1 o'clock? Yes. I think we should begin. I see there are still some people in the waiting lobby, but hopefully Baptiste will let them in. Good morning, everyone. Welcome to Doro's Q1 report for 2024. Today our eminent CFO, Isabelle Sengès, and myself, Jörgen Nilsson. These are the numbers. We will start off with some key highlights, as always. Then we'll zoom in a little bit more on the details of the first quarter, and then we'll have a closing and open up for Q&A. Also, just want to remind you that all your microphones and chats and videos, etc., is now switched off during our presentation. But once we move into the Q&A, please remember to unmute your own microphones and/or your cameras if you'd like to speak. You can also submit questions in the chat, but that will only be available once we open the Q&A. So please don't forget to unmute. Then I think we will do like that, right? So we do. We'll have a look at the Q&A to the key highlights. So our sales in Q1 came in just shy of SEK 195 million, which is almost 7% down, compared to the same quarter last year. And this is, of course, a noteworthy decline. We do know that. But the main reason for this decline is a one-off major deal in fixed line in FraBel. Last year, it was about SEK 10 million itself. There's also a major nonstop of Doro product sales in DACH, like the one-off Motorola deal we did in Germany last year. And then this year, we also have an increased so-called revenue recognition, which was this year almost twice as high, as the quarter last year. So this year we're about SEK 22 million, and last year we were at SEK 13 million. This is, of course, then SEK 22 million that will come into Q2 instead. That's nice, of course. All this together, all things like, we would actually have had a small increase this year in Q1 if it hadn't been for these one-off deals last year. We also feel it was particularly positive and encouraging to see that both our feature and smartphones had an increase in both the sales and margins. And the main drag, actually, is the fixed line, which continues to decrease, but that's nothing new. But every now and then we do get extra deals, like the one we had at Orange last year. What we do still need to get going is, of course, our sales of our innovation and the new products. But the underlying business is doing very well. Speaking of innovation, at the Mobile World Congress in Barcelona, we introduced our new Doro Doorbell, which we now be shipping in May. And we have very good hopes for it. And with the Doorbell, we do feel that we have added yet another very suitable product to the innovation portfolio. So despite the decreased sales and also more investment, as we said before, in product innovation, we also had higher costs in marketing. And then there was some extra cost, one-off once again, for the change of Door management. I think that was about SEK 4 million, including the recruitment. So despite all this, I would say that we were quite resilient, and we managed to deliver very good margins at 42%, which is a 6.2 percentage point increase of the gross margin in the quarter. Likewise, our EBIT is very stable and basically flat compared to last year. And then that's even with the additional cost of the Doro management change. So the EBIT at SEK 3 million, 1.6%, 1.6%, so slightly higher even than last year. The main reason for this is the good product mix that we've had. And the strong gross profit always benefits from this product mix. And now, of course, we have more 4G feature phones than before, with a higher margin than the 2Gs. Then, as I pointed out before, the decrease of our non-Doro products in mainly Germany, that declines the overall sales, but it increases the margin. And then in addition, hats off once again to our efficient logistics departments of very good cost control with our purchasing. So we have really good tight control on components and materials, etc. Likewise, our operations guys are keeping the inventory at a good level. So all of this also further bolsters our margin. Finally, as a key highlight in the quarter, I'm sure that you all know that the Red Sea transports have still not resumed. So we, like everyone else, experienced some extra 10-11 days of shipping times. At the same time, in this quarter, there were massive raises in airfares because a lot of big companies in Asia from e-comm started booking them. But since we had done a good planning way ahead, and mainly made use of sea transport, we only had a minor impact on the transportation costs. And that's not so much more to say about the Q1, but once again, sales 6.6% down. But once again, if it hadn't been for the one-off fixed line deals last year, we actually would have had a slight increase. Super strong gross margin, I think, 6.2 percentage point up. That's very strong. And then also stable EBIT. If we look in more detail on the first quarter and we look at the regions, I would say that we see the positive demand continuing for senior products. Our customers, the retailers, etc., they're all saying that sales in general consumer electronics is not going so well, but that Doro is still benefiting being a specialist in senior. And we think it is reassuring that both our feature and smartphones are doing better, both in regards to sales and margin. And that can only once again emphasize that we've focusing on the right segment. If we do look at the regions, we see that Nordics, for once, dropped to SEK 47 million. One of the major reasons was that we now face challenges with newer and smaller distributors, which are competing with our, let's call them larger and established players from before. In addition, there has been and still is quite some uncertainty how to deal with a new EU Ecodesign Directive and how those should be interpreted. Some of our customers also had larger than usual inventory and did therefore not place reorders. Then again, if we look at the Nordics upside, I would say the smartphones performed well, and also our sales in the Baltics showed very good momentum. Overall, the Nordics were still down 9% in terms of sales. West and South Europe and Africa, net sales declined to SEK 80 million, but here the decrease is entirely explained by that lower fixed line sales, as I said. That was a SEK 10 million deal, I think, last year to Orange in Q1 2023. Other than that, FraBel keeps on going very, very good, has good momentum, and we saw increase across all sales channels, with retail performing particularly well as they now have completed the switch to 4G. Overall, the region down 4% as a result of the one-off deal. Moving on, Central and Eastern Europe, once again drop now to SEK 29 million. But this quarter, it was, as I pointed out before, chiefly due to that one-off order of non-Doro products that we had in Q1 2023. As part of our old distributor in Germany, which we are now divesting, we were still selling non-Doro products at that time. So that increased the sales revenue, but the margins were very, very low. Otherwise, we do see that there's now the first signs of a shift from 2G to 4G also in Germany. So that's very nice. So going forward, it will be pushing our 4G products heavily in Germany, as well as our Doro branded products, of course. And then we have also during the quarter worked, I would say, tirelessly with the divestment of our subsidiary IVS. So we expect to be able to conclude the sale of this logistics and fulfillment subsidiary within the coming month. And after that, I would say we have a purely sales-focused structure for Germany, and that should be fully operational during Q3. Finally, Germany down -20%-21%. Finally, the positive region this quarter, UK and Ireland up 6%, only region that was actually rising. The net sales reached SEK 38 million. And now I would say it's the sales of our Doro feature phones in general and the 4G especially that continue to grow. We do still sell 2G in the UK, but 4G is very much the volume driver. It's also very pleasing to see that our smartphones are doing well in the UK. I would say they are on a positive trajectory, mainly thanks to increased listings. Finally, what can we say? UK, our Doro online sales, as always in the UK, keeps on doing very well. Final one there. You still see that West and South Europe is dominating in terms of sales, 41% of the sales, followed by Nordics having almost a quarter, and then UK and Ireland 20% and Central and Eastern Europe at 15%. But we do expect the German region to increase this over the second half of the year. Should we dive in a little bit to the sales profitability numbers? Yes. Over to you, Madame. Right. So here is a recap of the main numbers. The net sales landed short of SEK 195 million. So, as Jörgen mentioned, a drop of 6.6% compared to same quarter last year. Again, to dwell on what Jörgen said, and even though we cannot be satisfied with a decrease in sales, it is important to point out that our main business of feature phone and smartphones did not decrease. The categories which did decrease, main one being fixed telephony, are traditionally including less premium products, and the decrease of these categories actually translated into increased gross profit margin. The other major component of the margin improvement year-on-year is the continuous increase of 4G feature phones and the steady sales of smartphones. Due to this change in portfolio mix, we could then in this quarter deliver a strong margin of 42%. Inbound freight, even though facing rerouting due to the attacks in the Red Sea and despite increased air rate, did not affect our margin negatively this year, nor our capability to deliver on time. Another positive factor is our inventory continuing on a decreasing trend. Operational costs increased this quarter. Again, a major part of the increase related to one-off costs in connection with change of management. The run rate, however, also increased a bit, and this is the result of the reinforcement of our product and marketing teams during 2023 and the first quarter 2024. The EBITDA was SEK 11.9 million compared to SEK 15.2 million last year, and the EBIT landed at SEK 3.1 million compared to SEK 3.2 million, which is 1.6% of net sales versus 1.5%. The profit after tax ended up at SEK 6.1 million compared to SEK 3.6 million last year, giving earnings per share of 0.25 SEK compared to 0.15 SEK last year. Cash flow from operating activities was better this quarter than the same quarter last year at SEK 4.6 million compared to minus SEK 10.6 million. The improvement was driven by a better change in working capital due to lower inventory and higher accounts payable. Investments for the quarter were SEK 4.8 million versus SEK 4.3 million last year, and the free cash flow ended up at minus SEK 0.2 million compared to minus SEK 14.9 million. Looking at the balance sheet, we had a total cash at the end of the quarter of SEK 205.5 million compared to SEK 125.1 million last year. The equity ratio is 59.5% versus 54.2%. We finished the quarter in a net cash position of SEK 186.7 million, which is an increase compared to previous quarter where we were at SEK 180.1 million, and it's an even more significant increase compared to same quarter last year when we had a net cash position of SEK 50 million. This was my last number. That was your last number. Okay. Hopefully, not the last number in the future, though. Okay. Wrapping up and then open up for Q&A. As I said, on the positive side, I would say that we had a robust performance of our feature phones and smartphones. We both increased sales and margins, and I think that's particularly encouraging. Also, our early change to the better portfolio mix with 4G paid off. Likewise, once again, we have to laud our very efficient logistics departments as well as our firm cost control and and when it comes to purchasing because the margin on products is very good. Then I also think that the restructuring of the German business is starting to pay off. Yes, sales is dropping, but then again, we are getting rid of the non-Doro branded lower margin products. So 42% gross margin, which is 6.2 percentage point up compared to the same quarter last year. I think that's quite impressive. Then also, we continued with our product innovation, and despite that increased investment in product innovation, also the higher costs we had for the new resources that we added and the more marketing and e-comm. And then, of course, the cost related to the change of management. We still have a stable EBIT on par with last year's 1.6%. So I think that's very positive. Challenges, as Isabelle pointed out, it is a decline overall, but once again, it's mainly as a result of seasonality, revenue recognition, and the one-off fixed line deals. Then still no transportation via Red Sea. That's fine for us. Even though it takes longer time, we still managed to do it. But we are a little bit concerned about the quickly or the rapidly increasing transportation costs in terms of flights. Air rates have been going up. It's actually at the same price or even higher than it was during COVID, I think. Yeah. And then, of course, it's still a very limited sellout of our new innovation products. So we're pretty okay to sell into our customers, but the sellout still works with them. So we are still investing in new ways of selling out and assisting our customers, especially on the retail side, with new sales and marketing initiatives. Then one thing it's worthwhile mentioning is the implementation of the USB-C Directive and the Ecodesign Directive. The USB-C Directive, I think, comes into play by end of this year. The Ecodesign Directive is around the 20th of June next year. So you will see a lot of hardware, consumer hardware electronics companies dumping prices on products left, right, and center because most of their products maybe do not comply with the Ecodesign Directive. All our new products are doing, and we are working, you know, that's why we are releasing new feature phones, new smartphones, etc., during this year. But that, of course, has been a big challenge, and a lot of work has been put into that. Priorities ahead. Well, as I said, we need to continue working on new ways of sellout, especially for the HearingB uds and the video doorbell. We've created two separate streams on that. I don't want to go into the particulars of that, but I think we're into something really good here. We also continue the implementation of a strategy with a new product roadmap, the new sales and marketing initiatives. And then finally, we hope to finalize the divestment of the German distribution and logistics operation, so we can complete the DACH reorg and have our DACH sales team start delivering on its potential. that should be taking place now in May and then into Q3, I think. I think that pretty much concludes, not so much this quarter. So maybe we should open up again. Put on the camera there. Go like that. We can get it working. So we will ask Baptiste to please open up the microphone. I see there's already one guest who has a question. Is that you, Fredrik? Good morning. Yes, it's me. Morning. Good morning. So, let's start with the strong gross margin. I mean, we have been talking about this before, quite some time. I would say that the normalized gross margin would be around 38%. I mean, do you agree with this throughout the year? Do you think it's going to see a higher level going forward? I would say a bit higher. Even that, yeah. Yes, because of our 4G. And then again, you, you never know. We always say that after such a report, probably our factory will come back and increase their price. But, as I see it, I think we will be probably around the 40%. Also, our innovation product will be having very decent margin, as, as we hope. So, we're in the range of 40%. This goes for, I mean, next 3-4 years as well, or is it just 2024, do you think? We're not supposed to make forward statements, right? So I think that's asking a lot. But I mean. Yeah. Yeah. Yeah. It depends, of course, on the development of our innovation products and which category we are going to, The most of them. Yeah. Then also the mobile phones. But, as I see it, I mean, we are trying to stay on such a trend. This is what we want to do so that we can then have a resource or a possibility to invest in our development team and others. So it is what we are trying to achieve, for sure. Then, you know, I mean, we are not so big, so sometimes just a big change in currency can affect the margin by 1% or 2% up or down from a quarter to another. So, my 40% are with reservation. But I mean, in general, at Doro, we have a very strict pricing director, Mr. Skattenborg in Norway. He keeps our sales directors very tight, Ms. Here, and has a very close relationship with myself and Isabelle all the time. So I mean, especially when it comes to our phones business, we always want to claim that there is a premium to be paid for Doro products, and hence, we really much maintain that. Then again, our customers, the indirect customers, so to say, the retailers and operators, they can recognize that because they're end users. They are willing to pay extra for our products. So, it's always been our strategy to keep a good margin. And then also, we have to laud our operations, our procurement department. They are very good. They're working tirelessly to identify components at a good price. Okay. Interesting momentum for your 4G phones is still very high. But I mean, if we take away the one-off, the fixed line deal that pushed down this revenue in this quarter, can you talk something about volume and price, I mean, except for this fixed line drop? Volume and price of. Yeah. Of the features. Or the other product. Yeah, exactly. That. Yeah. So in general, we can say the volume is dropping compared to 2G. So we've seen that across the years. On the other hand, we get much better paid, and there is a much better margin. On the downside, there is also a higher royalty and license fee on the 4G products. But overall, the number of the volumes in terms of feature phones have declined compared to when we sold mainly 2G. Maybe you have the details there, yeah? Yeah. In value, we are close to a double-digit growth. Yeah. For smartphones and a bit less for feature phones. Yeah. And you write in the report that the switch for to 4G is almost done in France more or less and then the UK and Ireland. So left to push sales due to this 4G switch is in Germany. Would you agree about that, or? Yeah. I think that's a fair statement. But when we say done, that means that the customers, our customers, the indirect customers, the operators, and retailers, they have done it mentally, so they want to do this now. It doesn't mean that there are still not 2G customers out there that have to migrate. But if you go one year back, when we spoke to, let's say, retailers in France, there was this like, "No, we're not interested in buying 4G. We just want to buy 2G." And then it was a bigger problem because our 4G, because of the higher costs, were more expensive than maybe a competitor 2G. Now our customers, especially retailers in France, they've all gone, "Okay. No, let's go 4G." So they've bought a lot of 4G from us, and then the end users are still taking a long time because we have to expect, expect we have to accept that the majority of people who are still on a 2G feature phones, they are almost exclusively seniors. And they are on a 2G feature phone for a reason, that they basically just use it for voice calls and maybe some SMS. So they are very reluctant to change. And many times, the mobile operators, they either have to push them or incentivize them. And that's why we've had some deals before with some of the major operators in France, especially, where we let them, the operator subsidize the price of the migration. Okay. You also wrote that you lost some sales in the non-Doro products in Germany. But with this new sales structure in place, hopefully within a month or so, how fast do you think the revenue will come back in Germany? Again, no forward statements. Honestly, I don't know. But what I can say, we didn't lose. I mean, we, that was a conscious decision. We basically walked away from some of these. So, our German subsidiary, IVS, they were a distributor of Doro and various other brands, quite well-known, famous brands. There were quite some volumes, a couple of years ago. I would still say there was decent sales revenue but very little margin on it. So yes, it paid off on the top line, but ultimately, if you look at the efforts, it didn't. So it was actually a conscious decision as part of this strategy we're doing now to walk away from these deals. And, yeah, when will it be back? I think, I mean, for our German sales team, the few people who stay with Doro GmbH instead of staying with IVS, they will probably be able to fully focus now on sales from Q3. Hopefully I mean, it started to increase already their focus, I would say. They're also moving out of the offices which we have today in Amberg and moving to a new office in Munich. So it'll be clear that one is the subsidiary that we've sold, and the other one is the new sales, Doro. Okay. Good. And then on the selling selling expenses, it was quite high. I mean, much higher than my estimates, about SEK 47 million, in the quarter. I mean, how hard will you continue to push marketing activities for the rest of the year? I mean, you had like 188 for the full year last year. I mean, will you go over 200, or this is the push they're going to be, and then it's going to be more or less, in line for the rest of the year, or? Budgeted, we. Yeah, but. We want, I mean, since we are releasing, the HearingBuds, Doorbell. The doorbell, we release new product, and we are aware that, for the moment, Doro is still known as a big button telephone company. So we really need to come out and that people find out that we are more than that. So there will be some marketing and sales expenses, but it's under our control. I think there is no worries about the EBIT, if I will put it like this. No. Because there will be more cost than last year. Okay. That's also part of the fact. I mean, during the downsizing years, we took away basically all of marketing and most of the product managers. Now we rehire them. And it took some time to find the right people. We have a brand new marketing director just started now in April. So we're building up this. And of course, the costs, they go accordingly. But it is per our budget. Obviously, you are not aware of that. But that would not jeopardize the EBIT as we see it. That's not the plan, at least, so. Okay. That's fair. And then my last question here is, you wrote in the report, and you talked about it, an additional cost of SEK 4 million due to the change of management. But I guess there will be additional cost, I mean, your departure, Jörgen? That is, the cost of recruitment for the new person as well as my departure. Okay. And then we have integrated them in the Q1 following accounting orders. Yeah. It was supposed to take us in Q1. No more extra, yeah, so no more extra cost regarding that then. Not unless you feel that you should pay me extra, which I would appreciate, of course. No, joking aside. No, as per accounting orders, we're supposed to take that cost directly when it's arisen. So it's all taken out in Q1. Okay. So if you take that aside, that would probably be an extra SEK 4 million, so we would add double EBIT this month, I would say, or this quarter otherwise. Yeah. Okay. Great. That was all for me. And thank you very much, Jörgen, for your time here at Doro. And good luck in the future. Thank you, Fredrik. Appreciate it. We have questions for more people. I still see Fredrik's hand is up there, maybe. Is there anyone maybe in the chat, Baptiste, can you see? No? No? Maybe also just point out that we have the Q2 report on the 17th of July. So it's 1/7, 1/7 instead of 11th July, as we said before. The 17th of July will be the release of the Q2 reports. For all those who have followed me and Doro during these years, I want to thank you very much. It's been a pleasure. I'm really, really happy, for Doro and for the future. I think Julian's going to be a fantastic addition to the team, so. Thank you and good luck.