Thank you. Hi, and welcome to the Q1 report presentation. We'll first start with the period in short here. The new COVID-19 waves and the slow vaccination continues to affect the markets, and it's pretty similar to Q4. We had hoped for a really big opening here for the market around Easter, but that didn't happen. Unfortunate. On the other hand, the really strong takeaway trend continues, so BioPak nearly doubled the operating income in the quarter. In the quarter, we also adjusted our loan agreement for another two quarters. The market outlook is still, of course, with very high uncertainty, but there are lights in the tunnel. Positive is that we've seen some openings now in Denmark, where the restaurants actually have been closed since 7th of December. That's really positive. Also Finland is starting slowly to open up. We see some light in the tunnel, so that's very positive. If we go into the Q1 highlights here, we had a drop in the net sales of -25%. Of course, the restrictions significantly impacted the Duni Group throughout the quarter. Of course, it's the area, Duni, that continues on low levels. As of course, all the sit-down restaurants are forced to either limit or in many markets, it's fully closed on premises. On the other hand, the business area, BioPak continues really strong as the takeaway benefits due to the COVID-19 restrictions are increasing. If we look at the operating income, we were down with SEK 121 million versus last year, so a significant number. Of course, the decrease comes from the Duni business area with less fixed cost coverage and limits economy of scale into the logistics. We have a cost reduction program. Of course, the strong BioPak growth continues to support the result on the other hand then. I will hand over to Magnus to dig a bit deeper then into the two business areas. Thank you very much, Robert. I will now go through our two segments in more detail, and I will start with the Duni segment, which represents our products to set the table, like napkins and table covers and candles. As all of you are truly aware of, and Robert mentioned, we continue to be in a lockdown situation on almost all markets in Europe have been affected by this in the quarter. The decrease for business area Duni is dramatic, with a 50% decline, and even more so for our main segment, HoReCa, hotels, restaurants, and catering. Also like previous quarters, retail channels has not been that severely affected with only a modest decline. We have seen a gradual strengthening during the quarter, but again, from very low volumes. We should also be aware that it's only the second part of March that was negatively influenced by the pandemic last year in comparison. We continue to work hard with mitigating the negative effects from these very low volumes. Especially demanding is the situation in our production facilities. We have, to a great extent, been able to lower fixed costs and our break-even points, but our gross margin has been hurt by these less fixed cost coverage. Also as earlier communicated, we are in a process of seeking support from German authorities. The application itself is quite complex and based on interpretations from these new set of legal frameworks. We estimate the effect to be somewhere between EUR 5 million-EUR 6 million, and naturally, a very welcoming contribution to cover for parts of the fixed costs. Again, since we have not finalized the application, Q1 has not been affected by this. If we now move over to BioPak segment, which is offering sustainable food packaging, we continue to see a very strong demand. Parallel to the development of business area Duni, or I should say contrary, that has been burdened by the pandemic, BioPak has been contributed by very strong growth of 25% in the quarter. That is driven that the industry is now more actively looking for takeaway and sealable solutions. We have seen that traditional fine dining and sit-down restaurants are now shifting over also to offer more premium takeaway solutions with three-course dinners packed in a design with high quality of sustainable materials. That is exactly what BioPak is offering. Australia, which is our biggest market for BioPak and second biggest for Duni Group, have seen a tremendous good quarter, which was also the case for 2020. The brand is well-known in Australia and New Zealand and clearly associated of having the most sustainable environmental-friendly packaging on the market with the ambition to champion compostable packaging. It is clear that the shift from plastic to different fiber-based solution develops at increasing speed. This shift is good news for BioPak offer, but we still have areas where we are more dependent on different solutions that include different plastics to fulfill certain product features. One of these areas is eating and drinking, but the share of total sale is continuously decreasing with a more future-proof mix as a result. The cost focus has been dominant in the last year. This had also a spillover effect on BioPak. The increase, as I mentioned, of almost 25% in sales has resulted in almost doubling the result for the quarter. In other words, a very strong operational leverage on these additional volumes. Finally, we indicated already in previous quarter the challenges in lack of container capacity from Asia. This has led to higher costs, but I would say that due to hard work, we have managed to mitigate delivery delays to customers. Thank you. All right, if we look at the COVID-19 situation a little bit, actions and outlook here. Of course, as we talked about here, the delay in the vaccination rollout resulted now in the prolongation of lockdowns in almost all markets. I think Q1 here has been the toughest one in Europe, actually, in terms of lockdowns in the restaurants for during the quarter. Of course, we think that the demand to eat out and travel will still be there after the pandemic and the vaccinations are coming in place, and then we saw that last year, so that feels reassuring for us. I think in times of crisis, we have shown that we have two really strong brands that has been very good for us, and that we are able to then balance here with the BioPak part when we don't have the sales in the Duni part. We have a really high focus now on helping our customers now, first with the packaging side, with the BioPak, but also now for when it starts to reopen with new concepts, the increased hygiene focus, and we have a lot of different types of products like Sacchetto and so on, that are perfect for the hygiene safety, to dine safe in that sense, and especially for the outdoor as well. Of course, it's very difficult to forecast at the moment, depending on vaccinations and different other things, of course, regarding the COVID-19 and so on. We have a good hope that it gradually will open during the next quarter. Of course, there will be some restrictions in different countries, and so on. When the summer starts and especially the outdoor comes in, then it's going to be hopefully a really good summer. On that topic, I think we are very well-positioned for the future. I think what we've done now in the Q1 here is that we have a new organization set up with the business area now responsible for the whole category assortment marketing, and to that, having the sourcing and production in one basket, so to say. We never had that's really positive. On top of that, we have one salesforce that are able to sell both BioPak and Duni, I think that has been really strong now in these times when it's been a bit volatile. The salesforce can focus on maybe one thing a little bit more during that period. These two things are feeling really good for the next coming years here. We are actively, of course, working with different type of sustainability projects and working to close the loop for our products via new solutions for reuse, recycling, and composting. That's also a very important part for the future for us. Yes, a little bit examples here on the next slide, where we have what we've done in the Q1 is that we launched a new packaging foil around our napkins. It's now a paper foil instead of a plastic foil. This is starting, of course, on a certain type of product group, and then that will be a rollout, but that's a really good initiative. We have also the Sacchetto, which is in the middle on the top there. That is a very important product for us now when it opens up here. That is really hygiene, and you can have the cutlery inside this little packaging. We also worked a lot on the digitalization, and we have Duni Visualiser that will also, of course, now when the pandemic has been, we haven't been able to use it that much, but that will come in hand now for the restaurants to create a great atmosphere and the hygienic atmosphere in the restaurants. In the bottom, Q1 is actually the quarter where we have most fairs in Europe, and it's a good launch point for us when we're launching a lot of product. This year, we've been able to transfer a lot of customers then into our digital fair platforms in the different countries. That's been also a very high focus into Q1, so that's positive. Okay, Magnu s. We are moving into the financials and first the income statement. As Robert mentioned, we are down with more than SEK 300 million in sales. This is not as bad in absolute terms as in the fourth quarter 2020, but in relation versus last year, it is a similar development. One of the biggest challenges that has been mentioned several times now is the inefficiencies caused in logistics and also less utilization in our production facilities, which is very visible in the numbers with a 50% reduction in gross profit. The lower indirect costs can't compensate for this, and we are showing therefore a loss in the quarter of minus SEK 41 million. During the quarter, we prolonged our waiver period and consequently with higher financial costs. The adaption of our bank covenants to better reflect the current business environment is naturally very important for us to enable us to also focus on preparing ourselves for the possibilities that open up once the restrictions are lifted. We can all enjoy a social life as we are used to with traveling and dinners at restaurants and replacing some of all the Teams meeting, I guess, we all had the last years. Now if we look more in the business areas, it is clear that the historical dominant business area, Duni, has reduced its share of sales, and at the same time, BioPak is very fast moving to the SEK 2 billion level and closing in on business area Duni. It is also notable that the BioPak managed to leverage on the volumes and strengthen the operating margin that is now 8% both for the quarter as well as for the rolling 12 months. We're looking on the cash flow. Protecting the cash flow has been of highest importance throughout the last year. Although quarter one is seasonally the weakest for Duni, where normally we have a negative operational cash flow, the reduction is less in cash flow than the EBITDA decline. I think it could have been even a smaller gap, but we have, during the quarter, invested in having good stock levels on high runners to be able to deliver once the restrictions are lifted. That is a learning from Q3 last year, where we tripled volume within two weeks and had some delivery challenges when we were ramping up the factories. This is something we're comfortable in managing and be better prepared for. Looking on the CapEx, it's naturally kept very low, but we are not taking unnecessary risks. In addition, we are investing in new web tools and other tools that will keep us relevant in the market. If we look from the comment on the financial position, although the disappointment from the slow pace in vaccination rollouts and the lifting of the restrictions, we are in a financially good position with lower debt in comparison to time when we entered the pandemic. This is naturally with support from canceled dividends and the significant cost reductions we had and other measures we have taken to support the cash flow. This has proven to be vital for us to stay strong and being able to meet the demands we have during the corona, but also the opportunities that will open up after the corona. Finally, our financial targets. Unfortunately, we are not able to deliver on these, and can conclude that the significant volume decline we are experiencing had a negative effect both in our sales growth, of course, our operating margin, and as earlier communicated, we will not have any dividend for the year 2020. That's all for us. I will now hand over for questions. Thank you. Ladies and gentlemen, if you do wish to ask an audio question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. Once again, please press zero one to register for a question. There'll be a brief pause while questions are being registered. Our first question is from Andreas Lamprecht of SAP. Please go ahead. Your line is open. Good morning, and thank you. I wonder if you can talk a little bit about BioPak, how it's grown in markets that are opened. I think you mentioned Australia, for instance, but what trends are you seeing in those markets where the society is open when it comes to BioPak? Thank you. Thank you, Andreas. As I mentioned, Australia specifically had more open, the less restrictions than since autumn, we are seeing a strong development also after the restrictions are lifted. That's the conclusion we are seeing, there are some signs of opening up now, as I say, in Europe, we are not seeing the BioPak should be hurt by that. We had a very strong development in BioPak before the pandemic, driven by the trend shift and the general trend in takeaway. It's not only pandemic that is driving this. Okay, is the growth similar in a market like Australia, or is it lower or higher after society has opened? I would say it's been even slightly better, I would expect, the last couple of months. Why do you think that's the case? I think that mainly related to that we have a very strong offer, and we are very good in delivering on time and so on. There are other parameters then connected to that. We have a very strong offer in itself, and that has been successful. In the same area, you reached a rather nice operating margin, as you say, from leverage and so forth. Do you think you can sustain that kind of margin also going forward for BioPak? That's a tough question. It's a good question. What we have seen in Q1 is that we had a really good operational leverage on the volume. It's all about how we continue to scale and accelerate the BioPak business. The gross margin in itself has been quite stable, so it's more about the need for investment to accelerate the growth further. The operational leverage on the additional volumes has proven to be really good. Absolutely. Okay, thank you. Lastly, you mentioned raw materials, higher costs for logistics and so forth. How do you view your own potential price adjustments? Yeah. Duni's ambition has always been a way to compensate for increased raw materials. Of course, sometimes with some delay in the different markets, but that's our position we take. Okay. Cool. Thank you so much. Thank you. Thank you. Once again, if you do have a question, please press zero one on your telephone keypad or press zero two to cancel. There'll be a further pause while any other questions are being registered. There are no further questions at this time, so I will return the conference back to you. Okay, great. Thank you all for listening today. We'll speak soon again. We hope that the lockdowns has been less than in the next coming months. Thank you. Thank you.
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