Good morning, everyone. Welcome to our First Quarter Earnings Call. We are going to present first, of course. There will be a Q&A session as usual. Lots of ground to cover today. I hand over to you, Per, immediately. Thank you, Frans, and a warm welcome also from my side to this quarter one report. If we look at this quarter overall, it's a solid quarter and a good start to the year. If we take a few highlights to start with, first of all, the pandemic clearly, as expected, continued to have an impact, and it's mainly on the pharmacy side, where we this quarter see a very weak pharmacy market. We're obviously going to come back to the details of that and how we deal with that. We also see continued strong growth when it comes to online, and we continue to outperform the market in all of our retail segments. For ICA Sweden, we see good underlying growth and stable operating margins. Looking a bit at the numbers, net sales overall is up 0.8%. If we look at it in local currency, we are up 1.5%. You can also see here that the COVID-19 impact is still positive from a sales perspective in the quarter, but less so versus what we saw one year ago. On the EBIT side, EBIT is slightly down 3.5%. Here we see an overall negative COVID-19 impact of around SEK 20 million. If we compare that to the first quarter of last year, there we were up by SEK 50 million. A net effect here of SEK -70 million compared to last year. This all in all means that we are off to a good start, a stable start. If we look at our EBIT margin, it's 4.1% in the quarter, and on a rolling 12-month basis, it stays at 4.6%. On the event side, the key events that we have announced is Eric Lundberg, who will start as new CEO of Apotek Hjärtat, and he will do that already next week, so May 3rd. On the AGM, we agreed on the dividend, so SEK 13 per share, and also the fact that Charlotte Svensson was elected as new board member. Moving on to some market data and starting then as usual with ICA Sweden. Here we see ICA store sales being slightly below market growth. We grow at 2.7% market growth according to DVI at 3%. We also see low inflations number in the quarter, and the price effect from our side is 0.6%. Continued very strong growth for ICA when it comes to online, 149%, clearly above market growth at 128%. Our share of online sales is steadily growing and now at 6.1%. After the fourth quarter last year, we showed you this chart, this is just to underline that there is a strong correlation between number of COVID cases and the society being more locked down and the fact that ICA's market share there then comes under pressure. This is also what we saw here in the first quarter, where we had a bit of a low share in January and February, then in March, we were growing in line with the market. That's also more of what we expect going forward because now we are, of course, starting to meet COVID numbers from last year where our market share was under pressure. Then the recovery on our share will, of course, depend on the COVID-19 development and the recovery that we're going to see there. Moving on to Rimi Baltic. Here we clearly see a good performance, and especially so from a sales perspective. We are growing 4.7% in local currency, a good number, and versus a market growth where we have a preliminary figure of 2.7%. It looks like we are taking market share again now in our Rimi business. We also see low food inflation in Baltics, and we see the share of online sales increasing, and we are now at 3%. Good growth also on the online side here. Moving to our pharmacy business, Apotek Hjärtat. Here the market has been hard hit by COVID-19, and I'm going to come back and give you some more flavor to this. Overall, our store sales were down 8%, market growth down 6%. We continued very strong growth on online, up 70%, and here also clearly outperforming the market that was growing only 40% in the quarter. This means that our share of online sales is now 10.5%, still below market, but growing rapidly. I wanted to share a little bit about the things we are doing on the pharmacy side. Let me start by explaining a little bit what's happened to the market. In the picture here to the right, you can see the cases of flu versus the previous three years. The green line here, which is basically at zero, indicates the number of flu cases per week this year. If you compare that to the previous three years, there is obviously a big difference because this year we have seen significantly less cases of flu and other seasonal diseases. For us this means that pain and fever products are down in sales with some 30% or above 30%, and cold and flu products is down some 50%. Quite dramatic numbers. We also continue to see very few regular visits to hospitals and healthcare centers. For us that means less prescribed products sold, and we see prescribed volume going down by 10% in the first quarter. On top, when you compare to last year when we had the hoarding, and it was actually the biggest hoarding effect we had on the pharmacy side, both on the OTC side and on the prescribed side. When you compare versus last year, you also have to take that into account. Then of course the migration online, where the online market is growing by some 40% and physical pharmacies in the first quarter were down 13%. All in all, this of course means a very soft market here in the first quarter. We believe that we now have reached the bottom and that we're going to see a gradual improvement going forward. How fast that improvement will be depends, of course, on the recovery from COVID. That's what's going to drive the picture. We are, of course, taking a lot of measures given the situation here. First of all, we have extended the cost reduction program and the efficiency programs that we talked a little bit around after the fourth quarter last year. We talked about the program of some SEK 20 million on the overhead cost side. We have now enlarged that program, so we are talking some SEK 50 million. On top of that, we are further increasing, given the lower traffic to our physical pharmacies, we are increasing efficiency in the pharmacies, and we are also leveraging the automation investments and the investments that we have done in our e-commerce warehouse in Norrköping. We get increased efficiency also in logistics. All in all, this will help to turn around our business, and this will also give us room to invest in the future. The most important part here is to build the strongest omni-channel business in the industry. I briefly wanted to talk a bit around that. If you look at the picture to the left here, you see the different sales channels that we use to reach our customers. A few remarks on this. First of all, we have a good starting point. We have a very good momentum. We have the right pieces in place here. We see, as a result, a very good growth momentum when it comes to our online sales. Another important factor is that already today, 20% of total online volume is passing through our pharmacies, our physical pharmacies. We are doing the picking at the pharmacies, or we are having our customers pick up the online order at one of our pharmacies. By that, we can offer a better experience to our customers, faster delivery, either it's a home delivery or whether it's a pickup in one of our pharmacies. It's also, of course, a more sustainable solution, especially when we are working at pickup at our pharmacies. This is a good way for us to truly compete in a way which our pure online competitors never can do. The second part, if you look to the picture to the right, we are also starting big time to leverage our ICA Gruppen ecosystem. In particular, this means a much tighter cooperation with Min Doktor and ICA. As a good example of that, we are now since March, we have launched a new service where the customer, when they order their food online, also can order pharmacy products online and get it with the ICA delivery. Obviously, a very sustainable solution, meaning less transport, and also, of course, very appreciated and very customer friendly, giving it's simple for the customer and to get everything in just one delivery. With this in place, we feel good about the future for our pharmacy business. As I said, Eric Lundberg, who has a lot of experience from the omni-channel industry from Kjell & Company, will also come into the business now already next week. That will be interesting to see how that can further enhance our development. I also wanted to touch on a few highlights, starting with where we are now in a very intense phase when it comes to the conversion to Ocado. We have started to transfer the first stores to the new Ocado Smart Platform, the customer-facing platform. We think that will be something, or we know that will be something that our customers and our retailers appreciate, and we are off to a good start. Customers are pleased with what they see and the development is good. We have also opened now our new e-commerce warehouse, also using Ocado technology in Arendal. As you know, early next year, we're going to open our highly automated customer fulfillment center, our new warehouse here north of Stockholm. Then just to underline again the strong programs that we have and the partnership with ICA when it comes to our online pharmacy business. All in all, a lot happening in this area. I also wanted to touch on the fact that we, in April, released our future report, and we had our ICA Future meeting, and this year we focused on the transition to plant-based food. If we take some interesting facts here, the number of meat eaters is going down quite dramatically, I would say, from 65% in the first quarter last year to 52% this year. This transition to plant-based food is very much driven by the younger generation and by women. The key driver here is climate change, to some extent also health, but climate change and the importance of climate change is really driving this change. We also see that more and more people are looking for plant-based products that have the taste of the original ingredients rather than trying to imitate meat products. An interesting report, and I know many of you also participated in the meeting where we talked more about this. Our ESG agenda is becoming more and more important, and you can see in this quarterly report, we have increased the number of KPIs that we are now following, and we will follow them on a quarterly basis. Within the five key focus areas that we have here, you will be able to read more about these KPIs. With that, Sven, I hand over to you and a little bit more on the financial side. Thank you, Per, and good morning, everybody. Indeed, I think an interesting quarter in terms of financial numbers. Maybe even if when you look at the top-line numbers and so on, they may not strike you with very large variances compared to last year. Of course, looking a bit underneath, you see variances going in different directions, as you will have understood also from what Per has said. Starting with the net sales number, as Per said, we're slightly up compared to last year. We still have a COVID-19 positive impact on our sales according to our estimates, but less positive than last year. This quarter, we have a positive Easter impact, a quite significant positive Easter impact compared to last year due to the earlier timing of Easter. We should not forget that we had a positive leap day effect in February last year with one additional day of sales. We are trying to illustrate all of that in our report. Overall, of course, there is then a positive volume growth impact in all our segments with the exception then of the pharmacy segment, as Per said. Also when you're looking at EBIT, so we are slightly down compared to last year in aggregate, but we have improved a bit in all our segments, again, with the exception of the pharmacy segment. Per also mentioned the COVID-19 effects, and you will see, of course, from the report that this negative impact that we have in this quarter is, of course, very much driven by the pharmacy segment. Last year then we had this SEK 50 million positive, which would then, of course, link to the hoarding for a few weeks in March of last year. Cash flow in this quarter, you see a number which is slightly down compared to last year, but there's no dramatic link to that. It's mostly to do with calendar effects, and I'm coming back to that in a minute. You see earnings per share. The number is very similar to what we reported in the first quarter of last year. Looking at the simplified variance analysis, and here you see then a negative volume impact on our earnings progress. Of course, we are reporting an increase in net sales, but we still have a negative impact on our earnings from volume. The reason for that, of course, there are many different factors to that, but the main thing is, of course, you could say to simplify things, that what we are gaining on the growing wholesale numbers in the Swedish grocery business is not enough to compensate for the lost sales in the pharmacy physical channel. Overall, that drives a negative variance here compared to the first quarter last year of some SEK 80 million according to our estimates. Concerning margin, there is a slight negative impact. Again, of course, many different things from the different segments adding up to that, but the main one still, I would say, linked to the pharmacy segment with the channel migration, and a bit of a margin mix impact is clearly the reason this number is negative. Then store costs. Here you see a positive variance, so costs being lower than last year. That is then primarily linked to the fact that we divested, as we normally do at the start of the year, the number of ICA stores going into retailer ownership. We have fewer consolidative stores now in ICA Sweden, which also means that we have fewer consolidated store costs, so to speak, in ICA Sweden. The store costs are significantly down. Then there are other things going in the other direction as well, of course, but still a positive variance. Then concerning the other costs, also a positive variance. Two main things behind that: advertising costs being lower than last year due to different phasing of advertising costs this year, and also the fact that we took a significant credit loss provision in the first quarter of last year, as some of you may recall, and we haven't taken any similar provision in this quarter. That was of some SEK 26 million, so it is an important part of this positive areas. Going to the segments one by one, starting with ICA Sweden. As Per said, it was another good quarter in ICA Sweden, but of course, net sales much driven by volume, the COVID-19 impact, also some positive Easter impact, even if offset partly then by the leap day effect last year. It means an EBIT and earnings progress, which is to a large extent volume driven. You see the COVID-19 effects here. You can also find them in the report. In aggregate, they are, of course, much larger for this first quarter than what we reported in the first quarter of last year. These three months of, say, restrictions and COVID-19 impact had a bigger impact than the hoarding for a few days in March of last year. Volume driving the results and other things then linked to that. You see profit sharing being up slightly, but you could say that is, of course, also linked to the higher volumes during this period. On the negative side, these divested stores that I talked about before, we see the gains that we made on them. We're commenting upon that in report. That's significantly lower than what we had in the first quarter of last year. We also see our logistics cost somewhat higher. We have a new warehouse in the Stockholm area operating, increasing costs somewhat. Maybe above all, our cost linked to investing in the online business, the dark store, scaling it up with growing volumes, but also investing for the future. Lots of IT investments related to that. Looking at the Baltics, as Per said, a good improvement in the Baltics. The net sales number here reported in Swedish currency is slightly down. Here is, of course, an important currency effect if we compare to the first quarter of last year. Indeed, as Per said, in local currency, our sales are up close to 5%, showing a very good improvement. We also believe that in the Baltics, you may recall from our reporting during last year here, we have some negative COVID-19 impact related to the more heavy restrictions in the Baltics. Without that, we estimate that our sales would have been slightly better. Then also looking at EBIT, it's down slightly in Swedish currency, but in local currency, it's up, and that's despite then a negative COVID-19 impact in this quarter. It still means that the earnings progress, it is volume driven if we compare to last year, not least due to the fact that we have more large stores operating in this quarter. We also have some positive product mix impact in the Baltics. We see our shrink numbers improving if we compare to the first quarter of last year. On the other hand, we still have some costs related to ramping up the new distribution center. Store costs are, of course, also increasing with the additional stores. Also here, we are investing quite a lot in growing the e-commerce business. The pharmacy segment, as you will have understood by now, very clearly the most challenging segment this quarter with this very significant negative sales impact that Per talked about before. We are growing a lot in the online channel, but of course, it's not nearly enough to compensate for what we are losing in the physical pharmacy channel. Looking at our EBIT, it's of course a quite dramatic decrease in terms of EBIT, and you see the COVID-19 effects that we're estimating, and they are a lot about volume. It's not only volume, but to a large extent, the COVID-19 effects here are volume. We estimate a SEK 90 million negative impact in this quarter, whereas last year in the first quarter, we estimated SEK 35 million positive linked to the hoarding at that time. The delta is, of course, very large here. This SEK 90 million, it may strike you as a high number, but if you look back at the Q4 report of last year, you will indeed see that we had a very similar number that we estimated at that time. Of course, we had the restrictions, not so much in October, kicking in towards the end of October and then November, December. In this quarter, it was the other way around, January and February, and then improving a bit in the month of March. The negative volume impact on earnings, also some margin effect, as I said before very much linked to private label sales, which are lower in the online channel, as I’ve said before. Of course, also the whole migration from physical pharmacy sales to online sales. Per talked about the cost-saving efforts that we have an impact in this quarter. I would say it's still a quite significant impact, but we are scaling that up. As you can see, it's of course in this quarter, not enough to compensate for the very significant volume shortfall. The real estate business, I would say also here, a good quarter, another good quarter. The net sales number you will see in the report, we're explaining we have a bit of a shift between the segments. This negative 1.6%, you should not look too much at that. You see earnings progress continuing, of course, linked both to the investments that have been made since the first quarter of last year. We have also a turnover-based rent element in this due to the fact that the store turnover is increasing and the real estate company has a certain element in their earnings, which are linked to turnover-based rents. Costs are slightly up in this quarter, if we compare to the first quarter of last year, also to recent quarters, but still a good improvement in terms of EBIT in the real estate business. Finally among the segments, the bank, which is quite similar, I would say, to the fourth quarter. It's a bit of a mixed picture where some income streams are still doing relatively well, whereas it is much more challenging in other income streams where we are normally generating good commissions, just like in the fourth quarter, we have lost if we compare to a year ago. Still EBIT up significantly compared to last year, that, of course, very much then linked to this credit loss provision that we took last year, we didn't take this year. Cash flow, only briefly coming back to that, as I said, slightly below last year but that is very much then linked to the timing of Easter sales. With the earlier Easter timing this year, Easter sales came earlier. We had a lot of Easter sales at the end of March. It meant that we closed the books with quite significant accounts receivable positions this year, higher than what we did last year. As you know, normally those things even out over time, all other things equal. Looking at net debt, we see that as relatively stable. Of course, if we look upon it, the old basis before IFRS 16, not including the leasing debt we are increasing somewhat in terms of net debt but of course, very much linked to the high levels of capital expenditure last year. If we include the leasing debt, because the leasing debt has gone down somewhat, we see that we are relatively stable overall. Finally, the overview picture where we are compared to the long-term financial targets in terms of growing faster than the market. Per showed you before the correlation between the new patients in hospitals related to COVID-19 with our market share development. We see now an improvement in the month of March. Of course, looking back 12 months we are not growing in line with the market. Also in the Baltics, it's a similar picture, of course, we see that there has been a correlation with our market share and the COVID-19 restrictions. Now with a strong improvement in the first quarter, we of course with the restrictions being gradually lifted and additional stores in the Baltics, we're of course hopeful for the future. Later this year, we need to see, of course, at the time of the Lidl entry in Estonia and Latvia, that will have an impact, most likely on our share. The pharmacy segment, as Per said, we're growing faster both in the online channel and in the physical pharmacy channel. Because of the channel migration, still overall during these COVID-19 restrictions period, we are not growing faster than the market. The EBIT margin still compared to the long-term financial target, slightly above, still on a rolling 12-month basis, and return on capital employed, indebtedness, and dividend very much in line with the long-term financial targets. With that, back to you, Per. Thank you, Sven. I'd like to finish talking a little bit about the outlook and then to sum it up before we come to the Q&A session. If we start with the outlook, starting with ICA Sweden, first of all, I'd just like to remind everybody at the Capital Markets Day, we clearly spelled out that during 2021 and also next year, we will have some double costs, some increased costs related to online and the shift over to the Ocado solution in particular. That has some burden on the ICA Gruppen EBIT margin. We said it's around 0.1% both in 2021 but also in 2022. We will now move into a very intense phase when it comes to the conversion to the new Ocado customer-facing platform. First reactions from customers and from retailer is positive. Strong focus on price value, as we have talked about for a while now, and especially continue to drive our private label sales, and around 10 store openings when you look at the full year. On the Rimi Baltic side, we've clearly seen an improvement here in the first quarter when it comes to sales, and we expect that recovery to continue as now COVID-19 restrictions are lifted. Continued strong focus also on e-commerce. We have a good momentum in that area as well, and we continue to invest in preparations for the Lidl entry. The latest news when it comes to Lidl is that they have had some further postponement. The way it looks right now, or the indications that we have, is that they will launch in Latvia quarter three and in Estonia quarter four. Remains to be seen, but that's our best estimate. More than 20 stores being launched in the Baltic region from our side this year, and especially so many new stores in Lithuania, but also quite a few in Latvia. On the pharmacy side, we had a very challenging quarter given the pressure on the market, given the COVID situation. We now see a gradual improvement from that. That will of course mean that sales numbers will improve and EBIT numbers will improve. As you understand, it is going to be a gradual improvement and very much dependent on the COVID-19 situation. Strong focus on cost efficiency, strong focus on being the best omni-channel player in this part of the business, and some six to eight new pharmacies also this year. Real estate, strong focus on the metropolitan areas and also, of course, on our important online logistic projects, especially the one in Brunna. On the banking side, we also want to see and will see a gradual improvement depending on COVID-19 restrictions being lifted as we move forward. The new mortgage joint venture, strong focus on that, will be launched, we expect, during the autumn. We have had some delays here on the IT side. Forex, we will finalize the acquisition here in mid-May. Just to remind everybody, as we said when we presented this acquisition, there will be a one-time regulatory negative credit loss provision of SEK 80 million here in the second quarter. ICA Gruppen, the cost guidance and the CapEx guidance remain on the same level that we have talked about before. If we sum it up, it's been a solid quarter. The pandemic continues to have an impact, especially so in this quarter on the pharmacy side. We have a particular good momentum when it comes to online sales, where we continue to outpace market growth. ICA Sweden, the core of our business, strong quarter with good growth and stable operating margins. Frans, with that, back to you and some questions. Thank you, Per. I'd like to remind everyone that you can also post questions on our website. No questions so far through that channel, so I hand over to you, operator, to start the Q&A session. Go ahead, please. Thank you. Ladies and gentlemen, if you do have a question for the speakers, please press zero one on your telephone keypad. If you would like to withdraw your question, you may do so by pressing zero two. Once again, it's zero one on your telephone keypad to register for any questions. Our first question comes from the line of Magnus Råman from Kepler Cheuvreux. Please go ahead. Your line is open. Thank you, Per and Frans, for the presentation. I have a few questions, if I may. Firstly, on ICA Sweden and the market share development during the pandemic. You showed again the correlation chart here versus COVID cases. Do you deem that the development with market share losses will halt altogether exiting the pandemic, or do you plan for new own measures to drive a change of this development? That's the key part of what we do, to push for improvement in all of our business areas. As I said, as of course now when we move into the second quarter, we're going to start to meet market share numbers which were under pressure last year. Of course, that will make it easier for us in relative terms to start to show now a market share improvement again. That's what we expect going forward. Of course, it's dependent on the development of the pandemic and how quickly you will see measures being improved in the society. Sure. You're not planning any material price investments that would be visible in numbers, so to speak? What we say there is that we will have a strong focus on price value and in particular when it comes to private label business, but it's not going to be material investments into price that you're clearly going to see in our numbers. Right. The margin demand dynamics in ICA Sweden, you estimate here that you have SEK 65 million more positive COVID effects in this Q1 relative last year, and that corresponds to 30, 35 basis points better margin. At the same time, of course, we've had this sharp uplift in online penetration that has diluted margins. Could you perhaps give us any feeling for the comparative greatness between these two factors? Is it fair to assume that the dilution from online equals roughly the positive COVID effects year- on- year, so that underlying margin is also flat as reported margins are? I would say that, of course, a large part of what we estimate as COVID-19 impacts is volume related. It means that sort of doesn't affect margin as such. You can't really say that they are offsetting each other. I wouldn't look upon it that way. We are trying in the report to explain the main variances. I would say that if we now expect going forward that we will not have, at some point of time, we will not have so significant COVID-19 effects on our sales. That in itself should not have a very significant impact on the margins in percent. We have, of course, some impact, as you rightly said. We are not quoting all the details behind that, but of course, there is an online effect as I mentioned before. As we say, we are investing in scaling up the business. Both short term, there is some effect from that, but as Per also talked about in the outlook, of course, we have also things to come here as we are now intensifying the investments, particularly for the new operations of the new automated warehouse. That is why we still believe that we will have a dilution going forward. This first quarter, it doesn't change that picture. Right. I thought that definitely the volume increase, that you had some leverage so that there was a margin effect on the volume increase. I'm mistaken there? Yeah, that is not how we see. We see it as primarily a volume effect. Of course, there is some leverage from that. When we are looking at our logistic cost, as I said, and so on, logistic costs are basically growing in line with the volume. All right. Speaking of logistics, maybe move to Apotek Hjärtat there, and you mentioned here how you are integrating the logistics with your food deliveries. Could you perhaps just let us know a little bit how the back end works there to offer consolidated deliveries? Do you send goods daily from Norrköping to, for example, Jordbro as per real demand, or do you keep pharmacy-related inventory of fast-moving goods in the grocery logistics, or how does that work? The way we do it today is that the pharmacy products are packed in Norrköping, and then they are delivered once a day to Jordbro. This is, of course, something, depending on the magnitude of the volumes here or of the sales of pharmacy products through that channel, that we can change so that we have some more product that we keep at the Jordbro warehouse. This is the most efficient way to do it as we speak. Sure. All right. The cost reduction target here that you raised to SEK 50 million from, I believe, SEK 20 million, will that have any effect to your ability to drive top line, do you believe? I don't think you should say it's related to top line, what we're going to do is, of course, that we're going to invest heavily into being the best omni-channel player. That's the most important part. I also think with Eric Lundberg coming on board, we will be able to push that even better and harder than we have done in the past. We have a good program, we have a good momentum on online and a lot of things happening in that area that makes me feel good for the future. Right. I should let others in, but just a final one here on the pharmacy market. Provided this rapid increase on online penetration that we are witnessing, do you believe that the number of physical pharmacies in the Swedish market are perhaps too many in the coming years? We think the number of physical pharmacies altogether will go down. We know, however, from the analysis that we have done that our pharmacies are clearly much bigger in size versus the average pharmacy. We will of course make our utmost to maintain our pharmacies and make sure that we have the pharmacies that will survive in each local area where we are competing. We feel confident about that because we have the best pharmacy network today. Thank you. Thank you. Our next question comes from the line of Daniel Schmidt from Danske Bank. Please go ahead. Your line is open. Yes. Good morning, Per and Sven and Frans. A couple of questions from me. Starting with you and Sven. You guys mentioned that you're moving into a more intense period when it comes to Ocado. Could you shed some light on how you view the distribution of costs that are related to Ocado and the implementation over the year? Has there been an equal amount coming into Q1 that we'll see in Q2 and Q3 and Q4, or are you basically saying the cost will be a little bit higher now in Q2? I don't think, Daniel, we are giving that kind of phasing over the quarters. There are also, as you may imagine, in a very large project, large transition like this, there are uncertainties also between the quarters. I think what we stick to is that we still maintain what we said at the Capital Markets Day, that roughly 0.1% this year and also next year. You will have seen, of course, now from the first quarter that it has not, to a large extent, yet kicked in, but exactly concerning the phasing over the coming quarters, I don't think that is very meaningful to give. Of course, there are anyway uncertainties concerning exactly the margin progress, not least due to, as we now expect the COVID-19 restrictions to be lifted. What will that mean in terms of volume development? How fast will we see an impact on our retail sales and whereas other consumption channels are picking up and so on. I think I stick to that, Daniel. I'm afraid I will not give you a more detailed projection even, of course, we are making our forecast, but they are still, I would say, rough estimates and I don't think we will want to make them public. Just assume- No, fine. Just assume, Daniel, quarterly impact for the year. That's the easiest way you can do it. Yeah. Sure. Yeah. Sure. No, that's good. I think it was Per that said, it surprised me a little bit, or maybe Sven, that you said that there was less private label sales going through the online channel in pharmacy. Could you shed some light on why that is? I think when you interpret that, you also have to be a bit careful, Sven is absolutely right when he said the private label share is slightly lower in the online channel. This has also been a very particular year. It's been a lot of face masks, it's been a lot of alcohol for your hands, et cetera. That has an impact. In these two key areas, it's not been possible to supply basically any private label product. That has also had a significant impact. Overall, what Sven said, so it's different to what we see on the food side, where the private label is clearly higher in the e-commerce business than in the regular business. Yeah, that was my thinking. Are you basically expecting then, as we go gradually, that as COVID subsides, that we should see the food retail online pattern be the case also for the pharmacy business? Let's see, it will clearly help us a little bit to drive private label sales. That's what I can say. Yeah. I think Sven also said that you are outperforming on the online in terms of growth where you're, of course, coming from a lower base than the industry average in terms of penetration. I also think you said that you were outperforming on the store sales versus the other offline businesses out there in pharmacy. Is that correct, really? Yeah. Our market share is slightly up also on the physical pharmacies. It's up a lot on the online part, of course, but it's slightly up also. Some few of a percentage point. Okay Points. It's moderate. Maybe I have the wrong numbers then. You mentioned that you will see less physical pharmacies in the future, and you have this new guy coming in. Would you say that what's been happening over the past couple of quarters are accelerating your thinking in terms of the number of stores or number of pharmacies a couple of years out, or is it still the same view that you had by the end of last year? I don't think it has changed, and as I said, we are very confident on our store pharmacy network. We have considerably higher level of sales per pharmacy than our competitors have, and of course, that helps. You have to have a certain base of prescribed products to be able to survive for the future. When we look at our pharmacy network and when we compare it to our competitors, we have a much more solid network. Overall, there will be fewer pharmacies going forward. No doubt, but it's not going to be many Apotek Hjärtat pharmacies that we have to close. Okay. That's good. Thanks. That's all for me, guys. Thank you. Our next question comes from the line of Gustav Hagéus from SEB. Please go ahead. Your line is open. Thanks. Good morning, guys. Thanks for taking my question. I'm a bit curious on the slide five, on the market shares, where you show correlation between market shares and number of patients with COVID-19. Do you feel comfortable that there's not just a correlation but a causality here too? I guess an alternative explanation to this might be that in the summer months you have higher utilization of people visiting their summer cottages, especially now that there wasn't any travel. I think you're a little bit over-indexed in those regions. It'd be interesting to hear if you have dug deeper into the numbers and still see that there's a underlying correlation with patients. That'd be helpful. Thanks. Yeah. We clearly see that correlation, we are confident about that correlation. Of course, as you pointed out, there are also other factors playing in. The correlation still, when you measure it related to the number of people taking into the hospitals, the correlation is very strong. Overall, it's very strong. Of course, behind the scene, there are also other factors like less people went abroad last year. You also saw that in the picture that we had a better market share development during the summer, that's mainly related to that the COVID-19 situation then improved. Of course, also we got some help from the fact that more people stayed in their Swedish summer houses. Okay. I'm curious, going into Q2 now, you had the SEK 60 million you reported negative impact from COVID-19 in Q2. I guess things are starting to open up, but not fully back to 2019 levels, obviously. Do you think it's prudent to assume half of that to reverse into a positive effect year-over-year in Q2, the other SEK 30 million to come Q2 2022? How do you feel about that SEK 60 million negative comp for Q2? Gustav, I don't think we will give any projections. We are still only in April. It's much too early to give those kind of indications. I don't think still in that respect, your guess is as good as mine. I think what we can do is that we have tried to outline what we now see going forward, but exactly how this will play out compared to the second quarter of last year, it's very difficult. I wouldn't give any projections concerning. There's much too much uncertainty on that at this point. Okay. Lastly, on online for ICA Sweden, you're now at the point where you start to comp versus triple-digit growth last year. Still, you had an incremental growth here of somewhere mid to high teens in Q1. Is that how you feel that the market is currently evolving too, in terms of sequential pattern that perhaps Q2 as a run rate is mid to high teens versus Q1? Clearly, Gustav, the growth rate numbers will start to come down now for obvious reason, because we had an extreme growth in quarter two last year. That will not be repeated. To what extent? It's back to what Sven said, it's very hard to judge how quick will the recovery be now from COVID. We're not going to speculate on what exactly the growth numbers are going to be here. What we feel confident about is that we're going to continue to grow faster than the general market. All right. No, I was hoping if you could let us a little bit, since there's almost been a month in the quarter, if that pattern continues. Yeah. We're focusing on the first quarter today. We will come back to the second quarter later. Of course, I guess you're going to get some help about when we publish the data for April. Okay. All right. Those were all my questions. Thank you. Thank you. Our next question comes from the line of Fredrik Ivarsson from ABG. Please go ahead. Your line is open. Thank you. Good morning, all. Coming back to the pharmacy first, maybe, which was obviously difficult this quarter, margin down quite a bit. I would assume that the majority of that margin contraction comes from a lower gross margin. I assume that is structurally lower in the online channel. If you would assume that the online penetration stays at these sort of levels or maybe even grow from these levels, do you believe that you can get back to the historical gross margins just by growing the private label share as you spoke about before, Per? I don't think that we will comment upon exactly on what kind of levels that we aim at coming back to. Of course, we will have a focus both on making sure that we improve profitability in the physical channel. As you understand, it will be linked of course also to what happens to the physical pharmacy market and this thing that we touched upon before also, how many physical pharmacies will there be on the market and so on. We need to track that closely, and we need to make sure that we protect our profitability. Yes, we are likely now as we come out of the COVID-19 period at some point of time, of course, things will improve. That I think is very clear. To what extent? It's of course very difficult to say. We can speculate about that, but the only thing that is certain is that none of us we know exactly. Of course, we are planning for various scenarios there to make sure that we will have a profitable physical pharmacy business in the future, but also in the online area. There, of course, it will be very important for us to make sure that we get the leverage from the increasing volumes. As Per said before, being as cost-efficient as we possibly can and making sure that we get the leverage from the increasing volumes. The online pharmacy business is not unprofitable today, but it's not, of course, as profitable as the physical pharmacy business. That will, of course, be very high on our agenda the coming couple of years. We need to improve profitability from the current position in both areas. Exactly how that then will play out, of course, we will make targets for it, but I don't think we will disclose exactly what our ambitions are in that respect for coming years. Thanks, Sven. Appreciate it. On food inflation, I appreciate that this is a difficult task to forecast, but considering that we reached actually negative food inflation in March, and considering also that we saw accelerating inflation rates towards the summer months last year, I am curious to hear about your best guess or outlook on the inflation rates going forward. Yeah. As you said, inflation rate was very low here in the start of the year, and coming down a little bit further here in March. We ended up at some 0.8%, so clearly a low level. When we look at the HUI analysis, which we still look at and believe in, it's 1.5% on the year. Of course, this depends a lot on the currency development and the raw material situation. I think that's the best estimate that we can give you at this point of time. Okay, thanks. Appreciate it. One last on the similar topic, inflation, but considering also the sort of significant discrepancy we see versus purchasing prices. I think we've reached a sort of maybe not an all-time high discrepancy, but a very high one at least. Is that starting to be a worry for you, or can you mitigate it somehow? Sven, you want to comment on it? No, I'm not sure. I wouldn't say that that has been a topic which has been very high. Agendas as far as I see it, no. Normally, we are handling that and yeah. As you know, if we get price increases or price decreases, that is something that we pass on to our retailers or to the stores. Generally, our business is not sensitive to price increases from that standpoint. Okay. Fair enough. Thanks. That's all my questions. Thank you. Our next question comes from the line of Niklas Ekman from Carnegie. Please go ahead. Your line is open. Thank you. A lot of questions today, and I know we're pushing the hour here, but just two quick ones here from me. On the market growth here or market share for ICA Sweden, you grew 2.7%. Axfood reported 2.4% growth in the market, and the market growth was 3%. I'm just curious who actually grew stronger, who gained market share here in Q1? As always, I have to say that we don't have the specific data on that. There are the remaining players, Bergendahls, they have reported some numbers if you read the trade press, and they had a good January and February, a bit weaker in March, but overall, I guess they gained a little bit of share. They're not a big player, still, share being a little bit up. Lidl, we have no data, given the strong trend they had last year, I guess they grow. We can't see that, however, in the indications we get from Nielsen. If we look at Coop, they continue to have a poor development according to the Nielsen data. Obviously, if you look at other data, it must be a little bit better. What you also should say, we just yesterday also received the larger index that actually covered more of the market. That indicated that the overall market was actually slightly down, I think, 0.1% or something like that. Slightly down. You also have to take that into consideration. The way we used to measure this market from that standpoint, the traditional players in general are doing well. We, Axfood, ICA, and I'm sure also Coop are showing decent numbers. Okay. Very good. Frans, you want to add anything to that? Yeah. I was just going to say, of course, in the DVI index, you have all the pure online players included in that as well. Yeah. They obviously have much higher than 3% growth in the quarter. Yeah. Yeah. That's a fair comment. Also, I just wanted to follow up on Magnus' question here earlier, about ICA Sweden and the online migration we've seen here. I'm just curious because now we've seen very good earnings development from ICA boosted by the COVID impact, and that's maybe clouded the negative impact from the accelerated online migration. I'm just curious when we move out of this, is there going to be a net negative impact because of the massive acceleration of online growth? Maybe another way to put it, have your absolute losses for the online business, have they increased significantly in absolute terms during the pandemic? I think we're going to stick to the numbers that we have said there. What we have said is that we will have an impact during this year and next year related to the online change with Ocado. 0.1 percentage point on an ICA group level. That's what we have communicated. Beside that, we're not going to give you more facts when it comes to online profitability. It is true, of course. Okay. As I said before, Niklas, we are investing increasingly in this. Yeah, sure. We are incurring increasing costs in this area already now. We are keen that nobody sort of walks away with, as you now see, the margin still being stable in ICA Sweden, that you believe that what we said at the Capital Markets Day is not true. We still believe according to our projections that with, as Per said, with sort of even more increasing costs related to the transition to the new Ocado, [CBC] and so on, we still maintain that we will see the impact of that even if you don't see it in the first quarter. Yeah. I think what everybody can see, we will have these kind of double costs, as I call it. Ocado cost and still some cost from the old system. Fair enough. Thank you so much. Thanks for taking my questions. Thank you, Niklas. Thank you. We have one last question from the line of Gustav Hagéus from SEB. Please go ahead. Your line is now open. Hi. Thanks. A quick one. Just on [pharmacy], I'm curious to know, do you have a price differentiation still between the stores and online, or have you moved to a common pricing? If you could talk a little bit on the strategy going forward as well, or if you think that's in need of change. Thanks. Yeah. No, we still have price differentiation between the stores and our online business. We believe it's working well. In the online world, it's of course important that we own key value items or 100% competitive versus Apotek Hjärtat and Meds or the other pure online players, and we are. In the physical world, the customers with the support they get, they view it a bit different, and there we can charge a little bit more and sometimes charge a little bit more for the products. That's the strategy you think is going to continue, yes? For traded goods. You know that already. On the prescribed products, you have, according to law, to keep the same prices everywhere. Yeah. I was just curious because you mentioned here that you were going to accelerate your omni strategy. I was wondering if that was a part of that to harmonize those prices, that is not a decision taken yet then? No. Okay. Thanks. Thank you. If there are any remaining questions, it's zero one on your telephone keypad to register. Operator, as we have now passed the hour, I think we will close the conference for today in the interest of everyone's time. Of course, if you have any further sort of wonderings and please just give me a ring and we'll try to sort it out. With that, we would like to thank you for participating and your questions as well, of course. See you in August, if not before. Thanks. Thank you. Thank you.