Ladies and gentlemen, welcome to Investment AB Latour's Q3 2022 report. For the first part of this call, all participants will be in a listen-only mode, and afterwards, there will be a question and answer session. Today, I'm pleased to present Johan Hjertonsson, President and CEO, and Anders Mörck, CFO. Please begin. Thank you, ma'am. Hi, this is Johan Hjertonsson, and I'm here together with our CFO, Anders Mörck, and very welcome to our Q3 report presentation. If we go into the first slide here, I'd like to say that our group structure is unchanged from last quarter. We had a good quarter despite the declining economic climate and the global turbulence that I'm sure that you're all aware of. There's a high pressure on our organization to manage and deal with all the headwinds. I have to say, I would like to say that we're handling that all very well, and I'm very proud of our organization taking us through these quite turbulent times. This is actually the best third quarter so far in absolute figures. As we've said before, we are very alert to continued changes in demand and are prepared to adjust quickly. As a note, I'd like to underline that's also what we've done before in previous years and lower economic cycles. We're all prepared for that. The third quarter was very strong, and we're proud of that. If we go into the next slide to comment on our listed portfolio. There's no changes in the listed portfolio, we'd like to point out, and as you all know, there's a broad decline in the stock market, which is affected by the overall listed unstable economic climate. The investment portfolio is down 37.6%, whereas the SIXRX is down 30.5%. Until yesterday, the portfolio value increased somewhat from the low level at the end of September to SEK 62.7 billion, and the total returns amount to 36.6% so far this year, minus 36.6% this year, compared to the SIXRX of minus 24.4%. In general, I would say there's a good development in the holdings with one or few exceptions, some of them with very good development. However, in some cases, also with a lower order intake. There's pretty much the same situation here is in our wholly owned operations with supply chain disruptions, cost inflation, and large exchange effects. We've maintained a fairly high acquisition activity. We've done a number of acquisitions and add-on acquisitions to the portfolio, but a couple to mention, maybe specifically that Securitas entered into the acquisition of STANLEY Security in July, and thereafter conducted a a share emission where Latour participated with SEK 1 billion. Alimak also signed an agreement to acquire Tractel which later on will result in a share emission where Latour will participate with close to three-quarters of a billion SEK. If we go to the next slide, please. To comment our wholly owned industrial operations. As you can see, a very strong, good third quarter. Demand remains at a high level on most markets, with the exception of China, I would say. The growth in order intake is actually 1% up organic compared to a very strong growth level in Q3 last year, resulting in a very high order book, which is promising for the invoicing for the coming months, I would like to point out. Good, strong invoicing with a 13% organic growth. Supply issues remain, when it comes to logistics and components and semiconductors and so on. It's good to note that the situation has improved slightly compared to earlier this year. We are battling the challenges with cost inflation and large currency effects. Nevertheless, this results in good volumes, but with slightly lower margins. The reason for that is, as was pointed out before, that we do put a high priority on servicing our customers, and we think that's a very important competitive advantage going forward. One way to do this is, of course, to keep a higher inventory and therefore have a high service level when it comes to delivery to the customers. Hence, we have a slightly lower cash flow than normal at the third quarter. We believe this will start to normalize in the next couple of quarters. Operating profit grow with 27% to SEK 784 million in the quarter, thus resulting in an EBIT margin of 13.9%. We continue to invest in our holdings with a forward-looking view, not only within sales, marketing, product development, but also with a clear sustainability focus going forward. On the next slide, I'd like to comment on the acquisitions so far this year. During the quarter, we have finalized two transactions, and actually four more after the end of the quarter. In the quarter, we acquired ABC Ventilationsprodukter through Swegon. ABC is a Swedish company that will complement Swegon's product range to include roof hoods, louvers, and fire and safety products. Net sales of about SEK 140 million and nine employees. Latour Industries acquired MAXAGV. MAXAGV is a leading mobile robotics and software company providing automation technology with goods handling solutions, with headquarters in Mölndal in Sweden, and has 67 employees. Net sales amounts to about SEK 160 million, of which the vast majority is exported. After the end of the quarter, Hultafors Group acquired Martinez Tool Co., a manufacturer of premium tools. For example, customizable high-quality titanium hammers. LSAB, within Latour Industries, acquired Lahden Teräteos Oy. I hope I pronounced that correctly. A specialized Finnish manufacturer of customized and tailor-made tools for profiling and supplier standard tools for the woodworking industry. We made two acquisitions within Latour Future Solutions, SenseNode and Anolytech. SenseNode has developed a complete IoT solution with associated SaaS platform for energy efficiency in all types of industries to save electricity. Anolytech has developed a circular system for producing effective disinfection completely free from the use of harmful chemicals. Very welcome to all of these mentioned companies. Earlier this year, just to remind, we acquired Telestacks, Constants, SCP, PHS Logistiktechnik, and Barcol-Air. All in all, we have concluded 11 transactions so far this year up until today, which adds about another SEK 1 billion of annual sales to the group. Just underlining, including also the transactions after the third quarter. Having said that, as a long introduction, I hand over to Anders. Thank you so much, Johan. We now are going to talk of each and one of the business areas that we have. We're starting with Bemsiq, where we have seen a continued strong underlying demand in a growing market. The total growth for Bemsiq during the quarter was 48%, to a large extent then explained by acquisitions, but also through excellent organic growth. The order intake grew organically by 17% and net sales by 13%. In this business area, as in all, we see lack of components being a big challenge, but it's been handled very well by the business area. As you can see, very strong profitability. The profit grew to SEK 82 million in the quarter from SEK 58 million last year, with an operating margin of 25%. Very well done, we can say. We turn to the next page and go to Caljan. As you have noted, Caljan had a very high order intake for a long period. Now this quarter, we see an expected lower order intake during the quarter. However, the order book is still very high, which will cover a good part of next quarter and also a good part of 2023 for Caljan. Net sales is developing very positively following the earlier high order intake, and is significantly above last year, growing organically by 60% in the quarter. Exactly as for all other business areas, Caljan have challenges within the supply chain. I don't think we have to go through details of that because all are aware of them. We have managed them very well, and as you can see, the profitability in Caljan is excellent, EUR 14.8 million, not Swedish krona, but million euros, compared to EUR 7.6 million last year. It's almost double the level, and the operating margin is 23.3%. Very well done also by Caljan. We go to the next page, Hultafors Group. As you can see, net sales grew by 19% in the quarter, and the organic growth for Hultafors was 4%. Hultafors has had a lot of supply chain challenges as well, but above all, for Hultafors, the strong US dollar is affecting very negatively. Which also has had a quite large negative effect on the profit. Measures for this are in place, for example, price increases. All in all, operating profit increased to SEK 176 million with a margin of 11.2%, which then under normal circumstances could have been substantially better. I think you should look on the picture to the left here, where you can see the long-term trend for Hultafors that has been growing and doubling rolling 12 profits since 2019 from SEK 400 million per year to now being a bit above SEK 800, almost SEK 900 million. Having said that, for us, the long-term development is the important thing, and we know that Hultafors are doing the right things to increase and strengthen the profitability again. We turn to the next page and go to Latour Industries. We have seen a good underlying demand with an order intake growth organically by 10%. You can see strong net sales, total growth of 35%, of which 16% were organic. As for all other business areas, we have increased costs for raw material, transportation, energy, and so on. This affects profits in the short term negatively. The profitability in the business area is still low. As you know, we are building future business areas in Latour Industries, so we have a lot of costs for expansions, which means that in the long run, we have a capability of doing much better profits here. The acquisition agenda for Latour Industries continues both with add-ons and also to try to find new platforms. We turn to the next page, which is Nord-Lock. We can see continued positive development for Nord-Lock, despite and also considering the downturn in China. The development this year has been saved, you can say, by good development in Europe and Americas, even if we now see some sign of declining markets even there. In total, relatively strong net sales, total growth 19%, of which 7% is organic, and the operating result increased to SEK 104 million with an operating margin of 24.6%, which is really strong, I must say, considering the China situation. Let's go for the last business area, which is Swegon. Swegon had a relatively strong quarter. Organic growth in order intake was 5%, and the net sales organically growth by 11%. As you remember from second quarter, Swegon had quite severe challenges by disruptions in the supply chain. From July, and especially from August, the situation has been stabilized. Considering that the rebounds in the third quarter results are really strong, we must say. The operating result increased to SEK 184 million with a margin of 10.7%. Very well done, Swegon. We don't go to the seventh business area, but we go to the net asset value instead. That is, as you can see, it has decreased during the year with 30.5% to SEK 148 per share. This can be compared with the share price at the end of September of SEK 186, which means that there was a premium to our net asset value of 26% at that time compared to our relatively prudent valuation of the net asset value. Yesterday, the net asset value increased to SEK 151 per share, and the share price was SEK 188, and the premium was 24%. Also commenting on our net debt, it increased due to acquisitions from SEK 9.8 billion to SEK 9.9 billion during the quarter. Not so much then. The total net debt now corresponds to about 10% of the market value of our investments. Still on a fairly low level, even though the market values of our listed portfolio was very low at the end of September. I think that was that, Johan. I hand over back to you again Johan, we can't hear you. Sorry, I think I'm back there. Thank you, Anders, I should say, from your presentation. Thanks a lot. I'd like to comment then on the financial targets. As you all know, the Latour companies and where we invest, we would like to see a growth over 10% annually and an operating margin above 10% and a return on capital, 15%-20%. During the last 12 months, we have had growth of 26.1%, rolling 12 months. The EBIT margin of 13.9%, rolling 12, and the return on operating capital was 15.4%. We have achieved all the targets that we have set forth for our whole owned industrial operations. Let's remind ourselves, an operating margin of 10% is a minimum target for Latour companies. All in all, a very strong performance in the industrial operation, and we're very proud as a team having done that. Then on the next slide, on the international growth. As you know, Latour is a long-term sustainable investment company with a financial strength that enable us to continue investing in existing and new holdings despite short-term market slowdowns and disruptions where we're in right now. Our long-term ambition to grow has not changed. We are delivering on the growth target, as I just pointed out. There is a large potential that remains, as you can see from this slide. We continue with all the long-term initiatives in our companies and act with a long-term forward-looking view. At the same time, we are monitoring the macroeconomic developments and the overall geopolitical situation closely and are as always prepared to act and react to changes that affect us. Having said that, on behalf of Anders and myself, I would like to thank you all for listening. Then the next slide is actually the prompt for our Q&A session. I hand over to the operator here to take this forward to the Q&A session. Thank you. Ladies and gentlemen, if you do have a question for the speakers, please press zero one on your telephone keypad to register. Once again, that is zero one on your telephone keypad to register for a question. Our first question comes from the line of Joachim Gunnel from DNB Markets. Please go ahead, your line is open. Thank you, good morning, Johan and Anders. Starting off with any comments here from you with regards to the visibility you see today in comparison to, say, a quarter ago, and what gives you confidence here into early 2023 based on the order book? I think I can start and maybe, Anders, you can add. As you can see when you read this report, we're pretty confident on the Q4. Of course, we have a very high order stock, that we're quite sure that will be strong. Naturally, as long as you go into the future, harder is to predict, right? I think, I have to say I'm positively surprised that the demand is still so good given everything that's going on in the world right now with Russia's war in Ukraine, energy prices, high inflation, and high interest rates. I have to say, I think the overall industry is quite resilient. I think with that as a backdrop, and then the inflation would not bite into the economy and stay for long, I'm quite positive going into 2023. Let's say it like that. Do you want to add, Anders, to that picture or? No, I think you summarized it pretty well. Maybe you can say that all of our business areas do not have order stocks to the same extent. Of course, like Hultafors Group is more day-to-day sales. Even we had good sales in the third quarter. For some business area, of course, we feel the confidence to a larger extent. Understood. To rephrase that question, is there any structural changes to the, say, composition of the industrial operations that you would like to call out to that really dampens the cyclical amplitude of your construction industry exposure and should basically, quote, "Raise the trough earnings level in the industrial operations"? I think if we come to the industrial operations, for instance, you could say Swegon and Bemsiq are quite dependent on the construction industry. Both Swegon and Bemsiq are very related to energy efficiency and saving energy for heating and ventilating and cooling buildings. Bemsiq with all their monitors and control systems, and Swegon with their units to develop the data shield and heat the building. I think in a very efficient way, I would say those two business areas are very well positioned in a climate with higher energy prices. As you know, in Europe, there is a huge initiative from the European Union to invest into green buildings, and I think that comes in play quite nicely for both Swegon and Nord-Lock. To mention a couple of examples in our industrial operations, within Latour Industries, we have Aritco and Vimec, for instance, which are doing platforms, elevators and other type of elevators for disabled and elderly people. That's a strong macro trend that will be there also during a downturn. I think the resilience is quite strong, and I think it's a good question, Joachim, because you should not just lump sum everything together and say it's construction. You have to see a little bit underneath which segments within constructions we are positioned. Having said that, I think we're quite nicely positioned in even a downturn in the construction market. That's great. A final from me, I'll get back into the queue. Is there anything that you can say with regards to, say, overall inventory levels that you're seeing across your customers' channels? Perhaps if there's any particular business segment within the industrial operations where there is reason for concern or become incrementally positive? Okay. Maybe you want to start on that, Anders, then I add. Thank you, Johan. We definitely have a stock level that today is higher than before, and that is to a large extent actually explained by inflation, because the same things on stock now constitutes a higher value. I guess you also asked about if we have seen stock adjustment with our customers. Yes, then I would say we don't see it yet, but we are prepared for that to happen. When it happens, we consider it actually to be a one-off. You can see that we have had a higher order intake for a very long time than the net sales, and that is also a sign that our customers have been placing orders early to make sure that they have the right things on their shelf when they need to deliver to their customers. Of course, the whole system, from raw material to end customer, is a little bit overprepared for delivering, and the system as a whole is not optimized at the moment. At some point in time, we expect some adjustment to normal levels, and that will, of course, then affect also in the short term, the demand. It's not that we have seen it yet. I don't know if that was the answer that you were looking for, Joachim, yes. I think it helps paint the picture more comprehensive with regards to what we have seen in terms of your net working capital build up over the year. I'll get back to the queue and come back if there are any further questions. Thank you. Once again, for any questions, it is zero one on your telephone keypad to register. That is zero one on your telephone keypad to register for any questions. There will be a brief pause whilst any further questions are being registered. Our next question comes from the line of Rasmus Engberg from SHB. Please go ahead, your line is now open. Yes, hi. Good morning. I had a question with regards to the order intake. Given the very ups and downs we've had in the last few years, would you think in your mind, we did grow 1% organically like for like in this quarter. Do you think we will recover from that or maybe pass through in the fourth quarter? What's your best guess on the situation in your industrial businesses for orders in the fourth quarter? It's a good question. It's hard to say because that's also a little bit related to commenting on the overall demand going forward. I can with confidence say that we're not losing market shares in any of these six business areas. That I would like to point out. On the contrary, we're taking market shares. Also here, I think you should look at each business area separately. As Anders pointed out earlier on, you could see in Caljan we have seen extreme high order intake growth over the years, related quite a lot to the very strong logistics demand during the pandemic. There you can see that order intake is normalizing, I would like to say. We have to see what we compare with. Otherwise, and as I said before, I'm quite positively surprised that there is a good demand out there still going forward. Thank you. The second question, just generally speaking, with these very large currency moves that we have, which at the moment at least it looks like they will be even bigger in the fourth quarter. Net, does that impact your margin positively or negatively on the group level for your industrial holdings? Is it a positive or a negative, you think, overall? That's a question for the CFO. Over to Anders. Thank you for that, Johan and Rasmus. I would say we're quite neutral. It's spread over the business areas with the different exposures where I could say that Hultafors, the US dollar will continue to be a negative exposure. It's always difficult to make the right price adjustment if the currencies are very volatile. It can go back as well. Yep. When it comes to Nord-Lock, maybe that is the extreme that is supported by the US dollar positively. All in all, those together maybe takes each of them out. Okay. The exposure is not so big in our other business areas, to be honest. Yep. We have a good spread or diversity in our assets from that point of view. Very good. Thank you. I'll get back in line. Thank you, Rasmus. Thank you. Our next question is a follow-up question from Joachim Gunnel from DNB Markets. Please go ahead. Your line is open. Thank you. Hello again. Just the final one from me. We've seen how listed valuation has corrected more than private ones. Can you say anything with regards to which you at this stage are incrementally more open to a new listed portfolio holding, or will the focus continue to be on basically industrial operations? We've seen, what is it now? Nine acquisitions already this year. Thank you, Joakim. Good question. I'd like to comment like this, that I think when valuations come down, they come down first in the listed market. My experience is it takes about a year or so or more before that spills over to the sellers in the private market. I think we can see now that also pricing is getting more normalized, so to speak, on the private market. I think also there's less competition now also in the private market because the credit market is quite restrained as you know right now, and that should further drive down prices on potential acquisition targets. Having said that, we look at the complete market, both the listed and the private market when we invest and pursue our investment strategies to see where it makes most sense and where we find great ideas and great companies, irrespectively if it's listed or private in that sense. Great. Given that we've seen you support your listed holdings in both Securitas and Alimak, can you, Anders, just help us with what your, call it, financial flexibility is to basically continue to pursue systematic M&A? We still have a good portion of space for new investments, even we just put in SEK 1 billion in Securitas, we will soon, when the competition authorities will allow Alimak to acquire Tractel, that is SEK 740 million on Latour's account, when that share issue will be dealt with. After that, we still have a level of, say, SEK 2 billion-SEK 3 billion considering our internal limit that is official, that is 2.5 times our EBITDA plus 10% of the value of our listed portfolio. As you all know, the listed portfolio has been reduced during the year. If it should have been valued as it was in the beginning of the year, the acquisition strength or muscle, however you would put it, would be even higher from that point of view. We feel confident that we can continue in the same pace as before. Understood. That's all from me. Thank you. Thank you, Joachim. Thank you so much. Thank you. As a final reminder, it's 01 to register for any questions. As there are no more questions registered, I hand back to our speakers. Okay. Thank you. On behalf of Anders and myself, that concludes the presentation of the Q3 results. Thank you all for dialing in and listening. We'll speak to you again on the Q4 results in next year. Thank you all for your time, and that concludes the call then. Thank you. This now concludes our presentation. Thank you all for attending. You may now disconnect.