Hello, and welcome to the Midsona Q3 report for 2021. Today, I am pleased to present the CEO, Peter Åsberg, and the CFO, Max Bokander. For the first part of this call, all participants will be in listen-only mode, and afterwards, there will be a question and answer session. I'll now hand you over to Peter Åsberg. Please begin. Thank you so much, and welcome. I will start with a general business update, then Max will go more into the actual numbers. I propose that we turn to page number two. Although we increased sales and improved both the gross and EBITDA margin in Q3, we have to acknowledge that it was quite a challenging quarter for us. Our organic sales was actually slightly negative. There are a number of reasons behind that. First of all, we see negative effects from the total reopening of societies after the pandemic, and that effect has been a little bit bigger than we had actually expected. Still, the key issue is in our supply chain, and we have a number of factors that have affected us quite negatively. First of all, we have had bad crops in many parts of the world during the summer period. We have droughts as well as floodings in Europe, Asia, and South America. This has led to delays in deliveries of key raw materials to us. They are arriving step by step, but it has taken longer, and it has been more difficult to obtain them than we had expected. We have also delays in deliveries of tech materials and, on top of that, we have had severe transportation disruption, especially from Asia and South America. This is the overall picture, and this is, of course, something that we've been working very hard on to mitigate those issues. It looks a little bit better now, but still we do see challenges in front of us also in quarter four and forward. Our sales increases in food service and pharmacy, those were the segment most affected in the pandemic. Now we see the reverse positive effect. In the grocery trade, we see good development for brands, a slower development for private label. We have had a major issue in the health food stores. We have seen a major decline, a major market decline, still as far as we can judge, we're even increasing our market share. As I've also pointed out in the report, we do see first signs of price inflation for raw materials because of the poor crops, for packaging materials, also for transports. We've started to look at the price increases, which we will now gradually implement. Looking at the divisions, in the Nordics, most parts are actually doing quite well. The key issue has been Christmas sales of dried fruits and nuts from our facility in Denmark. We had major delays in deliveries of raw materials, therefore we haven't been able to produce to the extent that we wanted. Also parts of the organic assortment we have seen supply issues. In Division North, which is the DACH region for us, we see solid development for the brand Davert, but weaker development also here in health food stores. In Division South, we see a very strong development for our brand for the grocery trade, Happy Bio. It's up 38% in the quarter, this is driven by the roll-up, the distribution of the brand in the grocery trade in France and Spain. It has been a difficult quarter, but we're still confident about the future. We also welcome the fact that CVC, our main shareholder, has shown confidence in the company and bought quite a significant amount of shares now in the morning. We will continue to tackle the issues that we have and look forward and thereby improve our operation. We can turn to page number three, please. Just a couple of brief notes on this one, because Max will go through it in much more detail. We are increasing sales by 9%, but as said, this is acquisition-driven growth. We are, however, increasing EBITDA at a faster pace than the net sales. It's up 11%. We are showing some improvements in our operations in this sense. We turn to page number four. This is our organic growth by channel, and this pretty much describes the situation that we have and also the challenges at hand. In the grocery trade, we are slightly down, but as said, our brands are doing relatively well, and they are growing a little bit. Where we see the main issue is in private label development. We have had a major decline in the health food stores. It seems like consumers have abandoned the stores when the pandemic was over. Many of those stores are in the cities, and we think that people in the cities have spent more times in restaurants, but also gradually been going back to the mass market trade. This is the issue. There is really poor sales. Still, I said our judgment is that we have kept or maybe even increased our market shares in the health food stores. Pharmacies and food service are doing well, and this was, of course, the reverse effect after the pandemic when society is reopening again. We turn to page number five. An important part of Midsona is the driver innovation pipeline, and we are now launching actually a new brand, an organic skincare brand called Narcissa. It's actually an addition to the Urtekram brand, but it's targeting a younger target group, and it's more focused on skincare, while typically or traditionally, Urtekram has been more focused on haircare. This is something that we're excited about, and we're gradually rolling it out first across the Nordics in Q4, and then increasingly in the rest of Europe in 2022. We turn to page number six. The Kung Markatta brand is one of our prioritized brands, and we have done a number of improvements to the brand that now is supposed to show in the stores. First of all, we have launched a new design, which I think is very up-to-date and very contemporary. I think that this will be a major factor driving the brand forward. We are also driving innovation and have launched quite a few new products, specifically in the frozen segment. You see a couple of products on the right-hand side of this slide. Also, on the left-hand side you see our nut butters, and this is not a category innovation, but we're quite happy that those products are now being in stores. We're producing them in our own plants rather than having them outsourced as we had before. To page number seven. I've already talked about this, but a major initiative for us is to roll out our key brands in the grocery trade in Europe. In Europe, a lot of the sales are still in health food stores, but we think that the future is in the grocery trade. We had good single-digit growth for the Davert brand in the grocery trade in the quarter, and I stated earlier, Happy Bio grew a spectacular 38%. We go to page number eight. In the quarter, we have also raised about SEK 500 million via share issue. This is a way to drive our M&A agenda. It's part of our strategy to be a consolidator in the Nordics, but also the rest of Europe to buy good family companies and to develop them further. On page number nine, we see the acquisition that we did during quarter three. We acquired the company Vitality in Finland. Finland has been our smallest market. We've had the smallest presence in the four Nordic markets. This is a good addition to the Finnish business, which will mean that we add product both on the dietary supplement side, but also some organic products. Very importantly, we're driving critical mass, and we're also getting a significant foothold in the pharmacy sector. We're very traditionally been weak in Finland. This is one acquisition that we're doing, and we're constantly on the hunt for new acquisitions. We see signs that the market for acquisitions is opening up again, and we are in discussions on a major interesting things here. By that, we go to page number 10. I think Max will go to page 11 already, and Max will go through the financial statement for the company. Thank you, Peter. Yes, please ensure that you're on page 11, the financial executive summary slide. In the quarter three, as Peter already mentioned, we had a net sales growth of 8.8% driven by structure. The organic growth was a decline of 3.9%. This is due to the disruption in supply chain and lack of certain raw materials. The gross margin, however, improved, mainly driven by favorable mix as a result of our own brands continuing developing better than our other business. The improved EBITDA versus last year was driven by structural growth and improved gross margin, and also realized synergies. Not shown on this slide, I would also like to highlight that the EBITDA margin came in slightly better than quarter two, this also despite slightly lower sales. We see improvement in the underlying business despite tough circumstances. The free cash flow was during the quarter impacted by seasonal build of inventory in System Frugt and timing of customer payments. I will come back to that in a later slide. Please now move to slide number 12. The structured growth, as I mentioned, is driven by System Frugt adding SEK 109 million. Besides already mentioned organic decline, the currency continued to have a negative translation effect, but for this quarter, a more modest 0.6%. Please can move to slide number 13. On this slide, you see the organic sales development over time, and we would like to highlight the constant better performance for our own brands. Please move to slide 14. On this slide, we compare actuals with last year, adjusted for System Frugt. We can call it pro forma as we do in the slides. In the upper graph, you see that the gross margin improved with 1.4 percentage points versus pro forma. As a result of this, despite 8% lower sales versus pro forma, we almost managed to generate the same absolute gross profit. In the lower graph, you see that despite EUR 62 million lower sales versus pro forma, the EBITDA came in at almost the same level as pro forma, where synergies cost control almost fully offset the lower gross profit and additionally, a EUR 4 million negative exchange rate variance versus last year. I now please ask you to move to slide number 15 and the summary of Nordic. I want to highlight again that Nordic is our largest division, representing almost 70% of the group sales. Here, the net sales grew with 15.7%, driven by structural growth, System Frugt again adding EUR 109 million. The organic sales development, however, was down 4.5% and here partly explained by an exited low-margin licensed brand sales contract, which we also have highlighted in previous quarters. Additionally, global supply chain constraints had negative impact on delivery into grocery trade and food service. In this division, food service actually had a small decline, but the underlying demand was greater. Due to service level situation, there was no growth. The EBITDA improved with EUR 7 million. This despite the EUR 4 million variance in difference of exchange rate regulation, and the stronger EBITDA was driven by System Frugt addition and realized synergies. Please move to page 16. In the summary of North Europe, net sales declined with a modest 0.8%. However, excluding negative currency translation, the division demonstrated a small organic growth of 4.4%. Despite constraints in global supply chain, sales of products from own brands demonstrated a strong growth of 4.7%. This driven by the Davert deployment in grocery trade. The EBITDA improved with EUR 5 million versus last year, driven by the improved gross margin. However, for comparison, we should mention that Q3 last year included extra temporary high production costs. Now please move to slide 17. In South Europe, the net sales declined with 6.7%. This including a negative currency translation of 1%. The organic sales development was -5.7%. This division have the largest exposure to health food stores. Within this division, this channel was down 14% during the quarter in a tough market. We track external statistics that indicate that the health food stores in France were down up to 20% for Midsona product categories. Still, we believe we are performing well under circumstances. What we want to highlight is, of course, that we emphasize still the strong focus to also deploy our product in grocery trade with or through our Happy Bio brand. During this quarter, Happy Bio grew 38%. EBITDA was weaker versus last year from the lower gross profit following lower volumes. Now I would like you to go to page 18. The quarterly free cash flow was negatively impacted by worse working capital development versus last year. This driven by System Frugt with their seasonal building of inventory. I want to remind you that System Frugt was not included in Midsona last year at the same time. However, this year, free cash flow is significantly weaker than last year and looks to continue to be weak also in Q4. There are some clear explanations for the variance versus last year. Some of them we have highlighted in previous quarters, the discontinuation of the factoring in Q1 that had a negative effect of EUR 67 million. We were forced to that, or we wanted to do as well, but limited in our bank contracts to continue with factoring. System Frugt building inventory has also had a negative effect in comparison during the first nine months. Additionally, now in Q4, Midsona will have a negative working capital effect from the new EU directive related to unfair trade practices where Sweden have decided to implement it with a new regulation limiting payment terms to 30 days for companies in the food sector. This starting from 1st of November. Within Midsona, we have historically managed to have favorable net of accounts payable and accounts receivable. We will, of course, focus and really prioritize to have good balance on that in the future as well, but with more restrictions. With that, I would like to hand back to you, Peter. Thank you. I would like to shortly summarize before we open up for questions. We can do that on page 19. We do see increased net sales and improved margins. As stated, it's acquisition-driven and organic growth is slightly negative. On the positive side, the continued role of Davert in the grocery trade in Germany and Happy Bio of the grocery trade in France and Spain continues to do very well. The main issue that we have had during the quarter is on key supply chain challenges. It is a little bit of a perfect storm with bad crops for many raw materials, lack of key pack materials, and also delays in the transportation chain. This is, of course, something that we put high priority on to fix and to work very hard to mitigate the effects of this. As stated, we have seen some gradual improvements, but still a lot of work ahead of us in quarter four and forward. As part of the bad crops, increasing cost of pack materials, we are preparing for price increases, and we do see that they would have gradual effect from the beginning of 2022. We did one acquisition during quarter three, and our objective is to continue to acquire companies, mainly in Europe, to build this European health and well-being company that we aspire to be in the future. Looking ahead, we are confident about the future. We are sure that people will continue to want healthy and sustainable foods that Midsona provides. Still, there is uncertainty in quarter four, and the key issue and the key challenge is the supply chain situation. It should gradually improve, but we're very humble about things evolving very fast, and we're keeping a close eye on this. Thank you so much, and thereby I open up for questions. Thank you. If you do wish to ask a question, please press zero, one on your telephone keypads. If you wish to withdraw your question, you may do so by pressing zero, two to cancel. Our first question comes from the line of Ewan Brown of ABG. Please go ahead. Thank you. I'll take my questions one by one. Firstly, is it possible to give some color of the magnitude, essentially, of these price hikes you're planning? What we have said in the report is that they can be quite significant. It varies very much by country, by product groups. I think that giving a figure would not point in the right direction. Our ambition is that we should compensate for the cost increases that we've had. That's our clear ambition, and we have good hopes that this will also materialize because the issues at hand are well-known to the trade, and they are well-documented also. Thanks. Another one. Is it possible to quantify the missed sales, if you will, of these supply chain issues, service level issues, and crop issues as well? I think it's all a theoretical question, and it's something, of course, that we do discuss internally as well. It's impossible to give a precise figure on that. For sure, it's a significant shortfall we have because of that and the major driver why our organic growth is negative. Had it not been for that, my judgment for sure is that we would have had organic growth for the company. Great. Then on System Frugt as well, two questions from my side. In the report, you're mentioning that synergies haven't really come through entirely. Are there any specific issues here, or are we talking about the plan increasing synergies over time? I would say that the implementation has been more difficult than anticipated. We have done a lot of integrations in the past. I think that this has been one of the more challenging ones, and we're still working on that, and that's why we have seen some delays in the integration. I would say that the combination of being in integration mode and at the same time facing the operational issues that we're facing in terms of significant lack of raw materials, issues with transports, that has created a quite difficult situation for the team in Denmark. This is something that we're working together with the team now to find solutions. We've had a number of meetings on this subject, we do think that we have a solid plan going forward to fix the issues and come back to growth again. Maybe I could add to it as well. In that sense, the synergies could be classified into different categories. Of course, there are sales synergies and there are maybe purchasing power synergies, and there are strict cost synergies by combining the organizations. When it comes to realizing the cost synergies, these have been following the plan. Those have been realized. In the quarter, we had SEK 7 million of cost synergies. Great. SEK 7 million of cost synergies. At the time of this acquisition, you expected a 2020 sales year of SEK 562 million, and then an adjusted EBITDA of SEK 38 million. This is in Swedish kronor, a bit FX variations, of course. Is it possible to give any updated rolling 12-month figure for System Frugt? I would say that it all depends on the Christmas season that we're into right now, and it all depends on how we're performing in quarter four. It's quite difficult to give an estimate. Of course, we would have a rolling 12 figure for the last 12 months, but we are now integrated for one thing, and then two, we are not reporting figures for anything else but our divisions. I probably can't give you a figure, but I would say that I could stretch as long as that to say that a major deviation that we have had is the development in Denmark, which has to do with the supplies that we've had and the integration challenges, which have specifically affected the Christmas trade now that typically starts in September. We're seeing some serious delays in that. All right. Thank you. Those were all of my questions. Our next question comes from the line of Johan Dahl of Danske Bank. Please go ahead. Thank you. Hi, Peter and Max. Can I just continue along the same reasoning? You just look on your Southern European acquisition made late 2019, can you just update us where we are in terms of profitability compared to where you were when you acquired the company and compared to your plans and just your view here on the earnings performance in that area, please? Sorry, I'm not sure that I Which acquisition did you refer to now, Johan? Alimentation Santé. Okay, got it. Okay. Sorry, I didn't hear the first part of your question. Yes. We are first of all happy that we did this acquisition because it provides a major platform in Southern Europe, and also which is important is a platform in plant-based meat alternatives. In that sense, this acquisition for sure was right on strategy. One of the key products that we've been working on now during the last year is the expansion of our facility for plant-based meat alternatives. We have done now the first test runs, and they are very satisfactory. Now we are starting to scale up that part of the production, which will give good addition to 2022 and forward. There is no doubt that we had a very disappointing quarter in Division South in Quarter three. The main reason is that it was a quarter with very soft volumes compared to the infrastructure that we have built. Now we're working very hard on getting back on track in terms of winning new private label contracts, but also of course, driving our own brands. We're very happy about the development of Happy Bio. The main issue in quarter three has been around the development of Celnat in the health food stores in France and Vegetalia in the health food stores in Spain, where, as Max explained, we had very weak development, although we still think that we did better than the market. In that sense, we are behind in quarter three and behind the plan. On the other hand, we had a fantastic 2020. Overall, I would say that we are very happy about the acquisition, but the key now will be to improve volumes and thereby driving up sales. Then I'm sure that this will work out very well. I guess as you mentioned, you had tailwind last year and headwind this year for various reasons. What I'm basically looking for is your view of the big picture here compared the earnings that these guys had when you acquired the company compared to what you're seeing now. You could argue that the tailwind last year would be sort of offset by the headwind this year. Where are you in terms of earnings in this area? I would say that if you look at where we are right now, we are somewhat behind our expectations due to the fact that we have had a significant headwind this year. I feel confident that we have a strong team in place, a strong plan in place for the future, some good opportunities to be a major player in Southern Europe, a good brand in the form of Happy Bio, which is resonating very well with both customers and consumers, which is evidenced by the strong growth that we're having in quarter three. We have good hopes that that will continue in the future. As said, the whole health food trade this year has been, the negative effects. I would say have been greater than the pickup that we had last year. This is now our main issue, to get the health food store back on track again. Having said that, as discussed earlier, this is a general market decline, and we're still doing as best we can, yet it's better than the market. It's not entirely up to us to turn this around, of course. Our main focus will be to sell our brands and do better than the market. This whole pandemic, it has been quite difficult to foresee the effects, and personally, I have not expected this significant drop in sales in the health food stores that we have seen in quarter three. My expectation is that it would get back to normality once everything has stabilized. That's the main challenge that we have right now, and of course, we're doing everything to drive our brands, but also we have to have the market with us in this. Sure. Thank you so much. Two more questions very briefly. Firstly, what sort of regular measurements do you make on the relevance of your prioritized brands? Can you measure, and/or can you share with us any conclusions from the trend how your prioritized brands are developing? Secondly, I was wondering if you could help me understand the shortage in supply which you referred to, how do we connect that with the increase in inventory that is quite significant here nine months year to date? Thanks. Okay. If I start with the prioritized brands, we do have brand trackers for all the brands. We are, in many instances, working in niche segments. We don't have market share where we can compare to our competitors. For some of the brands, we have, for others, we don't. Overall, I would say that we are winning with our brands. Now, this year has been difficult, especially for the organic dry brands in the Nordics, but on the other hand, we had a very significant uplift last year. Friggs has continued to do very well. As already stated, we're successful with the rollout of Happy Bio in France and Spain, and Davert in Division North, primarily Germany. Overall, I would say that we are doing well. This is something that we continuously work on. One brand, as I described also, was Kung Markatta, we made a revamp of the brand in terms of aesthetics, in terms of innovation, also in terms of insourcing product to get better margins over time. On the supply side, it's true that our stocks did increase significantly. We did get in quite a lot of stock at the end of the quarter, so talking to the raw materials, which means that we have better opportunities to produce in quarter four. We have had safety stocks for various products that have been quite high. On the other hand, there have been products where we have no safety stock whatsoever because we had really bad crops for some key raw materials. We do have contracts, we are starting to get product, the raw material in, still, it's really a mix of things. Thanks. Just to remind everyone, if you would like to ask a question, please press 01 on your telephone keypads now. There are no further questions. Please go ahead, speakers. I would like to thank you so much for your attendance. Thank you so much