Hello everyone, and welcome to the GARO Interim Report for January to September 2021. My name is Bethany, and I'll be coordinating this call for you today. If you would like to register a question at Q&A, you may do so by pressing Star followed by one on your telephone keypad. If you change your mind, you can press Star two. I will now hand the call over to Patrik Andersson, the CEO of GARO. Patrik, over to you when you're ready. Thank you. Good morning, and welcome everyone to the presentation of GARO's Third Quarter 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 the GARO Group. GARO was founded 1939, and we have since then developed and produced innovative products and turnkey solutions for the electrical installation markets. We divide our business into two business areas: Sweden, which consists of our Swedish operation, and it includes also sales to other European countries that we do not have own subsidiaries. GARO International, which covers our business in Norway, Ireland, Finland, Poland, and in the U.K. We have production on four sites, two in Nyköping in Sweden, where we also have our head office, one in Värnamo in Sweden, and the fourth site is Szczecin in Poland. We are approximately 470 employees in the group. Next slide, please. GARO's business consists of four strong product areas. On this slide you can see the share of the total sales in the nine months of 2021 compared to the same period last year. The largest product area, Electrical distribution products, consists of approximately 3,500 products and turnkey solutions that the installers are using every day in many different applications, such as in new building, renovation, industrial, and of course, in e-mobility solutions. The product area contributes to 42% of the revenues. Our fastest growing product area is e-mobility, which GARO develops and market all type of chargers and solutions for rechargeable vehicles. This area accounted for 33% of the total sales, up from 26% in the year earlier. Our product area Project business, which provides complete and customized solutions for all types of power supply, accounted for 18% of the total sales. The fourth product area, Temporary Power, with a product portfolio consisting of temporary electricity, lighting, heating products used on construction sites and different events, accounted for 7% of the total sales. Next slide, please. Operational highlights. We start with growth, profitability and cash flow. We are pleased to see a continued good growth in the third quarter. Sales increased by 19% with a good development in GARO Sweden as well in GARO International, and overall a positive development in all product categories. The good sales development also contributes to a good improvement in profitability and strong cash flow, which is important in these challenging times, and Helena will talk more about that later in the presentation. We go further with strategy and challenges. During the quarter, we have had challenges with supply shortage of mainly electronic components. This has affected sales mainly in e-mobility and the uncertainty regarding supplies prevails. The organization have handled the situation in the first nine months in a very good way, both with the strategic supply and redesign to make it possible to grow with profitability. The demand for e-mobility products was strong and had never been as such large order book within the product area as by end of the third quarter. A successful factor for GARO has and will always be product development. During the year, we have continued to develop new products with the aim to broaden our customer offering. This enables a holistic go-to-market strategy and make our offering within e-mobility together with our other product areas unique. We will launch new, exciting and innovative products during 2022. Another important factor is capacity. We have continued to invest during the quarter to expand production capacity, mainly in the product area e-mobility, to be ready when the supply of materials begins to normalize and to meet the increasing demand in all markets. We go further on with e-mobility. We had sales growth of 32% in e-mobility. As I mentioned earlier, this could been even more if we had better access to mainly electronic components. e-mobility Sweden increased by 52% with a good demand across the whole product range. Sales to other European markets through contract customers, such as utility companies, automotive companies established in Europe grew strongly by more than 300% during the quarter. E-mobility from GARO International decreased by 6%. Sales were strong in Finland, Ireland, and in U.K. However, development was negatively affected by weaker sales in Norway due to higher maturity, primarily within home charges. We have addressed this by adapting our sales process to better suit the customer's demand in Norway for complete solutions. We see that the demand for commercial installation will continue to be strong, and GARO is well equipped to deliver on this as we have a broad product and service offering. Now over to Helena for the financial performance. Next slide, please. Thank you, Patrik. As usual, we start by looking at some financial highlights for the third quarter. As Patrik just mentioned, GARO has had a strong third quarter with a sales increase of 19% compared to the same quarter last year. The growth came entirely through organic growth, with a slightly stronger growth within the business area, GARO Sweden, 20%, compared to GARO International, with a growth of 16%. The sales growth was seen within all our product areas, even though limited access to electrical components has somewhat hampered the sales in the quarter, mainly in the product area, e-mobility, as Patrik just mentioned. Net sales amounted to SEK 294 million compared to SEK 247 million in the same quarter last year, and operating margins for the quarter came in at 16.5%, giving us an EBIT of almost SEK 49 million. The main reason for the strong EBIT was positive scale effects from higher sales volume and the favorable product mix. Net income for the quarter amounted to SEK 39 million, which is a strong improvement from the same quarter last year. Next slide, please. Looking into the two business areas separately, starting with GARO Sweden, net sales amount to SEK 290 million in the quarter, which is an increase of 20% compared to the same quarter last year. High demand was seen in all of our product areas, driven by new constructions, renovations, and energy efficiency, together with the expansion of the charging infrastructure. The sales within product area, Electrical Distribution Products, varied depending on product group. For standard components, measuring products, and recreational products, the development was good, while sales of products in industries were slightly weaker. Temporary Power was up 41%, which sales was driven by one large customer investing in new equipment. EBIT increased to SEK 34 million, and margins improved to 17.9% from a weaker quarter last year. This is again explained by high sales volumes and favorable product mix. Next slide, please. Looking into the business area, GARO International, sales amount to SEK 203 million, which is an increase of 16% compared to the same quarter last year. Sales within Electrical distribution products increased by 14% with a good growth in Ireland, in Finland, and the United Kingdom. Sales within the Project business increased by 75%, where we continue to have some interesting customer projects, mainly in the U.K. and Ireland, also to some extent driven by the charging infrastructure. Our production facility in Poland had a satisfying efficiency during the quarter, despite limited sources of electrical components. EBIT amounted to SEK 14.5 million, and operating margins in the quarter came in at 14.2% compared to 16.4% in the same quarter last year. During this quarter, operating profit was affected by costs for marketing, investments in Ireland and in U.K., as well as resource allocations in Poland, where GARO is expanding production and training staff for higher production capacity. Next slide, please. Now looking into our product area, e-mobility separately. Sales within e-mobility amounted to SEK 90 million in the quarter, which is an increase of 32% for the group, with GARO Sweden growing by 52%, while GARO International had a negative growth of 6%. For GARO International, we can see good growth in U.K., in Ireland and Finland, while sales in Norway has been weaker in the recent quarters. Sales to other European markets through contract customers such as energy companies and automotive companies established in Europe, grew strongly by more than 300% during this quarter. The demand continues to be high and our order books were at record levels by the end of the period. Next slide, please. Now looking at the cash flow and balance sheet. The cash flow from operating activities amounted to almost SEK 52 million compared to SEK 2 million in the same quarter last year. This was explained by a higher EBITDA and less need of working capital. However, GARO still have a high value in inventory due to tactical purchase of components. In the quarter, we have had investments of almost SEK 11 million, of which SEK 5 million were related to product development. We have a strong balance sheet with a net debt per September amounting to SEK 28 million. We had an equity asset ratio of 16.4% and available liquidity, including overdraft facilities of SEK 147 million. Now back to you, Patrik. Next slide, please. Thank you, Helena. Sustainability is important to GARO and our stakeholders. We have chosen to focus on six UN SDGs where we believe GARO can make a difference. You can see on this slide which goals that we have been chosen, and you can also see some example of the sustainable actions, such choice of material for the environmental, digitalization with aim to use energy on the best way, collaboration with suppliers, et cetera. Next slide, please. 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 e-mobility business. We are also looking at new geographical markets with a focus mainly in Europe. GARO's vision is to become the leading brand on its chosen markets. Next slide, please. Outlook. We assess the core market conditions have essentially not changed, even though uncertainty prevails in society in regard to the pandemic's long-term consequences on the economy. The strong market recovery and growth has brought about certain challenges, such as occasional component shortage, and this uncertainty remains concerning access to electronic components. As I mentioned before, in the first nine months, GARO managed to handle this in a successful way. The market for charging infrastructure is growing structurally, with rising number of rechargeable vehicles, and we see a 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 international markets served by GARO, aside from the pandemic, is expected to be similar. All in all, GARO has a positive view of the long-term market condition, mainly driven by growth in charging infrastructure. Thank you for listening, and we are now ready for questions. If you would like to ask a question, please press star followed by one on your telephone keypad now. We have a question from Karl Bokvist at ABG. Karl, your line is open. Thank you, good morning. My first question is just on the near term challenges here when it comes to supply chain situation. Just my first one is whether or not you've seen any changes during the quarter or now as of October, November when it comes to, you know, if things have improved or become more challenging. Also, you know, if you could provide some insight into your regular lead times and what you think they are like now. When we come to the components, as you said, with supply, as I mentioned, we have handled this situation the first nine months in a very successful way to both get material but also to redesign some electronic components to get more components to our production. I will say it will be quite similar. Of course, we try to get more and more material. Also as I mentioned, we have a record order book, which means that we have a bit longer lead time that we are used to, of course. But this is a focus area for the organization in GARO. As I mentioned, we have handled this in a successful way, and hopefully we also can do that during quarter four. Understood. Just to get some insight here. The components in question that you might see the most challenges related to, are they affecting any particular versions of your products or any particular customer categories within your businesses? No, we can't say that. It's the electrical components, so it's you have it. It is so to say it's the most easy home charger or you have it in a more advanced wallbox. It's affecting the range, so to say some more and less of course, but it's the whole range, so to say. Understood. Just a couple more, if I may, but just you know, as you highlight the market, excluding these bottleneck issues continue to be very, very strong within e-mobility. I'm just a bit curious for what you've seen in light of the market growing very strongly, what you see on the pricing side when it comes to pricing dynamics among competitors and, you know, pricing ability to adjust prices and things like that. We can see that the price level, of course, is a bit different for the customer, so to say. We have talked about that before also in some quarterly presentation that of course in the home segment, we think it will be more price pressure on the easiest wallbox, so to say, when you have less functionality. When you come to more complete solution that GARO have a great offer with a broad range for both wallboxes and stations and DC charger and service and support. We think the price level could be better, but if you only have some small niche, it of course can be quite price pressure. We can't see that at the moment with our broad range, so to say. Understood. Just interesting to hear a bit about what you mentioned there, when it comes to CapEx and investing in new production capacity. How do you think. How should one think about it in terms of, you know, an absolute number in million SEK or in relation to revenue and for how long that period will persist where you invest a bit more heavily? My follow-up is also just on product development. As of now, perhaps mainly in e-mobility, but what do you think are the sort of life cycles of a product generation now? I mean, in how many years from now do you feel that you need to launch a new product to keep up with, you know, market expectations and maintaining your leadership? I can start to answer on the latest question with the product there. I think of course, these products could be used for many years, but of course you have a lot of software changing, and that means, a lot more information will be sent from the car and also, much more information will be handled in the cloud, so to say. I think it will be the oldest charging station, so to say, that they will change them quite quickly because they need to upgrade some chargers for new applications and functions in the future. I think it's more software updates and things like that to have more function because the cars will leave more and more information to the charger, and chargers can leave more information to the cloud. I think the electronics and software will be more value in the future. Helena here, if I remember the other questions regarding the CapEx and investment, GARO has had a strategy of investing continuously over the years, both when it comes to in R&D and equipment and production facilities. I would say that we are on a good level to start with in all categories. We have had investments, if I look back about SEK 45 million per year, I think. As of September, I believe we are rolling 12 more or less on the same levels also right now. Of course, in product development within R&D, we believe it's important to be in the front line when it comes to functionalities and meeting the market expectations within all our product areas. We will continue, I would say, to have a similar or maybe slightly above the same CapEx as we've had recent years. Understood. Thank you. Yeah, sorry. Thank you. That's all for me. I'll get back in line. Oh, thank you. Thank you. Another reminder to press star followed by one to ask a question. The next question comes from Kenneth Tham at Carnegie. Kenneth, your line is open. Thank you. Yeah, thanks. Just on the component shortage, do you see any easing on that front? There have been some discussions that maybe Q3 was the worst quarter when it came to those semiconductor shortages and so on. Are you seeing any easing at all in the market, or do you think it will be as tough for the next couple of quarters? Of course, I think as I mentioned in the presentation, that we have succeeded quite well during the nine months. That is, we have been working quite hard with the suppliers of course, but also with this redesign to make it possible to change the components. Maybe some better view, but I think we will continue with this work we are doing. Of course, the uncertainty prevails as we mentioned, but maybe some better view, so to say, but it's quite hard to predict, to say, but maybe some better situation, yes. Okay, great. Thank you. That's all. Yeah, thank you. We have another question from Karl Bokvist at ABG. Karl, go ahead. Thank you. Hello again. My question. Hi. is on, you know, the other sides outside of e-mobility. I believe you mentioned a bit of comments on the market situation on the housing starts and everything like that, but- Yep. Just if you could provide us some comments on what you're seeing in both in, you know, housing in general and, you know, there's been a bit of talks now with uncertainty related to the cement shortage, how that will affect the construction and infrastructure and so on? Yeah. At the moment, we haven't been so affected by the cement as you mentioned and so on. We can see quite a nice growth in electrical distribution and project and temporary power, which is driven by new buildings and renovation and energy efficiency. If you look at the new building and renovation sector in Sweden, for example, it's quite stable on a high level. To say, we need to renovate. We need to invest in new buildings. That sector is quite well in the future. If we look to the international markets, it's quite similar to Sweden, and then Norway is stable growth, and also in Finland. We can see an increasing demand for housing in Ireland, for example, and also in the U.K. That sector is stable or a slight growth. That will drive our growth in electrical distribution products and Temporary Power and energy efficiency, so to say. A follow-up on that. Have you seen any issues related to installation capacity, you know, in terms of thickness, leave, and things like that? You mean in our production or the installers installing our products? Well, actually both, you know, in general, if you've seen any in terms of any kind of bottlenecks related to the entire installation chain? No, not so much, so to say. Of course, the construction time maybe has been a bit longer than we are used to because of maybe some lack of material, you know, with the wood and some metal and insulation for construction sites, but it has not affected us so much at this stage. I can't say that have affected us at all. All right. Understood. That's all for me. Thank you. Yeah. Thank you. We don't have any further questions in the queue, so I'll hand it back to you for any closing remarks. Thank you everyone for listening and have a good day. This concludes today's conference call. Thank you for joining. You may now disconnect your lines.