momentum in consumer activity like going into Q3 relative to Q2. I would say that the momentum would be better. It seems weird to say that people have gotten used to the higher prices and the war. If we go a few months back, it's strange to already talk in those terms, but of course, I think most of people in Europe were shocked by the Russian invasion. There were also, especially among the senior population in Sweden, I know for a fact people who are very worried about, you know, are the Russians coming, and stuff like that. People tend to go back to business as usual, so people are less preoccupied with the actual war. With the continuous increase of prices, interest rates going up, people paying more than ever for their homes, and I've noticed myself also the price of food, et cetera, I think it will be a better momentum going into Q3 than into Q2, if I put it that way. The best momentum would be, of course, the war ends, stabilizing of cost of goods, and currency. There's another question here that say. How much is the gross margin impacted from the finalization of AR? Yeah. Accounts receivable? Yes. It was around SEK 4 million. Yes. Okay. Niklas and Oscar, please feel free to fill up with more questions if you did not feel we responded to your questions. Okay. Here's a question from Fredrik: What% of the current receivables are uncertain, do you think? After the very good. Cleanup Review and cleanup of quarter two, I think it's very low. Yeah. Even though the situation has been tough for many company, we have actually not felt it for the moment, at least, and we have not had any sign of any difficulty at our customers. So I think there is not much worry on our current receivables at this point. Thank you for that question, Fredrik. More questions from anyone? Give it another minute or so since you have to type. Once again, apologize for that. No, doesn't seem like there are any more questions. Final 30 seconds we give you if anyone is still typing. If no further questions from you in the audience, then we conclude this presentation. Thank you very much for taking the time in the middle of the summer to attend this Q2 report from Doro. We wish you all a very nice summer, and hopefully you also have some relaxing vacation. I think we're planning to have that ourselves. Our next report, the Q3, will be released by October 21. Thank you very much, everyone.