Welcome to the MEKO Q4 2023 presentation. For the first part of the conference call, the participants will be in listen-only mode. During the questions-and-answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to the speakers CEO Pehr Oscarson and interim CFO Anders Lindén. Please go ahead. Good morning and welcome to the presentation of the year-end report for 2023. Today I will guide you through the results and answer questions together with our Interim CFO Anders Lindén, who I have by my side. Let's start by summarizing the highlights and look at slide two. As we recap 2023, we can confirm that MEKO's business model remains solid. We increased net sales and strengthened our cash flow during the year. We improved operating results and initiated important investments for the future. All in all, our financial position is solid, and I'm also pleased that we are in the position where the Board can propose an increased dividend of SEK 3.70 per share, up from SEK 3.30 last year. During the fourth quarter, we also accelerated our efforts regarding profitability. We have launched an initiative to improve margins named Building a Stronger MEKO. Looking closer at Q4, the growth persisted. Net sales increased 12% in total and 10% organically. Our operating result was affected by costs related to our initiative to improve profitability. We also implemented one-time actions in Finland, partly due to the warehouse consolidation. A large part of these costs is not booked as items affecting comparability, but we regard them as a single effort. To accelerate our work to improve profitability, we proceed with an efficiency program in Sweden, which I will be back to in just a minute. Turning to page three for some key figures. Market conditions vary between countries, with a more favorable situation in Norway than in Sweden, showing strong growth. As you can see, EBIT is affected by temporary costs in the quarter. Cash flow is improving looking at the full year, but affected in Q4 due to seasonal inventory buildup. Then let's look closer to our financial position and move over to slide four. At year-end, the debt-to-equity ratio was 2.7x compared to 3.1x a year ago. This is within our target range of 2x-3x. This creates flexibility and the possibility of a dividend for our shareholders in line with our financial goals. Our stronger financial position enables the board to propose an increased dividend of SEK 3.70 per share, and that will be in two separate installments. We turn to page five to look at our gross margin development. 2023 has been a year of currency headwinds with weak currencies in Sweden, Norway, and Poland, especially in relation to this very strong euro. We have addressed this challenge through price increases and other measures. However, these measures have not fully offset the currency effect in full, looking at the full year. We are on the way of closing the gap, which we can see in Q4. Now let's move to page six and the adjusted EBIT. Adjusted EBIT is improving in all business areas except in Finland and Poland and the Baltics. As you can see, there is a significant negative effect in Finland. We'll be back with more details about Finland and the other business areas in a minute. But first, let's review our roadmap for improved profitability. We are committed to building a stronger MEKO, and this remains our highest priority. Our company-wide initiative will improve operating results throughout 2024 and 2025 with the full impact next year. We forecast an improvement in EBIT of at least 1 percentage point. This corresponds to at least a 15% increase in operating result. The initiative began in Norway in December, focusing on extensive optimization within our branch and store network. Our next step within this initiative is a targeted efficiency program in Sweden aimed at reinforcing the positive trend that we have established in June 2023. This will be done mainly through cost reductions, where we expect to achieve a positive impact of SEK 50 million in 2024. So let's go into the specifics of the business areas, starting with Denmark. The Danish market has faced intense competition throughout 2023, but I'm encouraged by the robust organic growth in the fourth quarter, along with the improvement in adjusted EBIT and EBIT margin. We are now fully committed to reinforcing this trend upwards and will continue to roll out a series of activities for improving profitability. We're the clear market leader in Denmark, and our goal is to strengthen our position. Let's turn to the business area of Finland on page 10. The underlying demand in Finland remains stable in Q4. The total growth was 8%, which includes 3% from organic growth. The integration process between Koivunen and Mekonomen Oy is on track, and we are on schedule with the extraction of synergies. However, our results were impacted by one-off action as mentioned. To be specific, we decided to make a write-down of the inventory in Mekonomen Oy, enabling a more efficient and more profitable inventory. In addition to that, we have made some provisions for receivables to reduce risk going forward. Moreover, we have implemented strategic leadership changes within segments of this business area, which also have affected our results. And now let's turn to Poland and the Baltics on page 11. Our strategy for the Polish operation has proven effective. Profitability has clearly improved structurally since our acquisition of Inter-Team in 2018. However, the general demand in 2023 is weaker, or our organic growth was 2% in the fourth quarter. Market conditions are reflected in the development of our EBIT and EBIT margin. We are continuing the integration process within our Baltic operations. This is on track, and we will realize the full synergy effect by this year. Now let's turn to Sweden-Norway on page 12. The positive trend in Sweden-Norway has continued, marked by a robust performance and strong growth. Net sales saw an 11% increase, with organic sales growing by 15%. As mentioned, we initiated extensive optimizations in Norway in the quarter, which are expected to improve long-term profitability and service availability for our customers. These efforts resulted in one-time costs of SEK 64 million for the quarter, recorded as items affecting comparability. While these costs impacted EBIT, we improved adjusted EBIT. Now we are sharpening our focus on profitability within this business area. The newly introduced efficiency program in Sweden is underway and will be rolled out completely in 2024. Then let's move on to the business area Sørensen og Balchen on page 13. Thanks to dedicated efforts in increasing B2B sales, Sørensen og Balchen achieved an organic growth of 17% in the quarter. In total, net sales increased 8%, still affected by a slow retail market. We will maintain our focus on business-to-business. The strategic shift has been underway during 2023, and I'm pleased over the gradually positive effect on EBIT and EBIT margin, as you can see in the fourth quarter. Let's take a closer look at some of the Q4 highlights on page 14. In November, we made the strategic decision to consolidate our logistics operations in Norway. We will build a new state-of-the-art warehouse in Oslo with proven automation technology. This will not only increase internal efficiency, it will also speed up delivery times, strengthen our position as the market leader in Norway. In addition, there will be a clear positive financial effect when the new warehouse is fully in use after 2025. In parallel, the process of building a similar high-tech warehouse in Denmark is on schedule. Both these projects are fully in line with our strategic focus area, better operations, and they will strengthen our position in two of the very important markets. Turning to highlights recording our business development on page 15. In November, we initiated two strategic partnerships with new electric car manufacturers. One of them is Zeekr, which is in the process of launching its brand in Sweden. MEKO has been selected to provide authorized workshop services to Zeekr owners in the Swedish markets, with the goal of expanding this partnership to other Nordic markets in the future. Additionally, we have reached a preliminary agreement with the car manufacturer HiPhi. Under this agreement, we will provide authorized aftermarket service to HiPhi owners throughout Nordic Europe, beginning with Norway. This, once again, demonstrates our extensive geographical presence and expertise in electric cars. Now let's turn to updates regarding MEKO's management team on page 16. I'm pleased that we have appointed two new senior members to our company management. Christer Johansson will be our new CFO, starting his position next Monday. He has extensive experience in finance and controlling and will be instrumental in further strengthening MEKO's position. Additionally, we have appointed Anders Oxelström as the new Director of Communications. Anders has a solid background as a leader in some of Sweden's largest media organizations, such as broadcaster channel TV4 and the morning paper Dagens Nyheter. Anders started his role in December. Let's provide a summary. As we recap 2023, we can confirm that MEKO's business model remains solid. We increased net sales, strengthened our cash flow during the year. We improved operating results and initiated important investments for the future. Our financial position is solid, enabling the board to propose an increased dividend. During Q4, our strong growth continued, and we accelerated our efforts to improve profitability. We are now building a strong MEKO, where we're implementing extensive programs in Norway and Sweden. We have made strategic new partnerships with new EV manufacturers and strengthened MEKO's management team. All in all, we are well positioned for 2024 and to continue to lead the green transformation. Lastly, I want to thank our Interim CFO, Anders Lindén, for his efforts during his time with MEKO. That was it. So thank you very much for listening, and we will open up for questions. If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad. The next question comes from Mats Liss from Kepler Cheuvreux. Please go ahead. Yeah, hi. Thank you, Kepler Cheuvreux. A couple of questions. First, I mean, you mentioned well, you haven't been able to implement the price increases you would have liked to due to, well, the euro headwind. Could you be somewhat more specific in how much that affected you in the fourth quarter? It's important to be kind of the opposite. We've increased prices a little bit depending on the current headwind, but yeah. As I said before, we had kind of a delay, but I think we have caught up to that delay now from Q4. Of course, depending on how the currency will develop during this month. Could you give some flavor there of the outlook for 2024? What kind of price increases do you think that the market will well, what kind of price increases you are able to implement? Everything else alike, I would say that when we enter September, we are quite well priced compared to the current. But if it will move. I'm not in control of the currencies, but as it looks at the moment, we should not have any negative effect of that going forward. More on the opposite side. In Sweden, you perform well organically. So you also talk about these cost measures that you have implemented, the SEK 50 million, I guess. When should we expect those to be fully implemented? The year is during this year. I can't specify which quarter, but those savings should be in the full year of 2024. Okay. Well, moving further to Finland, then I guess you have some measures implemented there to make the integration. And I mean, that's necessary and good. Could you be a bit more specific what the amount of money or the cost in the fourth quarter regarding these measures? No, we haven't. I mean, when you look at the result, a very, very large part of it. As I said. We can form more receivables. Also adjustment on the inventory, where we [crosstalk] brands or double. [audio distortion] Going forward, do you expect these measures to be effective so you will be able to present, well, positive earnings numbers going forward then? Yeah. Okay. Well, thank you. Thank you. Okay. Great. Thank you. The next question comes from Andreas Lundberg from SEB. Please go ahead. Yeah, good morning, Andreas with SEB here. If I start with the organic growth, which was very high in the quarter, could you give more flavor on what's behind the strong organic growth? Thank you. I would say a little bit positive seasonal effect. In the beginning of the quarter, we had an early start of the winter season in many of the countries. So beginning of the quarter was, let's say, healthy from that perspective. We have stable market shares, probably increasing the market shares in several of the markets. And the mix in the growth is let's say, if it was in the beginning of the year, it was more driven by price, then it starts to be more volume. Also, it's still a lot of price in the increase, but also volumes. Okay. Why are you thinking you are taking market share in several markets? We see, yeah, a number of affiliated workshops and how we are doing that. In some other markets, we actually also have some help with some industry statistics. So that's why we are quite sure. Why are you thinking you are taking market share? Because we are doing a good job. But it is, I mean, we have very complex. And there is a trend that the very, very small workshops, the mom-and-pop workshops, they cease to exist. They close down or there's no, let's say, next generation. They also have more difficulty in investments in the future. And we see more, let's say, car-owner behavior towards digital bookings. And we have all these solutions. So I think that our workshops attract more car owners. And we have among the best concepts. So that's where we also have some new workshops. Okay. Cool. Andy, t he cost ambitions in Sweden, could you say what the cost reductions are about? It's a reduction of employees. It's also other kind of costs, like marketing spend and a lot of different costs. There is this part also, which is, let's say, optimization and more efficiency. Is it like headquarters functions for employees or standard employees? It's both. It's streamlining in the network, but it's also head office, 50/50. Yeah. Okay. Back to Finland. I couldn't hear everything in the last hour or Mats' questions. Was this on purpose, or did you know that you were to streamline or go through the books and take so high cost when you acquired them? Or is it something that popped up along the way, or? But this is actually a lot of the costs, not everything, but a lot of the cost, which now is more related to our old business, Mekonomen Oy, because that is the business which we're now transferring into Koivunen. So it's their inventory, which wasn't completely optimal for the Finnish market and where we needed to do some write-downs. So it is about the integration of both. Then, of course, there is also cost in the acquired company. But that is more that we're changing a little bit in the management and other structure costs. That was more, let's say, in plan. Okay. Thank you so much. As a reminder, if you wish to ask a question, please dial pound key 5 on your telephone keypad. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Okay. But then thank you all for listening and wish you a great day. Bye. Thank you. Bye.