Good morning everyone. Morning. Hope we can hear us. Good morning and welcome to Doro's quarterly report. As always presented to you by our excellent receiver Isabelle Sengès. Myself, I'm Jörgen Nilsson and these are our Q4 numbers. We shall start off as usual with some key highlights then we zoom in on the business and the regions and then we have a look at the profitability and the cash flow and we open up for a Q&A. When we do the Q&A please remember to switch on your microphones. Okay so we were very happy to see that the positive momentum maybe we'll switch this off so we can get a focus on the picture. There we go. We were very happy to see that the positive momentum from Q3 continued into Q4 and that was sustained demand from all channels and more so from retail. That was very positive. We've seen that there's been a major shift now with an increased confidence especially from our retailers. And the retailers were definitely the primary driver of the increased revenue that we will be able to report. We were also very happy to see that we have continued success of our 4G feature phone portfolio. I think it was even more so thanks to the new range that we implemented in September. And then to our big delight there was a substantial uptick in smartphone sales in both the UK and the Nordic. This product mix with more 4G feature phones and more sold smartphones were very favorable for us. And despite the crisis that we saw in the Middle East and the Red Sea we still were able to continue deliver. Even though the transport cost increased as a result of the crisis they could still remain at a reasonable level for us. On top of that we also benefited from a more stable currency situation this quarter whereas the US dollar did fluctuate it didn't fluctuate as extremely as it'd done it before during the year. So all in all we feel that we've done another very robust performance. Our Q4 revenue came in at almost SEK 290 million. So that's 9% compared to the same quarter last year. We have a much improved gross margin which is at 39.8%. Our EBIT stands at almost SEK 26 million which is +26% versus the same quarter last year. I would say that in short the whole company is very proud of this achievement because at the same time as you know we are continuing our heavy investments in especially product development but also hiring people and new ways of sales and marketing initiatives. If that was the summary then we'll move into the fourth quarter in a little bit more detail. As I mentioned there was very good demand from all our customers across all channels and especially from retail and I would say in more so in front of Black Friday and Christmas. So this really was a big contrast to the challenges that our customers had at the end of 2022 when they were all facing the crisis and the increased problems with inflation et cetera. It was very nice to see that the confidence among our customers are back and they did some very good ordering at the later part of Q4. Alas, the actual sales at least on our own web on Black Friday and Christmas did not really live up to that but I think that's something you've seen everywhere. That the retailers they've been ordering a lot but consumers have been careful in terms of Black Friday and Christmas. As mentioned just now we did do a very successful migration from our 2G feature phones to our 4G. So the 4G portfolio continues to be a big success. We were early in the Nordic. Last quarter we saw a big acceleration especially in France but also in the U.K. And then this increase was further fueled when we released our new range of 4G phones in September. So in general there's a good push for us from let's say cheaper 2G feature phone or more entry-level 2G feature phones to higher or at least medium ranged 4G phones which does fuel our revenue. And as a result our quarter revenue came in at SEK 290 million which is a quite substantial uptick compared to the same quarter last year. Then the substantial growth we saw in both revenue and margin is owed a lot to this portfolio adjustment well in terms of 4G. It's worth mentioning too that when I said that the migration from 2G in the UK oh and sorry in France and the Nordic is actually from 3G to 4G in the U.K. I would say today it's only DACH where 2G takes the primary position still. Given this we were once again able to show strong gross margin coming in at 39.8% compared to 34% for the same quarter last year. And it just further again emphasizes the benefits of our strong gross margins on the products. I think we all have seen the horrible atrocities that happened in the Middle East and the Red Sea et cetera. But despite these we were still able to remain resilient in terms of transport and delivering capabilities. And yes there was an impact in terms of longer transportation. Yes, there has been slightly higher transportation costs this quarter compared to previous quarters this year. But overall I would say that they remain at a reasonable level. To help up on that, the warranty royalty costs were also in line with previous quarters. As just mentioned, we had a more notable upside with the currency since we had reduced hedging losses due to a much more stable USD. Summarizing the quarter, our EBIT increases by almost 26% versus last year, and that's a result of the higher sales, the stronger margins, and COGS and OPEX being in stable control. We're really really happy about that. As a result, and since there hasn't been any dividends the last years, our board of directors have proposed to the AGM to pay a dividend of SEK 2 per share for the financial year of 2023. If we look at the sales per market, for some reason they've been animated. I'll judge that. But if we look at the sales market and if we begin with our colleagues in Germany on DACH, there was another decline of 35%, which is of course very worrying. At the same time, it is important to remember that Q4 2022 was very strong in DACH since we had an end-of-life bundle for smartphones at the time. Of course our result here is also negatively impacted by the fact that we are doing this portfolio adjustment where we're basically cleaning up the non-Doro phones and the low-end products and going for pure Doros. The ongoing reshaping of our DACH business has been going on for a year now and we're now hopefully entering into the final stage of that which also means that we will be divesting our distribution business in Germany. So during 2024 our DACH region will now be set up exactly the same way as the other regions. And therefore we should hopefully soon see that they are able to deliver on the potentials. Moving a little bit to the west our colleagues in West and South Europe and Africa they were up 12%. That's a stable increase. Once again like last quarter the main driver behind this was the 4G feature phones. If we before were with wavering there on the confidence of the retailers here it's now been a very significant shift from a so lower priced 2G to 4G phones. However smartphones actually dropped a bit in France and this was because of the stiff competition that we had from entry-level segments. On the upside our operators and especially France they kept on increasing both the feature phones and smartphones. So their volume significantly improved our revenue. Moving over the ocean to outside the European Union we have our colleagues in the UK. They saw another very good quarter online in line with the Q3. It is of course important to remember that this is in the light of the very weak second half of 2022. But despite an overall decrease of feature phone market in the U.K., our U.K., colleagues managed to both grow the revenue and the margin especially thanks to this new product mix where we've gone from basically 3G to 4G. We're also happy to see that the online sales rebounded during the quarter. And all in all we came in at almost +20% compared to the same quarter last year. This quarter's top earners I would say were the Nordics where net sales grew to almost SEK 72 million. That's +46% compared to the same quarter last year. But also here as in the U.K., it is in the light of a quite weak Q4 2022. In the Nordics there was a very high demand from retailers. The demand from B2B especially in terms of what we call 4G fixed line substitution i.e. when let's say the state incumbents they replaced the old copper network with mobile telephony remained very strong. And we also saw a very nice boost by the smartphone sales in the Nordic using a bundle. On top of that we were able to deliver our first HearingB uds to our customers in the Nordic which of course is very pleasing. So all in all three regions out of four doing incredibly well. The fourth one we hope to be able to turn around this year especially after the divesting of our distribution business. Should we have a look at some sales and profitability Isabelle? Yes. So even more figures. The net sales landed at almost SEK 290 million as was said. An increase of 9.1% compared to same quarter last year. To reiterate here against COVID the 4G category continued to grow and we experienced increased sales of smartphones in U.K., and Nordic. On the customer side there was a good traction from retail channels in U.K., and Nordic while operators show a good growth in France compared to 2022. The gross margin was 39.8% in the quarter compared to 34.2%. The portfolio mixed with more 4G feature phone and more smartphone puts smartphones sold together with a rebound of the sales in the Nordic region generated a substantial higher margin on products than the same period in 2022. This is of course necessary to cover the higher royalty costs connected to these products, but it is nevertheless giving us a better gross margin altogether as the other costs such as transport, warranties, etc. remain stable. As Jörgen mentioned, the margin this quarter even benefited from lower loss on hedge contracts than last year. Our operational costs have increased versus last year. It's partly due to a result of having invested in resources along the year to staff our product office and R&D team. But this quarter we have also increased our focus and spending on most of our digital marketing. The EBITDA for the second quarter was at SEK 44.0 million compared to SEK 32.2 million. The EBIT landed at SEK 25.6 million compared to SEK 20.2 million which gives an EBIT in percent of sales at 8.8% versus 7.6% last year. The profit after tax ended up at SEK 5.6 million compared to SEK 16 million last year giving earnings per share of 0.23 SEK compared to 0.66 SEK. Moving on to the cash flow. The cash flow from operating activities was strong this quarter again at SEK 63.6 million compared to SEK 42.1 million same quarter last year. The improvement was driven by a high EBIT and a positive development of the working capital. Investments for the quarter were at SEK 6 million versus SEK 9.6 million last year and the free cash flow was SEK 57.6 million compared to SEK 32.5 million. On the liquidity side we finish with a bank balance at the end of the quarter of SEK 194.3 million compared to SEK 154.4 million. We have repaid the remaining of our bank loan in December and we are now debt-free. The equity ratio is 58.6%. It was 52.6% end of Q4 last year. We finish the quarter in a net position of net cash position of SEK 180.1 million which is an increase compared to previous quarter when we were at SEK 167.4 million. It's also an increase compared to same quarter last year when we had a net cash position of SEK 63.6 million. And with these last good numbers. Back to you. Thank you Isabelle. Well, as I said on the positive side, okay now my battery's dying. It's not a beautiful. You have a cable there? I don't have it. Let's see if we can run with that. We had a very positive momentum that continued from Q3 into Q4, and it was sustained across all the channels. We were particularly happy to see the retail picking up so well. Our net sales grew, I don't have to say that several times, but more importantly we kept both COGS and OPEX in order and therefore we have a very strong EBIT once again. We haven't really touched too much on it but we're also very happy to say that we started shipping our first units of our HearingB uds. We continued investing for future products. We have new ones lined up which we can't disclose just yet. Obviously our 4G feature phones we owe a lot to those. There were a lot of worries maybe some years ago from some of the investors. Would we be able to sustain the transformation from 2G to 4G? I think these quarters have definitely proved that we have done so. When we then also saw an uptick in smartphone sales in the U.K. and Nordic that added to the positive thing. On the challenging side of course as we said the continued economic worries I would say especially in Germany which is further straining our DACH sales. Overall our DACH region which is now hopefully going into its last stages of the old setup and then with the divestiture of our IVS distribution business. Obviously it's hard to say where the conflict in the Middle East and the ensuing things happening in the Red Sea will further impact what they might have. Today as I mentioned before it's more of a timing period a timing point of view but also slightly in terms of costs. We still haven't seen any major sellout of our new innovation products. At the same time we feel confident that will take some time but it will come especially as we during this year will start ramping up our marketing. Another big challenge which we mentioned last quarter is the implementation of the European Union's Eco design Directive which really impacts the entire industry. But at the same time it has a heavy impact on all our products. We also see this as an opportunity since smaller competitors might have an even bigger challenge for this. Priorities ahead. Well we really wanna see a good sellout now of our new innovation products. We're looking forward to the successful launch of our new Doro Video Doorbell which should be coming out of Barcelona. And then we would like to continue implementing our new product roadmap as well as our new sales and marketing initiatives. And like for example in Q4 when we did our pop-up store at Emporia in Malmö as well as our end cap solution that we rolled out at selected retailers. Of course it's very very important for us to continue the good momentum in 4G because as long as we can continue making that money from phone sales then we can fund our own investments and innovation. Finally very big priority is to complete the reorganization of DACH so we can start delivering on DACH's potential. I think that pretty much sums it up. Yes. So I think we should open up for a Q&A. Let me see if we can get the cameras back again working hopefully. There we are. Maybe if we can zoom in as well. I believe there's somebody who'd like to ask questions. Let's see if we can ask Baptiste if you can. Please. Yes. Something. Good morning Jörgen and Isabelle. Congrats to another very stable and nice quarter. Thank you. My first question was very strong B2B markets in Sweden and Finland. How many months of visibility do you have for the operators' demand, would you say? Yeah, that is a good question 'cause honestly one year ago we thought that was it. We used to say in 2022 that 2022 is gonna be the end of this and maximum few months into 2023. Now we sustain the whole thing in 2023. So it seems that there is still copper to be replaced. So I can't tell by heart how much longer visibility we have, but I can definitely look into it by speaking to our Nordic sales director. But the demand keeps on being there. Okay, but would you say, I mean, a few months or longer? I would think for the rest of this year as well. Okay, okay. And then on the migration to 4G continues, same thing here. I mean, do you see the demand that will increase over the years or flat out? What is your feeling there? We did look into that and we did continuously across the regions. Nordic has here come the furthest. So basically it's now all 4G being sold. You can still buy a 2G phone, I'm sure that some retailers are. But there I would say the migration is almost complete. However in the U.K., it's you know there's definitely at least a couple of million customers left in both the U.K., and France who would need to migrate sooner or later to a 4G phone because the mobile operators are discontinuing the 2G services. So there maybe we're halfway, I would say. Then in terms of DACH, that's predominantly still a 2G market, which of course in one way we lament, but on the other hand it's good for us because that probably means that there will be migration business for all 2024 and 2025 and maybe a bit further again. Okay. And talking about Germany, the DACH region, can you give us an update on the progress on your sales force there? Yeah, so, or the sales force you said? Yeah exactly. Yeah, yeah. So, as I said, we are discontinuing our distribution business. We're selling it. We have a potential buyer and everything. So assuming that, it will carry on during Q1 Q2. The new organization will be in place during the first half of this year. And it will be very similar to what we have in the other regions. So there'll be a regional director, 3-4 KAMs, and then there will be support in terms of operations and finance which may or may not sit locally or be from, let's say, from a central function. And of course there will also be some support in terms of marketing. So it'll be substantially fewer people than we have today. Today the whole DACH operations is about 20 people or so. Most of the other regions are rather in the size of seven people all in all. Okay. And then you mentioned the HearingB uds a couple of times in the report and Mm-hmm. It sounds like you're pretty positive there. Would you say that the demand is higher than you expected or is it too soon to say? I definitely think it's too soon to say. Too soon to say. I think like with all the new products we do it is our blessing that we are so well-known in terms of our feature phones and our smartphones from before. But it's also a bit of a curse. So the market is not really aware or the end customers are not really aware that Doro does other products than this. And that's why marketing will take a big central place of our strategy this year. We just hired a marketing director which will begin now early Q2. So there's some work to be done. Okay. And then you mentioned your your new product the Doro video doorbell. Yeah. When will it be launched and what countries do you gonna start to launch it? So, I think we say the formal launch now is Barcelona, which is in a few weeks' time. We can display it. I I mean, it's already available, so to say. Can't say exactly what time. But I would think across the group I haven't heard that we should phase it in any way. So rather it should be available across the group. Okay. From start. Then my last question. The tax was pretty high in the quarter pushing down the EPS. Can you mention why? This is a correction from last year, our tax last year after we took over or after we divested the Careium business. There was a lot of cleaning that we did last year and there was some incorrectness on the 2022 tax. So there is a correction this year on that part. This explained the. Okay. The high increase in the tax. Okay. That was all for me. Thank you. Thank you. My computer died here but I can see Marcus Houdelle. It seems you've raised your hand. Would you like to ask some question? Yes. Good morning. Good morning. Can you talk about France? You mentioned it last quarter report. Can you give us some more information about the market? How do you see it following one to two years ahead? 1-3 years ahead? 1 1 or 2 years ahead. Yeah. Please. Well, now we shouldn't be making forward statements. But in general I think I mean we used to say that the Nordic was our stronghold, obviously being a Nordic market. And the other regions were never so strong. No, not in terms of sales nor in terms of marketing and brand. I would say today Europe in general and France in particular has sailed up to become the second in command there very much giving our Nordic colleagues a tough challenge. So yes there is still competition out there. There is still even though we see some of our competitors disappearing we saw Gigaset went basically filed for bankruptcy. We saw Bullitt also throwing in the towels. Then there are other smaller or newer Chinese suppliers in terms of phones that pop up around them. But in general I would say it's very much a winner takes it all market. And that is thanks to a fantastic effort from our French team. So I think you know we should stand to benefit. And also in terms of the fact that today feature phones is an incredibly mature market. There is still a very strong demand among seniors to have very simple phones. Obviously many customers and now I mean the mobile operators the retailers et cetera they are less interested in ranging lots of feature phones. They think there's no future in that. So they go for let's say let's go for just the one or the best. And there our French colleagues have done a tremendous job in establishing that. So we are the chosen one on the phone. I think there will be a strong business continued strong business in terms of phones in France. Then we hope to be able to deliver equally good on the new innovation products in France. I'm sure that gives you a little bit of a light. Yes, perfect. The second question is regarding your new owners Q Technology. Do you have any information about their plan or why they entered your company? No, I haven't been nothing I have intended disclose. But the same person who's behind or the same people who are behind Q Tech were also one of our big suppliers, probably our largest supplier a couple of years ago. So it's incredibly nice to see that they've come back. Today I think they do most of their business with very big renowned brand names which I shouldn't say. But then they still kept an eye on Doro over the years. So we've worked with the owners of Q Tech and it's really pleasing to see that they've taken an interest in us. Thank you. They're a publicly traded company in Hong Kong and China, so you could look up for more information there. Thanks for a great quarter. Thank you. I can't see the name. There's another one who has the hands up so please feel free to. Thank you. My name is Jonas, and I have three questions for you initially. So the first one was how many phones you sold in 2023 and how you think that compares to 2022. Yeah. So I can't say by heart but I would say around 1.5 million, 1.4 million, something like that phones. And I would think that that's down maybe 100,000 or so from the year before. 'Cause overall we sell less phones as we now sell more valuable phones or more more expensive phones. So there were there was a bigger sell if you say of 2G and more mainstream less senior phones. And now we're moving up the value chain in terms of more advanced 4G at a better price and better margin for us. So I would think 100,000 phones less this year than last year and probably around 1.4 something, 1.5. We do have our Doro. Still in DACH where we're selling some substantial volumes of the mainstream non-Doro branded. Around 1.4-1.5 I think. Great. Thank you. The second question it was if you could shed some light on the distribution of sales per channel across the regions. You can go high level. So how many or what big of a percentage do you sell in through operators retail distributors and web and so forth? Yeah okay. I don't have that by heart. But overall I would say it used to be very much dominated by mobile operators. We can look it up with the details for you if you're interested. It used to be very much dominated retail business for many years. Then the last I would say four or five years retailers have taken over more and more. I think in that way mobile operators in Europe you could say have shot themselves in the foot because they started rolling out 4G. They invested heavily in 4G. But they still let retailers continue with 2G, whereas if you looked in the US where they started off by first stopping incentivizing and then basically penalizing anyone who would sell 2G. So I think it's become more and more a retailer's game the last couple of years. And now since this let's say fast migration towards 4G has happened the last year the retailers oh sorry the mobile operators are picking up again. It's quite different across. From region to region, too. Yes, true. In France, operator are. Very strong. Very strong. Yeah. Retail is really strong in U.K. UK definitely. Texas and other. In Nordic I think it's. 50/50 yeah. It's a mix. Yeah. Germany's. Germany's. Distribution and retail. Yeah. Germany's basically a retail distribution. So, but if you're interested, we could look it up for the different to look up for you. Yeah, that would be great. So, like, very high level across the company. Yeah. Is there anything you can say like any percentage like very high level as an estimate? Yeah. Well, as Isabelle pointed out, I think in terms of mobile operators it's France or FR or France which is our strongest. In terms of retail I would say the U.K., and then of course DACH which is basically only retail and distribution for us. But we'll look at it in percentage. Thank you. Last question was if you could shed some light on the currencies that you have in your P&L. It seems a lot of the revenue is in euros and a lot of COGS is in dollars and then OPEX is in SEK. Is that something that you could comment on? How How big of a proportion of each line stems from the different currencies? In terms of sales euro is probably 80% or 70%-80%. Then we have a little bit in US dollar. What did you say? dollar in pounds, right? Sales in pounds. Euro. You said 80% 70-80% in euro, then we have sales in pounds. Yeah then yeah and also sales in U.S. dollar. Yeah. A little bit. To the Nordic customers, yeah. And then a little bit of SEK and NOK. The purchases probably 90% U.S. dollar. U.S. dollar yeah. The OPEX is really it's mixed. Mostly SEK but also quite a lot of Euro. Mm-hmm. from the different region and some GBP of course from the U.K. So. But in terms, yeah, in terms of cost, in terms of buying it, it is dollar. We buy basically everything in dollar. For the product, yes. Yes, for our products. Then, when we sell, obviously, if you look at the sales, 40% or so of our sales goes to Western Europe, and then you have also another—was it 10%-15%—for DACH. So, together, that's more than 50% of our sales going to, let's say, a euro area. Then, parts of Nordic is also euro. Finland, for example. But one of our strongest customers—or actually the biggest strongest customer in the Nordic, which is Elisa—they buy in U.S. dollars. Yep. Then, of course, we have our colleagues on the other side of the Atlantic. Sorry, on the other side of the Channel. That's about 20% of the sales in the U.K., which is in pounds. Great. Thanks. So just a follow-up question on that. Yeah. In terms of the reporting that you have now and the revenue increase in 2023 compared to 2022, have you looked at what that would be like adjusted for currency effects? Yes, we look at this and I think it says also in the quarter report in Q4 for instance there is I think it's half of the increase is coming from currency if you've just adjusted for currency valuation. So we have growth by 12.5% Okay. Thank you. What does that equate on the EBITDA line? Have you looked at what the increase in EBITDA is? No, on the EBIT line, I will have to come back to you on that one. We do some what's called sensitivity analysis. sensitivity huh? Yep. Sensitivity analysis when we go for the budget. But I still need to do it for 2023. Okay. Thank you very much for. It was not 12.45%. It was SEK 12.5 million. Okay. Out of the 24 of the increase 12 is coming from real organic. Mm-hmm. Thank you so much for answering my questions. Congratulations on a good quarter. Thank you Jonas. Yep. On our screen here, we cannot see any more raised hands, but I'm maybe there are more, so please feel free to grab the microphone. Anyone more out there? Hello? Hello? I think that would then say that we conclude and we thank you so much for your interest. We'll see you in April again. Yes. Thank you. Have a. you. Have a.