Hello, and welcome to the presentation of Mycronic's Q3 Report. My name is Sven Chetkovich. I'm the Director Investor Relations at Mycronic. With me today, I have Mycronic's CEO and President, Anders Lindqvist, and CFO, Torbjörn Wingårdh, who will be presenting today. With that, I hand over to Anders. Thank you very much, Sven, again, welcome everyone. This is what we would like to talk about today. A little bit about the quarter, of course, also a little bit of deep dive in the divisional development. Torbjörn will then review the financials, we will have some final remarks, there will be time at the end of the meeting for questions and answers. In the material also, there is a market update as an appendix that you can find on the website, we will not go through that in this meeting. Oops. Wait, are you into that? All right. Right here. Okay. Starting with the quarter and the main events that we had during the quarter. We signed an acquisition in China of a company called HC-Mold. We'll talk a little bit more about that later. We also signed an agreement to divest our camera module assembly business, the company AEi, which will be purchased by ASMPT. We'll talk about that also a little bit. You can see that we have an increase in order intake with 68%, which we're very happy about. That also, of course, includes the acquisition of ATG that we did earlier this year. Even if we exclude for this acquisition, the order intake increase is actually 52%, so still a very strong increase and the best order intake quarter since quarter one 2020, actually. We're happy about that. On the sales side, we had a decrease with 8%, also a kind of sharp decrease in the EBIT, both reasons is because of we had a less advantage mix in the Pattern Generators divisions, where we, in the comparable quarter last year, delivered Prexision 800 Evo, which is a very high value and high profit machine. The EBIT margin then declined to 11% coming from 33%. The backlog is more or less the same, a little bit above SEK 2 billion. In that backlog, we have 13 mask writers altogether. Okay. If I then go to the divisions a little bit more in detail, starting with Assembly Solutions High Flex, we could see a very positive development. Sorry. Yeah, I need to manage the presentation. Starting with Pattern Generators, we could see that we have a very strong order intake. We have a little bit mixed picture on the market. If we look on the photomasks for display, we can see that the market is still not back to pre-pandemic levels when it comes to the photomask market. The display market is doing very good at the moment with record sales and a good increase. The photomask market is way more driven by new technology and changes in the market. We have not seen that coming back yet. On the other hand, on the semiconductor side, everyone knows the shortage of semiconductor. We see a very strong trend, a very good demand. We had our recently launched SLX mask writer for this industry, where we have received quite many orders and more than expected, actually. We're very happy with that. We had a very good increase on the order intake. We should also say that we compare to a weaker quarter last year. The order intake for Pattern Generators was SEK 407 million. We are at a backlog of a little bit more than SEK 700 million, which is, again, 13 mask writers. Both the sales, the gross margin, and the EBIT is lower. As I said, we delivered last year in the same quarter, Prexision 800, which is a very high-value machine. If I go to the High Flex division in the Assembly Solutions, we could see a very positive development. We have a good demand for almost all products that we have in the portfolio on the MYPro series and also a good increase for the MYSmart dispensing products. We see an increase of orders of 13%. We could see that the orders are more in quantity. The average order size is somewhat smaller, which we think is a good thing. Sales increased by 14% and a quite good increase on the EBIT. We can see that the EBIT is actually growing faster than the sales, which is showing that all the things that we did in this division previously actually now is paying off. You can see the EBIT margin is also increasing up to 11%. When it comes to component shortages and so on, we could see that in the High Flex division that we are affected by that. We need to put more efforts into logistics and purchasing activities and so on. We see this effect coming now from that, but we don't have any cancellations of orders and only small delays, so not really material right now. The backlog have increased to SEK 214 million coming from SEK 148 million in this division. If we go to the High Volume Division, earlier in quarter three, we signed an agreement to acquire a company called Shenzhen Huan Cheng Xin Precision Manufacture Co., Ltd. in Shenzhen, where the products that they're making is mainly stencil printers and also a little bit of pick-and-place machines. This will be a very good addition to the High Volume Division because the main products in the High Volume Division has been dispensing products, now we are actually then broadening our offering into the same customer base, also focusing on intelligent and competitive automation solutions. I think this will be a very good complement to our business, we expect to close this acquisition in quarter four, this quarter, this year. If we look on the numbers a little bit, we could see that the order intake was stable, and this is stable compared to the same quarter last year. We had really good quarters this year in quarter one and quarter two, if you remember that, and have a very good result year to date. There is a little bit of cyclicality in the market, and coming from extremely high demand into a more normal level. The sales increased by 5%, and here we have some impact also, again, like the other divisions, from transportation cost, high prices for raw materials and components. Although we don't have a shortage, we still manage the situation, but, again, also with more effort. Had a decline in EBIT to SEK 30 million coming from SEK 38 million, corresponding to a margin of 13%. If we move to Global Technologies, also here we had a happening when it comes to acquisition or divestment. We have agreed to divest AEi. AEi is a company that is focusing on manufacturing of camera module assembly equipment. The main market is the automotive market, and we saw that if we could find a home for this business, which has a much bigger exposure to automotive, most likely this business could develop better in that kind of environment. We found that in ASMPT, which is the company that has agreed to acquire AEi. Very good for this business, we believe. Also, it enable us to focus more and invest in markets where we have a bigger presence and which is more relevant to Mycronic. The expected closing of this acquisition or divestment, I should say, it will be in quarter 4 or quarter 1 next year, and this is subject to regulatory approvals, on that timeline. If we look on the business remaining, we have a very good positive impact from 5G investments affecting our die bonding business in a very positive way. In the newly acquired ATG company doing test equipment for PCBs, we have seen that a machine generation that was launched early this year is doing very well and according to plan. The order increase for the complete division is more than 200%, but that of course includes the acquisition of ATG, and if we remove that one, we still have an order intake increase of 80% or 81%, so very happy with that. On the sales side, an increase of 124%, excluding the acquisition of atg, this is a decline of 12%. Here we have most likely the biggest effect from disruption in the supply chain and the component shortages where we have had both, but no cancellations still, but still more effort needed to manage logistics and so on. We also have had some delays in shipment of our own equipment to customers because of this. EBIT, we have a lot of things affecting the comparability here. The presented number is SEK -16, coming from SEK -57, but we should know that last year in quarter three, we had a write-down of SEK 43 million, which is affecting that number. In this year, we had a SEK 36 million impact from acquisition related cost, related to the acquisition of atg. We need to use that when doing the fair comparison. If we go down to looking on the outlook and our financial targets, we have no change in this. We still remain, or the board remains that the outlook, when it comes to sales this year, will reach a level of SEK 4.5 billion. This is unchanged from last quarter. On the profitability side, we still, this is our original financial targets, we should have more than 15% EBIT over a business cycle, that remains. Then we had this recently introduced target, or recently, I think it was last year or before that. We should reach a profitability of about 10%, what was the former business area assembly solutions. If we do a fair comparison to what it should have been, if we still would have the assembly solutions, we are actually now about 11%, and that is not including the acquisition of ATG. After 3 quarters in this year, we are slightly above our target here. On the net debt side, we should not be above 3 times EBITDA. This is also an average over a business cycle, and our growth objective is to reach minimum SEK 5 billion, and by the latest, by 2023 in sales, of course. No changes here, actually. All right. I will hand over to Torbjörn. This will be Torbjörn's last quarterly report for Mycronic, at least. I will take the opportunity, of course, to, in this forum as well, to thank Torbjörn for his fantastic effort during the five years at Mycronic. You still have some time to go here, but it will be the last quarterly report that you're present in. Thank you very much for that. I hand over to you. Yep. Thank you very much, Anders. Thank you for that. Looking then at this, for me, last quarter, but this setting the stage for Mycronic going forward. We can note that in terms of net sales, that we reached SEK 4.3 billion, a little bit more. As everybody has noted and Anders has commented, we had a lower EBIT in this quarter, and that was to the dominating extent, due to a less favorable product mix in Pattern Generators, where in the corresponding quarter last year, just like you said, Anders, we had a delivery of a P800, which was very much known. We also had expensing of acquired inventory at fair value and in our newly acquired company, ATG, which was part of that acquisition related cost in this quarter. We can note that this expense of acquired inventory at fair value, which is according to IFRS accounting, now has been completed. That has all been done in Q3. The results of this is that the EBIT margin in this quarter is 11%, and that rolling 12, it's 24%. We are also very happy to note that after market constitutes a very stable base of recurring revenue, which you can see in this graph, the gray area in that, and that continues as we see going forward. Looking at the next slide, just as said, negative net sales effect from pattern generators, but we were happy to see that that was outweighed by contributions from the other divisions, High Flex, High Volume, and Global Technologies. The less advantageous product mix, as mentioned, impacted COGS and also the same aspect impacted by the expensing of acquired inventory. We can also see that positive currency results explain the improvement in other income and expenses. Looking at the respective divisions, you see here very clearly the impact from the product mix and pattern generators. We see in the EBIT contribution an improvement from High Flex. High Volume, which has been performing at very high level, has a negative change in its contribution. In terms of Global Technologies, which is not performing where we would like it to, but still has a good improvement, which then contributes positively to the development of the EBIT. Looking at the cash flow, of course, there is a major impact from the acquisition, when we look at the year-to-date numbers. Year to date in 2021, we have a stronger cash flow from operations before changes in working capital. In terms of the investing activities, that is clearly dominated by the acquisition of atg Luther & Maelzer. For the financing activities, they include utilization of credit facilities, they include dividend payment to shareholders, and also they include acquisition of a non-controlling interest in a subsidiary in the HV division. We also classified the cash at AEi in accordance with the expected divestiture, we see that cash at the end of the period was close to SEK 900 million, and the net cash amounted to SEK 323 million on 30 September. With that, I'd like to hand the word back to you, Anders. All right. Thank you very much. I have one l ast picture here before we go into the question- and- answer session. Still believe that in Mycronic, we have built a very strong platform and have a strong position to continue to grow in a profitable way. We have an organization which is customer-centric, scalable, and decentralized, as well combined with the competitive product portfolio, which we continue to invest in. We have at least the same level of R&D as usual, and this should result in a continuous flow of new products on the market. Our growth will be driven both by organic development and also acquisition-driven, as you have seen. Even in the quarter, we made acquisitions. Our culture is very innovative, responsible, and dynamic. One thing I would like to mention is around our sustainability strategy, where we have established what we call an innovation fund in the company. The purpose of this fund is that the people in the company can seek financing for internal projects or projects that are also done in collaboration with external partners. The purpose of the projects should be in line with our sustainability strategy to improve that. The idea with the fund is that, because not always there is easy to show a financial positive business case when doing what is right for the sustainability, and this fund will kind of solve this problem a little bit. We're happy about that, and hopefully we'll see a lot of initiatives being financed by this fund going forward. That was the last for the formal presentation. With that, hand over to Sven again here to manage the question- and- answer session. Thank you, Anders and Torbjörn. We're moving over then to our Q&A session. Operator, we are ready to take questions. All right, ladies and gentlemen, if you have a question for the speakers, please press zero and one on your telephone keypad. Please hold until we have the first question. The first question is from Niklas Larsen, Carnegie. Your line is now open. Please go ahead, sir. Okay. Hi, good morning. Can you talk to us about the display photomask market in a bit more detail, please, and comment on why the segment is still not back to pre-pandemic levels? Yeah. The comment of not back is on the statistics coming from third-party analyst companies, which you also can find in the appendix in the presentation if you download that one. That we're seeing. The reasons for that, I think, are many. I think also the display market is doing really good at the moment. We have seen before that when that happens, there is actually less effort into working on new technology. Well, maybe not less effort, but it's less urgent to launch new products. We could see also, and I think that's in the same market material, actually, that has changed to advanced screens or advanced displays, AMOLED, et cetera, and so on, that that conversion is actually going a little bit slower than it used to be. The older or current technology is still doing very well. I think that could be one of the reasons, obviously. Yeah. That's our take on that. Okay. Do you expect to deliver P800 high-end systems also during 2020, considering lead times, current market demand, and delays maybe for AMOLED, as you mentioned now? Yeah. I think there is space for the market for that kind of equipment. When that is, that's very difficult to say. If it's exactly that equipment, it's also difficult to say. On our end, we have made efforts to shorten the lead time overall, and mainly actually because of the SLX product introduction, which has another demand on the market right now. We need an order first before we can say if we can deliver, actually. That we don't have. That's a very speculative answer, I would say. Yeah. Okay. Fair enough. I have more questions, but I'll get back in line. The next question is from Fredrik Krüger, Handelsbanken. Your line is now open. Please go ahead. Hello, all. Thank you for taking my questions. Thank you, Torbjörn, for good collaboration during all these years. Hope all the best for you coming years. I have a few questions, if I may. If you could talk a little bit about component sourcing, what type of effect you felt you had in Q3, even though it sounds on your comments that it was small effects. Do you see it elevating, or do you feel you can handle it by sourcing and creating safety stock in your inventory? A little bit more color around the component shortage and what you see from your angle here would be very interesting to hear. Then when it comes to AEi. You wrote down some in Q3. Is that all out of the books now, or is it so that you finalize that transaction in Q4, Q1, you will still have some items there that might impact the results? After that, I will also get back into line for other questions. Thank you. Okay. I will take the first question, and Torbjörn Wingårdh the second one. When it comes to the component shortage, it's a little bit different between the different divisions, both because of the nature of the equipment, the lead time requirements, and also geographical location of where we manufacture and sell. Starting from Pattern Generators, we have seen quite little impact, and also here, of course, we have quite long lead time on the equipment, so it's a little bit easier to manage from that side. Component shortage, no really impact on our operations. We have announced a later shipment of one machine, and this is actually due to labor shortage on the customer side, where they cannot build the site in time. That's another type of shortage, not component, but people is also coming up here as a challenge. If we go through, then the High Flex division is managing very well the situation, I would say. We have had quite good stock on components there. With more effort, I would say. We need to put more hours into purchasing and more hours into logistics and problem-solving and firefighting, but we have managed deliveries, and we have seen a little bit of a cost increase, but we have also made a price increase to compensate for this. The net effect is, I would say, not so big in the High Flex division. On the High Volume side, which is mainly in China, we saw raw material price increases, shortage of advanced components, and so on. Here we have had a cost impact where we have not been able to raise the price in the same kind of level, but also manageable. No impact on shipments and so on. The Global Technologies division. Here we have had shortages that have impacted our delivery, where deliveries have been pushed later in the coming months and coming quarter and so on. Again, no cancellation, but also increased cost, both on the material side, but also, of course, to manage the situation. We believe, and this is maybe a little bit of guessing, that this will remain for some time. I think we foresee that we will need to put more effort in to manage the component shortage for the coming six months, but the level should improve as we go forward, I would say. We also have a thing coming up in China, which is around energy shortage, where we have seen that there is not enough energy supply, and it is very scattered. It is different in different cities where authorities could shut down operations with very short notice. This has not yet affected our business, but this could affect our business, or may affect our business going forward. That is our view on that. Just a follow-up on that one. Logistics, do you see any difficulties in logistics? There has been talk about that as well, not only on the component shortage. Can you elaborate on that as well? Sorry. Transportation costs have increased both inbound and outbound, and also the supply of transportation have decreased. There is more effort needed to find suitable transportation at reasonable prices, I would say, for our equipment. That is both a cost and an increased effort, which is in a way, also a cost. That's on that side. I think that goes hand in hand with this component shortage. Okay. Thank you. Yes. Torbjörn on the Then on AEi, just to respond to your question, but start so I understand your question correctly. Just noting that the write-down relating to AEi was in quarter three last year, not this year. I hope that was clear from Anders' comments. Then we look forward to the conclusion of the AEi transaction as described, and the information we give that it will not be a significant number at group level resulting from this divestiture. I hope that answers your question. Yeah. Very clear. My mistake. Sorry for that. Thank you. All right. We do have another question from Mikael Laséen. Your line is now open. Please go ahead. Yep. A couple of more questions from my side. The High Volume segment is experiencing quite significant quarterly revenue variations, and also when we look at the gross margins, it varies quite a lot. Can you say something about what is seasonality, what is component shortages, what is the underlying growth, and something about the customer activity to understand the quarterly variations in a better way? I can give a little bit a general answer on that one. If we look on the business, we serve the high volume market and the majority of that market is in China, and it is characteristics by waves in investments. It's normally when there's the 5G was such a wave, creating an investment wave. It's normally technology and capacity increase, which is driving that. Recently we also saw a very positive investment wave driven by this earphone thing, which was everyone should produce that previously and so on. These are coming and going, and I think normally they are a little bit more even distributed over the years, but we had a lot of that in the 1st half of the year, which you could see if you go back and look on the order intake in quarter one and quarter two, I think they were enormously high and so on. Now it's a little bit less. The average is quite okay, but this is the kind of quarterly differences where we see, and it's not always the same quarters actually every year. That is a little bit coming and going. On the margin side and the cost side, so the total cost we have, we are investing quite good or heavily or good in this business. We are I think 35% more people in Q3 compared to the same quarter last year. Much of that is going into R&D efforts, but also manufacturing and so on because we still have quite a decent backlog in this business. Also investing for the future. I think that is of course affecting on the EBIT side. It's correct that we have pressure on cost because of component shortage and so on, but not really to a significant level, I would say. That's part, but all of this together of course is making an effect on the result. Okay. There is no significant seasonality in the business. It looks like a couple of quarters are typically stronger, but we don't have that much historical data to compare with, of course. Yes, there is. I think there is a little bit of a seasonality and cyclicality. It was not that same pattern this year. We had much more in the quarter one and quarter two than normal and less in quarter three, I would say. Okay. What do you see in terms of coming waves in new investments? What type of predictability do you have or visibility? Yeah, I think we still see that, especially in China, there's a shift to put much more money into technology, also hardware and so on. You can see that the both governmental activities, but also because of personal desires, I think, and so on. We believe that this will be a good business going forward as well. It's very difficult to say what will be the next wave and when it will come and so on, but long term we have a very positive view on this business. Okay. Another one, if I may, on Global Technologies. You had SEK 36 million, I think, in non-recurring inventory adjustments, or how much was non-recurring in this case? How much underlying amortization of acquired intangible assets will you have going forward? Yeah, we are looking on that side. First to answer your question, we have in the report presented the gross margin for the division excluding the acquisition-related costs. That was then for 34% in the quarter, as we have noted in the report. If your question is aiming at the special effects relating to the inventory at fair value to expense that, which it all happened during Q3, that was SEK 26 million, and which was sort of then part of the number that was presented by Anders on the Global Technologies. I hope that was helpful to you. Yeah, thanks. That's helpful of course. The remaining part will be sort of ongoing amortization, the difference between 36 and 26, so SEK 10 million roughly per quarter. Yes, also some other transaction costs and so on in there, but the majority ongoing, just like you say. Okay, good. Thanks. As a final reminder, if you would like to ask a question now, please press zero and one on your telephone keypad. We haven't received any further questions at this point, so I hand back to the speakers. Okay, thank you. Well, with that, we've reached the end of today's presentation. Thank you for attending.