Now we're going to listen to Nederman, they are specializing on clean air. We have their CFO, Matthew Cusick here. Thank you. Warm welcome. Please start your presentation, I will come back with some questions. Thank you. Yes, good afternoon, everybody. My name's Matthew Cusick. I'm CFO for Nederman. Even if I'm the finance guy, I've been here 15 years in this company and had 10 years as CFO now, I am able to handle at least the relatively simple technical questions, too. Nederman, I'm not sure if you all understand what we do, but what are we? We are the clean air company. We take care of dirty air in industrial air filtration. We are protecting people, planet, and production from the harmful effects of industrial processes. We are as green as it gets in that respect. We work in a very fragmented market. We turn over approximate between SEK 5.5 billion and SEK 6 billion. As we define the market, the question is always: How is the market defined? We are the biggest player in the world. A lot of our competitors are at best 10% of the size of us. They're often regional, national at best, there is significant integration and consolidation possibilities in this industry, which makes us an interesting business case. Clean air. What's going on in the world? There's a few facts on this slide that we see here, it's 99% of the global population live in areas with poor air quality. The World Health Organization, basically every time they release any news about the harmful effects of clean air, that's good for us. It can tighten regulations, which can be part of a driver for business for us. It also increases understanding about, in the general population and amongst workers as well, on how important it is with clean air. There's some facts about welding fumes, for example, there that are extremely harmful. We all knew this a long time ago, these facts are being proved now, that is even better for us. Basically, industrial processes create three challenges that we are able to take care of. They can produce gases. It can produce particles such as dust, aerosols, composite work, and woodworking, for example, can drive the particle side. You got the other side, which is fumes. Welding fume extraction is an important part of our business. We're the biggest player in Europe and North America when it comes to handling welding fumes in production. What do we do? This slide is quite an important one. The bottom left part here is fundamental for Nederman and our strategy. I'll explain why. Whichever type of industrial application we're working in, whether it be a huge foundry or a woodworking shop, a secondary woodworking shop, furniture manufacturing, or welding fume extraction, we basically capture dirty air as close as possible to the source, transport it along some ducting and piping work. It goes through a filter system, which very often we've got monitoring equipment in. We're able to optimize the process, control, analyze the process, understand what's happening in there, and then increase the efficiency. In certain applications, we then offer reporting services, so we can, for example, report in real time how clean the air that's coming out of the chimney stack is. This ability to do the whole thing is extremely important. Each individual component in this could become a little bit commoditized if you just took ducting on its own, the pipework. Everyone thinks that's just piping. In a process like this, if you dimension it incorrectly, it can be catastrophic. You can have explosions. Understanding of this process is fundamental for us and what we offer. We obviously sell the individual components to customers that want them as well, but to be able to monitor, optimize the process, fundamental for us. We're a global company. As I mentioned, we turn over approximately SEK 6 billion. We were founded a long time ago in Helsingborg, and we got around 2,500 people around the world. We're in 30 countries on our own, and we've got around 20 more covered by distributors. Our filter units are relatively big and can be quite cumbersome and also expensive to transport around the world. We manufacture typically on the correct continent. We're not shipping an awful lot intercontinentally. We've grown a lot via M&A over the years. What has happened with that is you have islands of competence through these different acquisitions you made. You've got specialist knowledge dotted around in different parts of the world, which is very important for us that we maintain that. We coordinate that from this innovation center that we have in Helsingborg. I'll come back to that a little more. This is a fundamental one for us, the R&D and staying ahead of these smaller competitors, as I mentioned before. We have more R&D clout, and that's fundamental for our future development. We've grown a lot by M&A over the years. From a little bit less so in the last couple of years than previously. I was listening to Big Masterson earlier, I heard them say to you listening that price expectations from sellers of companies are coming down a little bit now. There has been some extremely high valuations on potential M&A targets. We see definite light at the end of the tunnel in that respect. I think we should be able to increase the speed again there. Like I say, growing via M&A is an important part of our process. We want to grow organically, too. We have a 10% target for our turnover growth over a sustained period of time, and that we never state whether that's organic or acquired. We just say it's funded off of our own balance sheet. We listed back in 2007, and we've never done a rights issue, so the growth we've had over the years has been self-funded. We've had a solid development over the year. Three financial targets, 10% growth like I said, 14% EBITDA. We're approximately at 12% if you look on the last 12 months. How do you get from 12 to 14? You grow the more profitable parts of the business faster than the less profitable parts of the business over a sustained period of time. Well, I'll come back to what that means. Service and aftermarket's a very important one for us. That is the most profitable part of our business, serving the installations that we have. We also have things we can do on efficiency. We've invested quite a lot in our production and operations in the last two, three years, and that has set us up in order that we would be able to handle relatively significant increases in sales volumes without fixed cost increases. We are positioned to have a profit increase with even modest sales growth. Return on capital employed of 15% is another target. I would argue that's the most important one for us. It's where you have your destiny in your own hands. The curve on the middle bottom chart here looks a little bit down at the moment. Why is that happening? One, industrial investment appetite is not as hot as it was 18 months ago or two years ago. There has been a bit of a downturn. You can't get away from the fact that part of our demand is driven by industrial investment appetite. There's more to it than that. Uncertainty in the world is not great in that respect. We've also invested quite a lot of money in our factories, which we expect to increase the returns. There's a third explanation related to capital employed in some of our large project business. We run some rather large projects, up to SEK 50 million in size. Those have very positive payment terms on them. We're always cash positive in those. As the backlog of those has dropped, our cash position's weakened somewhat. We think the return on capital employed will head up rather soon. We're biggest in Europe, second in America. We've got a global competitor called Donaldson that we meet quite a lot of the time, probably top five in APAC. Product solutions service. This is how we monitor our business. Product sales, smaller filters, box moving, can sell them via distributors. Solutions, more complex. Some can be designed with configurators, others CAD drawings, et cetera. Service and aftermarket, the fastest growing part of our business. That's a lot connected to the solutions business. The most profitable, service and aftermarket. We have four divisions. I'll take these very quickly. E&FT, Extraction & Filtration Technology. These are the smaller filters, the configured solutions. They work with distributors. Efficiency in both sales process and operations is extremely important here. If you take Process Technology, the next division along, they're, as the name suggests, into process industries, foundries, smelters, things like fiber and textile production. Think cotton bales going in one end of a factory and yarn coming out of the other. That's got to be completely dust free, air conditioned. Process industries, that means more abrasive industries. That means more aftermarket potential as the machinery gets worn out, for example. Duct & Filter Technology. We produce our own ducting. We have very good configurators that we can use to dimension our systems. We sell a lot to third parties as well. We make rather good money on it. Filter Technology in this case is, think vacuum cleaner bags. Each filter system has lots and lots of bags inside or cartridges. This is the expert, the competent center for that. They help by sourcing on behalf of the two divisions on the left, and they also make some money themselves, which also is very nice. Monitoring & Control Technology, two functions in that division. One is the monitoring. We have, how can I explain this? Instruments for measuring gases and dust particles. They are used in our systems. They're also sold externally as well. In this, we have an operations technology center. We have some very smart, you could argue, nerdy people in this organization. They've helped with a lot the digitalization from E&FT division filters, the Process Technology as well. We've worked a lot on energy saving technology. That is huge in this industry. Some of these systems running 24/7, 365. If you can even reduce energy consumption by a few percent, you're saving a customer huge amounts of money. They're willing to pay for that. That division is then connected back to the two on the left in that way, too. Now, strategy. I'm aware that most companies are not going to say, "We don't want to be market leaders," or "We don't want to be technology leaders," and don't want to be commercial leaders. The point of this presentation is to show that we've got something behind this. What do we mean by it? Market leadership means that we want to be number 1 or 2 in the regions and the industries that we operate. Example is we've been number 1 in welding in Europe for a long, long time. We were top 10 in North America after a long time of trying. Three years ago, the number 3 player in America came up for sale. We acquired that company straight away. That gave us the number 1 position over there. You've got much more pricing strength. You've got much more economies of scale. That's extremely important. Technology leadership. Innovation is very important, not least on energy saving, like I mentioned, other parts of the system optimization in general, redesigning, making them cheaper, far and strong, and more powerful, for example, these filters. Commercial leadership, quite often when we acquire companies, or almost always when we acquire companies, they are less profitable than Nederman. One of the key parts of that is very often these are engineered run companies. It's much more fun for an engineer to design a full system than to go out and try and sell the spare parts to that system. The spare parts is very often where a lot of the money is. That's an example of how we can be commercially better, and that's something we focus on when we make acquisitions. Operational leadership. We've invested, like I mentioned, quite a lot in our factories. There's one in Helsingborg, which we've put a lot into. Marki is just outside Warsaw, in Poland. In the U.S., we've invested in Detroit, moved three sites together into one. We're still finishing off a bit more production in Charlotte. There's a place called Thomasville, just outside Charlotte, where we've had also significant investments and seen big operational improvements already. We're the market leader. We're in a lot of established industries like automotive and process industries. Textile industry is one that's very volatile, is a cyclical industry, and that's bottomed out right now and on its way up. We feel like that's one that's going to grow. We're in woodworking as well, which is in a bit of a lull. It's connected to construction, for example. One of the beauties of our systems is the technology that we have can be applied to lots of other applications. If you take a foundry or smelter, the technology is very similar to that in recycling of metal. The same filter units can be applied there. The defense industry is one where we've taken a lot of orders in recent years. That's in the last two years, really. It's really taken off. That can be welding, it can be composites, it can be even their foundry and smelter business. These ones on the right-hand side here, battery production's one where we've seen increases, even if EV batteries are going down. Now we're seeing energy storage for solar panels is in an upwards turn, even in the U.S., believe it or not. These sort of investments are good for us. The fact that we are a market leader with this technology lead, it means we can apply ourselves to these new growing industries. We've invested in an innovation center in Helsingborg. I've got a very nice office now, but that wasn't the point of this. That we had a production site in Helsingborg that was on two different sites. We've moved it into one. We've put an innovation center down the side where we do coordination of all R&D inside the Nederman Group now. We've got 14 of these centers of competence around the world that we get them working together in a much better way now in Helsingborg. The factory, by the way, is significantly better. We've seen clear, direct labor cost reductions. It's everything from the layout of the factory, seeing how far people walk around has even come down. That saves us money as well. We've launched a number of products over the last year. I don't want to go into details on there. The bottom left one's a dust sensor. This one's an interesting one. This is the one I wanted to make sure I show. It's a fan nearly two meters in diameter. It's used in textile plants. It goes very slowly, but these blades are carbon fiber. They're at a very smart angles. They save around everything between 5% and 15% energy. We've sold over 1,000 since the end of last year. These are the ones that are going 24/7, 365. We can't produce them fast enough right now. This is an example of where energy saving's important, R&D is important. It's where we've got an edge on competitors in this fragmented industry. Service, I mentioned that. We want to continue to grow that faster than any other revenue. It's 21% of sales. We never state how much of the sales we want service to be. We have volatile solution sales. We can have three, four orders that can suddenly come in at SEK 200 million more in revenue. That can decrease the percentage of service sales, even if service sales in total are going up. Annual growth over the last four years, 14%, we intend to continue like that. This one is a really, really important one for us, and it gives us a steady base. Even our profitability right now is a little bit lower. That's more to do with industrial investment appetite, which we start to see coming back now. That combined with service growth, gives us confidence that we are going in the right direction. We have growth in focus is the most important thing to say here. There's a market with clear potential. There's interest in new industries. We've got a strong financial history, a strong balance sheet, and growth is where we are focusing from now on. That was the Clean Air Company in 17 minutes, not 15, but. Thank you very much, Matthew. I've heard that you understand Swedish, so I will ask questions in Swedish. That's absolutely fine. Yeah. I think it's easier for everyone. [Foreign language] There's two key points there. We see that it's large project business that has been delayed. We've seen our base business of orders under SEK 5 million. That's been very stable even throughout the last 18 months or so. It's these large orders that are being delayed. It is a clear delay. There's a backlog building up. These ones we're saying are the board meeting, the boardroom decisions are being missed or are being pushed down the road. Some are starting to loosen up a little bit. We saw that in March of this year. We mentioned in our quarterly report for Q1 that March was significantly stronger than January or February, that gives us a lot of hope going forwards. The other thing is if you take, for example, wood in Europe, our order intake has basically been flat. Knowing what we know about the wood market in Europe, that means that we are taking market share rather than the other way around. We're quite confident there. [Non-English content] I would say there's a lot of cooperation between divisions. There's clear lead generation that's shared between them. If you take Process Technology, who might sell the filtration part of a waste incineration plant, they can pass on leads to the Monitoring & Control Technology who might be measuring what's coming out of the chimney stack at the end. There's that side of it as well. Perhaps the biggest part is the R&D part, the energy saving technology, for example. That's something that Monitoring & Control help the two divisions that are selling the big systems with too. There's clear cross synergies when it comes to R&D. Again, gives us an edge in a fragmented market. [Non-English content] We don't necessarily need more filtration technology, more filters. There are certain little gaps that we would like to fill. We are more looking to be, like I mentioned, number one or number two in geographies and industrial applications that we see as appealing going forwards. Where there's the right macro growth coming on. This example I gave with the welding in North America was one that we were very happy with. If we look at it another way, we're very strong in wood in North America, in Europe, less so. We've got a couple of businesses in Europe. Wood in the long term is definitely connected to construction. It's definitely one that's going to grow. That could be an interesting one for us, for example. [Non-English content] From a technical perspective, it would be more on the monitoring technology, the reporting side, that sort of thing. There's more you can do. We see this with wood and the market share that I mentioned that we feel we're taking market share. That's a lot to do with our energy saving technology that we've released over the last couple of years. Monitoring & Control Technology, that's perhaps the division where you might see technical M&A. [Non-English content] Relatively little. If you talk financial terms, it's perhaps SEK 5 million a quarter in actual customs duties. The main impact for us was the reduced industrial investment appetite. That clearly outweighed any customs duties that we or our customers were obliged to pay. [Non-English content] In the pandemic, we had a little bit of a challenge in the Monitoring & Control Technology. These sensors and you think the laser being shot through a chimney stack and they're measuring the distortion on the laser. That sort of technology has this semiconductor shortage. We had a bit of a scramble around during the pandemic. We built up inventory and we keep levels a little bit higher than I would in that division, I would permit in the other divisions. Let's just say that. We keep ourselves relatively safe. There's no risk for obsolescence on those ones generally as the components in a measurement equipment, they're certified and you have to have that specific supplier and things. You start changing suppliers, you've got problems, and you have to redesign them. It is important to hold on to the inventory, and we do so. [Non-English content] To some extent or another, we're always going to be reliant on industrial investment appetite. Like I mentioned, if you take the European car industry, that has dropped drastically in terms of investments there. Everyone knows that. We have been able to manage that and maintain our growth picture by going into defense and other associated, connected industries or industries where the same technology can be applied. That's something where we are seeing an opportunity on the M&A front, where certain competitors who focus on one specific industry are having a bit of a challenge right now. This risk spread for us is, I think, it's a positive. [Non-English content] Thank you.