Should we begin? Yes, let's. Good morning, everyone, and welcome to the Doro Q3 report. With me today, as always, our eminent CEO, Isabelle Senges. Morning. Myself, I'm Jörgen Nilsson. Today, we'll start off with some key highlights, then we'll zoom in on the third quarter in more detail. We'll have our concluding remarks, and then we're going to open up for Q&A. That said, let's see if we can get the presentation started. Q3 has been an encouraging quarter for us at Doro, especially as we, after several years now, we're back at IFA in Berlin. IFA, for those of you who do not know, is actually one of the world's leading trade shows for consumer electronics. It's also one of the oldest industrial exhibitions in Europe. Although a bit smaller this year than pre-COVID-19, it was visited by more than 160,000 visitors physically. Online, there was an additional 1.6 million people who came through. For us at Doro, it was great to be back as an exhibitor and also to be able to meet both our customers, the operators, the retailers, the distributors, but also our new partners and of course, as well, the seniors. We presented some of our new partner new corporations at IFA. One being the work with Helpline, whereby any customer buying a Doro phone in Germany will receive 30 minutes of free support at home or over the phone. Another partnership is a collaboration we're now starting with the Deutscher Golf Verband. We have a new cooperation with the German rock artist, Doro Pesch, which besides being a loving daughter of a senior mother and very committed to making life better for seniors, she also has her name in common with us, Doro. We thought it was a perfect fit. Naturally, it felt even better to be at IFA as we were now able to present our two new non-phone categories or our innovation categories as we refer. That is the Doro Tablet, sorry, and the Doro Watch. To our great joy, both of them were very well-received. The tablets was well-received for its good capabilities in terms of sounds and display. You might know that we built in extra speakers and actually tune the sound of the tablet for seniors' ears. As well, we got a very light and bright display, which will make it extra easy to see. Of course, as always, we built in the Doro Response, by which a relative can fully remote configure the tablet on the response. In addition, as I said, the Doro Watch. This was very positively received since it seems to fulfill an overlooked need for specificity and easy to use for seniors. Here we were even delighted to have extra requests for additional orders received during the fair. Last but not least in the quarter, we all know that it's been tough economic challenges in the world, and we know that our sales in the quarter declined versus previous year. Q3 for us was still a step forward. We saw good rebound in both major operator and retailer channels. Of course, we're also very happy that we were able to generate a higher margin than last year despite the very unfavorable U.S. dollar. We will elaborate, pardon me. We will elaborate more on the U.S. dollar shortly. If we can get that moving. If we zoom in a bit on the third quarter in detail. Delving into more business detail, as I said, I don't need to elaborate too much on the economic hardships for consumers in general, but also for the consumer electronics. Naturally, the situation we have now with uncertainty with regards to Ukraine and Russia, impact on prices in general, heating, petrol in particular, maybe the quickly rising inflation, the interest rates, all of these have made customers concerned about the coming months, and of course, also very cautious in terms of their discretionary spend. Given these, let's call them tough market conditions, we are still pleased that our sales reached almost quarter of a billion kronor in Q3. Yes, it is a drop by almost 10% compared to last year, but it's also a step forward compared to the earlier quarters of this year. Needless to say, the third quarter is normally the better quarter out of the three due to seasonality. This year, we also increased push of sales in September in the light of the price increases we're doing in Q4. Customers took the opportunity to push in some orders. Still, we feel this is a step in the right direction compared to the previous quarters this year. Despite the lower sales compared to last year, and as I talked about the U.S. dollar, and we'll come to it, and in general, an increasing cost of goods, our gross margin actually increased to 37.7% compared to the same quarter of last year. This was partly thanks to the favorable currency hedging we do. Yes, it sounds a bit odd, but we do pay a lot for the extra dollars, but we're also very good at hedging in terms of the dollar. Another reason for this good margin was due to our lower royalty costs. We have put a lot of effort into the many licenses and royalty contracts as of late, and that seems to be paying off. EBIT in our quarter came in at SEK 27 million, 11%. That is definitely improvement versus previous quarters of this year, but still a decline compared to last year. In this context, I think it's important that we remember, though, as she has said, we have lower sales and have higher costs this year. The biggest difference compared to last year is that when we in 2021 started comparing, we got significantly low costs due to the reallocation between the then Phone and Care business areas. Hence, the drop in operating margin compared to last year. If we zoom in a bit on the regions, we see that our Nordicss had a tough quarter with low sell-out overall and a higher level of stock at customers. In this context, however, it's important to remember that it seems like a major drop of 28%, and it seems frightening, but this is rather a drop of about 5% if you compare like for like. Because in 2021, in Q3, we had a major one-off boosted sales campaign at one of the major mobile operators in the Nordicss that really sparked sales last year. The numbers for Nordics are not so bad as they seem, so to say. If we go on further to Central & Eastern Europe or DACH, as we call it now, sales dropped compared to the same quarter last year as we once again faced strong lower demand from our distributors. On the upside, we have to acknowledge the fact that September last year was the first month after post-COVID-19 opening up, so we did have a very strong September in DACH last year. On the real upside for DACH is that our retail customers are coming back quite strong, and especially the biggest and the most important one, MediaMarkt. Although we are, so to say, weaker in DACH than we are in the other regions, we also feel that DACH is our biggest growth opportunity, 'cause contrary to the other regions, here we have only about 25% of the market share, as compared to the other regions where we're somewhere between 83% and 90%. Sales in UK and Ireland exhibited higher demand from most channels but were still basically flat compared to last year. In some regards, you could argue that this is quite strong, as the economic situation in the UK seems even more strained than in the rest of Europe due to the internal turmoil. Also, we had quite some late orders which could not be accounted for as sales in September since they could not be delivered in the month. UK year to date has grown in sales as a whole compared to last year, so that's really good. Finally, Western South Europe or WSE, there our sales reached SEK 96 million almost, which is an increase of almost 2% versus last year. This is mainly thanks to a very high demand from retailers, the big ones like Fnac Darty, but also from our major operators. The increased sales were, of course, also partly in anticipation of our Q4 price increase, i.e. customers took the opportunity to place orders in September before the price increased. On the real upside, Doro still keeps on growing our market share in WSE or Western South Europe, and we now account for 83% of the sales volume and 90% of the sales value for senior phones as per GfK. With that, I'll hand over to Isabelle to go into more details on the accounts. Yes. Thank you. Some more numbers. Some will be repetitive. Sorry for that. As already said by Jörgen, the sales for the third quarter landed at SEK 241.2 million, by far our best quarter this year, but a decrease of 10.5% compared to third quarter 2021. We can mention again that the third and fourth quarters 2021, they were quite strong quarters for Doro. It was following the easing of the COVID-19 restrictions, but also due to some major one-off deals in the Nordics and DACH region. Consequently, Nordics and DACH region are the region which performed less good this quarter, while Western Europe and UK performed more or less on par with last year. There was quite a high number of orders coming in late in the quarter. This is partly due to our customer anticipating the coming price increase, also due to our customers being more restrictive in their stock management, placing order quite last minute. Product-wise, there was a good demand for our 4G phones during the quarter, and it's a very positive sign for future as 4G is becoming the main category for feature phones. We were also able to resume deliveries of these phones during the quarter, which had been suffering from shortage and long lead times. The gross margin ended up at 37.7% compared to 35.9% same quarter last year. Just as previous quarters, our margin is negatively impacted by higher cost of goods due to the U.S. dollar rate. Again, we can say that this negative development was very strongly mitigated this quarter by a very positive, favorable hedging of our forward purchase contracts. Another very positive effect that Jörgen mentioned are decreased royalty costs. Freight costs, they are still higher than last year for the same quarter, but we do see a slight improvement this quarter compared to the first half of the year. Other costs included in the margin, such as warranty costs or rework of stock extra, were stable, and that helped us achieve this good level of margin. The EBIT therefore the third quarter ended up at SEK 37.7 million, compared to SEK 56.5 million last year. The EBIT ended up at SEK 26.9 million, compared to SEK 40.5 million last year. The EBIT in percentage of sales is 11.2%, which is a major improvement compared to the first two quarters of this year. The profit after tax ended up at SEK 16.6 million, compared to SEK 29.5 million last year. Leaving earnings per share of SEK 0.68 compared to SEK 1.23. If we move on to the cash flow. We had the deterioration of the working capital during the third quarter, and this generated a negative cash flow from operating activities of SEK -4.4 million, which is still an improvement from previous year, when we landed at SEK -13.8 million. We had higher investment costs this quarter, just as we had planned, but even though they are lower than last year, because last year figures were still included the care part of the business. We landed with a free cash flow of SEK -18.2 million this quarter, compared to SEK -13.8 million last year. Cash-wise, we ended up with a balance of SEK 117.4 million for cash and cash equivalents, compared to SEK 73.1 million last year. The equity ratio is 47.8%. It was 53.4% last year. We're still in a net cash position of SEK 27.2 million this quarter, which is less than at the end of second quarter when we had SEK 41 million, but an improvement compared to same quarter last year when we were in a net debt position of SEK 172.8 million. This was my last number. Okay. Back to you, Jörgen. Thank you, Isabelle. Let's see if we can conclude. As said, everybody knows there's an economic insecurity in the world, there's some turmoil, there's the war in Ukraine. Of course, as a result, customers are very much more cautious with their non-essential spending, if you put it that way. To that, we have a very strong U.S. dollar, which is hurting us all now, and that results in continuously increasing costs. For us, it was a very encouraging quarter still, and most of that revolves around the good attendance we had at the IFA and the many successful customer meetings we had there. Of course, the big delight was the positive response in our two new non-phone categories, the tablet and the watch. Likewise, I think it's important to still maintain that despite the economic turmoil, we still have a good gross margin, although most of it is thanks to the successful currency hedging, but also, as we said, more importantly, due to the lower royalty cost as a result of that good work that we're doing with licenses. Also, very much to celebrate, sales in France +2% versus last year, and UK basically flat despite the turmoil. Going forward, we will continue with our various initiatives to try to stimulate the channel sellout, and we will also continue with our transformation from the senior phones only to trying to become the leading technology provider for seniors. I think that pretty much concludes the presentation, and we will now open up for Q&A from the audience. Let's see if we can activate the sound for everyone, if that's not already done. Yeah, sure. Now, I think there should be sound for everyone. Okay, now the camera is going bananas for us. A little bit. Fredrik ADC has a question from your side. Hi. Thank you. Do you hear me? Yes, we do. Yeah. I'm from Redeye, and I have a few questions. Starting out with the gross margin, I just want to hear more about the royalty costs. This is going to be a lower level going forward, or this was a one-off? It will be a lower level. What we can say is that we never really know when we will have a new claim from some new actor in the business, so we need to be very cautious. For the ongoing contract, there has been some major works done, and as a general feature, we are able to lower the royalty costs. Of course, if we go into 5G or other technology, that will have to be a challenge again since this technology imply much higher royalty costs. Oh, okay. Okay. I mean, it was pretty strong growth in the Western South European markets. Can you just talk a bit more about that? Well, as said, we had good demand for both mobile operators, but especially from the retailers. Also, I think it's a testament to the very good efforts of our team in France, in Benelux, where we've been working very much on the same strategy as we have in the Nordicss, and we're trying that in every region, of course. There is, in many channels, a let's say, hesitation in terms of feature phones. Therefore, we play it with our customers saying, "If you're only going to have one feature phone, why don't you have the best feature phone there is, the one for seniors?" 'Cause I think most people know today that anyone buying a feature phone is, the likeness of that being a senior is very, very high. that approach has been done, used very well by our French sales team, and they've done good. Also released the 4G, right? I was going to say. The new- Yeah. We also released the 4G, the new 4G feature phone, with Orange and other customers. There is a spike of that. You might recall that when we released our first 4G feature phones, for all practical purposes, those are smartphones in a foldable shape. The very first versions, which were kindly rushed by the market, they were quite complex. Now, the 4G feature phones, they fulfill the technical requirements of the networks, but are still as simple and easy to use as the old phones. Therefore, I think we will see even better traction of those going forward. Okay. What do you think about the coming quarters there? Do you think it's going to continue to grow or? Well, we're not supposed to make any forward statements, I think. Okay. I think we'll have to skip on that one. Usually, the Q4 is a good quarter for our business. Yeah. We hope it will be. I mean, as we pointed out during the presentation, we have advised all our customers that there is a price increase coming in Q4. I think there's also a likelihood that some of them squeezed in an extra order or two in the end of Q3 in light of that price increase. Okay, that's good. Thank you. I was looking at the inventory, and you managed to push it down. How do you planning to work with the inventory levels going forward now? We have some incentives to really work with, let's say, the products that are maybe moving a bit slower than others. It's a part of the regular work when we're using, for instance, Black Friday, Christmas sales and other like this milestone to try to boost sales to reduce our stock. Okay. I think in light of it's important to remember that during COVID-19, we hedged on the fact that to be able to deliver was really important, and we did. We kept our warehouses quite high during COVID-19, and we struggled a lot. Our operations department did an amazing job trying to secure components and getting them there. Therefore, we could basically deliver all throughout COVID-19. Of course, we were hoping that this would have continued into 2022 before the, let's just call it, the Ukraine situation developed. That has been a bit of a rebound. At the same time, as you say, we work actively on what we call slow movers. We try to get rid of these and have different sales, et cetera. This is a continuous pressure. It is quite normal for us to have the seasonality. Okay, that's great. I have a question about the depreciation. SEK 1 million a quarter is like 2.5% of the revenues. 11% of revenue last quarter. Is this level going to be for the rest of the year and going into next year or how come it's so low? Caught me off guard. I would need to come back to you on this one. Okay. Yeah, I think it will be around the same level of history. Okay, great. Yeah, I saw the release of the Doro Watch is now out and you can buy it, but the Doro Tablet is still pending, right? As far as I know, it should be in the stores now in November. Okay. Well, that's good. That's good. A final question for me, I mean, you push in Germany pretty hard now, which I think is very good. What do you see there going forward? I mean, you're setting up your own sales team there. Is it all done and working or is it work to do left? There is still work to do, but I think that Michael and Mario and the team has done a very good job so far. As you might know, our DACH region was basically run by the Doro company before. Yeah. That is now being fully integrated. Some people chose to leave the company. They were kind of tied to the older Doro company. Now we're recruiting a new sales team, and I think there's maybe another one or two resources until it's full. But it was really good. When I was down there, I traveled with the sales guys and we went out to our customers. We went to the headquarters of the MediaMarkt, et cetera. You can tell that they have probably not really been given the full Doro DNA story before. Mm-hmm. I think now we're seeing the result of that. We're going out there, we're showing them the Cambridge Simulation Gloves, where you know really emphasizes what are the reasons to buy a phone which is specifically made for seniors. I think we will now take this approach, and we will continue that with the other major customers. Hopefully we should see the same traction with other big customers like MediaMarkt. Okay, sounds great. That's all for me. Thank you very much. Thank you, Fredrik. Do we have anyone else here? I can't see everybody's hands, but if there is anyone who has a question, please feel free. No? Everybody's happy for today? We're happy. Okay. I think we'll conclude, and we thank you very much for your attention. Our next report, which will be the Q4, will be released in February 16 next year. Until then, we wish you a happy Friday, and thank you for listening. Goodbye. Bye.