Ladies and gentlemen, welcome to Investment AB Latour's Q1 report for 2021. For the first part of this call, all participants in listen-only mode, and afterwards there will be a question- and- answer session. Today, I am pleased to present Johan Hjertonsson, President and CEO, and Anders Mörck, CFO. Please begin your meeting. Thank you, madam. Johan Hjertonsson here, I'm together with Anders Mörck, as said, Very welcome to the presentation of our Q1 report. I will also at the end mention a little bit on the full year, since we don't have a full normal annual general meeting presentation this year. I'll come back to that at the end of the presentation. The main focus is to present the Q1 report. As you can see on the first slide, our group structure is unchanged, so no changes there. When it comes to the quarter as a summary, it was a very strong quarter. The pandemic is, as you all know, still ongoing. Our holdings and operations are very well-positioned and handled the challenges very well. We're very proud of the achievements and very thankful to all of our team members throughout all our companies and holdings. As an introductory note. We can change the slide. There's no changes in the listed portfolio during the quarter, and here we talk about the highlights in the investment portfolio. Value development so far at the end of the quarter, 8.6% during the year compared to the SIXRX of 14.3%. The underlying development I would like to point out is very satisfying and the majority has reported so far good order sales and profits of our nine listed holdings. Until yesterday, the portfolio value increased to SEK 78.6 billion, with a total return of 15.8% so far this year compared to the SIXRX of 19.4%. I would also like to mention that the nomination committee work to nominate our boards, that work is concluded for this year. Overall, we're very satisfied with the results and we're very happy to report that we have very diverse boards with a good gender equality. We have managed to recruit many competent board members to the boards in our nine listed holdings. We have also done larger work than normal when it comes to remuneration for board work. That is something we think is very important in Latour, and we have in many cases increased the board fee more than normal. That is important because we need to attract talent. All our holdings are very international and the demands are also increasing going forward. That's a theme that we've been driving for this year's nomination committee work, I would like to point out. If we change slide, I'd like to comment on our wholly owned operations. The year started with a very good momentum and increased even further at the end of the quarter. March was a very strong month for us. The pandemic still affects our operations and will do so for some time to come. There is a mixed picture, although depending on geography and segments. There are some negative effects. We have some logistic challenges, higher transportation costs, and difficulties with services to customers, the access customer site fields. Some project deliveries are sometimes a challenge. I would like to point out those are minor issues in the overall view. We have very well-positioned operations on growing market segments, so therefore an overall positive development. We report a very strong quarter total growth of net sales of 8% in the quarter with an operating profit that grew 27% to SEK 569 million. With a stellar EBIT margin of 14.5%, which is very strong considering a first quarter, if you look into the seasonal effect. Normally our Q1 is the least strong quarter. We continue to invest in our holdings. We invest a lot in product development, sales, and marketing. We have increased our drive for sustainable growth and the environmental ESG questions, and which we're continuing to strengthen our position going forward. Also digitalization is a very important aspect as we push that development even further. I'm happy to report that Latour has signed a United Nations Global Compact, that's a way for us to emphasize and even more underline our commitment on sustainability going forward. However, we see some examples of quite increased bureaucracy going forward when it comes to control and drive the sustainability approach from politicians. The one example is the EU Taxonomy that is coming up, the definitions are extremely narrow, and that contributes to unfair exclusion. I also think that it will hinder innovation going forward. That's the statement that we've done here in the quarter. If we continue then into the next slide, we can talk about acquisitions, M&A. I'm happy to report that in the quarter we have added SEK 1.5 billion of net sales through acquisitions in run rate during the quarter, and we have a high acquisition activity. We have a very good momentum and good speed and RTM in our M&A machine. Our M&A engine is running very well. What I would like to point out that DENSIQ within Latour Industries acquired VM Kompensator in January with an annual net sales of DKK 23 million. They are a designer and manufacturer of compensators and expansion joints used in industrial applications. Latour Industries also completed acquisition of Vega with an annual net sales of SEK 200 million. Vega is an Italian designer and manufacturer of passenger lift interface systems and electronic system for elevator and platform lifts. DENSIQ completed the acquisition of Elsys with an annual net sales of SEK 50 million. They are a manufacturer and seller of the LoRaWAN sensors for applications in smart buildings and cities, which is a very interesting and growing segment going forward. The Hultafors Group completed the acquisitions of Fristads, Kansas, and Leijona with an annual net sales of SEK 1.2 billion. All three brands are leading brands in the professional workwear industry for a variety of end user segments. Having said that, it was a little bit alluding and overview of our portfolio companies and our wholly owned operations and so on. By saying that, I would, with a warm heart, like to hand over to our esteemed CFO, Mr. Anders Mörck. Over to you, Anders. Thank you so much, Johan. We go to the first business area, which is Caljan. The e-commerce market developed very strongly during the quarter, and that meant an increased demand for Caljan. Order intake actually grew by more than 100% during the quarter. The order book now is on a record level. On the net sales, as you can see, that was in line with last year. As you can understand, if we see the order intake, this is how it is in a project-related business. Some quarters the deliveries are a little bit lower. Capacity utilization has been on a high level during the quarter as well, we know that it will come later on this year. The operating profit amounts to EUR 1.9 million, which is a little bit lower than last year. Also here, this is not a surprise. We'll be substantially better from second quarter and going forward based on the extraordinary order situation that we have had. As you know also, we have had a lot of investments in Caljan since we acquired it last year. We finished the factory in Latvia, and right now we are working with the establishment of a factory in the U.S. We turn to the next business area, which is Hultafors. Hultafors had a continued excellent development in the first quarter for more or less all markets and all product areas. We made the acquisition of Fristads, Kansas, and Leijona. That was completed on the 1st of March, so very much welcome to Latour, all of you. In total, net sales grew by 32% in the quarter, of which 22% is organic. I don't know what more to say, but that is really impressive. Just a few years ago, SEK 1.1 million in net sales was a good figure for a full year for Hultafors. Now we have that figure for one quarter. Good cost control combined with this high net sale contributes to a very strong operating result and an operating margin of 16.5%. There is, of course, a lot of focus on sustainability and digitization in the organization going forward. As a final comment then on Hultafors, now you're really up to compete with Swegon being the largest business area. We really look forward to this competition going forward. Andreas and Martin. Thank you. Next page, please. We go to Latour Industries, and you can say for Latour Industries, there is a recovery for most of the business units, and there is organic growth in both order intake and sales. There are some concerns regarding price increases on raw material and difficulties within the service on customers. That's not much different from our competitors. We still think the business is out there. Good cost control in combination with the recovery on top line contributes to a very good operating result and a margin of 12.6%. We have said it before, there is a potential for substantially higher margins or profits in this business area, and part of that has now been realized. Many thanks to all of those involved in contributing to this. As you know, Latour Industries is the business area where we build new business areas within Latour, and this journey just continues. This quarter we acquired Vega, and Elsys, and VM Kompensator, as Johan said before. Welcome also to you. Let's go to next page on Nord-Lock. Nord-Lock have, from the low level last year, a strong start to the year. Market recovery we can see, and there is a high activity across all regions. Sales increased organically by 7% and order intake grew by 9%. There are a lot of strategic initiatives to support further growth and profitability. The expansion continued. Last year we worked on both production sites in Åtvidaberg and Pittsburgh and Mattmar, and Åtvidaberg was now open during the first quarter. The operating profit for Nord-Lock amounts to SEK 99 million, with a margin of 27.8%. That's quite impressive since the volumes are rather low still. It's good that we can keep the margins on these levels and also at the same time invest for the future. It should also be noted that Nord-Lock is the most international area that we have, and that means that they are the most hurt by the currency development. With a strengthening SEK and weaker USD and EUR as we have had for the latest time. Let's go to Swegon as well then, which then I shall begin with, is still our biggest business area. Swegon had a strong start of the year, but especially if you compare with the end of 2020. As the international company that Swegon is, they are still affected by COVID-19. The picture between the markets and geographies are, of course, different. Sweden as a market and the residential as a business area are developing very positively. COVID-19 issues mainly related to Southern Europe and the U.K. The net sales decreased organically by 1% compared to last year, that is a comparison with a very strong first quarter last year. Swegon works with several internal efficiency projects and a low general cost in overall that contributes to the strong operating profit with an operating margin of 11.5%. Actually there was better operating margin on lower volumes this year, which is a good sign. We go to the next page, we speak about the net asset value of Latour. The net asset value increased by 8% during the quarter to SEK 166 per share. As Johan said before, SIXRX developed by 14.3%. Our share price at the end of March was SEK 226, and that would mean that we have a premium to our net asset value as we describe it of 36%. Yesterday, April 28th, the net asset value increased further to SEK 173, but at the same time, the share price increased even more to SEK 257. That should imply a premium then of 49%. As a remark then, our valuation is just an indication of a prudent view of our value. If we would, and this we also write in the report for the first time, if we would compare our wholly owned industrial operation and treat it as one group and use industry multiples for similar companies, we would have multiples around 29. That would be one way of viewing on Latour's net asset value, and that would put substance to the premium that we have today to some extent or to a large extent. It's a difficult word today around valuation with the stock market going up, and quality companies in general are valued at a very high level. That said about that, let's go to the net debt of Latour, which increased from SEK 4.6 billion to SEK 5.9 billion. This increase, of course, is explained by the acquisition we made during the quarter. The net debt still corresponds to only about 5% of the market value of our investments, and that gives a good headroom to make plenty of new investments. Long speak from me, Johan, back to you. Thank you, Anders. Very well. Thanks a lot. Next page is some comments around our financial targets. Where we say we should have annual growth of about 10%, operating margin about 10%, and return on capital somewhere 15%-20%. How well have we done the last 12 months running? Well, growth last 12 months was 7.6%, and the EBIT margin was 14.8%, and the return on capital was 15.3%. EBIT margin well above the target and return on capital within the range, and growth below the target. I would like to point out that growing with 7.6% during a period with full pandemic effect, we're actually now more than 12 months into the COVID-19 pandemic, and to show strong growth during that period, I think is really good. Especially we're proud of that we protected and even increased the margin during the 12 months with full pandemic at 14.8%. On next slide, we talk about our continued international growth. As you can see in about five, six years ago, in 2015, we had about half of our sales outside the Nordic area. Today we have two-thirds of our sales outside the Nordic area. We're continuing with good pace our internationalization going forward. We're financially very strong, and this enables us to continue investing in our existing holdings, add-on acquisitions, and also new holdings. We have, during the pandemic, I would like to underline, always continued to invest in our companies as before with a long-term forward-looking view that has paid out very well. We go to the next slide. As I said in the beginning of the presentation, we will not host a normal annual general meeting this year. This call will also serve as a very short summary presentation for the full year. I would like to share a couple of slides on the full year. If we change slide again. Now I'm talking about the full year last year, so not the quarter. The year was clearly marked of the pandemic, as you all know. Mixed picture depending on geography and segment, as I said before. We always put employee safety first with different measures to mitigate the effects of COVID-19. I think the combination of dedicated management teams with committed employees plus overall cost awareness has protected our profits very well during 2020. We're very happy and proud of the outcome. The total order growths were 9% last year, and net sales growth was the same, 9%. The operating profit grew last year by 16% to a little bit north of SEK 2.1 billion EBIT with a margin of 14.3%. That's a summary on the finances last year. If we go to the next slide on the M&A side, we acquired and ended and closed acquisitions which added SEK 0.7 billion or SEK 700 million on our top line. Hultafors Group acquired EMMA Footwear last year, Latour Industries, S+S, and Batec. Swegon acquired Waterloo and SLT. In addition, we signed agreements for three more acquisitions, which was closed in January, February, as we have just discussed, Anders and I during the Q1, we closed those as well. All of the acquisitions have had a strong international focus going forward. Next slide, we summarize what we did in our public portfolio, in our listed portfolio. There were some changes in the portfolio last year. In Q2 of last year, we divested some shares in TOMRA, and our shareholding is now 21.1% of the outstanding number of shares in TOMRA. We're still the main owner. We still take the main owner responsibility in TOMRA, and we still have a very positive and long-term view of TOMRA. We also increased our investment in Fagerhult, and we today hold 47.8% of the outstanding shares in Fagerhult, and we slightly increased our holding in Alimak to 29.6%. The value development in the listed portfolio was 9.1% during last year compared with the SIXRX of 14.8%. We think that's satisfying given the very harsh circumstances of last year. Once again, the underlying development is good. Some are struggling with net sales and have an organic decline. In general, the profits are well protected in our nine listed holdings. I think we are at the last slide, if we change slide again. This was a very short summary of the full year 2020. Much more could be said. Therefore, I can highly recommend that you read our annual report for 2020 to get more insights about our group structure and how we develop the group, our operations, our sustainability work, the net asset value, and the Latour share, and much more. The annual report you can find on our website as a PDF file, but you can also order a printed version from our website, and you go to latour.se to do all of that. That concludes the presentation. Thank you very much for listening in. That's the presentation part from me and Anders. Having said that, we open up for questions and hopefully some answers. Thank you. If you would like to ask a question, please press zero one on your telephone keypad. There will now be a brief pause while questions are being registered. The first question comes from the line of Joachim Gunell from DNB Markets. Please go ahead. Your line is open. Thank you for that. Good morning, Johan and Anders. Two questions for me, and hopefully you'll be able to answer them. Joachim, we hear you. You're a little bit faint on the line, if you could speak up a bit. Absolutely. Can you hear me better now? Yeah, that's better. Thank you. Perfect. Thank you. Perhaps you can comment a bit. With the very strong growth in organic orders, especially in Caljan, obviously. Can you comment a bit on, given that March was so strong, business momentum sequentially in what you have seen so far in April across the various segments? Yeah, we can do that on a very high level if I start and add to it, Anders, if you want. Actually, the Q1 started quite well. It just ended even stronger. We have no reason to, in the short term, if you look some months ahead, to believe that there will be a major shift or change in that view. However, as I pointed out, there are some challenges as well. Steel prices are rising strongly globally. They are exploding in the U.S. There are some component shortages. There are some logistic bottlenecks and so on. The overall macro picture of the global economy is quite strong actually, I would have to say, and interest rates are all very low. I think that's what I would stretch me to comment on that question. Do you want to add, Anders, or that's behind us? No, I think you put it in a nice way. Maybe if you say Caljan is, of course, as Joachim yourself mentioned, something extraordinary. There the visibility is longer than in the other companies, of course. Orders are project-related. We know we have really high order intake. That puts a good faith in both Q2 and Q3, so to say. In the other companies, a little bit shorter. In a company like Hultafors, actually, the visibility is one day because orders are more or less the same as net sales. That's clear. Thank you both. Since you provided for the first time this, call it hypothetical reasoning regarding the market's implicit valuation of your unlisted assets, perhaps you can also coming from a, call it hypothetical point of view, elaborate a bit on basically if you would be willing to take further steps to provide an updated framework from the current very prudent view that you provide yourself in some times, or is that out of the picture? No, at the time, we have no such plans. Anders and I felt that the premium value compared to the way we value our businesses to 100 points is approaching 50%, and we thought we needed to shed some more light around that and provide possible explanations to that premium value. That's why we did that comment. Anders, something to add there? No. When we started 12 years ago to do this valuation or guiding valuation of our wholly owned businesses, I would say the difference was not even close. It was rather a discount on the share price of Latour, and that helped to guide the stock market. As I pointed out before, the stock market climate is very difficult now to interpret, so you need to give more comments around why we do the valuation and also that you could have different views because you can see companies today valued at 40, 45, 50x EBIT, at least if you look on last year's EBIT. That was not the case 2008 or 2015. It's difficult when you have a peer group of one company in the peer group gives the value of 13, and another company gives the value of 45 as an implied EBIT multiple. This is only that we felt it was in place to comment. It's a difficult stock market out there. We are actually glad that it's the stock market that puts the value on Latour and not ourselves. We work with the profits and the growth of the company. I think that's very comprehensive. Just a follow-up on that, would it make sense in any way, because we have seen some of the, call it sector colleagues issuing shares at premium in order to really accelerate their investment pipeline. Obviously, you have a large financial muscle already in Latour. Perhaps just a comment on what you're seeing, what's happening with investment companies more generally speaking, issuing shares at the premium and perhaps also your view on whether this emerging structure in SPACs, if that is something that would fit Latour as a principal shareholder somewhere down the line. Joachim, thanks for your question. I think it's a little bit important before answering your question to go back to, what are we? Yes, we are an investment company, but we're also an industrial company. I think issuing shares or putting up a SPAC or other things to do capitally, to your point, Joachim, we have a very strong balance sheet. We focus more on developing good businesses and finding good businesses, and then we work with the financing. We prefer to do it that way. We have a more industrial look. We develop companies. We find good companies. We acquire good companies, and then finance it out. We prefer not to put the wagon before the horse and start working with the financing and then search for companies. We have no real need for that. As Latour is, we stay the course, and we focus on building good industrial companies. The financing is not an issue in those areas, I think. You agree, Anders? Do you want to add some around that? No, I think you put it in a nice way. It's also difficult to do this, as you imply, new share issues, because what we discussed before is actually no one knows what the correct net asset value is. You don't know what the correct premium is either. That makes sense. Keep focusing on NAV growth. Thank you very much. That's all for me. Thank you, Joachim. Thank you. Thank you. Just a reminder that if you would like to ask a question, please press zero one on your telephone keypad. There are no further questions. I will pass back for any closing comments. I think that's it. On behalf of Anders and myself, I would like to thank you all dearly for taking the time to listen to us and for your shown interest in Latour and in this format. We will meet again when we publish the Q2 report in about a quarter's time. See you, and talk to you later. Thanks a lot. Thank you for attending. You may now disconnect your lines.