Hi everyone, welcome to the presentation of GARO's Q1 2021. My name is Patrik Andersson, and I'm the CEO of GARO. With me today, I have Helena Claesson, our CFO, to present the financial performance. Next slide, please. I will start with an introduction of GARO Group. GARO was founded in 1939, which means that we have been over 80 years in business. We develop and produce innovative products and turnkey solutions for the electrical installation markets. We divide our business into two business areas: GARO Sweden, which consists of our Swedish operation, and GARO International, which cover our business in Norway, Ireland, Finland, Poland, and in U.K. We have production on four sites, two in Gnosjö in Sweden, where we also have our head office, one in Värnamo in Sweden, and the fourth site in Szczecin in Poland, and we are approximately about 420 people in the group. Next slide, please. Our business consists of four product areas, and on this slide you can see the share of the total sales in the Q1 2021 compared to the same period last year. Our largest product area, Electrical distribution products, consists of approximately 3,500 products and turnkey solutions for the electrical installation market and contributes to 42% of the revenues. Our fastest growing product area is E-mobility, which develop and markets all type of vehicle charges accountable for 32% of the total sales, up from 28% in the year earlier. Our product area project, which provides complete and customized solutions for all type of power supply accounted for 19% of the total sales. And the fourth product area, Temporary Power, with a product portfolio consists of temporary electricity, lighting, heating, and charging. This is product used on construction sites and events. This area accounted for 7% of the sales, up 1% this point to last year. Next slide, please. The year has started positively. We can report 70% net sales growth driven by GARO Sweden while GARO International was in line with last year. The main growth driver among the product area were again E-mobility, but also other product areas combined increased sales versus last year. The good sales development also contributes to a strong improvement in the profitability, and Helena will come back to that later on in the presentation. The market for construction related products have been good in Sweden with a high activity for new buildings and renovation, which benefit product area Electrical distribution products, where we estimate that we have taken market shares. We can also see that rental companies have increased their investments in equipment following a positive outlook for the underlying markets. In our international markets, we see continued recovery on most markets. Our sales of E-mobility product in Sweden increased by more than 100%. Strong sales in Sweden all over the product range, but also increased sales to the European market through contract customers. GARO International, we saw a decrease of 12% in sales, mainly due to postponed deliveries of four chargers in Norway due to the pandemic. Worth mentioning is that we launched a new product called CASTRA, a new E-mobility product for camping sites that enables charging cars and a caravan simultaneously. Market conditions. Overall, we have a positive view of the market condition, but the industry is facing some challenges in a limited access to raw material and components. Also, we do not currently experience major problems. Now over to Helena for financial performance. Next slide, please. Thank you, Patrik. Let us start by looking at some financial highlights. As Patrik just mentioned, GARO has had a strong Q1 with a sale increase of 17%, where the lion part came organically and driven by growth within the product areas, E-mobility and Electrical distribution products. Net sales amounted to SEK 291 million compared to SEK 248 million in the same period last year. However, one should keep in mind that our Q1 in 2020 was relatively weak. We had a positive currency effect on operating profit in the quarter of SEK 2.9 million, to be compared with a negative effect of SEK 6.5 million in the same quarter last year. In other words, the currency fluctuation between the Q1 2020 and 2021 amounts to SEK 9 million. Operating margins in the quarter came in at 15.8%, giving an EBIT of almost SEK 46 million. The main reason for our strong EBIT was positive scale effects from higher volume. Net income for the quarter amounted to SEK 38.3 million, which is a strong improvement from last year. Next slide, please. Now let's look into net sales by product area. Our largest product area, electrical distribution products, increased in GARO Sweden by 8%, but was slightly down in GARO International. The project business was slightly down in GARO Sweden, but showed significant growth of 45% in GARO International where we have had some interesting customer projects in U.K. and Ireland. GARO E-mobility had a growth of 62% compared to last year, and will be looked upon in a separate slide in just a few moments. Finally, we are happy to see that the sales within Temporary Power was up in GARO Sweden by 25%. It's our feeling that the rental companies are starting to invest again in the new equipment. Next slide, please. As I said, let's look into the product area, E-mobility separately. Sales within E-mobility amounted to SEK 93 million in the quarter, which is an increase of 62% for the group, where the growth came entirely from GARO Sweden, which was up with 108%, and we had seen a good demand across the whole product range. Also reporting under GARO Sweden is our sales to contract customers such as energy companies and automotive companies established in Europe, where we have had a good performance during the quarter and several deliveries have been made under earlier signed framework agreements. Sales of E-mobility within GARO International was down with 12% as a result of limitations on sales activities and postponed deliveries in Norway due to COVID-19. In U.K. and Finland, we saw a continued growth in sales compared to last year although from lower volumes. Chargeable vehicles in Sweden increased by 73% during the Q1, and as we can see, the market for chargers is driven mainly by households and offices. Also, in the international markets, the number of EV vehicles are increasing strongly, and we see a good trend in Ireland, U.K. and Finland. Furthermore, the strong growth in E-mobility has a beneficial effect on sales of standard components within Electrical distribution products and cabinets within the project business. A synergy effect perhaps unique within GARO. Next slide, please. Looking into the two business areas separately, starting with GARO Sweden. Net sales amounted to SEK 206 million in the quarter, which is an increase of 25% compared to the same period last year. As I said earlier, this was dominantly organical and through E-mobility. New construction on houses and the renovation sector continued to be good during the quarter, which drove sales in all product groups within the product area Electrical distribution products. The cold winter has created good sales of car heaters. EBIT increased to almost SEK 33 million, and margins improved to 15.9% from a relatively weak quarter last year. This is explained by higher sales volume, favorable product mix, and a good cost control. Next slide, please. Looking into the business area, GARO International, sales amounted to SEK 83 million, which is in line with sales in the same quarter last year. During the quarter, we have seen a mixed picture. In some countries and product areas, the market is recovering from COVID-19. At the same time as we continue to have a negative impact from COVID-19 in other countries and product areas. Sales within Electrical distribution products was in line with last year. Sales with project increased by 45%, driven by high demand for customized solutions in U.K. and Ireland. Several of GARO's wholesalers in the U.K., Ireland and Finland have now chosen to offer GARO's products in their standard range, which enables fast deliveries. EBIT amounted to SEK 13 million compared to SEK 8.5 million last year, and operating margins in the quarter came in at 15.8%. Next slide, please. Cash flow from operating activities amounted to SEK 16.6 million compared to negative SEK 8.8 million in the same quarter last year. This is a result of a stronger EBITDA. In the quarter, we have had investments of about SEK 8 million, of which SEK 7 millions were related to product development. We have a strong balance sheet with a small net debt per March amounting to SEK 6.6 million. We have an equity asset ratio of 69.3% and available liquidity, including overdraft facilities of almost SEK 168 million. If the AGM later today approves the board's proposal for a dividend per share of SEK 4.75, GARO will make a payment of SEK 47.5 million in dividends to its shareholders now in May. Also later today, if the AGM approves the share split proposed by the board, a share split of five to one will be implemented. Record date for this is expected to be per May 26th. Now back to you, Patrik. Next slide, please. Thank you, Helena. Sustainability is important for GARO and our stakeholders. We have chosen to focus on six UN SDGs' global goals. We believe GARO can make a difference. You can see on the slide which goals that we have been chosen. I will give you some example of our sustainable actions. When we develop new products, GARO focus on the choice of material with the aim of developing highly functional products with good cost efficiency while minimizing impact on the environment during both manufacturing and use. Together with other companies, GARO participate in local projects that work to have zero emissions in the country's transportation system. The vision is to be an energy plus country that is easy to live, reside, and work in with energy efficient and fossil-free travel. As part of our effort, GARO has the goal that all of GARO's transports will be fossil-free according to the conditions set by Fossil Free Sweden. Strategically important suppliers are audited and monitored based on quality and sustainability factors. A new law on conflict minerals will take effect in the EU from 2021, and GARO has commenced to status analyze and start to collect data to prepare the right procedures to ensure regulatory compliance. GARO has made a deliberate choice as far as possible to primarily use suppliers from Europe. This reduce transport needs and also the risk of human rights violations. It is given for GARO to offer everyone the same opportunity for develop and support for retaining the motivation, staying working at the company, and serving a good ambassadors. Next slide, please. Strong growth and development opportunities. Here our strategy remains the same. The main driver of growth will be organic growth. A successful product development has been and will continue to be the key of this growth. On top of this, we are always looking for potential acquisitions where we can add either new additional products, product areas, or companies with an edge. An example of this is the acquisition of EV Charge Partner last year to strengthen our offer in the E-mobility business. We are also looking for new geographical markets with a focus mainly on north part of Europe. GARO's vision is to become the leading brand of the chosen markets. Next slide, please. COVID-19. The ongoing pandemic had a relative limited impact on GARO Sweden during the Q1. For GARO International, we saw a mix of recovering and continuity negative impact depending on country and product area. At this moment, demand in the market is generally healthy, and GARO has not applied for or received any financial support from the Swedish Agency for Economic and Regional Growth as a result of COVID-19. Next slide, please. Outlook. The strong market recovery has brought about certain challenges for GARO. Lack of components access is currently impacting the industry to various degrees. In the Q1, GARO managed to secure supplies, but limited access to raw material and components may impact our production. We assess that the core market conditions have essentially not changed aside from the pandemic, even though great uncertainty prevails in society in regards to the pandemic's long-term consequences on the economy. The market for charging infrastructure is growing structurally with rising number of rechargeable vehicles, and we see continuing strong trend with further expansion of the charging infrastructure in all markets. Demand for construction-related products in Sweden, combined with the important renovation sector, is expected to remain stable. The trend in other markets served by GARO, aside from the pandemic, is expected to be similar. All in all, GARO has a positive view at the long-term market condition, mainly driven by growth in the charging infrastructure. Thank you for listening, and we are now ready for questions. Our first question today comes from Kenneth Toll of Carnegie. Kenneth, your line is now open. Thank you. Just a question so I understand it. When you sell E-mobility products under those frame agreements, they are reported as E-mobility sales in Sweden. Is that correct? That's correct. Okay, great. That could help explain the very strong growth in Sweden, I guess. Yeah, a part of it. We have a good growth also in the Swedish customer, but also in the external export, so to say. There is a lot of discussion in the industry right now about supply chain issues and also that raw material costs are increasing, both steel and plastics, and so on. Do you foresee that you could run into supply issues and that your costs for the components you buy or the price of those are being raised dramatically? As we said in the presentation, it has not affected us so much in the Q1. Of course, we are also secure the material for the second quarter. We have to fight for the material, of course. Of course, some components will increase. That's the case. We will handle that, of course, with the pricing to the customers. We have done it great during the Q1. So far so good. Great. A question on the E-mobility side. You showed very good growth there. I was wondering how you think about pricing versus growth in that area. If you were to lower prices a little bit, would that accelerate growth a lot or is it more other parameters that are important in the sales process? We have said before that we are not the cheapest brand, so to say. We will have a professional brand and, as we said, we're not the cheapest one. We think it's important to sell all the function, so that will not affect. Okay. The very strong balance sheet you have. Now you're going to pay dividends very soon, of course, but still you will have a very strong dividend. Are you looking for acquisitions? Do you have anything that could be landed soon, you think? Nothing we can talk about. As I said, in our growth plan, we are of course looking for interest in new markets. Also, it could be a product area, but nothing we can mention here now. Okay. Yeah. Great. That's all from me. Thank you. Thank you, Kenneth. Our next question comes from Jacob Söderlund from ABG. Jacob, your line is now open. Please go ahead. Thank you so much. I have a question. You reported that sales in the International segment declined by 12%, and you said that it was mainly a result of the postponed deliveries due to the pandemic. I was wondering, can you share with us how has it been so far in this quarter, and what the outlook looking like going forward? Thank you. About the outlook, we don't give any outlook for the quarter 2, as you said, for the Q1, we had some postponed deliveries. That is mainly to the fast charger, not to the AC charger, which is the wall box and the public charger. The postponed deliveries is by DC, the fast charger. We are not talk about outlook for quarter 2. Okay. Thank you. Our next question is from Ofelia Aspemyr from ABG. Ofelia, your line is now open. Thank you. Ofelia from ABG. Thank you for hosting this conference call. You, of course, reported a very strong margin this quarter, and you mentioned that this was primarily driven by higher volumes and a favorable product mix, and combined with tight cost control, of course. Can you comment on the product mix and if you expect it to remain the same during the following quarters? Yeah, the product mix, we think it will be a quite similar product mix during the quarter two, so to say. We can't see any change in that at the moment. When we're talking further on this year, it's more hard to say. We think we will have a quite similar product mix during quarter two, so to say. Okay, that's good. I think that Kenneth touched upon this question, but I wonder how you are working with the price increases in order to hedge against the potential upcoming increases in raw materials and component prices? Of course, this is a focus area, as you said, with this we were fighting to get the components and the raw material to the production, and that prices is, of course, increasing. We are also working with pricing that, of course, to our customer. That is a focus area at GARO all the time to have the right margin and to push this type of cost in the market. It is a quite special situation in the world at the moment with the raw material and the components. This is, of course, a focus area to have good margins. Okay. That's very helpful. Thanks a lot. You, of course, had a really strong growth in the E-mobility segment. I wonder if you could comment on the demand in GARO Sweden and GARO International during the quarter, if you did see any higher demand during the first half or at the end of the quarter, which could imply solid momentum in April and going to Q2. Of course, Q1 is always a special quarter because January is often quite low, then it's increasing during the quarter. Of course, the end of quarter one is always stronger than the beginning. Okay. The end of the quarter is always stronger, so to say, when we talk to quarter one. That's ramping up during the quarter. Okay, but how. In quarter two we have more of public holidays, and that will give us less working days. That gives some seasonal change in between the quarters. Yeah. Otherwise, it's normal business. Okay. Thanks a lot. That was all for me. Thank you. No further questions at present. We do indeed have a question from Vincent Mannent from Carnegie. Vincent, please go ahead. Your line is open. Yes. Thank you. Just a quick question coming back to the postponed deliveries in Norway from Q1. Do you expect to deliver into Q2, or is it going to take longer, or could you elaborate a bit on that? No, we are expecting that deliveries during quarter two. Yes. Okay. Thank you. We have a follow-up question from Ofelia of ABG. Ofelia, please go ahead. Ofelia from ABG, your line is open. Please ask your question. Sorry, I was muted. I have a follow-up question there as well. I wonder if we should see any catch-up effect in Q2 from the Norwegian business then. That depends how many of these postponed business, of course, we will deliver during quarter two. That's quite hard to say when you say catch-up effect. Of course, we will see some increase, but how much increase it will be, it's quite hard to say due to how many we will deliver during the quarter two. Of course, higher increase, but I will not call it catch-up effect. It will increase, yes. Okay. Thank you. No further questions at present. As we have no further questions, I'll hand back to the management team for any closing remarks. Thank you for listening to the presentation. Have a good day.